RBB Fund NPORT-P SGI Small Cap Core Fund (May 2024 report)

SGI Small Cap Core Fund
Schedule of Investments
as of May 31, 2024 (Unaudited)
COMMON STOCKS - 98.5%	Shares		Value
Agriculture - 1.4%
Andersons, Inc.		9,105	$	476,556
Dole PLC		43,814		541,979
Fresh Del Monte Produce, Inc.		26,970		630,019
				1,648,554
Airlines - 0.5%
Sun Country Airlines Holdings, Inc.(a)		54,881		581,190
Apparel - 0.1%
Ralph Lauren Corp.		363		67,837
Auto Manufacturers - 0.1%
REV Group, Inc.		6,200		169,942
Auto Parts & Equipment - 0.2%
Adient PLC(a)		4,355		122,985
Goodyear Tire & Rubber Co., (The)(a)		9,524		117,241
Visteon Corp.(a)		522		58,135
				298,361
Banks - 7.0%
Amalgamated Financial Corp.		14,423		364,614
Ameris Bancorp		27,827		1,389,959
Bank of NT Butterfield & Son Ltd.		16,347		556,942
Bank7 Corp.		2,381		72,025
Bankwell Financial Group, Inc.		2,485		61,479
Customers Bancorp, Inc.(a)		24,253		1,098,661
Financial Institutions, Inc.		7,604		133,906
Hanmi Financial Corp.		17,463		275,217
OFG Bancorp		29,641		1,101,460
Popular, Inc.		813		72,365
Preferred Bank		7,307		545,979
Third Coast Bancshares, Inc.(a)		6,681		140,902
UMB Financial Corp.		16,046		1,322,832
Western Alliance Bancorp		21,729		1,369,579
				8,505,920
Beverages - 1.0%
Coca Cola Bottling Co.		1,288		1,263,579
Biotechnology - 0.8%
ANI Pharmaceuticals, Inc.(a)		8,092		525,171
Vericel Corp.(a)		10,071		480,386
				1,005,557
Building Materials - 5.9%
American Woodmark Corp.(a)		14,166		1,219,834
AZEK Co., Inc., (The)(a)		17,476		838,149
Boise Cascade Co.		10,699		1,468,866
Eagle Materials, Inc.		2,963		688,572
Gibraltar Industries, Inc.(a)		3,479		262,525
Louisiana-Pacific Corp.		15,593		1,429,566
UFP Industries, Inc.		10,328		1,233,989
				7,141,501
Chemicals - 2.7%
Minerals Technologies, Inc.		17,986		1,560,285
Olin Corp.		10,910		586,522
Orion Engineered Carbons SA		46,674		1,160,782
				3,307,589
Commercial Services - 3.6%
Barrett Business Services Inc.		5,863		775,909
Graham Holdings Co. - Class B		319		240,025
Grand Canyon Education, Inc.(a)		1,865		265,688
Herc Holdings, Inc.		8,209		1,190,880
Information Services Group, Inc.		15,427		49,212
Korn/Ferry International		21,214		1,398,851
National Research Corp.		14,249		400,112
PROG Holdings, Inc.		1,726		65,226
				4,385,903
Computers - 1.2%
Grid Dynamics Holdings, Inc.(a)		5,163		49,048
Maximus, Inc.		14,679		1,263,862
Rapid7, Inc.(a)		1,468		53,054
Super Micro Computer, Inc.(a)		76		59,623
				1,425,587
Distribution/Wholesale - 1.6%
Global Industrial Co.		10,538		364,720
H&E Equipment Services, Inc.		23,001		1,089,557
Rush Enterprises, Inc. - Class B		2,377		100,476
Titan Machinery, Inc.(a)		18,681		351,577
				1,906,330
Diversified Financial Services - 5.2%
Affiliated Managers Group, Inc.		3,837		623,896
Brightsphere Investment Group, Inc.		2,661		58,995
Enact Holdings, Inc.		32,529		998,966
Enova International, Inc.(a)		23,834		1,469,366
Evercore, Inc. - Class A		6,698		1,359,292
International Money Express, Inc.(a)		11,863		247,462
Pagseguro Digital Ltd. - Class A(a)		4,841		59,302
Regional Management Corp.		6,312		173,580
Virtus Investment Partners, Inc.		5,758		1,316,221
				6,307,080
Electric - 2.6%
ALLETE, Inc.		21,319		1,346,295
Black Hills Corp.		17,687		998,431
Clearway Energy, Inc. - Class A		5,021		128,939
Northwestern Energy Group, Inc.		8,174		424,721
Portland General Electric Co.		6,260		278,946
				3,177,332
Electrical Components & Equipment - 1.0%
EnerSys		11,651		1,256,444
Electronics - 0.8%
Avnet, Inc.		1,324		72,290
NEXTracker, Inc. - Class A(a)		14,815		817,344
TD SYNNEX Corp.		612		80,074
				969,708
Engineering & Construction - 2.3%
Concrete Pumping Holdings, Inc.(a)		7,739		55,489
EMCOR Group, Inc.		3,310		1,286,464
Frontdoor, Inc.(a)		39,902		1,411,334
Limbach Holdings, Inc.(a)		1,508		86,077
				2,839,364
Food - 1.4%
Ingles Markets, Inc. - Class A		11,947		873,803
Pilgrim's Pride Corp.(a)		24,375		875,794
				1,749,597
Gas - 1.0%
New Jersey Resources Corp.		29,194		1,268,771
Healthcare-Products - 2.9%
Inmode Ltd.(a)		30,766		588,554
iRadimed Corp.		7,225		306,846
LeMaitre Vascular, Inc.		17,659		1,392,942
Omnicell, Inc.(a)		18,012		587,011
RxSight, Inc.(a)		2,930		171,317
Semler Scientific, Inc.(a)		10,819		317,321
Utah Medical Products, Inc.		2,621		178,988
				3,542,979
Healthcare-Services - 2.6%
Addus HomeCare Corp.(a)		10,633		1,220,775
Astrana Health, Inc.(a)		12,642		523,758
National HealthCare Corp.		10,510		1,111,433
Pennant Group, Inc.(a)		7,195		169,370
Viemed Healthcare, Inc.(a)		16,213		120,138
				3,145,474
Home Builders - 9.6%
Beazer Homes USA, Inc.(a)		42,867		1,231,140
Century Communities, Inc.		15,627		1,319,075
Forestar Group, Inc.(a)		30,630		1,041,726
Green Brick Partners, Inc.(a)		1,090		59,514
Hovnanian Enterprises, Inc. - Class A(a)		6,976		1,003,009
LCI Industries		2,179		239,429
M/I Homes, Inc.(a)		10,721		1,339,268
Meritage Homes Corp.		8,072		1,423,497
Taylor Morrison Home Corp.(a)		22,588		1,306,264
Toll Brothers, Inc.		10,833		1,317,726
Tri Pointe Homes, Inc.(a)		35,996		1,394,125
				11,674,773
Household Products/Wares - 0.7%
Quanex Building Products Corp.		25,983		856,400
Insurance - 3.2%
Brighthouse Financial, Inc.(a)		21,751		968,137
Essent Group Ltd.		23,016		1,305,007
NMI Holdings, Inc. - Class A(a)		42,974		1,425,878
SiriusPoint Ltd.(a)		13,534		177,972
				3,876,994
Internet - 0.8%
Cargurus, Inc.(a)		2,740		66,335
HealthStream, Inc.		10,178		277,758
Yelp, Inc.(a)		17,042		630,043
				974,136
Iron/Steel - 0.1%
Radius Recycling, Inc. - Class A		6,629		113,422
Leisure Time - 0.1%
MasterCraft Boat Holdings, Inc.(a)		3,496		73,766
Machinery-Construction & Mining - 1.7%
Hyster-Yale Materials Handling, Inc.		10,629		771,559
Oshkosh Corp.		8,261		939,524
Terex Corp.		5,609		334,689
				2,045,772
Machinery-Diversified - 1.4%
AGCO Corp.		10,475		1,124,282
Columbus McKinnon Corp.		12,573		491,604
DXP Enterprises Inc.(a)		2,084		103,533
				1,719,419
Metal Fabricate/Hardware - 1.2%
Mueller Industries, Inc.		12,776		752,634
Northwest Pipe Co.(a)		1,702		60,404
Ryerson Holding Corp.		27,981		664,549
				1,477,587
Mining - 0.8%
Constellium SE(a)		2,696		58,422
Kaiser Aluminum Corp.		9,227		902,401
				960,823
Miscellaneous Manufacturing - 0.3%
Trinity Industries, Inc.		11,754		369,663
Multi-National - 0.5%
Banco Latinoamericano de Comercio Exterior SA		19,396		582,074
Office Furnishings - 2.0%
HNI Corp.		23,944		1,126,565
Interface, Inc.		3,629		58,463
Steelcase, Inc. - Class A		89,312		1,220,002
				2,405,030
Oil & Gas - 3.0%
Berry Corp.		44,723		311,719
Chord Energy Corp.		291		53,954
Civitas Resources, Inc.		17,145		1,261,186
Gulfport Energy Corp.(a)		382		61,812
Par Pacific Holdings, Inc.(a)		36,290		984,911
Riley Exploration Permian, Inc.		8,797		256,873
Seadrill Ltd.(a)		1,160		60,169
SM Energy Co.		11,877		598,957
				3,589,581
Oil & Gas Services - 0.8%
DNOW, Inc.(a)		68,928		1,005,660
Packaging & Containers - 0.6%
Greif, Inc. - Class A		8,034		521,728
Greif, Inc. - Class B		2,250		146,812
				668,540
Pharmaceuticals - 2.9%
Alkermes PLC(a)		47,190		1,104,246
Amphastar Pharmaceuticals, Inc.(a)		1,498		63,410
Catalyst Pharmaceuticals Partners,  Inc.(a)		86,854		1,404,429
Harmony Biosciences Holdings, Inc.(a)		19,946		586,413
Ironwood Pharmaceuticals, Inc.(a)		6,622		41,719
Nature's Sunshine Products, Inc.(a)		4,696		71,943
USANA Health Sciences, Inc.(a)		5,984		284,838
				3,556,998
Private Equity - 0.0%(b)
Patria Investments Ltd. - Class A		4,011		52,143
Real Estate - 0.3%
Newmark Group, Inc. - Class A		12,533		130,469
RMR Group, Inc. - Class A		9,159		215,511
				345,980
REITS - 4.1%
Alexander & Baldwin, Inc.		41,771		701,753
American Assets Trust, Inc.		38,217		831,220
BrightSpire Capital, Inc.		9,341		56,513
Innovative Industrial Properties, Inc.		8,709		938,656
Kilroy Realty Corp.		3,608		120,976
NexPoint Residential Trust, Inc.		9,975		365,783
Park Hotels & Resorts, Inc.		77,032		1,221,727
Ryman Hospitality Properties, Inc.		5,902		620,123
Urban Edge Properties		3,561		63,137
				4,919,888
Retail - 3.4%
BlueLinx Holdings, Inc.(a)		9,385		965,623
Buckle, Inc.		24,227		933,709
Gap, Inc.		2,687		77,815
GMS, Inc.(a)		14,276		1,341,373
Group 1 Automotive, Inc.		180		55,976
PC Connection, Inc.		7,787		526,713
PriceSmart, Inc.		2,841		239,070
				4,140,279
Savings & Loans - 0.9%
Axos Financial, Inc.(a)		19,543		1,052,781
HomeTrust Bancshares, Inc.		2,187		60,383
				1,113,164
Semiconductors - 2.4%
Amkor Technology, Inc.		37,600		1,225,384
Axcelis Technologies, Inc.(a)		8,988		1,011,060
Photronics, Inc.(a)		22,602		618,165
				2,854,609
Software - 5.0%
BigCommerce Holdings, Inc.(a)		25,237		207,953
BILL Holdings, Inc.(a)		8,021		417,493
Braze, Inc. - Class A(a)		21,835		822,088
CommVault Systems, Inc.(a)		8,299		892,848
Consensus Cloud Solutions, Inc.(a)		3,349		63,196
Five9, Inc.(a)		9,019		421,728
Freshworks, Inc. - Class A(a)		49,307		635,074
Gitlab, Inc. - Class A(a)		2,261		106,696
Health Catalyst, Inc.(a)		63,493		420,959
N-able, Inc.(a)		13,037		174,044
Olo, Inc. - Class A(a)		108,245		495,762
SEMrush Holdings, Inc. - Class A(a)		11,942		182,235
Smartsheet, Inc. - Class A(a)		32,491		1,202,167
				6,042,243
Telecommunications - 0.1%
Aviat Networks, Inc.(a)		1,956		60,460
Toys/Games/Hobbies - 0.3%
JAKKS Pacific, Inc.(a)		17,460		324,232
Mattel, Inc.(a)		3,200		56,928
				381,160
Transportation - 6.4%
Ardmore Shipping Corp.		52,693		1,180,850
Costamare, Inc.		47,746		764,413
Covenant Logistics Group, Inc.		8,888		422,447
Hub Group, Inc. - Class A		26,708		1,152,450
Matson, Inc.		11,750		1,506,350
Scorpio Tankers, Inc.		5,508		452,042
Teekay Corp.(a)		74,734		731,646
Teekay Tankers Ltd. - Class A		20,776		1,513,116
				7,723,314
TOTAL COMMON STOCKS (Cost $113,769,043)				119,548,477
TOTAL INVESTMENTS - 98.5% (Cost $113,769,043)			$	119,548,477
Money Market Deposit Account - 1.3%(c)				1,556,656
Other Assets in Excess of Liabilities - 0.2%				292,667
TOTAL NET ASSETS - 100.0%			$	121,397,800
Percentages are stated as a percent of net assets.

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of May 31, 2024 was 5.17%.

PORTFOLIO VALUATION - The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB, Fund, Inc.’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

FAIR VALUE MEASUREMENTS - The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

Level 1 -	Prices are determined using quoted prices in active markets for identical securities.
Level 2 -	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 -	Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of Returns the end of the date range, in valuing the Fund’s investments carried at fair value: 

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks		119,548,477		–		–		119,548,477
Total Investments		119,548,477		–		–		119,548,477
Refer to the Schedule of Investments for additional information.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended May 31, 2024, the Fund had no Level 3 transfers.       

For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.