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THE RBB FUND TRUST (FORMERLY, PENN CAPITAL FUNDS TRUST)

Advisor’s Letter to Shareholders (Unaudited)

Dear Penn Capital Funds Shareholder:

Our investment strategies incorporate Penn Capital’s Complete Capital Structure Analysis^®, an in-depth high yield (“HY”) and equity research philosophy used to identify a company’s optimal capital structure. Our investment professionals are capital structure generalists, meaning they are responsible for understanding the entire capital structure of the companies they follow. By following this philosophy, we believe that integrating credit and equity research allows us to construct a more comprehensive investment mosaic. Participating in both credit and equity markets, along with this integrated research process, provides Penn Capital’s investment team with what we believe is an informational advantage. Finding inefficiencies in the market can be challenging, but we remain committed to the pursuit of strong investment returns on behalf of our shareholders.

The following pages review the current market environment and provide additional insight into our funds and their performance over the past fiscal year beginning September 1, 2021 and ended August 31, 2022. Once again, I would like to thank you for your confidence in investing with us.

Overview

Over the past year, capital markets have been navigating a bumpy transition from focusing on the dramatic and immediate impacts of the COVID-19 pandemic, to assessing its long-term ramifications for the global economy and the ways that we live and work every day. The robust fiscal and monetary response to the pandemic supported the economy as activity slowed and people isolated themselves. In retrospect, massive government stimulus combined with the surprising resilience of consumers and businesses drove a faster than expected snapback in growth and increased asset price valuations. Surging consumer demand for goods (given a lack of experiential options) occurred just as global supply chains were hamstrung by COVID-19 outbreaks/restrictions and shortages for labor, raw materials, and components. This drove rapid inflation that has proved to be far more than “transitory” in nature. In 2022, the Federal Reserve has shifted their focus from supporting growth and employment to fighting inflation. Between March and August, the Federal Funds target rate was raised by 2.25%, with market expectations it will close 2022 over 4.00%.

Higher interest rates are a headwind to all risk assets including high yield corporate debt and small to mid-cap equities. Premium valuation, high growth sectors like Health Care and Information Technology have been the most challenged. Commodity-focused companies outperformed the overall market, as their products had pricing power in an inflationary environment. Credit product losses have been a function of higher interest rates, with long duration (low coupon, long maturity bonds) lagging the overall market. Despite significant equity market volatility, high yield credit spreads (risk premium for lower rated debt) have been mostly range bound during the past year. The Federal Reserve rate cycle is raising the total cost of borrowing for companies in our universe when they seek capital. Companies are reluctant to refinance debt at higher interest rates and new issuance has been muted.

As the Federal Reserve continues to raise interest rates, economic growth will slow. High yield credit spreads will be a key indica tor to determine if raising interest rates to combat inflation will ultimately lead to a recession. Shrinking high yield credit spreads is a signal to position portfolios opportunistically, while rising high yield credit spreads is a signal to position portfolios defensively. If a recession occurs, high yield credit spreads can bottom prior to the equity market providing a strong signal to reposition for recovery. During the Global Financial Crisis, the high yield credit spread hit its widest point in November 2008, while the equity market reached its low in March 2009, which provided a large opportunity for our strategy. These relationships drive Penn Capital’s investing philosophy as we navigate into the future.

Performance

The following paragraphs provide more detailed information on the performance of our funds for the fiscal year September 1, 2021 through August 31, 2022, as well as selected holdings.

Penn Capital Floating Rate Income Fund

For the fiscal year ended August 31, 2022, the Penn Capital Floating Rate Income Fund (the “Floating Rate Income Fund”)generated a -1.48% return versus +0.89% for its benchmark, the Credit Suisse Institutional Leveraged Loan Index over the same period.¹

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The portfolio benefited from an overweight to the Energy sector as well as solid security selection within Exploration and Production bonds and loans. The portfolio also benefited from gains in both the Industrial Services and Products sectors. Throughout the fiscal year, the Floating Rate Income Fund remained relatively defensively positioned, with minimal exposure to lower- rated CCC securities. This conservative positioning also helped improve performance.

Offsetting these gains was weak performance in the Consumer Discretionary Products, Retail, Media and Technology sectors. In Consumer Discretionary Products and Retail, declines in loans from former COVID winners like Bob’s Discount Furniture, JoAnn Fabrics and Weber were all large contributors to the Floating Rate Income Fund’s underperformance. All three companies experienced downdrafts in their loan prices due to earnings issues related to supply chain log-jams, cost inflation and changing consumer purchasing patterns. In Media and Technology, Dish, Rackspace and Avaya loan declines were also large contributors to the Floating Rate Income Fund’s underperformance. Growing investor trepidation about the large strategic decisions each of these businesses must soon make, combined with declining earnings in the secularly-challenged portions of their operations, drove loan prices for these businesses lower. Finally, the Floating Rate Income Fund’s exposure to mid- and longer-duration fixed rate bonds also hurt performance during the fiscal year, as increases in U.S. Treasury rates drove bond prices lower and caused bond performance to lag that of floating rate loans.

Penn Capital Short Duration High Income Fund

For the fiscal year ended August 31, 2022, the Penn Capital Short Duration High Income Fund (the “Short Duration Fund”) generated a -3.05 % return, outperforming its benchmark, ICE BofA 1-3 Year BB-Rated US Cash Pay High Yield Index, which returned - 3.80% over the same period. The Short Duration Fund maintains an average portfolio maturity of three years or less and excludes CCC-rated bonds. The portfolio will typically underperform the broad short duration market, which includes CCC-rated bonds, during low quality rallies (like 2021), and outperform during low quality selloffs (like 2020).

The portfolio benefitted from an overweight to and good security selection within COVID “re-opening plays”, such as within real estate investment trusts (“REITs”) and the Recreation & Travel and Gaming sectors, mainly via higher-coupon secured paper, including Norwegian Cruise Line Holdings and MGM Resorts International. Additionally, the portfolio benefitted from strong security selection within commodity-oriented industries, such as those in the Chemicals, Metals & Mining and Energy sectors. Strong security selection within the Auto Parts and Aerospace/Defense sectors also contributed to the portfolio, as did an underweight to the Banking sector.

The largest detractor from performance was security selection within the Packaging sector, where the Crown Cork & Seal Co Inc. 7.375% 2026 notes were weaker with higher interest rates, despite being a high quality credit with a non-callable bond structure. Also, structural underweights to Ford (Automotive and Auto Loans sectors) and Sprint (Telecommunications sector) were detractors. As the ICE BofA 1-3 Year BB-Rated US Cash Pay High Yield Index is unconstrained, the Ford and Sprint weightings were over 10%; whereas our portfolio limit on issuer holdings is 5%.

Yield-curve positioning was a net contributor, as the portfolio’s 0–1 year maturity “off-index” allocation more than offset an allocation to the 3-5 year maturity, which underperformed given rising rates. Additionally, off-index credit quality positioning contributed value as the portfolio’s single-B quality bonds allocation outperformed.

During the fiscal year, “off-index” asset allocation contributed value as the Short Duration High Income Fund’s loan allocation performance more than offset weakness from its convertible bond allocation. The fund held an average weighting of 6.3% in bank loan securities via exposure from a combination of individual bank loan holdings and investment in the Penn Capital Floating Rate Income Fund. The allocation to convertible bonds averaged a weighting of less than 1%.

Penn Capital Opportunistic High Income Fund

For the fiscal year ended August 31, 2022, the Penn Capital Opportunistic High Income Fund (the “Opportunistic High Income Fund”) generated a -10.31% return, outperforming its benchmark, the ICE BofA US High Yield Constrained Index, which returned -10.43% over the same period.

The portfolio benefitted from an overweight to and good security selection within the Energy sector, particularly the Exploration & Production sector, as well as an underweight to and strong security selection within the Pharmaceuticals sector. The portfolio avoided significant drawdowns in both Endo (opioids) and Bausch Health (patent challenge). Additionally, the portfolio benefitted from strong security selection within the Financial Services, Retail and Consumer Products sectors.

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The largest detractor to performance was security selection within the Healthcare Facilities sector, where Community Health Systems, a hospital chain, struggled with higher labor costs. Also, “return-to-work” credits Pitney Bowes and Staples, within the Services sector, underperformed. Longer-dated paper within the Metals & Mining sector, and also an overweight to the Real Estate and Housing-related credit investments underperformed with higher rates.

Yield curve positioning was a slight detractor, as the underweighting of the portfolio’s 0-3 year maturity allocation, more than offset an underweight to the poorly performing 10+ year allocation. Conversely, credit quality positioning contributed value via an underweight to BB-rated bonds, overweight to single-B rated bonds and neutral to CCC-rated bonds.

During the fiscal year, “off-index” asset allocation contributed value as the Opportunistic High Income Fund’s loan allocation performance more than offset weakness from its convertible bond allocation. The fund held an average weighting of 7% in bank loan securities via exposure from a combination of individual bank loan holdings and investment in the Penn Capital Floating Rate Income Fund. The allocation to convertible bonds averaged a weighting of 3.8%.

Penn Capital Mid Cap Core Fund

For the fiscal year ended August 31, 2022, the Penn Capital Mid Cap Core Fund (the “Mid Cap Core Fund”) generated a -17.45 return, slightly underperforming the -16.38% return of its benchmark, the Bloomberg US 2500 Index² over the same period. Best performing sectors during the period were the Healthcare and the Materials sectors. Within the Healthcare sector, a radiopharmaceutical company launched a highly successful contrast for the detection of prostate cancer. Drug companies that generate strong cash flows from marketed products provided returns in a challenging market. In the Materials sector, a nitrogen producer raised prices and profitability due to a globally advantaged cost structure in the United States. The sectors that hindered performance during the period were Financials and Consumer Discretionary. In the Financial Services sector, a digital marketing company for financial products experienced weakened demand due to rising interest rates. In the Consumer Discretionary sector, retailers lapped tough 2021 comparisons as sales slowed due to 2021 stimulus payments and rising inflation in 2022.

Penn Capital Special Situations Small Cap Equity Fund

For the fiscal year ended August 31, 2022, the Penn Capital Special Situations Small Cap Equity Fund (the “Special Situations Fund”) generated a -14.39% return, outperforming the -17.49% return of its benchmark, the Bloomberg US 2000 Index³, over the same period. Top contributors in the period were the Health Care, Energy, and Materials sectors. Within Health Care, a maker of diagnostic medical imaging products is experiencing surging demand for its new imaging agent for detection of prostate cancer. In the Energy sector, an exploration and production company benefitted from rising commodity prices while its low leverage and robust free-cash-flow will fund accelerating returns to shareholders through dividends and share repurchase. Within Materials, a producer of lithium compounds is capitalizing on growing demand for electric vehicle batteries and a highly favorable pricing environment. The top detractors in the period were the Industrials, Utilities, and Financials sectors. In the Industrials sector, a provider of online recruitment services underperformed due to macro headwinds and investor concerns regarding rising customer acquisition costs and competitive intensity. Underperformance in Utilities stemmed from the allocation effect, as the strategy was underweight the traditionally defensive group and it outperformed amid a risk-off market. Within Financials, a Texas based bank unveiled a strategic plan to establish a broker-dealer/investment bank, which will necessitate significant near-term investments that will weigh on margins and returns.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than that shown. To obtain performance current to the most recent month-end please call 844-302 PENN (7366) or visit www.penncapitalfunds.com.

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Conclusion

We would like to take this opportunity to thank our shareholders for entrusting their investments with our firm. We do not take your faith in us for granted. Our team remains committed to focusing our efforts on behalf of our shareholders, and we value your continued confidence in our vision. We believe the Penn Capital Funds offer a product line-up that embodies our investment philosophy and dedicated research-driven process.

Looking Forward

This report contains performance data and financial information. Please keep in mind that all securities markets, as well as mutual fund prices, fluctuate in value. If you would like more frequent updates, http://www.penncapitalfunds.com provides daily NAV, monthly performance figures, portfolio holdings, and other valuable information. We encourage you to visit penncapitalfunds.com, through which you may access your account, buy and sell sha res, and find other helpful tools.

At Penn Capital Funds, we believe that active management continues to serve as a critical element of investing in HY debt securities and equity securities of smaller and mid-sized companies. Although challenges remain, and markets may continue to be uneven, we are confident that investors with a well-diversified portfolio and a patient, long-term outlook should be well positioned for the years ahead.

We thank you for investing with us and look forward to continuing to serve your investment needs.

Sincerely,

Kirsten Hocker
President
Penn Capital Management Company, LLC

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Past performance is no guarantee of future results. Unusually favorable market conditions and high returns may not be sustainable or repeated in the future.

This letter reflects Penn Capital’s analysis and opinions as of the most recent fiscal period. The information is not a complete analysis of any market, country, industry, security, or fund and should not be considered as a recommendation to buy, sell or hold any specific security or securities. Portfolio holdings are subject to change at any time. Please see the Schedules of Investments provided in this report for the complete listing of each Fund’s holdings.

All investments involve risk, including possible loss of principal, and there is no guarantee the Funds will achieve their investment objectives. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. Investments in ETFs are subject to the same risks as the underlying securities in which the ETF invests as well as entails higher expenses than if invested into the underlying ETF directly. Investments in foreign securities and ADRs involve certain risks such as currency volatility, political and social instability and reduced market liquidity. As interest rates rise the value of bond prices will decline. Credit risk refers to the loss in the value of a security based on a default in the payment of principle and/or interest of the security, or the perception of the market of such default. High-yield bonds have a higher risk of default or other adverse credit events but have the potential to pay higher earnings over investment grade bonds. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Bank loans in which the Fund may invest have similar risks to below investment grade fixed income securities. In the event of the insolvency of an agent bank, a loan could be subject to settlement risk as well as the risk of interruptions in the administrative duties performed in the day to day administration of the loan.

Index Definitions

The ICE BofA US High Yield Constrained Index contains all securities in the ICE BofA US High Yield Index but caps issuer exposure at 2%.

The ICE BofA 1-3 Year BB-Rated US Cash Pay High Yield Index is a subset of the ICE BofA US Cash Pay High Yield Index, which tracks the performance of non-investment-grade corporate bonds with a remaining term to final maturity less than three years and rated BB.

The S&P/LSTA BB Ratings Loan Index is a market value-weighted index designed to measure the performance of the US leveraged loan market and is comprised of loans whose rating is BB+, BB, BB-.

The Credit Suisse Institutional Leveraged Loan Index is a sub-index of the Credit Suisse Leveraged Loan Index. The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the $US-denominated leveraged loan market. The Credit Suisse Institutional Leveraged Loan Index is designed to more closely reflect the investment criteria of institutional investors by sampling a lower volatility component of the market.

The Bloomberg US 2000 Index is a float market cap weighted benchmark of the lower 2,000 in capitalization of the Bloomberg 3000 Index.

The Bloomberg US 2500 Index is a float market cap weighted benchmark of the lower 2,500 in capitalization of the Bloomberg 3000 Index.

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small-cap opportunity barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

The Russell 2500™ Index is composed of the bottom 500 stocks in the Russell 1000^® Index and all the stocks in the Russell 2000^® Index. The Russell 2500™Index return reflect adjustments for income dividends and capital gains distributions reinvested as of the ex-dividend dates.

An investment cannot be made directly in an index.

Foreside Fund Services, LLC Distributor

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PENN CAPITAL FLOATING RATE INCOME FUND

Fund Summary (UNAUDITED)

This chart assumes a hypothetical initial gross investment of $10,000 made on November 30, 2015, inception of the Institutional Class shares. Returns shown in the chart and table include the reinvestment of all dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than that shown. To obtain performance current to the most recent month-end please call 844-302 PENN (7366) or visit www.penncapitalfunds.com. Index returns do not reflect the effects of fees, transaction costs or expenses. It is not possible to invest directly in an index.