# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001145549-23-003960
**Filing Date:** 2023-1
**Character Count:** 74208
**Document Hash:** 88bf328ba3927c0a25e3d660b23f55fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-003960.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001145549-23-003960

**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:** 23561927

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Penn Capital Defensive Short Duration High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Penn Capital Defensive Short Duration High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Penn Capital Defensive Short Duration 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: 1.0%** | **Principal** | **Value** |
| **Cable & Satellite TV: 1.0%** | | |
| DISH Network Corp., 2.375%, 3/15/24 | 340000 | $303441 |
| **Total Convertible Bonds (cost $334,852)** |  | 303441 |
| **Corporate Bonds: 87.5%** |  |  |
| **Advertising: 0.7%** |  |  |
| TripAdvisor, Inc., 7.000%, 7/15/25(a) | 210000 | 207400 |
| **Aerospace/Defense: 3.9%** |  |  |
| Howmet Aerospace, Inc., 6.875%, 5/1/25 | 497000 | 507717 |
| TransDigm, Inc., 6.250%, 3/15/26(a) | 130000 | 129368 |
| TransDigm, Inc., 8.000%, 12/15/25(a) | 315000 | 320513 |
| Triumph Group, Inc., 8.875%, 6/1/24(a) | 198000 | 202455 |
|  |  | 1160053 |
| **Air Transportation: 2.4%** |  |  |
| Allegiant Travel Co., 8.500%, 2/5/24(a) | 249000 | 249000 |
| American Airlines, Inc., 11.750%, 7/15/25(a) | 90000 | 99948 |
| Delta Air Lines, Inc., 7.000%, 5/1/25(a) | 203000 | 206855 |
| Spirit Loyalty Cayman Ltd., 8.000%, 9/20/25(a) | 165000 | 166848 |
|  |  | 722651 |
| **Auto Loans: 1.7%** |  |  |
| Ford Motor Credit Co LLC, 5.584%, 3/18/24 | 500000 | 494375 |
| **Auto Parts & Equipment: 0.7%** |  |  |
| The Goodyear Tire & Rubber Co., 9.500%, 5/31/25 | 195000 | 202827 |
| **Automakers: 0.5%** |  |  |
| Jaguar Land Rover Automotive PLC, 5.625%, 2/1/23(a) | 150000 | 148535 |
| **Building & Construction: 1.4%** |  |  |
| Meritage Homes Corp., 6.000%, 6/1/25 | 175000 | 173509 |
| TRI Pointe Group Inc / TRI Pointe Homes, Inc., 5.875%, 6/15/24 | 230000 | 229621 |
|  |  | 403130 |
| **Cable & Satellite TV: 0.7%** |  |  |
| CSC Holdings LLC, 5.250%, 6/1/24 | 219000 | 210970 |
| **Chemicals: 4.4%** |  |  |
| Avient Corp., 5.750%, 5/15/25(a) | 185000 | 180371 |
| Compass Minerals International, Inc., 4.875%, 7/15/24(a) | 420000 | 399000 |
| Koppers, Inc., 6.000%, 2/15/25(a) | 125000 | 116406 |
| NOVA Chemicals Corp., 4.875%, 6/1/24(a) | 405000 | 394116 |
| OCI NV, 4.625%, 10/15/25(a) | 240000 | 227076 |
|  |  | 1316969 |
| **Construction & Engineering: 0.5%** |  |  |
| Fluor Corp., 3.500%, 12/15/24 | 165000 | 157954 |
| **Consumer/Commercial/Lease Financing: 3.8%** |  |  |
| Fortress Transportation and Infrastructure Investors LLC, 6.500%, 10/1/25(a) | 182000 | 174802 |
| Navient Corp., 7.250%, 9/25/23 | 123000 | 123011 |
| OneMain Finance Corp., 6.125%, 3/15/24 | 700000 | 682710 |
| SLM Corp., 4.200%, 10/29/25 | 155000 | 142212 |
|  |  | 1122735 |
| **Consumer-Products: 0.5%** |  |  |
| Mattel, Inc., 5.875%, 12/15/27(a) | 150000 | 146676 |
| **Department Stores: 0.4%** |  |  |
| Neiman Marcus Group LLC, 7.125%, 4/1/26(a) | 115000 | 110740 |
| **Diversified Capital Goods: 0.7%** |  |  |
| Stevens Holding Co, Inc., 6.125%, 10/1/26(a) | 200000 | 201682 |
| **Electric-Generation: 0.7%** |  |  |
| NextEra Energy Operating Partners LP, 4.250%, 7/15/24(a) | 200000 | 193258 |
| **Energy - Exploration & Production: 3.2%** |  |  |
| EQT Corp., 6.125%, 2/1/25 | 190000 | 190549 |
| Laredo Petroleum, Inc., 9.500%, 1/15/25 | 100000 | 100000 |
| Occidental Petroleum Corp., 6.950%, 7/1/24 | 453000 | 459270 |
| Range Resources Corp., 5.000%, 3/15/23 | 116000 | 115420 |
| Range Resources Corp., 4.875%, 5/15/25 | 75000 | 72773 |
|  |  | 938012 |
| **Food - Wholesale: 1.3%** |  |  |
| HLF Financing Sarl LLC, 7.875%, 9/1/25(a) | 266000 | 242193 |
| KeHE Distributors LLC, 8.625%, 10/15/26(a) | 132000 | 130020 |
|  |  | 372213 |
| **Forestry/Paper: 0.7%** |  |  |
| Clearwater Paper Corp., 5.375%, 2/1/25(a) | 205000 | 199016 |
| **Gaming: 1.8%** |  |  |
| Caesars Entertainment, Inc., 6.250%, 7/1/25(a) | 255000 | 252017 |
| International Game Technology PLC, 6.500%, 2/15/25(a) | 275000 | 276414 |
|  |  | 528431 |
| **Gas Distribution: 3.5%** |  |  |
| Blue Racer Midstream LLC, 7.625%, 12/15/25(a) | 195000 | 196771 |
| Buckeye Partners LP, 4.350%, 10/15/24 | 310000 | 299150 |
| Crestwood Midstream Partners LP, 5.750%, 4/1/25 | 175000 | 170603 |
| DCP Midstream Operating LP, 5.375%, 7/15/25 | 195000 | 192578 |
| Western Midstream Operating LP, 3.350%, 2/1/25 | 190000 | 182117 |
|  |  | 1041219 |
| **Health Facilities: 1.9%** |  |  |
| HCA, Inc., 5.375%, 2/1/25 | 355000 | 354419 |
| Tenet Healthcare Corp., 4.625%, 7/15/24 | 99000 | 96871 |
| Tenet Healthcare Corp., 4.625%, 9/1/24(a) | 100000 | 97900 |
|  |  | 549190 |
| **Hotels: 4.3%** |  |  |
| Marriott Ownership Resorts, Inc., 6.125%, 9/15/25(a) | 175000 | 172848 |
| Park Intermediate Holdings LLC, 7.500%, 6/1/25(a) | 192000 | 193440 |
| Travel + Leisure Co., 6.600%, 10/1/25 | 250000 | 245625 |
| Travel + Leisure Co., 5.650%, 4/1/24 | 425000 | 420210 |
| Travel + Leisure Co., 6.625%, 7/31/26(a) | 200000 | 195969 |
|  |  | 1228092 |
| **Hotels, Restaurants & Leisure: 1.1%** |  |  |
| Las Vegas Sands Corp., 3.200%, 8/8/24 | 340000 | 324892 |
| **Investments & Miscellaneous Financial Services: 3.0%** |  |  |
| Icahn Enterprises LP, 6.250%, 5/15/26 | 268000 | 264535 |
| Icahn Enterprises LP, 4.750%, 9/15/24 | 430000 | 413853 |
| Oppenheimer Holdings, Inc., 5.500%, 10/1/25 | 220000 | 215600 |
|  |  | 893988 |
| **Machinery: 0.6%** |  |  |
| Hillenbrand, Inc., 5.750%, 6/15/25 | 180000 | 179100 |
| **Media Content: 2.6%** |  |  |
| AMC Networks, Inc., 5.000%, 4/1/24 | 273000 | 260517 |
| Univision Communications, Inc., 5.125%, 2/15/25(a) | 515000 | 496975 |
|  |  | 757492 |
| **Monoline Insurance: 2.7%** |  |  |
| NMI Holdings, Inc., 7.375%, 6/1/25(a) | 375000 | 377014 |
| Radian Group, Inc., 4.500%, 10/1/24 | 440000 | 418095 |
|  |  | 795109 |
| **Multi-Line Insurance: 0.7%** |  |  |
| Enact Holdings, Inc., 6.500%, 8/15/25(a) | 210000 | 204168 |
| **Non-Electric Utilities: 0.6%** |  |  |
| AmeriGas Partners LP, 5.625%, 5/20/24 | 165000 | 162731 |
| **Oil Field Equipment & Services: 1.0%** |  |  |
| Oceaneering International, Inc., 4.650%, 11/15/24 | 171000 | 165718 |
| TechnipFMC PLC, 6.500%, 2/1/26(a) | 137000 | 131455 |
|  |  | 297173 |
| **Oil Refining & Marketing: 0.6%** |  |  |
| Methanex Corp., 4.250%, 12/1/24 | 195000 | 188651 |
| **Packaging: 3.7%** |  |  |
| Ball Corp., 5.250%, 7/1/25 | 180000 | 179412 |
| Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 | 473000 | 483640 |
| Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(a) | 147000 | 145774 |
| Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(a) | 205000 | 194423 |
| Pactiv LLC, 7.950%, 12/15/25 | 90000 | 84298 |
|  |  | 1087547 |
| **Personal & Household Products: 1.1%** |  |  |
| CD&R Smokey Buyer, Inc., 6.750%, 7/15/25(a) | 160000 | 141800 |
| Spectrum Brands, Inc., 5.750%, 7/15/25 | 195000 | 191942 |
|  |  | 333742 |
| **Pharmaceuticals: 3.4%** |  |  |
| Elanco Animal Health, Inc., 5.772%, 8/28/23 | 200000 | 199186 |
| Owens & Minor, Inc., 4.375%, 12/15/24 | 625000 | 596784 |
| Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 4/15/24 | 200000 | 197222 |
|  |  | 993192 |
| **Real Estate Development & Management: 1.3%** |  |  |
| Newmark Group, Inc., 6.125%, 11/15/23 | 385000 | 384026 |
| **Real Estate Investment Trusts (REITs): 5.4%** |  |  |
| HAT Holdings I LLC, 6.000%, 4/15/25(a) | 265000 | 256019 |
| iStar, Inc., 4.750%, 10/1/24 | 220000 | 216448 |
| Service Properties Trust, 7.500%, 9/15/25 | 155000 | 149963 |
| Starwood Property Trust, Inc., 5.500%, 11/1/23(a) | 310000 | 308937 |
| Starwood Property Trust, Inc., 3.750%, 12/31/24(a) | 150000 | 141750 |
| VICI Properties LP / VICI Note Co, Inc., 5.625%, 5/1/24(a) | 455000 | 450604 |
| XHR LP, 6.375%, 8/15/25(a) | 100000 | 97333 |
|  |  | 1621054 |
| **Recreation & Travel: 2.5%** |  |  |
| Carnival Corp., 10.500%, 2/1/26(a) | 155000 | 156876 |
| SeaWorld Parks & Entertainment, Inc., 8.750%, 5/1/25(a) | 205000 | 209607 |
| Six Flags Entertainment Corp., 4.875%, 7/31/24(a) | 210000 | 204127 |
| Vail Resorts, Inc., 6.250%, 5/15/25(a) | 165000 | 164828 |
|  |  | 735438 |
| **Restauarants: 0.5%** |  |  |
| Dave & Buster's, Inc., 7.625%, 11/1/25(a) | 155000 | 155762 |
| **Software/Services: 0.6%** |  |  |
| NortonLifeLock, Inc., 5.000%, 4/15/25(a) | 170000 | 164900 |
| **Specialty Retail: 4.1%** |  |  |
| Abercrombie & Fitch Management Co., 8.750%, 7/15/25(a) | 175000 | 174125 |
| Bath & Body Works, Inc., 9.375%, 7/1/25(a) | 193000 | 202360 |
| G-III Apparel Group Ltd., 7.875%, 8/15/25(a) | 215000 | 208281 |
| Hanesbrands, Inc., 4.625%, 5/15/24(a) | 215000 | 208550 |
| Michael Kors USA, Inc., 4.250%, 11/1/24(a) | 200000 | 188250 |
| QVC, Inc., 4.850%, 4/1/24 | 115000 | 109492 |
| QVC, Inc., 4.450%, 2/15/25 | 130000 | 112165 |
|  |  | 1203223 |
| **Support - Services: 4.5%** |  |  |
| Arrow Bidco LLC, 9.500%, 3/15/24(a) | 176000 | 175624 |
| Matthews International Corp., 5.250%, 12/1/25(a) | 168000 | 156240 |
| Prime Security Services Borrower LLC, 5.250%, 4/15/24(a) | 417000 | 411787 |
| Sabre GLBL, Inc., 9.250%, 4/15/25(a) | 220000 | 219450 |
| United Rentals North America, Inc., 5.500%, 5/15/27 | 80000 | 78938 |
| WESCO Distribution, Inc., 7.125%, 6/15/25(a) | 313000 | 316913 |
|  |  | 1358952 |
| **Support Activities for Mining: 0.3%** |  |  |
| Transocean Proteus Ltd., 6.250%, 12/1/24(a) | 103500 | 101430 |
| **Tech Hardware & Equipment: 0.5%** |  |  |
| Xerox Corp., 3.800%, 5/15/24 | 40000 | 38100 |
| Xerox Corp., 4.625%, 3/15/23 | 115000 | 113911 |
|  |  | 152011 |
| **Telecom - Satellite: 1.2%** |  |  |
| Hughes Satellite Systems Corp., 6.625%, 8/1/26 | 380000 | 353273 |
| **Telecom - Wireless: 2.1%** |  |  |
| Sprint LLC, 7.625%, 2/15/25 | 590000 | 611136 |
| **Telecom - Wireline Integrated & Services: 2.1%** |  |  |
| Qwest Corp., 7.250%, 9/15/25 | 630000 | 626850 |
| **Theaters & Entertainment: 0.7%** |  |  |
| Cinemark USA, Inc., 8.750%, 5/1/25(a) | 90000 | 91802 |
| Live Nation Entertainment, Inc., 4.875%, 11/1/24(a) | 105000 | 103359 |
|  |  | 195161 |
| **Tobacco & Cannabis: 0.4%** |  |  |
| Turning Point Brands, Inc., 5.625%, 2/15/26(a) | 124000 | 107951 |
| **Transport Infrastructure/Services: 0.5%** |  |  |
| XPO Logistics, Inc., 6.250%, 5/1/25(a) | 147000 | 148496 |
| **Total Corporate Bonds (cost $27,083,533)** |  | 25793576 |
|  | **Number of** |  |
| **Mutual Funds: 8.7%** | **Shares** |  |
| Penn Capital Floating Rate Income Fund - Institutional Class (b) | 281784 | 2569869 |
| **Total Mutual Funds (cost $2,751,521)** |  | 2569869 |
| **Short-Term Investments: 3.6%** |  |  |
| U.S. Bank Money Market Deposit Account, 2.100%(c) | 1046816 | 1046816 |
| **Total Short-Term Investments (cost $1,046,816)** |  | 1046816 |
| **Total Investments - 100.7% (cost $31,216,722)** |  | 29713702 |
| **Liabilities in Excess of Other Assets (0.7)%** |  | (202944) |
| **Net Assets: 100.0%** |  | $29510758 |

---

---

| | | |
|:---|:---|:---|
| 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 $12,648,607, or 42.9% 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 $12,648,607, or 42.9% of total net assets. |
| (b) | Affiliated company. |  |
| (c) | 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 | 91.9% |
| Cayman Islands | Cayman Islands | 2.3% |
| Canada | Canada | 2.0% |
| United Kingdom | United Kingdom | 1.9% |
| Netherlands | Netherlands | 1.4% |
| Panama | Panama | 0.5% |
| 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. |

---

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| |
|:---|
| 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: |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Convertible Bonds | $- | $303441 | $- | $303441 |
| Corporate Bonds |  | 25793576 |  | 25793576 |
| Mutual Funds | 2569869 |  |  | 2569869 |
| Short-Term Investments | 1046816 |  |  | 1046816 |
| **Total Investments in Securities** | $3616685 | $26097017 | $- | $29713702 |
| <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 Short Duration High Income Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $32481501.53

**Total Liabilities:** $3011945.03

**Net Assets:** $29469556.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 55.540000000000 | **1-Year:** 273.880000000000 | **5-Year:** 80.410000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 1467.460000000000 | **1-Year:** 1794.470000000000 | **5-Year:** 698.140000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190040 | -1.15%               | 1.57%                | 0.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2100.89                | $-495861.77                                |
| Month 2  | $-14718.69               | $416838.25                                 |
| Month 3  | $-120556.04              | $254344.39                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CSC HOLDINGS LLC               | CSC Holdings LLC                                                                 | CUSIP: 126307AH0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    219000 | PA      | $210970.37    | 0.72%             | 2024-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                    | CUSIP: 143658BG6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    155000 | PA      | $156875.50    | 0.53%             | 2026-02-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CINEMARK USA INC               | Cinemark USA Inc                                                                 | CUSIP: 172441BC0<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91802.25     | 0.31%             | 2025-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP          | Clearwater Paper Corp                                                            | CUSIP: 18538RAH6<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    205000 | PA      | $199015.59    | 0.68%             | 2025-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA       | Compass Minerals International Inc                                               | CUSIP: 20451NAE1<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    420000 | PA      | $399000.00    | 1.35%             | 2024-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CRESTWOOD MID PARTNER LP       | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp               | CUSIP: 226373AP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $170603.31    | 0.58%             | 2025-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CROWN CORK & SEAL CO INC       | Crown Cork & Seal Co Inc                                                         | CUSIP: 228255AH8<br>LEI: 7HLDMDH0ZXNUH6PT7Z42 | Long             | DBT              | CORP              | US        |    473000 | PA      | $483640.14    | 1.64%             | 2026-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING        | DCP Midstream Operating LP                                                       | CUSIP: 23311VAG2<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    195000 | PA      | $192577.65    | 0.65%             | 2025-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DAVE & BUSTER'S INC            | Dave & Buster's Inc                                                              | CUSIP: 23833NAH7<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155761.94    | 0.53%             | 2025-11-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC            | Delta Air Lines Inc                                                              | CUSIP: 247361ZX9<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    203000 | PA      | $206854.54    | 0.70%             | 2025-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP              | DISH Network Corp                                                                | CUSIP: 25470MAD1<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    340000 | PA      | $303441.06    | 1.03%             | 2024-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| EQT CORP                       | EQT Corp                                                                         | CUSIP: 26884LAH2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    190000 | PA      | $190549.10    | 0.65%             | 2025-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC       | Elanco Animal Health Inc                                                         | CUSIP: 28414HAE3<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199185.64    | 0.68%             | 2023-08-28      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                        | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    255000 | PA      | $252017.13    | 0.86%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLUOR CORP                     | Fluor Corp                                                                       | CUSIP: 343412AC6<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |    165000 | PA      | $157953.55    | 0.54%             | 2024-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                         | CUSIP: 345397ZQ9<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494375.00    | 1.68%             | 2024-03-18      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST       | Fortress Transportation and Infrastructure Investors LLC                         | CUSIP: 34960PAB7<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    182000 | PA      | $174801.90    | 0.59%             | 2025-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| G-III APPAREL GROUP LTD        | G-III Apparel Group Ltd                                                          | CUSIP: 36237HAA9<br>LEI: 529900O5KABM3R3SFM87 | Long             | DBT              | CORP              | US        |    215000 | PA      | $208281.25    | 0.71%             | 2025-08-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ENACT HOLDINGS INC             | Enact Holdings Inc                                                               | CUSIP: 37255LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $204168.30    | 0.69%             | 2025-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BH3<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    195000 | PA      | $202827.30    | 0.69%             | 2025-05-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                        | HCA Inc                                                                          | CUSIP: 404119BR9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    355000 | PA      | $354419.03    | 1.20%             | 2025-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                | Hanesbrands Inc                                                                  | CUSIP: 410345AJ1<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    215000 | PA      | $208550.00    | 0.71%             | 2024-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT         | HAT Holdings I LLC / HAT Holdings II LLC                                         | CUSIP: 418751AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $256019.15    | 0.87%             | 2025-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HERBALIFE/HLF FINANCING        | Herbalife Nutrition Ltd / HLF Financing Inc                                      | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    266000 | PA      | $242193.00    | 0.82%             | 2025-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                | Hillenbrand Inc                                                                  | CUSIP: 431571AD0<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179100.00    | 0.61%             | 2025-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC           | Howmet Aerospace Inc                                                             | CUSIP: 443201AA6<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    497000 | PA      | $507716.81    | 1.72%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS       | Hughes Satellite Systems Corp                                                    | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $353272.71    | 1.20%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                      | iStar Inc                                                                        | CUSIP: 45031UCF6<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              | CORP              | US        |    220000 | PA      | $216448.41    | 0.73%             | 2024-10-01      | Fixed         | 4.75%                 | 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        |    268000 | PA      | $264534.76    | 0.90%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102BW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $413853.50    | 1.40%             | 2024-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH        | International Game Technology PLC                                                | CUSIP: 460599AC7<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    275000 | PA      | $276414.19    | 0.94%             | 2025-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO       | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAA2<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $148535.46    | 0.50%             | 2023-02-01      | Fixed         | 5.62%                 | 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        |    132000 | PA      | $130020.00    | 0.44%             | 2026-10-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KOPPERS INC                    | Koppers Inc                                                                      | CUSIP: 500605AH3<br>LEI: LTO4ZL5EBDR1NE6FGJ36 | Long             | DBT              | CORP              | US        |    125000 | PA      | $116406.25    | 0.40%             | 2025-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC          | Bath & Body Works Inc                                                            | CUSIP: 501797AU8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    193000 | PA      | $202359.47    | 0.69%             | 2025-07-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LAREDO PETROLEUM INC           | Laredo Petroleum Inc                                                             | CUSIP: 516806AF3<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100000.00    | 0.34%             | 2025-01-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP           | Las Vegas Sands Corp                                                             | CUSIP: 517834AG2<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     85000 | PA      | $81222.88     | 0.28%             | 2024-08-08      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN       | Live Nation Entertainment Inc                                                    | CUSIP: 538034AK5<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103358.85    | 0.35%             | 2024-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR       | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAG1<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    175000 | PA      | $172847.70    | 0.59%             | 2025-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                     | Mattel Inc                                                                       | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146676.00    | 0.50%             | 2027-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C       | Matthews International Corp                                                      | CUSIP: 577128AA9<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |    168000 | PA      | $156240.00    | 0.53%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP            | Meritage Homes Corp                                                              | CUSIP: 59001AAY8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173508.54    | 0.59%             | 2025-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                  | Methanex Corp                                                                    | CUSIP: 59151KAK4<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $188650.80    | 0.64%             | 2024-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MICHAEL KORS USA INC           | Michael Kors USA Inc                                                             | CUSIP: 59408TAA8<br>LEI: 549300MIBZ1H6BCOET19 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188250.00    | 0.64%             | 2024-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NMI HOLDINGS                   | NMI Holdings Inc                                                                 | CUSIP: 629209AA5<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | DBT              | CORP              | US        |    375000 | PA      | $377013.75    | 1.28%             | 2025-06-01      | Fixed         | 7.38%                 | 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        |    115000 | PA      | $110740.40    | 0.38%             | 2026-04-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                   | Navient Corp                                                                     | CUSIP: 63938CAE8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    123000 | PA      | $123010.62    | 0.42%             | 2023-09-25      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC              | Newmark Group Inc                                                                | CUSIP: 65158NAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $384025.95    | 1.30%             | 2023-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY OPERATING       | NextEra Energy Operating Partners LP                                             | CUSIP: 65342QAK8<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193258.42    | 0.66%             | 2024-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP            | NOVA Chemicals Corp                                                              | CUSIP: 66977WAQ2<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    405000 | PA      | $394115.63    | 1.34%             | 2024-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OCI NV                         | OCI NV                                                                           | CUSIP: 67091GAE3<br>LEI: 549300NCMRGIBJYUOE57 | Long             | DBT              | CORP              | NL        |    240000 | PA      | $227075.48    | 0.77%             | 2025-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR       | Occidental Petroleum Corp                                                        | CUSIP: 674599DB8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    453000 | PA      | $459269.52    | 1.56%             | 2024-07-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC           | Oceaneering International Inc                                                    | CUSIP: 675232AA0<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |    171000 | PA      | $165717.81    | 0.56%             | 2024-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| OPPENHEIMER HOLDINGS INC       | Oppenheimer Holdings Inc                                                         | CUSIP: 683797AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $215600.00    | 0.73%             | 2025-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC              | Owens & Minor Inc                                                                | CUSIP: 690732AE2<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    625000 | PA      | $596784.07    | 2.03%             | 2024-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAR4<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    147000 | PA      | $145774.14    | 0.49%             | 2023-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                               | CUSIP: 690872AB2<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    205000 | PA      | $194423.15    | 0.66%             | 2025-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS         | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192000 | PA      | $193440.00    | 0.66%             | 2025-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Penn Capital Floating Rate Inc | Penn Capital Floating Rate Income Fund                                           | CUSIP: 707269700<br>LEI: 5493006C00G7QMAXMX22 | Long             | EC               | RF                | US        |    281784 | NS      | $2569868.58   | 8.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIENT CORP                    | Avient Corp                                                                      | CUSIP: 73179PAM8<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    185000 | PA      | $180371.17    | 0.61%             | 2025-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC       | Prime Security Services Borrower LLC / Prime Finance Inc                         | CUSIP: 74166MAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    417000 | PA      | $411787.50    | 1.40%             | 2024-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| QVC INC                        | QVC Inc                                                                          | CUSIP: 747262AS2<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |    115000 | PA      | $109492.08    | 0.37%             | 2024-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| QVC INC                        | QVC Inc                                                                          | CUSIP: 747262AU7<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |    130000 | PA      | $112165.30    | 0.38%             | 2025-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC               | Radian Group Inc                                                                 | CUSIP: 750236AU5<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |    440000 | PA      | $418095.65    | 1.42%             | 2024-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP           | Range Resources Corp                                                             | CUSIP: 75281ABA6<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    116000 | PA      | $115420.00    | 0.39%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLM CORP                       | SLM Corp                                                                         | CUSIP: 78442PGD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $142212.50    | 0.48%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAC6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    220000 | PA      | $219450.00    | 0.74%             | 2025-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA       | SeaWorld Parks & Entertainment Inc                                               | CUSIP: 81282UAC6<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    205000 | PA      | $209606.58    | 0.71%             | 2025-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST       | Service Properties Trust                                                         | CUSIP: 81761LAA0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    155000 | PA      | $149962.50    | 0.51%             | 2025-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT        | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAB8<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |    210000 | PA      | $204127.35    | 0.69%             | 2024-07-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC            | Spectrum Brands Inc                                                              | CUSIP: 84762LAU9<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    195000 | PA      | $191942.41    | 0.65%             | 2025-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP       | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                 | CUSIP: 84859BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    165000 | PA      | $166848.00    | 0.57%             | 2025-09-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                             | CUSIP: 85172FAP4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    700000 | PA      | $682710.00    | 2.32%             | 2024-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                     | Sprint LLC                                                                       | CUSIP: 85207UAJ4<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    590000 | PA      | $611136.16    | 2.07%             | 2025-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                      | CUSIP: 85571BAS4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    310000 | PA      | $308936.70    | 1.05%             | 2023-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                      | CUSIP: 85571BAW5<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141750.00    | 0.48%             | 2024-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STEVENS HOLDING CO INC         | Stevens Holding Co Inc                                                           | CUSIP: 86024TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $201682.00    | 0.68%             | 2026-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                  | CUSIP: 871503AU2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    170000 | PA      | $164900.00    | 0.56%             | 2025-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TECHNIPFMC PLC                 | TechnipFMC PLC                                                                   | CUSIP: 87854XAE1<br>LEI: 549300D5I93QWCJTCK36 | Long             | DBT              | CORP              | GB        |    137000 | PA      | $131455.63    | 0.45%             | 2026-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP          | Tenet Healthcare Corp                                                            | CUSIP: 88033GCS7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     99000 | PA      | $96871.01     | 0.33%             | 2024-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP          | Tenet Healthcare Corp                                                            | CUSIP: 88033GDC1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97900.00     | 0.33%             | 2024-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PACTIV LLC                     | Pactiv LLC                                                                       | CUSIP: 880394AB7<br>LEI: 549300O4WTC6DL4JIE57 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84297.32     | 0.29%             | 2025-12-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE        | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAL5<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $197222.15    | 0.67%             | 2024-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                  | TransDigm Inc                                                                    | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129368.20    | 0.44%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                  | TransDigm Inc                                                                    | CUSIP: 893647BK2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    315000 | PA      | $320512.50    | 1.09%             | 2025-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN PROTEUS LTD         | Transocean Proteus Ltd                                                           | CUSIP: 893829AA9<br>LEI: 5493000CTMQ2LH21VM89 | Long             | DBT              | CORP              | KY        |    103500 | PA      | $101430.00    | 0.34%             | 2024-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRIUMPH GROUP INC              | Triumph Group Inc                                                                | CUSIP: 896818AS0<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |    198000 | PA      | $202455.00    | 0.69%             | 2024-06-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TRIPADVISOR INC                | TripAdvisor Inc                                                                  | CUSIP: 896945AA0<br>LEI: 549300XVG45PT5BART17 | Long             | DBT              | CORP              | US        |    210000 | PA      | $207399.54    | 0.70%             | 2025-07-15      | Fixed         | 7.00%                 | 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        |   3587241 | NS      | $3587241.47   | 12.17%            |  |  |  | No            |                  1 | On Loan: No      |
| TURNING POINT BRANDS INC       | Turning Point Brands Inc                                                         | CUSIP: 90041LAF2<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    124000 | PA      | $107951.04    | 0.37%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM        | United Rentals North America Inc                                                 | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78938.00     | 0.27%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QWEST CORP                     | Qwest Corp                                                                       | CUSIP: 912920AK1<br>LEI: 549300R2L4N683OO1509 | Long             | DBT              | CORP              | US        |    630000 | PA      | $626850.00    | 2.13%             | 2025-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS       | Univision Communications Inc                                                     | CUSIP: 914906AS1<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    515000 | PA      | $496975.00    | 1.69%             | 2025-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC               | Vail Resorts Inc                                                                 | CUSIP: 91879QAL3<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    165000 | PA      | $164828.36    | 0.56%             | 2025-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE         | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $450604.14    | 1.53%             | 2024-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                           | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    313000 | PA      | $316912.50    | 1.08%             | 2025-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT       | Western Midstream Operating LP                                                   | CUSIP: 958667AB3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    190000 | PA      | $182116.90    | 0.62%             | 2025-02-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| TRI POINTE GROUP / HOMES       | TRI Pointe Group Inc / TRI Pointe Homes Inc                                      | CUSIP: 962178AN9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $229621.37    | 0.78%             | 2024-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                              | CUSIP: 98310WAM0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245625.00    | 0.83%             | 2025-10-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                              | CUSIP: 98310WAP3<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    425000 | PA      | $420210.25    | 1.43%             | 2024-04-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195969.08    | 0.66%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| XHR LP                         | XHR LP                                                                           | CUSIP: 98372MAA3<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97332.95     | 0.33%             | 2025-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| XPO LOGISTICS INC              | XPO Logistics Inc                                                                | CUSIP: 983793AH3<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    147000 | PA      | $148496.06    | 0.50%             | 2025-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION              | Xerox Corp                                                                       | CUSIP: 984121CJ0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38100.00     | 0.13%             | 2024-05-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION              | Xerox Corp                                                                       | CUSIP: 984121CQ4<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113911.34    | 0.39%             | 2023-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC               | AMC Networks Inc                                                                 | CUSIP: 00164VAD5<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    273000 | PA      | $260517.05    | 0.88%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABERCROMBIE & FITCH MANA       | Abercrombie & Fitch Management Co                                                | CUSIP: 003000AA4<br>LEI: 5493003QMCFDA98NPT74 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174125.00    | 0.59%             | 2025-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO            | Allegiant Travel Co                                                              | CUSIP: 01748XAC6<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    249000 | PA      | $249000.00    | 0.84%             | 2024-02-05      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC          | American Airlines Inc                                                            | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     90000 | PA      | $99947.96     | 0.34%             | 2025-07-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $162731.25    | 0.55%             | 2024-05-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ARROW BIDCO LLC                | Arrow Bidco LLC                                                                  | CUSIP: 042728AA3<br>LEI: 549300YHZN08M0H3O128 | Long             | DBT              | CORP              | US        |    176000 | PA      | $175623.78    | 0.60%             | 2024-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BALL CORP                      | Ball Corp                                                                        | CUSIP: 058498AT3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179412.30    | 0.61%             | 2025-07-01      | Fixed         | 5.25%                 | 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        |    195000 | PA      | $196771.58    | 0.67%             | 2025-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP            | Buckeye Partners LP                                                              | CUSIP: 118230AN1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    310000 | PA      | $299150.00    | 1.02%             | 2024-10-15      | Fixed         | 4.35%                 | 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        |    160000 | PA      | $141800.00    | 0.48%             | 2025-07-15      | Fixed         | 6.75%                 | 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