# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0001145549-25-049593
**Filing Date:** 2025-7
**Character Count:** 36507
**Document Hash:** bf5bb7d090d858cb1f905983023e87e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049593.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001145549-25-049593

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05518
- **FILM NUMBER:** 251159471

**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 Opportunistic Income ETF (Series ID: S000081704)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000244682 | F/m Opportunistic Income ETF | XFIX            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **F/m Opportunistic ETF** | **F/m Opportunistic ETF** | **F/m Opportunistic ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 49.1%** | **Par** | **Value** |
| **Consumer Discretionary - 5.0%** | **Consumer Discretionary - 5.0%** | **Consumer Discretionary - 5.0%** |
|  Ford Motor Co., 3.25%, 02/12/2032 | $1205000 | $994375 |
|  VF Corp., 2.80%, 04/23/2027 | 1000000 | 940089 |
|  |  | 1934464 |
| **Consumer Staples - 2.6%** | **Consumer Staples - 2.6%** | **Consumer Staples - 2.6%** |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 5.50%, 01/15/2030 | 1000000 | 1012064 |
| **Energy - 8.2%** | **Energy - 8.2%** | **Energy - 8.2%** |
|  Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 4.49%, 05/01/2030 | 1000000 | 989643 |
|  Coterra Energy Operating Co., 4.38%, 03/15/2029 <sup>(a)</sup> | 263000 | 247504 |
| Phillips 66 Partners LP | Phillips 66 Partners LP | Phillips 66 Partners LP |
| &nbsp;&nbsp; 3.55%, 10/01/2026 | 28000 | 27209 |
| &nbsp;&nbsp; 3.75%, 03/01/2028 <sup>(a)</sup> | 608000 | 579470 |
| &nbsp;&nbsp; 3.15%, 12/15/2029 <sup>(a)</sup> | 365000 | 333493 |
|  Transcanada Trust, 5.88% to 08/15/2026 then 3 mo. LIBOR US + 4.64%, 08/15/2076 <sup>(b)</sup> | 1000000 | 992970 |
|  |  | 3170289 |
| **Financials - 13.0%** | **Financials - 13.0%** | **Financials - 13.0%** |
|  Antares Holdings LP, 6.35%, 10/23/2029 <sup>(c)</sup> | 1050000 | 1050463 |
|  Bank of New York Mellon Corp., 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual | 1000000 | 962405 |
|  Blackstone Secured Lending Fund, 5.35%, 04/13/2028 | 1000000 | 1002072 |
|  First Citizens BancShares, Inc./NC, 6.76% (3 mo. Term SOFR + 2.47%), 03/15/2030 | 1010000 | 1009836 |
|  Nationwide Financial Services, Inc., 6.75%, 05/15/2037 | 1000000 | 985000 |
|  |  | 5009776 |
| **Health Care - 2.6%** | **Health Care - 2.6%** | **Health Care - 2.6%** |
| CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
| &nbsp;&nbsp; 7.51%, 01/10/2032 <sup>(c)</sup> | 821055 | 857437 |
| &nbsp;&nbsp; 5.77%, 01/10/2033 <sup>(c)</sup> | 140907 | 139566 |
|  |  | 997003 |
| **Industrials - 2.7%** | **Industrials - 2.7%** | **Industrials - 2.7%** |
|  Concentrix Corp., 6.85%, 08/02/2033 | 1000000 | 1023256 |
| **Information Technology - 2.6%** | **Information Technology - 2.6%** | **Information Technology - 2.6%** |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | 1125000 | 997554 |
| **Materials - 1.7%** | **Materials - 1.7%** | **Materials - 1.7%** |
|  Celanese US Holdings LLC, 6.58%, 07/15/2029 <sup>(d)</sup> | 624000 | 640973 |
| **Technology - 7.9%** | **Technology - 7.9%** | **Technology - 7.9%** |
|  Dell, Inc., 6.50%, 04/15/2038 | 1000000 | 1030248 |
| Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
| &nbsp;&nbsp; 5.75%, 03/15/2033 | 1000000 | 1027498 |
| &nbsp;&nbsp; 5.50%, 07/01/2033 | 15000 | 14676 |
|  Ricoh USA, Inc., 6.75%, 12/01/2025 | 967000 | 959741 |
|  |  | 3032163 |
| **Utilities - 2.8%** | **Utilities - 2.8%** | **Utilities - 2.8%** |
|  Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 1142000 | 1078034 |
| **TOTAL CORPORATE BONDS** (Cost $18,769,397) | **TOTAL CORPORATE BONDS** (Cost $18,769,397) | 18895576 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 19.9%** | **Par** | **Value** |
|  Chase Mortgage Finance Corp., Series 2023-1, Class A4, 6.00%, 06/25/2054 <sup>(c)(e)</sup> | 790995 | 797095 |
|  Citigroup Mortgage Loan Trust, Inc., Series 2024-INV2, Class A3B, 6.50%, 06/25/2054 <sup>(c)(e)</sup> | 546364 | 555627 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series 4635, Class GA, 3.50%, 03/15/2041 | 145816 | 145484 |
| &nbsp;&nbsp; Series 5534, Class CA, 5.00%, 03/25/2052 | 970192 | 958523 |
|  Government National Mortgage Association, Series 2023-131, Class BT, 4.00%, 03/20/2049 | 1058475 | 1037059 |
|  GS Mortgage Securities Corp. II, Series 2023-SHIP, Class C, 5.51%, 09/10/2038 <sup>(c)(e)</sup> | 300000 | 299601 |
|  JP Morgan Mortgage Trust, Series 2019-HYB1, Class B3, 4.99%, 10/25/2049 <sup>(c)(e)</sup> | 343700 | 345085 |
|  Provident Funding Mortgage Trust, Series 2025-1, Class A3, 5.50%, 02/25/2055 <sup>(c)(e)</sup> | 1061901 | 1059875 |
|  RCKT Mortgage Trust, Series 2024-INV1, Class A1, 6.50%, 06/25/2054 <sup>(c)(e)</sup> | 603972 | 614022 |
|  Sequoia Mortgage Trust, Series 2024-8, Class A20, 5.50%, 09/25/2054 <sup>(c)(e)</sup> | 1137657 | 1114059 |
| WaMu Mortgage Pass Through Certificates | WaMu Mortgage Pass Through Certificates | WaMu Mortgage Pass Through Certificates |
| &nbsp;&nbsp; Series 2004-AR13, Class A1A, 5.16% (1 mo. Term SOFR + 0.83%), 11/25/2034 | 318282 | 308492 |
| &nbsp;&nbsp; Series 2005-AR2, Class 2A23, 5.20% (1 mo. Term SOFR + 0.87%), 01/25/2045 | 435291 | 432542 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $7,649,582) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $7,649,582) | 7667464 |
| **EXCHANGE TRADED FUNDS - 17.5%** | **Shares** | **Value** |
| F/M High Yield 100 ETF <sup>(f)</sup> | 80650 | 4164185 |
| F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF <sup>(a)(f)</sup> | 51438 | 2578587 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $6,660,022) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $6,660,022) | 6742772 |
| **ASSET-BACKED SECURITIES - 8.7%** | **Par** | **Value** |
|  Flagship Credit Auto Trust, Series 2021-3, Class D, 1.65%, 09/15/2027 <sup>(c)</sup> | 750000 | 717190 |
|  Jack in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 <sup>(c)</sup> | 593725 | 571024 |
|  JP Morgan Mortgage Trust, Series 2025-CES2, Class A1, 5.59%, 06/25/2055 <sup>(c)(e)</sup> | 1040199 | 1042699 |
|  Long Beach Mortgage Loan Trust, Series 2003-4, Class AV1, 5.06% (1 mo. Term SOFR + 0.73%), 08/25/2033 | 585464 | 578454 |
|  SBA Depositor LLC, Series 2021-3, 2.59%, 10/15/2031 <sup>(c)</sup> | 519000 | 447132 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $3,340,375) | **TOTAL ASSET-BACKED SECURITIES** (Cost $3,340,375) | 3356499 |
| **MORTGAGE-BACKED SECURITIES - 3.6%** | **Par** | **Value** |
|  BX Trust, Series 2024-VLT4, Class B, 6.27% (1 mo. Term SOFR + 1.94%), 07/15/2029 <sup>(c)</sup> | 500000 | 497969 |
|  Extended Stay America Trust, Series 2021-ESH, Class C, 6.14% (1 mo. Term SOFR + 1.81%), 07/15/2038 <sup>(c)</sup> | 892037 | 892037 |
| **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $1,393,875) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $1,393,875) | 1390006 |
| **CONVERTIBLE BONDS - 0.3%** | **Par** | **Value** |
| **Financials - 0.3%** | **Financials - 0.3%** | **Financials - 0.3%** |
|  PennyMac Corp., 8.50%, 06/01/2029 <sup>(c)</sup> | 135000 | 131085 |
| **TOTAL CONVERTIBLE BONDS** (Cost $132,203) | **TOTAL CONVERTIBLE BONDS** (Cost $132,203) | 131085 |
| **SHORT-TERM INVESTMENTS - 0.1%** | **Units** | **Value**  |
| **Investments Purchased with Proceeds from Securities Lending - 0.1%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.45% <sup>(g)</sup> | 24263 | 24263 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,263) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,263) | 24263 |
| **TOTAL INVESTMENTS - 99.2% (**Cost $37,969,717**)** | **TOTAL INVESTMENTS - 99.2% (**Cost $37,969,717**)** | $38207665 |
| Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | 295390 |
| **TOTAL NET ASSETS - 100.0%** |  | $38503055 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| SOFR - Secured Overnight Financing Rate |

---

(a) All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $23,793.

(b) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of May 31, 2025, the value of these securities total $11,131,966 or 28.9% of the Fund's net assets.

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

(e) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
 increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of May 31, 2025.

(f) Affiliated security as defined by the Investment Company Act of 1940.

(g) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
F/m Opportunistic 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $18895576 | $– | $18895576 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | – | 7667464 | – | 7667464 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 6742772 | – | – | 6742772 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 3356499 | – | 3356499 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | – | 1390006 | – | 1390006 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 131085 | – | 131085 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 24263 |
| Total Investments | $6742772 | $31440630 | $– | $38207665 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $24,263 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** F/m Opportunistic Income ETF

- **b. EDGAR series identifier (if any):** S000081704

- **c. LEI of Series:** 5493000MOP5QDGSJIY36

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

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

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $38540425.86

**Total Liabilities:** $37406.29

**Net Assets:** $38503019.57

**Cash Not Reported:** $38560.49

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 649.428017000000 | **1-Year:** 996.784181000000 | **5-Year:** 3461.610828000000 | **10-Year:** 3641.869081000000 | **30-Year:** 277.139342000000

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

- **3-Month:** 29.743658000000 | **1-Year:** 366.597611000000 | **5-Year:** 436.086311000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244682 | -0.10%               | -0.90%               | 0.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $339351.88               | $-517877.59                                |
| Month 2  | $-318746.83              | $-164873.06                                |
| Month 3  | $26499.12                | $108337.86                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ANTARES HOLDINGS                          | Antares Holdings LP                                            | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1050463.39   | 2.73%             | 2029-10-23      | Fixed         | 6.35%                 | No            | 2                  | On Loan: No      |
| BX Trust                                  | BX Trust 2024-VLT4                                             | CUSIP: 05612TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $497968.75    | 1.29%             | 2029-07-15      | Floating      | 6.27%                 | No            | 2                  | On Loan: No      |
| BAKER HUGHES LLC/CO-OBL                   | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc        | CUSIP: 05724BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989642.86    | 2.57%             | 2030-05-01      | Fixed         | 4.49%                 | No            | 2                  | On Loan: No      |
| BANK OF NY MELLON CORP                    | Bank of New York Mellon Corp/The                               | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |   1000000 | PA      | $962404.76    | 2.50%             |  |  |  | No            | 2                  | On Loan: No      |
| BLACKSTONE SECURED LEND                   | Blackstone Secured Lending Fund                                | CUSIP: 09261XAJ1<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002072.11   | 2.60%             | 2028-04-13      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| CELANESE US HOLDINGS LLC                  | Celanese US Holdings LLC                                       | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    624000 | PA      | $640972.80    | 1.66%             | 2029-07-15      | Fixed         | 6.58%                 | No            | 2                  | On Loan: No      |
| Chase Mortgage Finance Corpora            | Chase Home Lending Mortgage Trust 2023-1                       | CUSIP: 16159PAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    790995 | PA      | $797094.65    | 2.07%             | 2054-06-25      | Variable      | 6.00%                 | No            | 2                  | On Loan: No      |
| CIMAREX ENERGY CO                         | Coterra Energy Operating Co                                    | CUSIP: 171798AE1<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |    263000 | PA      | $247504.28    | 0.64%             | 2029-03-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: —       |
| Citigroup Mortgage Loan Trust             | Citigroup Mortgage Loan Trust 2024-INV2                        | CUSIP: 17331WBB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546364 | PA      | $555627.00    | 1.44%             | 2054-06-25      | Variable      | 6.50%                 | No            | 2                  | On Loan: No      |
| CONCENTRIX CORP                           | Concentrix Corp                                                | CUSIP: 20602DAC5<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023256.23   | 2.66%             | 2033-08-02      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                               | Freddie Mac REMICS                                             | CUSIP: 3137BTK34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    145816 | PA      | $145484.37    | 0.38%             | 2041-03-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                               | Freddie Mac REMICS                                             | CUSIP: 3137HLDN9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    970192 | PA      | $958522.59    | 2.49%             | 2052-03-25      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| FIRST CITIZENS BANCSHARE                  | First Citizens BancShares Inc/NC                               | CUSIP: 31946MAA1<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1009835.55   | 2.62%             | 2030-03-15      | Variable      | 6.76%                 | No            | 2                  | On Loan: No      |
| Flagship Credit Auto Trust                | Flagship Credit Auto Trust 2021-3                              | CUSIP: 33846QAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $717189.53    | 1.86%             | 2027-09-15      | Fixed         | 1.65%                 | No            | 2                  | On Loan: No      |
| FORD MOTOR COMPANY                        | Ford Motor Co                                                  | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $994374.64    | 2.58%             | 2032-02-12      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| GS Mortgage Securities Trust              | GS Mortgage Securities Corp Trust 2023-SHIP                    | CUSIP: 36270GAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $299600.97    | 0.78%             | 2038-09-10      | Variable      | 5.51%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage A            | Government National Mortgage Association                       | CUSIP: 38384EZZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1058475 | PA      | $1037059.00   | 2.69%             | 2049-03-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| RICOH USA INC                             | Ricoh USA Inc                                                  | CUSIP: 451713AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    967000 | PA      | $959741.30    | 2.49%             | 2025-12-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                  | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl     | CUSIP: 46590XAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $1012064.00   | 2.63%             | 2030-01-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust Series 2025-CES2                      | CUSIP: 46595TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1040199 | PA      | $1042699.24   | 2.71%             | 2055-06-25      | Variable      | 5.59%                 | No            | 2                  | On Loan: No      |
| Jack in the Box Funding, LLC              | Jack in the Box Funding LLC                                    | CUSIP: 466365AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    593725 | PA      | $571024.34    | 1.48%             | 2052-02-26      | Fixed         | 3.44%                 | No            | 2                  | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2019-HYB1                             | CUSIP: 46651FAT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    343700 | PA      | $345085.08    | 0.90%             | 2049-10-25      | Variable      | 4.99%                 | No            | 2                  | On Loan: No      |
| KYNDRYL HOLDINGS INC                      | Kyndryl Holdings Inc                                           | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $997553.62    | 2.59%             | 2031-10-15      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| LEIDOS INC                                | Leidos Inc                                                     | CUSIP: 52532XAJ4<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027498.35   | 2.67%             | 2033-03-15      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Long Beach Mortgage Loan Trust            | Long Beach Mortgage Loan Trust 2003-4                          | CUSIP: 542514EE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    585464 | PA      | $578454.23    | 1.50%             | 2033-08-25      | Floating      | 5.06%                 | No            | 2                  | On Loan: No      |
| NATIONWIDE FINANCIAL SER                  | Nationwide Financial Services Inc                              | CUSIP: 638612AJ0<br>LEI: 5493001H7AZNDS6BKJ36 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985000.00    | 2.56%             | 2037-05-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Provident Funding Mortgage Tru            | Provident Funding Mortgage Trust 2025-1                        | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1061901 | PA      | $1059874.86   | 2.75%             | 2055-02-25      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| F/M High Yield 100 ETF                    | F/M High Yield 100 ETF                                         | CUSIP: 74933W197<br>LEI: 529900T1M8HKCKKG6H81 | Long             | EC               | RF                | US        |     80650 | NS      | $4164185.32   | 10.82%            |  |  |  | No            | 1                  | On Loan: No      |
| F/m Ultrashort Treasury Inflat            | F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF  | CUSIP: 74933W213<br>LEI: 5299000J5VH6XTHXW407 | Long             | EC               | RF                | US        |     51438 | NS      | $2578586.94   | 6.70%             |  |  |  | No            | 1                  | On Loan: —       |
| Woodward Capital Management               | RCKT Mortgage Trust 2024-INV1                                  | CUSIP: 74938QAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    603972 | PA      | $614022.59    | 1.59%             | 2054-06-25      | Variable      | 6.50%                 | No            | 2                  | On Loan: No      |
| SBA TOWER TRUST                           | SBA Tower Trust                                                | CUSIP: 78403DAX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    519000 | PA      | $447131.99    | 1.16%             | 2031-10-15      | Fixed         | 2.59%                 | No            | 2                  | On Loan: No      |
| LEIDOS INC                                | Leidos Inc                                                     | CUSIP: 808626AG0<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14675.74     | 0.04%             | 2033-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| SEMPRA                                    | Sempra                                                         | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1078034.18   | 2.80%             | 2052-04-01      | Variable      | 4.12%                 | No            | 2                  | On Loan: No      |
| Sequoia Mortgage Trust                    | Sequoia Mortgage Trust 2024-8                                  | CUSIP: 81749NAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1137657 | PA      | $1114059.25   | 2.89%             | 2054-09-25      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| TRANSCANADA TRUST                         | Transcanada Trust                                              | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $992969.70    | 2.58%             | 2076-08-15      | Variable      | 5.88%                 | No            | 2                  | On Loan: No      |
| VF CORP                                   | VF Corp                                                        | CUSIP: 918204BB3<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940089.60    | 2.44%             | 2027-04-23      | Fixed         | 2.80%                 | No            | 2                  | On Loan: No      |
| WAMU Mortgage Pass-Through Cer            | WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust | CUSIP: 92922FB49<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    318282 | PA      | $308491.75    | 0.80%             | 2034-11-25      | Floating      | 5.16%                 | No            | 2                  | On Loan: No      |
| WAMU Mortgage Pass-Through Cer            | WaMu Mortgage Pass-Through Certificates Series 2005-AR2 Trust  | CUSIP: 92922FD62<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    435291 | PA      | $432542.27    | 1.12%             | 2045-01-25      | Floating      | 5.20%                 | No            | 2                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |     24262 | NS      | $24262.50     | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| CVS PASS-THROUGH TRUST                    | CVS Pass-Through Trust                                         | CUSIP: 126650BS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    821055 | PA      | $857437.15    | 2.23%             | 2032-01-10      | Fixed         | 7.51%                 | No            | 2                  | On Loan: No      |
| CVS PASS-THROUGH TRUST                    | CVS Pass-Through Trust                                         | CUSIP: 126650BV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140907 | PA      | $139565.44    | 0.36%             | 2033-01-10      | Fixed         | 5.77%                 | No            | 2                  | On Loan: No      |
| DELL INC                                  | Dell Inc                                                       | CUSIP: 24702RAF8<br>LEI: 3E70L4WYANTIWWIPHC81 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1030248.00   | 2.68%             | 2038-04-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Extended Stay America Trust               | Extended Stay America Trust 2021-ESH                           | CUSIP: 30227FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    892037 | PA      | $892036.85    | 2.32%             | 2038-07-15      | Floating      | 6.14%                 | No            | 2                  | On Loan: No      |
| PENNYMAC CORP                             | PennyMac Corp                                                  | CUSIP: 70932AAG8<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    135000 | PA      | $131085.00    | 0.34%             | 2029-06-01      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| PHILLIPS 66 PARTNERS LP                   | Phillips 66 Partners LP                                        | CUSIP: 718549AD0<br>LEI: 549300TL5L4IG0H4FX64 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27208.98     | 0.07%             | 2026-10-01      | Fixed         | 3.55%                 | No            | 2                  | On Loan: No      |
| PHILLIPS 66 PARTNERS LP                   | Phillips 66 Partners LP                                        | CUSIP: 718549AF5<br>LEI: 549300TL5L4IG0H4FX64 | Long             | DBT              | CORP              | US        |    608000 | PA      | $579469.92    | 1.50%             | 2028-03-01      | Fixed         | 3.75%                 | No            | 2                  | On Loan: —       |
| PHILLIPS 66 PARTNERS LP                   | Phillips 66 Partners LP                                        | CUSIP: 718549AH1<br>LEI: 549300TL5L4IG0H4FX64 | Long             | DBT              | CORP              | US        |    365000 | PA      | $333493.65    | 0.87%             | 2029-12-15      | Fixed         | 3.15%                 | No            | 2                  | On Loan: —       |

### Signature

**Date Signed:** 2025-07-21

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

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

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

**Title:** CFO COO Secretary