# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001145549-25-049403
**Filing Date:** 2025-7
**Character Count:** 59027
**Document Hash:** 22c24d3d7e612ecbe27fe4c3fef70a2b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049403.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001145549-25-049403

**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 Trust
- **CENTRAL INDEX KEY:** 0001618627

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23011
- **FILM NUMBER:** 251158976

**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

---

| | | |
|:---|:---|:---|
| **Penn Capital Short Duration High Income Fund** | **Penn Capital Short Duration High Income Fund** | **Penn Capital Short Duration High Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 98.2%** | **Par** | **Value** |
| **Advertising & Marketing - 0.6%** | **Advertising & Marketing - 0.6%** | **Advertising & Marketing - 0.6%** |
|  Stagwell Global LLC, 5.63%, 08/15/2029 <sup>(a)(b)</sup> | 120000 | $112828 |
| **Aerospace & Defense - 2.3%** | **Aerospace & Defense - 2.3%** | **Aerospace & Defense - 2.3%** |
|  Axon Enterprise, Inc., 6.13%, 03/15/2030 <sup>(a)(b)</sup> | 90000 | 91791 |
|  TransDigm, Inc., 5.50%, 11/15/2027 <sup>(b)</sup> | 155000 | 154879 |
|  Triumph Group, Inc., 9.00%, 03/15/2028 <sup>(a)(b)</sup> | 149000 | 156032 |
|  |  | 402702 |
| **Airlines - 3.7%** | **Airlines - 3.7%** | **Airlines - 3.7%** |
|  American Airlines, Inc., 7.25%, 02/15/2028 <sup>(a)(b)</sup> | 405000 | 409048 |
|  VistaJet Malta Finance PLC, 7.88%, 05/01/2027 <sup>(a)(b)</sup> | 240000 | 234929 |
|  |  | 643977 |
| **Apparel & Textile Products - 0.9%** | **Apparel & Textile Products - 0.9%** | **Apparel & Textile Products - 0.9%** |
|  Crocs, Inc., 4.25%, 03/15/2029 <sup>(a)(b)</sup> | 170000 | 160436 |
| **Auto Parts Manufacturing - 0.6%** | **Auto Parts Manufacturing - 0.6%** | **Auto Parts Manufacturing - 0.6%** |
|  Adient Global Holdings Ltd., 7.00%, 04/15/2028 <sup>(a)(b)</sup> | 105000 | 107314 |
| **Banks - 1.1%** | **Banks - 1.1%** | **Banks - 1.1%** |
|  Popular, Inc., 7.25%, 03/13/2028 <sup>(b)</sup> | 185000 | 194478 |
| **Cable & Satellite - 4.2%** | **Cable & Satellite - 4.2%** | **Cable & Satellite - 4.2%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/2028 <sup>(a)(b)</sup> | 460000 | 451180 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(a)(b)</sup> | 290000 | 285450 |
|  |  | 736630 |
| **Casinos & Gaming - 0.6%** | **Casinos & Gaming - 0.6%** | **Casinos & Gaming - 0.6%** |
|  Caesars Entertainment, Inc., 8.13%, 07/01/2027 <sup>(a)(b)</sup> | 100000 | 100147 |
| **Commercial Finance - 2.3%** | **Commercial Finance - 2.3%** | **Commercial Finance - 2.3%** |
|  Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028 <sup>(a)(b)</sup> | 150000 | 148746 |
|  GGAM Finance Ltd., 8.00%, 02/15/2027 <sup>(a)(b)</sup> | 175000 | 180073 |
|  TrueNoord Capital DAC, 8.75%, 03/01/2030 <sup>(a)(b)</sup> | 75000 | 77778 |
|  |  | 406597 |
| **Consumer Finance - 7.2%** | **Consumer Finance - 7.2%** | **Consumer Finance - 7.2%** |
|  Bread Financial Holdings, Inc., 9.75%, 03/15/2029 <sup>(a)(b)</sup> | 175000 | 186582 |
| Navient Corp. | Navient Corp. | Navient Corp. |
| &nbsp;&nbsp; 6.75%, 06/25/2025 <sup>(b)</sup> | 350000 | 349813 |
| &nbsp;&nbsp; 6.75%, 06/15/2026 <sup>(b)</sup> | 80000 | 81010 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| &nbsp;&nbsp; 7.13%, 03/15/2026 <sup>(b)</sup> | 290000 | 293926 |
| &nbsp;&nbsp; 6.63%, 01/15/2028 <sup>(b)</sup> | 335000 | 341213 |
|  |  | 1252544 |
| **Consumer Products - 1.6%** | **Consumer Products - 1.6%** | **Consumer Products - 1.6%** |
|  Energizer Holdings, Inc., 6.50%, 12/31/2027 <sup>(a)(b)</sup> | 270000 | 271747 |
| **Containers & Packaging - 4.7%** | **Containers & Packaging - 4.7%** | **Containers & Packaging - 4.7%** |
|  Clearwater Paper Corp., 4.75%, 08/15/2028 <sup>(a)(b)</sup> | 170000 | 162638 |
|  Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026 <sup>(b)</sup> | 293000 | 302180 |
|  Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 <sup>(a)(b)</sup> | 350000 | 350176 |
|  |  | 814994 |
| **Department Stores - 0.9%** | **Department Stores - 0.9%** | **Department Stores - 0.9%** |
|  Macy's Retail Holdings LLC, 5.88%, 04/01/2029 <sup>(a)(b)</sup> | 155000 | 151914 |
| **Electrical Equipment Manufacturing - 0.6%** | **Electrical Equipment Manufacturing - 0.6%** | **Electrical Equipment Manufacturing - 0.6%** |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)(b)</sup> | 105000 | 106241 |
| **Entertainment Content - 2.1%** | **Entertainment Content - 2.1%** | **Entertainment Content - 2.1%** |
|  AMC Networks, Inc., 10.25%, 01/15/2029 <sup>(a)(b)</sup> | 190000 | 201400 |
|  TEGNA, Inc., 4.63%, 03/15/2028 <sup>(b)</sup> | 165000 | 159958 |
|  |  | 361358 |
| **Entertainment Resources - 0.5%** | **Entertainment Resources - 0.5%** | **Entertainment Resources - 0.5%** |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 <sup>(a)(b)</sup> | 95000 | 91318 |
| **Exploration & Production - 7.8%** | **Exploration & Production - 7.8%** | **Exploration & Production - 7.8%** |
| California Resources Corp. | California Resources Corp. | California Resources Corp. |
| &nbsp;&nbsp; 7.13%, 02/01/2026 <sup>(a)(b)</sup> | 210000 | 209820 |
| &nbsp;&nbsp; 8.25%, 06/15/2029 <sup>(a)(b)</sup> | 215000 | 215390 |
| Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
| &nbsp;&nbsp; 5.00%, 10/15/2026 <sup>(a)(b)</sup> | 40000 | 39278 |
| &nbsp;&nbsp; 8.38%, 07/01/2028 <sup>(a)(b)</sup> | 120000 | 120900 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 <sup>(a)(b)</sup> | 85000 | 86229 |
|  Hilcorp Energy I LP, 6.25%, 11/01/2028 <sup>(a)(b)</sup> | 185000 | 182726 |
|  Northern Oil & Gas, Inc., 8.13%, 03/01/2028 <sup>(a)(b)</sup> | 200000 | 200815 |
|  Permian Resources Operating LLC, 8.00%, 04/15/2027 <sup>(a)(b)</sup> | 125000 | 127262 |
|  SM Energy Co., 6.75%, 09/15/2026 <sup>(b)</sup> | 190000 | 189678 |
|  |  | 1372098 |
| **Financial Services - 3.6%** | **Financial Services - 3.6%** | **Financial Services - 3.6%** |
|  Acadian Asset Management, Inc., 4.80%, 07/27/2026 <sup>(b)</sup> | 305000 | 303181 |
|  PRA Group, Inc., 8.38%, 02/01/2028 <sup>(a)(b)</sup> | 325000 | 327844 |
|  |  | 631025 |
| **Forest & Paper Products Manufacturing - 1.7%** | **Forest & Paper Products Manufacturing - 1.7%** | **Forest & Paper Products Manufacturing - 1.7%** |
|  Magnera Corp., 4.75%, 11/15/2029 <sup>(a)(b)</sup> | 195000 | 165294 |
|  Mercer International, Inc., 12.88%, 10/01/2028 <sup>(a)(b)</sup> | 125000 | 124323 |
|  |  | 289617 |
| **Hardware - 1.9%** | **Hardware - 1.9%** | **Hardware - 1.9%** |
|  Diebold Nixdorf, Inc., 7.75%, 03/31/2030 <sup>(a)(b)</sup> | 55000 | 57811 |
|  NCR Atleos Corp., 9.50%, 04/01/2029 <sup>(a)(b)</sup> | 155000 | 169310 |
|  Western Digital Corp., 4.75%, 02/15/2026 <sup>(b)</sup> | 100000 | 99668 |
|  |  | 326789 |
| **Health Care Facilities & Services - 4.4%** | **Health Care Facilities & Services - 4.4%** | **Health Care Facilities & Services - 4.4%** |
|  Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 <sup>(a)(b)</sup> | 465000 | 458200 |
|  AdaptHealth LLC, 6.13%, 08/01/2028 <sup>(a)(b)</sup> | 323000 | 319666 |
|  |  | 777866 |
| **Homebuilders - 1.9%** | **Homebuilders - 1.9%** | **Homebuilders - 1.9%** |
|  Ashton Woods USA LLC / Ashton Woods Finance Co., 6.63%, 01/15/2028 <sup>(a)(b)</sup> | 265000 | 266111 |
|  Beazer Homes USA, Inc., 7.25%, 10/15/2029 <sup>(b)</sup> | 75000 | 74331 |
|  |  | 340442 |
| **Industrial Other - 2.9%** | **Industrial Other - 2.9%** | **Industrial Other - 2.9%** |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)(b)</sup> | 80000 | 80614 |
|  Herc Holdings Escrow, Inc., 7.00%, 06/15/2030 <sup>(a)(b)</sup> | 110000 | 113325 |
|  Pike Corp., 5.50%, 09/01/2028 <sup>(a)(b)</sup> | 325000 | 322339 |
|  |  | 516278 |
| **Internet Media - 1.7%** | **Internet Media - 1.7%** | **Internet Media - 1.7%** |
|  Match Group Holdings II LLC, 5.00%, 12/15/2027 <sup>(a)(b)</sup> | 295000 | 292265 |
| **Machinery Manufacturing - 1.0%** | **Machinery Manufacturing - 1.0%** | **Machinery Manufacturing - 1.0%** |
|  Titan International, Inc., 7.00%, 04/30/2028 <sup>(b)</sup> | 175000 | 171846 |
| **Manufactured Goods - 1.4%** | **Manufactured Goods - 1.4%** | **Manufactured Goods - 1.4%** |
|  Park-Ohio Industries, Inc., 6.63%, 04/15/2027 <sup>(b)</sup> | 250000 | 242522 |
| **Medical Equipment & Devices Manufacturing - 1.1%** | **Medical Equipment & Devices Manufacturing - 1.1%** | **Medical Equipment & Devices Manufacturing - 1.1%** |
|  Embecta Corp., 5.00%, 02/15/2030 <sup>(a)(b)</sup> | 70000 | 62262 |
|  Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)(b)</sup> | 135000 | 134375 |
|  |  | 196637 |
| **Metals & Mining - 1.7%** | **Metals & Mining - 1.7%** | **Metals & Mining - 1.7%** |
|  Carpenter Technology Corp., 6.38%, 07/15/2028 <sup>(b)</sup> | 160000 | 160649 |
|  Cleveland-Cliffs, Inc., 6.88%, 11/01/2029 <sup>(a)(b)</sup> | 150000 | 139465 |
|  |  | 300114 |
| **Oil & Gas Services & Equipment - 4.9%** | **Oil & Gas Services & Equipment - 4.9%** | **Oil & Gas Services & Equipment - 4.9%** |
|  Aris Water Holdings LLC, 7.25%, 04/01/2030 <sup>(a)(b)</sup> | 125000 | 125676 |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 <sup>(a)(b)</sup> | 120000 | 124443 |
|  TechnipFMC PLC, 6.50%, 02/01/2026 <sup>(a)(b)</sup> | 102000 | 101857 |
|  Transocean Aquila Ltd., 8.00%, 09/30/2028 <sup>(a)(b)</sup> | 106000 | 105834 |
| USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. |
| &nbsp;&nbsp; 6.88%, 09/01/2027 <sup>(b)</sup> | 224000 | 223919 |
| &nbsp;&nbsp; 7.13%, 03/15/2029 <sup>(a)(b)</sup> | 95000 | 96493 |
|  Weatherford International Ltd., 8.63%, 04/30/2030 <sup>(a)(b)</sup> | 80000 | 81261 |
|  |  | 859483 |
| **Pipeline - 3.8%** | **Pipeline - 3.8%** | **Pipeline - 3.8%** |
|  Excelerate Energy LP, 8.00%, 05/15/2030 <sup>(a)(b)</sup> | 125000 | 129404 |
|  Harvest Midstream I LP, 7.50%, 09/01/2028 <sup>(a)(b)</sup> | 335000 | 340159 |
|  Venture Global LNG, Inc., 8.13%, 06/01/2028 <sup>(a)(b)</sup> | 200000 | 204680 |
|  |  | 674243 |
| **Power Generation - 1.8%** | **Power Generation - 1.8%** | **Power Generation - 1.8%** |
|  Calpine Corp., 5.13%, 03/15/2028 <sup>(a)(b)</sup> | 190000 | 188349 |
|  Vistra Operations Co. LLC, 5.50%, 09/01/2026 <sup>(a)(b)</sup> | 134000 | 134122 |
|  |  | 322471 |
| **Publishing & Broadcasting - 3.3%** | **Publishing & Broadcasting - 3.3%** | **Publishing & Broadcasting - 3.3%** |
|  Belo Corp., 7.75%, 06/01/2027 <sup>(b)</sup> | 50000 | 51552 |
|  Gray Media, Inc., 10.50%, 07/15/2029 <sup>(a)(b)</sup> | 170000 | 180799 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027 <sup>(a)(b)</sup> | 350000 | 348600 |
|  |  | 580951 |
| **Real Estate - 2.0%** | **Real Estate - 2.0%** | **Real Estate - 2.0%** |
|  Newmark Group, Inc., 7.50%, 01/12/2029 <sup>(b)</sup> | 175000 | 184031 |
|  RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 <sup>(a)(b)</sup> | 165000 | 170116 |
|  |  | 354147 |
| **Restaurants - 2.1%** | **Restaurants - 2.1%** | **Restaurants - 2.1%** |
|  Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029 <sup>(a)(b)</sup> | 215000 | 190391 |
|  Raising Cane's Restaurants LLC, 9.38%, 05/01/2029 <sup>(a)(b)</sup> | 165000 | 175100 |
|  |  | 365491 |
| **Retail - Consumer Discretionary - 3.1%** | **Retail - Consumer Discretionary - 3.1%** | **Retail - Consumer Discretionary - 3.1%** |
|  Academy Ltd., 6.00%, 11/15/2027 <sup>(a)(b)</sup> | 90000 | 90211 |
|  Foot Locker, Inc., 4.00%, 10/01/2029 <sup>(a)(b)</sup> | 150000 | 142512 |
|  Patrick Industries, Inc., 4.75%, 05/01/2029 <sup>(a)(b)</sup> | 90000 | 86319 |
|  Wayfair LLC, 7.25%, 10/31/2029 <sup>(a)(b)</sup> | 225000 | 219135 |
|  |  | 538177 |
| **Retail - Consumer Staples - 1.7%** | **Retail - Consumer Staples - 1.7%** | **Retail - Consumer Staples - 1.7%** |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)(b)</sup> | 200000 | 208499 |
|  Performance Food Group, Inc., 5.50%, 10/15/2027 <sup>(a)(b)</sup> | 95000 | 94606 |
|  |  | 303105 |
| **Software & Services - 0.7%** | **Software & Services - 0.7%** | **Software & Services - 0.7%** |
|  Gen Digital, Inc., 6.75%, 09/30/2027 <sup>(a)(b)</sup> | 120000 | 122073 |
| **Supermarkets & Pharmacies - 0.5%** | **Supermarkets & Pharmacies - 0.5%** | **Supermarkets & Pharmacies - 0.5%** |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.88%, 02/15/2028 <sup>(a)(b)</sup> | 85000 | 84924 |
| **Transportation & Logistics - 0.7%** | **Transportation & Logistics - 0.7%** | **Transportation & Logistics - 0.7%** |
|  Wabash National Corp., 4.50%, 10/15/2028 <sup>(a)(b)</sup> | 134000 | 114355 |
| **Travel & Lodging - 6.9%** | **Travel & Lodging - 6.9%** | **Travel & Lodging - 6.9%** |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029 <sup>(a)(b)</sup> | 215000 | 201707 |
|  Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028 <sup>(a)(b)</sup> | 310000 | 319360 |
|  NCL Corp. Ltd., 8.13%, 01/15/2029 <sup>(a)(b)</sup> | 210000 | 221110 |
|  Royal Caribbean Cruises Ltd., 5.38%, 07/15/2027 <sup>(a)(b)</sup> | 125000 | 125113 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| &nbsp;&nbsp; 6.60%, 10/01/2025 <sup>(b)(c)</sup> | 200000 | 200088 |
| &nbsp;&nbsp; 6.63%, 07/31/2026 <sup>(a)(b)</sup> | 145000 | 146496 |
|  |  | 1213874 |
| **Wireline Telecommunications Services - 1.7%** | **Wireline Telecommunications Services - 1.7%** | **Wireline Telecommunications Services - 1.7%** |
|  Frontier Communications Holdings LLC, 5.88%, 10/15/2027 <sup>(a)(b)</sup> | 295000 | 295769 |
| **TOTAL CORPORATE BONDS** (Cost $16,990,838) | **TOTAL CORPORATE BONDS** (Cost $16,990,838) | 17201787 |
| **TOTAL INVESTMENTS - 98.2% (**Cost $16,990,838**)** | **TOTAL INVESTMENTS - 98.2% (**Cost $16,990,838**)** | 17201787 |
| Other Assets in Excess of Liabilities - 1.8% | Other Assets in Excess of Liabilities - 1.8% | 314147 |
| **TOTAL NET ASSETS - 100.0%** |  | $17515934 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

LLC - Limited Liability Company <br> LP - Limited Partnership <br> PLC - Public Limited Company

(a) 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 $13,422,865 or 76.6% of the Fund's net assets.

(b) Non-income producing security.

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

------

#### <br>

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Penn Capital Short Duration High Income Fund (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 |  | 17201787 |  | 17201787 |
| Total Investments |  | 17201787 |  | 17201787 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** RBB Fund Trust

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

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

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

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

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

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

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

**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:** $17722803.97

**Total Liabilities:** $257830.87

**Net Assets:** $17464973.10

**Delayed Delivery Securities:** $110962.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4.023370000000 | **1-Year:** 16.816156000000 | **5-Year:** 1.750480000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 1718.742563000000 | **1-Year:** 753.752246000000 | **5-Year:** 149.063488000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190040 | -0.42%               | -0.17%               | 1.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5101.93                | $-155376.14                                |
| Month 2  | $-5880.55                | $-95956.23                                 |
| Month 3  | $3970.34                 | $185454.46                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERICAN AIRLINES INC    | American Airlines Inc                                                     | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    405000 | PA      | $409048.44    | 2.34%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC    | Directv Financing LLC / Directv Financing Co-Obligor Inc                  | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $285449.50    | 1.63%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP | Hilcorp Energy I LP / Hilcorp Finance Co                                  | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $182725.89    | 1.05%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $201706.72    | 1.15%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC  | Macy's Retail Holdings LLC                                                | CUSIP: 55617LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $151913.90    | 0.87%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC          | Mercer International Inc                                                  | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124322.99    | 0.71%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC | Acadia Healthcare Co Inc                                                  | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    465000 | PA      | $458199.89    | 2.62%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS    | Bread Financial Holdings Inc                                              | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    175000 | PA      | $186582.55    | 1.07%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ARIS WATER HOLDINGS LLC  | Aris Water Holdings LLC                                                   | CUSIP: 04041NAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125676.00    | 0.72%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC     | Cleveland-Cliffs Inc                                                      | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139465.40    | 0.80%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC           | Dcli Bidco LLC                                                            | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80613.92     | 0.46%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP             | Embecta Corp                                                              | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62262.49     | 0.36%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD         | GGAM Finance Ltd                                                          | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    175000 | PA      | $180072.55    | 1.03%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC           | Gray Media Inc                                                            | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    170000 | PA      | $180798.57    | 1.04%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS   | Helix Energy Solutions Group Inc                                          | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124443.48    | 0.71%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc     | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $208499.43    | 1.19%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA | Weatherford International Ltd                                             | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     80000 | PA      | $81261.12     | 0.47%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP             | Magnera Corp                                                              | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    195000 | PA      | $165294.52    | 0.95%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC   | Match Group Holdings II LLC                                               | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    295000 | PA      | $292264.70    | 1.67%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP             | Navient Corp                                                              | CUSIP: 63938CAH1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349813.05    | 2.00%             | 2025-06-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC   | Northern Oil & Gas Inc                                                    | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200814.60    | 1.15%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                | Pike Corp                                                                 | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    325000 | PA      | $322339.68    | 1.85%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POPULAR INC              | Popular Inc                                                               | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | PR        |    185000 | PA      | $194477.74    | 1.11%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN | Raising Cane's Restaurants LLC                                            | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    165000 | PA      | $175100.15    | 1.00%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| TECHNIPFMC PLC           | TechnipFMC PLC                                                            | CUSIP: 87854XAE1<br>LEI: 549300D5I93QWCJTCK36 | Long             | DBT              | CORP              | GB        |    102000 | PA      | $101857.49    | 0.58%             | 2026-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO | Varex Imaging Corp                                                        | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |    135000 | PA      | $134374.59    | 0.77%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP     | Western Digital Corp                                                      | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99668.41     | 0.57%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO      | Travel + Leisure Co                                                       | CUSIP: 98310WAM0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200088.00    | 1.15%             | 2025-10-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY   | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC     | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $84923.76     | 0.49%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ACADIAN ASSET MANAGEMENT | Acadian Asset Management Inc                                              | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |    305000 | PA      | $303181.01    | 1.74%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP             | Calpine Corp                                                              | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188348.50    | 1.08%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC      | Diebold Nixdorf Inc                                                       | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57810.89     | 0.33%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP   | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $451180.28    | 2.58%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC    | Civitas Resources Inc                                                     | CUSIP: 097793AE3<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39278.39     | 0.22%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP | California Resources Corp                                                 | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215389.80    | 1.23%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP    | Clearwater Paper Corp                                                     | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    170000 | PA      | $162637.30    | 0.93%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP     | Excelerate Energy LP                                                      | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129403.92    | 0.74%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP  | Gulfport Energy Operating Corp                                            | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86228.72     | 0.49%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS ESCROW INC | Herc Holdings Escrow Inc                                                  | CUSIP: 42703NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $113324.82    | 0.65%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD      | NCL Corp Ltd                                                              | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    210000 | PA      | $221109.42    | 1.27%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES  | Royal Caribbean Cruises Ltd                                               | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    125000 | PA      | $125113.36    | 0.72%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA | SeaWorld Parks & Entertainment Inc                                        | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |     95000 | PA      | $91317.92     | 0.52%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                      | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    290000 | PA      | $293926.31    | 1.68%             | 2026-03-15      | Fixed         | 7.12%                 | 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        |    190237 | NS      | $190237.39    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL LNG INC   | Venture Global LNG Inc                                                    | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204680.00    | 1.17%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BELO CORP                | Belo Corp                                                                 | CUSIP: 080555AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51551.65     | 0.30%             | 2027-06-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BLOOMIN' BRANDS INC/OSI  | Bloomin' Brands Inc / OSI Restaurant Partners LLC                         | CUSIP: 094234AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $190391.08    | 1.09%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC    | Caesars Entertainment Inc                                                 | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100146.90    | 0.57%             | 2027-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC            | PRA Group Inc                                                             | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    325000 | PA      | $327843.75    | 1.88%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC | Permian Resources Operating LLC                                           | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127262.13    | 0.73%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC | Park-Ohio Industries Inc                                                  | CUSIP: 700677AR8<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242521.68    | 1.39%             | 2027-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                | TEGNA Inc                                                                 | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    165000 | PA      | $159958.18    | 0.92%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC  | Titan International Inc                                                   | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171846.31    | 0.98%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC            | TransDigm Inc                                                             | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    155000 | PA      | $154878.75    | 0.89%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP              | Vistra Operations Co LLC                                                  | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    134000 | PA      | $134122.21    | 0.77%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC         | AMC Networks Inc                                                          | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    190000 | PA      | $201400.00    | 1.15%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE | Ashton Woods USA LLC / Ashton Woods Finance Co                            | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $266110.62    | 1.52%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRIUMPH GROUP INC        | Triumph Group Inc                                                         | CUSIP: 896818AU5<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |    149000 | PA      | $156032.65    | 0.89%             | 2028-03-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP     | Wabash National Corp                                                      | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    134000 | PA      | $114355.56    | 0.65%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY     | Carpenter Technology Corp                                                 | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160648.48    | 0.92%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST | Fortress Transportation and Infrastructure Investors LLC                  | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148746.38    | 0.85%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA LTD    | Transocean Aquila Ltd                                                     | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    106000 | PA      | $105833.57    | 0.61%             | 2028-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN | USA Compression Partners LP / USA Compression Finance Corp                | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $96493.02     | 0.55%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD              | Academy Ltd                                                               | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90210.78     | 0.52%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS   | Adient Global Holdings Ltd                                                | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    105000 | PA      | $107313.57    | 0.61%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN | RHP Hotel Properties LP / RHP Finance Corp                                | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $170116.49    | 0.97%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC    | TrueNoord Capital DAC                                                     | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     75000 | PA      | $77777.85     | 0.45%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS  | VistaJet Malta Finance PLC / Vista Management Holding Inc                 | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MT        |    240000 | PA      | $234928.49    | 1.35%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC   | WESCO Distribution Inc                                                    | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106241.10    | 0.61%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC          | AdaptHealth LLC                                                           | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    323000 | PA      | $319666.48    | 1.83%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC      | Axon Enterprise Inc                                                       | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91791.02     | 0.53%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA         | Beazer Homes USA Inc                                                      | CUSIP: 07556QBT1<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74330.97     | 0.43%             | 2029-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP | California Resources Corp                                                 | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    210000 | PA      | $209820.05    | 1.20%             | 2026-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC    | Civitas Resources Inc                                                     | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120900.60    | 0.69%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CROCS INC                | Crocs Inc                                                                 | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    170000 | PA      | $160435.58    | 0.92%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CROWN CORK & SEAL CO INC | Crown Cork & Seal Co Inc                                                  | CUSIP: 228255AH8<br>LEI: 7HLDMDH0ZXNUH6PT7Z42 | Long             | DBT              | CORP              | US        |    293000 | PA      | $302180.28    | 1.73%             | 2026-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC   | Energizer Holdings Inc                                                    | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    270000 | PA      | $271746.90    | 1.56%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS  | Frontier Communications Holdings LLC                                      | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $295769.07    | 1.69%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP   | Harvest Midstream I LP                                                    | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    335000 | PA      | $340158.67    | 1.95%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS HO  | Lindblad Expeditions Holdings Inc                                         | CUSIP: 535219AA7<br>LEI: 549300GSPW24GZE6R597 | Long             | DBT              | CORP              | US        |    310000 | PA      | $319359.83    | 1.83%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP             | Navient Corp                                                              | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81009.92     | 0.46%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC        | Nexstar Media Inc                                                         | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348600.46    | 2.00%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC          | Gen Digital Inc                                                           | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122072.64    | 0.70%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                      | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    335000 | PA      | $341212.74    | 1.95%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY           | Owens-Brockway Glass Container Inc                                        | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    350000 | PA      | $350176.05    | 2.01%             | 2027-05-13      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I | Performance Food Group Inc                                                | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94605.96     | 0.54%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO             | SM Energy Co                                                              | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189677.99    | 1.09%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN | USA Compression Partners LP / USA Compression Finance Corp                | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    224000 | PA      | $223918.84    | 1.28%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC              | Wayfair LLC                                                               | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    225000 | PA      | $219134.75    | 1.25%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO      | Travel + Leisure Co                                                       | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    145000 | PA      | $146496.26    | 0.84%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FOOT LOCKER INC          | Foot Locker Inc                                                           | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142512.63    | 0.82%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC  | Stagwell Global LLC                                                       | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112828.51    | 0.65%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC           | NCR Atleos Corp                                                           | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    155000 | PA      | $169309.60    | 0.97%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC        | Newmark Group Inc                                                         | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $184030.50    | 1.05%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC   | Patrick Industries Inc                                                    | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86319.15     | 0.49%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** RBB Fund Trust

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

**Name of Signer:** RBB Fund Trust

**Title:** CFO COO Secretary