# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0000894189-26-002087
**Filing Date:** 2026-1
**Character Count:** 54859
**Document Hash:** acbe03bba6a799dfeb9e1d82d45ccecb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-002087.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000894189-26-002087

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB Fund 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:** 26569397

**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** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **CORPORATE BONDS - 96.4%** | **Par** | **Value**  |
| **Advertising & Marketing - 0.7%** | **Advertising & Marketing - 0.7%** | **Advertising & Marketing - 0.7%** |
|  Stagwell Global LLC, 5.63%, 08/15/2029 <sup>(a)</sup> | $130000 | $126327 |
| **Aerospace & Defense - 0.6%** | **Aerospace & Defense - 0.6%** | **Aerospace & Defense - 0.6%** |
|  Axon Enterprise, Inc., 6.13%, 03/15/2030 <sup>(a)</sup> | 100000 | 103077 |
| **Airlines - 3.8%** | **Airlines - 3.8%** | **Airlines - 3.8%** |
|  American Airlines, Inc., 7.25%, 02/15/2028 <sup>(a)</sup> | 440000 | 450435 |
| VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC |
| &nbsp;&nbsp; 7.88%, 05/01/2027 <sup>(a)</sup> | 185000 | 186155 |
| &nbsp;&nbsp; 6.38%, 02/01/2030 <sup>(a)</sup> | 70000 | 67405 |
|  |  | 703995 |
| **Apparel & Textile Products - 1.0%** | **Apparel & Textile Products - 1.0%** | **Apparel & Textile Products - 1.0%** |
|  Crocs, Inc., 4.25%, 03/15/2029 <sup>(a)</sup> | 185000 | 178709 |
| **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)</sup> | 115000 | 117995 |
| **Banks - 1.1%** | **Banks - 1.1%** | **Banks - 1.1%** |
|  Popular, Inc., 7.25%, 03/13/2028 | 200000 | 209711 |
| **Cable & Satellite - 3.4%** | **Cable & Satellite - 3.4%** | **Cable & Satellite - 3.4%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/2028 <sup>(a)</sup> | 505000 | 500783 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(a)</sup> | 129000 | 129038 |
|  |  | 629821 |
| **Casinos & Gaming - 0.8%** | **Casinos & Gaming - 0.8%** | **Casinos & Gaming - 0.8%** |
|  Caesars Entertainment, Inc., 4.63%, 10/15/2029 <sup>(a)</sup> | 158000 | 149533 |
| **Chemicals - 1.0%** | **Chemicals - 1.0%** | **Chemicals - 1.0%** |
|  Chemours Co., 5.75%, 11/15/2028 <sup>(a)</sup> | 195000 | 189257 |
| **Commercial Finance - 2.7%** | **Commercial Finance - 2.7%** | **Commercial Finance - 2.7%** |
|  GGAM Finance Ltd., 8.00%, 02/15/2027 <sup>(a)</sup> | 290000 | 296638 |
|  TrueNoord Capital DAC, 8.75%, 03/01/2030 <sup>(a)</sup> | 185000 | 193528 |
|  |  | 490166 |
| **Consumer Finance - 5.2%** | **Consumer Finance - 5.2%** | **Consumer Finance - 5.2%** |
|  Navient Corp., 6.75%, 06/15/2026 | 90000 | 90954 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| &nbsp;&nbsp; 7.13%, 03/15/2026 | 100000 | 100638 |
| &nbsp;&nbsp; 6.63%, 01/15/2028 | 375000 | 384597 |
| &nbsp;&nbsp; 7.88%, 03/15/2030 | 110000 | 116425 |
| &nbsp;&nbsp; 6.13%, 05/15/2030 | 90000 | 91447 |
|  SLM Corp., 6.50%, 01/31/2030 | 175000 | 182410 |
|  |  | 966471 |
| **Containers & Packaging - 3.4%** | **Containers & Packaging - 3.4%** | **Containers & Packaging - 3.4%** |
|  Clearwater Paper Corp., 4.75%, 08/15/2028 <sup>(a)</sup> | 255000 | 237390 |
|  Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 <sup>(a)</sup> | 380000 | 380727 |
|  |  | 618117 |
| **Electrical Equipment Manufacturing - 2.2%** | **Electrical Equipment Manufacturing - 2.2%** | **Electrical Equipment Manufacturing - 2.2%** |
|  Gates Corp./DE, 6.88%, 07/01/2029 <sup>(a)</sup> | 175000 | 182370 |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)</sup> | 225000 | 228377 |
|  |  | 410747 |
| **Entertainment Content - 2.2%** | **Entertainment Content - 2.2%** | **Entertainment Content - 2.2%** |
|  AMC Networks, Inc., 10.25%, 01/15/2029 <sup>(a)</sup> | 210000 | 220310 |
|  TEGNA, Inc., 4.63%, 03/15/2028 | 185000 | 182765 |
|  |  | 403075 |
| **Entertainment Resources - 2.0%** | **Entertainment Resources - 2.0%** | **Entertainment Resources - 2.0%** |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 <sup>(a)</sup> | 190000 | 183796 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., 5.25%, 07/15/2029 | 200000 | 185536 |
|  |  | 369332 |
| **Exploration & Production - 6.0%** | **Exploration & Production - 6.0%** | **Exploration & Production - 6.0%** |
|  California Resources Corp., 8.25%, 06/15/2029 <sup>(a)</sup> | 235000 | 245874 |
| Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
| &nbsp;&nbsp; 5.00%, 10/15/2026 <sup>(a)</sup> | 40000 | 39923 |
| &nbsp;&nbsp; 8.38%, 07/01/2028 <sup>(a)</sup> | 135000 | 139231 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 <sup>(a)</sup> | 135000 | 139360 |
|  Hilcorp Energy I LP, 6.25%, 11/01/2028 <sup>(a)</sup> | 200000 | 200930 |
|  Permian Resources Operating LLC, 8.00%, 04/15/2027 <sup>(a)</sup> | 125000 | 126599 |
|  SM Energy Co., 6.75%, 09/15/2026 | 210000 | 210227 |
|  |  | 1102144 |
| **Financial Services - 4.2%** | **Financial Services - 4.2%** | **Financial Services - 4.2%** |
|  Acadian Asset Management, Inc., 4.80%, 07/27/2026 | 420000 | 418219 |
|  PRA Group, Inc., 8.38%, 02/01/2028 <sup>(a)</sup> | 355000 | 362662 |
|  |  | 780881 |
| **Forest & Paper Products Manufacturing - 1.1%** | **Forest & Paper Products Manufacturing - 1.1%** | **Forest & Paper Products Manufacturing - 1.1%** |
|  Magnera Corp., 4.75%, 11/15/2029 <sup>(a)</sup> | 215000 | 194470 |
| **Hardware - 2.2%** | **Hardware - 2.2%** | **Hardware - 2.2%** |
|  Diebold Nixdorf, Inc., 7.75%, 03/31/2030 <sup>(a)</sup> | 110000 | 116789 |
|  NCR Atleos Corp., 9.50%, 04/01/2029 <sup>(a)</sup> | 170000 | 183739 |
|  Western Digital Corp., 4.75%, 02/15/2026 | 100000 | 99915 |
|  |  | 400443 |
| **Health Care Facilities & Services - 6.5%** | **Health Care Facilities & Services - 6.5%** | **Health Care Facilities & Services - 6.5%** |
|  Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 <sup>(a)</sup> | 510000 | 505241 |
|  AdaptHealth LLC, 6.13%, 08/01/2028 <sup>(a)</sup> | 353000 | 356071 |
|  AHP Health Partners, Inc., 5.75%, 07/15/2029 <sup>(a)</sup> | 230000 | 225534 |
|  LifePoint Health, Inc., 11.00%, 10/15/2030 <sup>(a)</sup> | 105000 | 115589 |
|  |  | 1202435 |
| **Homebuilders - 2.1%** | **Homebuilders - 2.1%** | **Homebuilders - 2.1%** |
|  Ashton Woods USA LLC, 4.63%, 08/01/2029 <sup>(a)</sup> | 210000 | 198975 |
|  Beazer Homes USA, Inc., 7.25%, 10/15/2029 | 190000 | 194316 |
|  |  | 393291 |
| **Industrial Other - 4.1%** | **Industrial Other - 4.1%** | **Industrial Other - 4.1%** |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup> | 90000 | 88491 |
|  Herc Holdings, Inc., 7.00%, 06/15/2030 <sup>(a)</sup> | 230000 | 241438 |
|  Pike Corp., 5.50%, 09/01/2028 <sup>(a)</sup> | 325000 | 324188 |
|  Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 <sup>(a)</sup> | 90000 | 92726 |
|  |  | 746843 |
| **Internet Media - 1.7%** | **Internet Media - 1.7%** | **Internet Media - 1.7%** |
|  Match Group Holdings II LLC, 5.00%, 12/15/2027 <sup>(a)</sup> | 320000 | 319522 |
| **Leisure Products Manufacturing - 0.5%** | **Leisure Products Manufacturing - 0.5%** | **Leisure Products Manufacturing - 0.5%** |
|  Patrick Industries, Inc., 4.75%, 05/01/2029 <sup>(a)</sup> | 100000 | 99136 |
| **Machinery Manufacturing - 1.6%** | **Machinery Manufacturing - 1.6%** | **Machinery Manufacturing - 1.6%** |
|  Titan International, Inc., 7.00%, 04/30/2028 | 290000 | 291278 |
| **Managed Care - 1.0%** | **Managed Care - 1.0%** | **Managed Care - 1.0%** |
|  Molina Healthcare, Inc., 4.38%, 06/15/2028 <sup>(a)</sup> | 195000 | 189776 |
| **Manufactured Goods - 0.8%** | **Manufactured Goods - 0.8%** | **Manufactured Goods - 0.8%** |
|  Park-Ohio Industries, Inc., 8.50%, 08/01/2030 <sup>(a)</sup> | 140000 | 142219 |
| **Medical Equipment & Devices Manufacturing - 2.3%** | **Medical Equipment & Devices Manufacturing - 2.3%** | **Medical Equipment & Devices Manufacturing - 2.3%** |
| Embecta Corp. | Embecta Corp. | Embecta Corp. |
| &nbsp;&nbsp; 5.00%, 02/15/2030 <sup>(a)</sup> | 212000 | 202059 |
| &nbsp;&nbsp; 6.75%, 02/15/2030 <sup>(a)</sup> | 40000 | 39580 |
|  Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)</sup> | 175000 | 178477 |
|  |  | 420116 |
| **Metals & Mining - 2.3%** | **Metals & Mining - 2.3%** | **Metals & Mining - 2.3%** |
|  Cleveland-Cliffs, Inc., 6.88%, 11/01/2029 <sup>(a)</sup> | 245000 | 252069 |
|  Compass Minerals International, Inc., 8.00%, 07/01/2030 <sup>(a)</sup> | 170000 | 176979 |
|  |  | 429048 |
| **Oil & Gas Services & Equipment - 2.5%** | **Oil & Gas Services & Equipment - 2.5%** | **Oil & Gas Services & Equipment - 2.5%** |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 <sup>(a)</sup> | 130000 | 136495 |
|  Transocean Aquila Ltd., 8.00%, 09/30/2028 <sup>(a)</sup> | 94000 | 96484 |
|  USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029 <sup>(a)</sup> | 220000 | 228682 |
|  |  | 461661 |
| **Pharmaceuticals - 1.0%** | **Pharmaceuticals - 1.0%** | **Pharmaceuticals - 1.0%** |
|  Harrow, Inc., 8.63%, 09/15/2030 <sup>(a)</sup> | 180000 | 188831 |
| **Pipeline - 4.9%** | **Pipeline - 4.9%** | **Pipeline - 4.9%** |
|  Excelerate Energy LP, 8.00%, 05/15/2030 <sup>(a)</sup> | 160000 | 170464 |
|  Harvest Midstream I LP, 7.50%, 09/01/2028 <sup>(a)</sup> | 365000 | 370171 |
|  Venture Global LNG, Inc., 8.13%, 06/01/2028 <sup>(a)</sup> | 220000 | 225340 |
|  Western Midstream Operating LP, 7.25%, 04/01/2030 <sup>(a)</sup> | 125000 | 132918 |
|  |  | 898893 |
| **Power Generation - 1.1%** | **Power Generation - 1.1%** | **Power Generation - 1.1%** |
|  Calpine Corp., 5.13%, 03/15/2028 <sup>(a)</sup> | 210000 | 210589 |
| **Publishing & Broadcasting - 3.4%** | **Publishing & Broadcasting - 3.4%** | **Publishing & Broadcasting - 3.4%** |
|  Belo Corp., 7.75%, 06/01/2027 | 50000 | 52128 |
|  Gray Media, Inc., 10.50%, 07/15/2029 <sup>(a)</sup> | 185000 | 199376 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027 <sup>(a)</sup> | 380000 | 380296 |
|  |  | 631800 |
| **Real Estate - 2.1%** | **Real Estate - 2.1%** | **Real Estate - 2.1%** |
|  Newmark Group, Inc., 7.50%, 01/12/2029 | 190000 | 202797 |
|  RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 <sup>(a)</sup> | 180000 | 185697 |
|  |  | 388494 |
| **Restaurants - 1.1%** | **Restaurants - 1.1%** | **Restaurants - 1.1%** |
|  Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029 <sup>(a)</sup> | 235000 | 210287 |
| **Retail - Consumer Discretionary - 3.3%** | **Retail - Consumer Discretionary - 3.3%** | **Retail - Consumer Discretionary - 3.3%** |
|  Academy Ltd., 6.00%, 11/15/2027 <sup>(a)</sup> | 215000 | 215160 |
|  Dick's Sporting Goods, Inc., 4.00%, 10/01/2029 <sup>(a)</sup> | 150000 | 147401 |
|  Wayfair LLC, 7.25%, 10/31/2029 <sup>(a)</sup> | 245000 | 254860 |
|  |  | 617421 |
| **Retail - Consumer Staples - 1.8%** | **Retail - Consumer Staples - 1.8%** | **Retail - Consumer Staples - 1.8%** |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)</sup> | 220000 | 229840 |
|  Performance Food Group, Inc., 5.50%, 10/15/2027 <sup>(a)</sup> | 95000 | 94994 |
|  |  | 324834 |
| **Software & Services - 1.2%** | **Software & Services - 1.2%** | **Software & Services - 1.2%** |
|  Gen Digital, Inc., 6.75%, 09/30/2027 <sup>(a)</sup> | 210000 | 214135 |
| **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)</sup> | 85000 | 85132 |
| **Transportation & Logistics - 1.0%** | **Transportation & Logistics - 1.0%** | **Transportation & Logistics - 1.0%** |
|  Wabash National Corp., 4.50%, 10/15/2028 <sup>(a)</sup> | 194000 | 177576 |
| **Travel & Lodging - 3.8%** | **Travel & Lodging - 3.8%** | **Travel & Lodging - 3.8%** |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029 <sup>(a)</sup> | 270000 | 259424 |
|  Lindblad Expeditions LLC, 7.00%, 09/15/2030 <sup>(a)</sup> | 140000 | 143582 |
|  Royal Caribbean Cruises Ltd., 5.38%, 07/15/2027 <sup>(a)</sup> | 135000 | 136042 |
|  Travel + Leisure Co., 6.63%, 07/31/2026 <sup>(a)</sup> | 160000 | 160954 |
|  |  | 700002 |
| **Wireline Telecommunications Services - 1.6%** | **Wireline Telecommunications Services - 1.6%** | **Wireline Telecommunications Services - 1.6%** |
|  Frontier Communications Holdings LLC, 5.88%, 10/15/2027 <sup>(a)</sup> | 295000 | 295399 |
| **TOTAL CORPORATE BONDS** (Cost $17,435,200) | **TOTAL CORPORATE BONDS** (Cost $17,435,200) | 17782989 |
| **TOTAL INVESTMENTS - 96.4% (**Cost $17,435,200**)** | **TOTAL INVESTMENTS - 96.4% (**Cost $17,435,200**)** | 17782989 |
| Other Assets in Excess of Liabilities - 3.6% | Other Assets in Excess of Liabilities - 3.6% | 662355 |
| **TOTAL NET ASSETS - 100.0%** |  | $18445344 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. -% | Percentages are stated as a percent of net assets. -% |  |

---

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 November 30, 2025, the value of these securities total $14,769,626 or 80.1% of the Fund's net assets.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $17782989 | $– | $17782989 |
| Total Investments | $– | $17782989 | $– | $17782989 |
| 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:** 2026-08-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $18503222.58

**Total Liabilities:** $55311.25

**Net Assets:** $18447911.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1.979933000000 | **1-Year:** 49.017200000000 | **5-Year:** 34.509044000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 1392.682871000000 | **1-Year:** 767.999742000000 | **5-Year:** 186.837070000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190040 | 0.58%                | 0.21%                | 0.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14330.44                | $-8854.68                                  |
| Month 2  | $7341.68                 | $-49617.21                                 |
| Month 3  | $-22349.85               | $57582.03                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CIVITAS RESOURCES INC    | Civitas Resources Inc                                                          | CUSIP: 097793AE3<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39923.07     | 0.22%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC    | Civitas Resources Inc                                                          | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    135000 | PA      | $139231.31    | 0.75%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC           | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88491.46     | 0.48%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD         | GGAM Finance Ltd                                                               | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    290000 | PA      | $296638.10    | 1.61%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC | Acadia Healthcare Co Inc                                                       | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    510000 | PA      | $505240.99    | 2.74%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC      | Axon Enterprise Inc                                                            | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103077.00    | 0.56%             | 2030-03-15      | Fixed         | 6.12%                 | 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        |    235000 | PA      | $210287.07    | 1.14%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS    | Dick's Sporting Goods Inc                                                      | CUSIP: 253393AH5<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147401.16    | 0.80%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP             | Embecta Corp                                                                   | CUSIP: 29082KAB1<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39580.00     | 0.21%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HARROW INC               | Harrow Inc                                                                     | CUSIP: 415858AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $188831.25    | 1.02%             | 2030-09-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC        | Herc Holdings Inc                                                              | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    230000 | PA      | $241438.36    | 1.31%             | 2030-06-15      | Fixed         | 7.00%                 | 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        |    185000 | PA      | $186154.77    | 1.01%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP     | Wabash National Corp                                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    194000 | PA      | $177576.33    | 0.96%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO      | Travel + Leisure Co                                                            | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160953.97    | 0.87%             | 2026-07-31      | Fixed         | 6.62%                 | 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      | $85132.18     | 0.46%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO              | Chemours Co/The                                                                | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    195000 | PA      | $189256.90    | 1.03%             | 2028-11-15      | Fixed         | 5.75%                 | 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        |    270000 | PA      | $259424.24    | 1.41%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO             | SM Energy Co                                                                   | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210227.01    | 1.14%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100637.70    | 0.55%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA | Compass Minerals International Inc                                             | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    170000 | PA      | $176979.35    | 0.96%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC           | Gray Media Inc                                                                 | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    185000 | PA      | $199375.98    | 1.08%             | 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        |    130000 | PA      | $136495.06    | 0.74%             | 2029-03-01      | Fixed         | 9.75%                 | 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        |    200000 | PA      | $200930.00    | 1.09%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC           | NCR Atleos Corp                                                                | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    170000 | PA      | $183739.06    | 1.00%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| POPULAR INC              | Popular Inc                                                                    | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | PR        |    200000 | PA      | $209711.40    | 1.14%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES  | Royal Caribbean Cruises Ltd                                                    | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    135000 | PA      | $136041.88    | 0.74%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO | Varex Imaging Corp                                                             | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178476.73    | 0.97%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC          | AdaptHealth LLC                                                                | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    353000 | PA      | $356070.75    | 1.93%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT | Western Midstream Operating LP                                                 | CUSIP: 04041NAA0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    125000 | PA      | $132918.00    | 0.72%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA         | Beazer Homes USA Inc                                                           | CUSIP: 07556QBT1<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194316.42    | 1.05%             | 2029-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ACADIAN ASSET MANAGEMENT | Acadian Asset Management Inc                                                   | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |    420000 | PA      | $418219.20    | 2.27%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CROCS INC                | Crocs Inc                                                                      | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    185000 | PA      | $178709.24    | 0.97%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC      | Diebold Nixdorf Inc                                                            | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    110000 | PA      | $116789.20    | 0.63%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC | Permian Resources Operating LLC                                                | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126598.63    | 0.69%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE     | Gates Corp/DE                                                                  | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    175000 | PA      | $182370.65    | 0.99%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP  | Gulfport Energy Operating Corp                                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    135000 | PA      | $139359.72    | 0.76%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC   | Match Group Holdings II LLC                                                    | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    320000 | PA      | $319521.47    | 1.73%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC  | Stagwell Global LLC                                                            | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126326.86    | 0.68%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC    | Molina Healthcare Inc                                                          | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    195000 | PA      | $189776.07    | 1.03%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC          | Gen Digital Inc                                                                | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    210000 | PA      | $214134.90    | 1.16%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                           | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91447.11     | 0.50%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY           | Owens-Brockway Glass Container Inc                                             | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    380000 | PA      | $380726.94    | 2.06%             | 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      | $94994.19     | 0.51%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC            | PRA Group Inc                                                                  | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    355000 | PA      | $362661.97    | 1.97%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                | Pike Corp                                                                      | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    325000 | PA      | $324187.50    | 1.76%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SLM CORP                 | SLM Corp                                                                       | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $182409.50    | 0.99%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA | SeaWorld Parks & Entertainment Inc                                             | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    190000 | PA      | $183795.97    | 1.00%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                           | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    375000 | PA      | $384597.38    | 2.08%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                | TEGNA Inc                                                                      | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    185000 | PA      | $182765.35    | 0.99%             | 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        |    290000 | PA      | $291277.74    | 1.58%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA LTD    | Transocean Aquila Ltd                                                          | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     94000 | PA      | $96484.14     | 0.52%             | 2028-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC    | TrueNoord Capital DAC                                                          | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    185000 | PA      | $193528.13    | 1.05%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC              | Wayfair LLC                                                                    | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    245000 | PA      | $254860.52    | 1.38%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC   | WESCO Distribution Inc                                                         | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    225000 | PA      | $228376.80    | 1.24%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP     | Western Digital Corp                                                           | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99914.49     | 0.54%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP             | Navient Corp                                                                   | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90953.82     | 0.49%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC   | Patrick Industries Inc                                                         | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99135.74     | 0.54%             | 2029-05-01      | Fixed         | 4.75%                 | 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        |    180000 | PA      | $185697.00    | 1.01%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H | Synergy Infrastructure Holdings LLC                                            | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $92725.60     | 0.50%             | 2030-12-01      | Fixed         | 7.88%                 | 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        |    220000 | PA      | $228682.08    | 1.24%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC   | Venture Global LNG Inc                                                         | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    220000 | PA      | $225340.28    | 1.22%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS  | VistaJet Malta Finance PLC / Vista Management Holding Inc                      | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | MT        |     70000 | PA      | $67405.30     | 0.37%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC    | American Airlines Inc                                                          | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $450435.06    | 2.44%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE | Ashton Woods USA LLC / Ashton Woods Finance Co                                 | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $198975.00    | 1.08%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC    | Caesars Entertainment Inc                                                      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    158000 | PA      | $149532.65    | 0.81%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP    | Clearwater Paper Corp                                                          | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    255000 | PA      | $237389.70    | 1.29%             | 2028-08-15      | Fixed         | 4.75%                 | 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        |    129000 | PA      | $129038.06    | 0.70%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP             | Embecta Corp                                                                   | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |    212000 | PA      | $202059.55    | 1.10%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP     | Excelerate Energy LP                                                           | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    160000 | PA      | $170463.52    | 0.92%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AHP HEALTH PARTN         | AHP Health Partners Inc                                                        | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    230000 | PA      | $225533.86    | 1.22%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP             | Calpine Corp                                                                   | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210589.05    | 1.14%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS   | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    115000 | PA      | $117994.83    | 0.64%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP | California Resources Corp                                                      | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    235000 | PA      | $245874.63    | 1.33%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP             | Magnera Corp                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    215000 | PA      | $194470.14    | 1.05%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP   | Harvest Midstream I LP                                                         | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    365000 | PA      | $370170.96    | 2.01%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC     | LifePoint Health Inc                                                           | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    105000 | PA      | $115588.94    | 0.63%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC         | AMC Networks Inc                                                               | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    210000 | PA      | $220309.53    | 1.19%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ACADEMY LTD              | Academy Ltd                                                                    | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215159.75    | 1.17%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BELO CORP                | Belo Corp                                                                      | CUSIP: 080555AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52127.64     | 0.28%             | 2027-06-01      | 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        |    505000 | PA      | $500782.85    | 2.71%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC     | Cleveland-Cliffs Inc                                                           | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    245000 | PA      | $252068.99    | 1.37%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS  | Frontier Communications Holdings LLC                                           | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $295398.51    | 1.60%             | 2027-10-15      | Fixed         | 5.88%                 | 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        |    220000 | PA      | $229840.16    | 1.25%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC | Lindblad Expeditions LLC                                                       | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143581.62    | 0.78%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC        | Nexstar Media Inc                                                              | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    380000 | PA      | $380296.02    | 2.06%             | 2027-07-15      | Fixed         | 5.62%                 | 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        |    371517 | NS      | $371517.42    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SIX FLAGS/CANADA WON     | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $185535.66    | 1.01%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC        | Newmark Group Inc                                                              | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $202797.45    | 1.10%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                           | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $116425.21    | 0.63%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC | Park-Ohio Industries Inc                                                       | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142219.00    | 0.77%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** RBB Fund Trust

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

**Name of Signer:** RBB Fund Trust

**Title:** CFO COO Secretary