# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0000894189-26-002091
**Filing Date:** 2026-1
**Character Count:** 18462
**Document Hash:** fc0cd60a7a3c981afc3dc646b34b22b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-002091.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000894189-26-002091

**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:** 26569415

**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

### Torray Equity Income Fund (Series ID: S000079134)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000240014 | Torray Equity Income Fund | TORYX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Torray Equity Income Fund** | **Torray Equity Income Fund** | **Torray Equity Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 84.0%** | **Shares** | **Value**  |
| **Consumer Discretionary - 3.8%** | **Consumer Discretionary - 3.8%** | |
| Lennar Corp. - Class B | 110000 | $13594900 |
| **Consumer Staples - 4.1%** | **Consumer Staples - 4.1%** |  |
| PepsiCo, Inc. | 100000 | 14874000 |
| **Energy - 14.9%** | **Energy - 14.9%** |  |
| Chevron Corp. | 110000 | 16624300 |
| ONEOK, Inc. | 200000 | 14564000 |
| Phillips 66 | 161250 | 22084800 |
|  |  | 53273100 |
| **Financials - 22.0%** | **Financials - 22.0%** |  |
| American Express Co. | 55285 | 20193952 |
| Blackstone, Inc. | 110000 | 16106200 |
| CNA Financial Corp. | 375000 | 17531250 |
| JPMorgan Chase & Co. | 35865 | 11228614 |
| Marsh & McLennan Cos., Inc. | 75000 | 13758750 |
|  |  | 78818766 |
| **Health Care - 21.6%** | **Health Care - 21.6%** |  |
| AbbVie, Inc. | 69640 | 15857028 |
| Amgen, Inc. | 45000 | 15545700 |
| Pfizer, Inc. | 600000 | 15444000 |
| Royalty Pharma PLC - Class A | 397290 | 15899546 |
| UnitedHealth Group Inc. | 45000 | 14839650 |
|  |  | 77585924 |
| **Information Technology - 9.7%** | **Information Technology - 9.7%** |  |
| Broadcom, Inc. | 40000 | 16118400 |
| Texas Instruments, Inc. | 110000 | 18509700 |
|  |  | 34628100 |
| **Real Estate - 3.9%** | **Real Estate - 3.9%** |  |
| Prologis, Inc. | 110000 | 14138300 |
| **Utilities - 4.0%** | **Utilities - 4.0%** |  |
| NextEra Energy, Inc. | 165000 | 14237850 |
| **TOTAL COMMON STOCKS** (Cost $212,815,595) | **TOTAL COMMON STOCKS** (Cost $212,815,595) | 301150940 |
| **CONVERTIBLE PREFERRED STOCKS - 8.8%** | **Shares** | **Value**  |
| **Financials - 4.1%** | **Financials - 4.1%** |  |
|  KKR & Co., Inc., Series D, 6.25%, 03/01/2028 | 300000 | 14856000 |
| **Information Technology - 4.7%** | **Information Technology - 4.7%** |  |
|  Hewlett Packard Enterprise Co., 7.63%, 09/01/2027 | 275000 | 16819000 |
| **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $28,700,170) | **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $28,700,170) | 31675000 |
| **PREFERRED STOCKS - 3.6%** | **Shares** | **Value**  |
| **Financials - 3.6%** | **Financials - 3.6%** |  |
|  SLM Corp., Series B, 6.00% (3 mo. Term SOFR + 1.96%), Perpetual | 175000 | 13018250 |
| **TOTAL PREFERRED STOCKS** (Cost $13,183,777) | **TOTAL PREFERRED STOCKS** (Cost $13,183,777) | 13018250 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 3.2%** | **Shares** | **Value**  |
| Fidelity Government Portfolio - Institutional Class, 3.97% <sup>(a)</sup> | 11579141 | 11579141 |
| **TOTAL MONEY MARKET FUNDS** (Cost $11,579,141) | **TOTAL MONEY MARKET FUNDS** (Cost $11,579,141) | 11579141 |
| **TOTAL INVESTMENTS - 99.6% (**Cost $266,278,683**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $266,278,683**)** | 357423331 |
| Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | 1296363 |
| **TOTAL NET ASSETS - 100.0%** |  | $358719694 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |

---

PLC - Public Limited Company <br> SOFR - Secured Overnight Financing Rate

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

------

#### Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
The Torray 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $301150940 | $– | $– | $301150940 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 31675000 | – | – | 31675000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 13018250 | – | – | 13018250 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 11579141 | – | – | 11579141 |
| Total Investments | $357423331 | $– | $– | $357423331 |
| 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:** Torray Equity Income Fund

- **b. EDGAR series identifier (if any):** S000079134

- **c. LEI of Series:** 549300WWWC18IQUO4D44

**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:** $359001257.75

**Total Liabilities:** $977766.73

**Net Assets:** $358023491.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000240014 | 0.73%                | -0.59%               | 1.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3599516.00              | $-1304078.06                               |
| Month 2  | $-371094.82              | $-2052395.10                               |
| Month 3  | $18726056.32             | $-13608139.20                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc                    | AbbVie Inc                    | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     69640 | NS      | $15857028.00  | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                  | Chevron Corp                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $16624300.00  | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc      | Marsh & McLennan Cos Inc      | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     75000 | NS      | $13758750.00  | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORP                      | SLM Corp                      | CUSIP: 78442P502<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    175000 | NS      | $13018250.00  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co           | American Express Co           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     55285 | NS      | $20193951.95  | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                     | Amgen Inc                     | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     45000 | NS      | $15545700.00  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp            | CNA Financial Corp            | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |    375000 | NS      | $17531250.00  | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                   | Lennar Corp                   | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    110000 | NS      | $13594900.00  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                    | Pfizer Inc                    | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    600000 | NS      | $15444000.00  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc         | Texas Instruments Inc         | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    110000 | NS      | $18509700.00  | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc            | NextEra Energy Inc            | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    165000 | NS      | $14237850.00  | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                  | Prologis Inc                  | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    110000 | NS      | $14138300.00  | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc        | UnitedHealth Group Inc        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     45000 | NS      | $14839650.00  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO INC                  | KKR & Co Inc                  | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |    300000 | NS      | $14856000.00  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC            | Royalty Pharma PLC            | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |    397290 | NS      | $15899545.80  | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  11588155 | NS      | $11588154.76  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co           | JPMorgan Chase & Co           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     35865 | NS      | $11228614.20  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                     | ONEOK Inc                     | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    200000 | NS      | $14564000.00  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                   | PepsiCo Inc                   | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    100000 | NS      | $14874000.00  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                   | Phillips 66                   | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    161250 | NS      | $22084800.00  | 6.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                | Blackstone Inc                | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    110000 | NS      | $16106200.00  | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                  | Broadcom Inc                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     40000 | NS      | $16118400.00  | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HP ENTERPRISE CO              | Hewlett Packard Enterprise Co | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |    275000 | NS      | $16819000.00  | 4.70%             |  |  |  | No            |                  1 | 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