RBB Fund NPORT-P Oakhurst Short Duration High Yield Credit Fund (May 2024 report)

Oakhurst Short Duration High Yield Credit Fund
Schedule of Investments
as of May 31, 2024 (Unaudited)
CORPORATE BONDS - 93.1%	Par		Value
Communications - 2.6%
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.95%, 01/15/2025		438,000	$	405,698
Uber Technologies, Inc., 6.25%, 01/15/2028 (a)		515,000		515,365
				921,063
Consumer Discretionary - 16.7%
Caesars Entertainment, Inc., 8.13%, 07/01/2027 (a)		560,000		570,755
Carnival Corp., 7.63%, 03/01/2026 (a)		695,000		699,174
Garda World Security Corp., 4.63%, 02/15/2027 (a)		515,000		489,728
GEO Group, Inc., 8.63%, 04/15/2029 (a)		250,000		257,462
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026 (a)(b)		500,000		461,496
MGM Resorts International, 5.50%, 04/15/2027		625,000		615,220
NCL Corp. Ltd., 3.63%, 12/15/2024 (a)		512,000		505,337
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.75%, 04/15/2026 (a)		520,000		515,949
Rakuten Group, Inc., 11.25%, 02/15/2027 (a)		500,000		527,950
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026		529,200		520,127
White Cap Parent LLC, 8.25% (9.00% PIK), 03/15/2026 (a)		750,000		741,332
				5,904,530
Consumer Staples - 3.9%
B&G Foods, Inc., 5.25%, 09/15/2027 (b)		750,000		689,046
Energizer Holdings, Inc., 6.50%, 12/31/2027 (a)		708,000		702,679
				1,391,725
Energy - 15.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 03/01/2027 (a)		585,000		577,417
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/01/2026 (a)		693,000		693,598
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028 (a)		500,000		511,501
Energy Transfer LP, 5.63%, 05/01/2027 (a)		495,000		493,821
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027 (a)		723,000		724,225
New Fortress Energy, Inc., 6.50%, 09/30/2026 (a)		685,000		645,094
Phillips 66 Partners LP
2.45%, 12/15/2024		20,000		19,564
3.61%, 02/15/2025		679,000		668,662
3.55%, 10/01/2026		5,000		4,678
3.75%, 03/01/2028		73,000		66,460
SM Energy Co., 6.63%, 01/15/2027		663,000		659,411
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 9.50%, 10/15/2026 (a)(c)		500,000		513,393
				5,577,824
Financials - 30.3%
Acrisure LLC / Acrisure Finance, Inc., 10.13%, 08/01/2026 (a)(b)		675,000		696,020
BGC Group, Inc., 8.00%, 05/25/2028		500,000		526,306
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 5.75%, 05/15/2026 (a)		593,000		582,503
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a)		750,000		729,309
First-Citizens Bank & Trust Co., 2.97% to 09/27/2024 then 3 mo. Term SOFR + 1.72%, 09/27/2025		380,000		375,822
Fly Leasing Ltd., 7.00%, 10/15/2024 (a)		750,000		748,260
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027 (a)		375,000		385,891
Global Aircraft Leasing Co. Ltd., 6.50% (7.25% PIK), 09/15/2024 (a)		505,000		480,835
HUB International Ltd., 5.63%, 12/01/2029 (a)		730,000		677,705
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026 (a)		550,000		544,897
MBIA, Inc., 7.00%, 12/15/2025		675,000		671,821
Midcap Financial Issuer Trust, 6.50%, 05/01/2028 (a)		750,000		699,657
Navient Corp., 5.00%, 03/15/2027		530,000		503,398
New York Community Bancorp, Inc., 8.38% (3 mo. Term SOFR + 3.04%), 11/06/2028		543,000		490,894
PRA Group, Inc., 7.38%, 09/01/2025 (a)		500,000		502,488
Rithm Capital Corp., 6.25%, 10/15/2025 (a)		675,000		669,543
StoneX Group, Inc., 8.63%, 06/15/2025 (a)		700,000		700,871
United Wholesale Mortgage LLC, 5.50%, 11/15/2025 (a)		493,000		488,842
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (a)		250,000		250,229
				10,725,291
Health Care - 2.8%
CHS/Community Health Systems, Inc., 5.63%, 03/15/2027 (a)		270,000		255,844
Prime Healthcare Services, Inc., 7.25%, 11/01/2025 (a)		736,000		739,047
				994,891
Industrials - 5.0%
Bombardier, Inc., 7.88%, 04/15/2027 (a)		498,000		498,842
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026 (a)		720,000		711,367
RXO, Inc., 7.50%, 11/15/2027 (a)		550,000		562,804
				1,773,013
Materials - 4.1%
Arsenal AIC Parent LLC, 11.50%, 10/01/2031 (a)		510,000		569,648
Clearwater Paper Corp., 4.75%, 08/15/2028 (a)		725,000		680,336
First Quantum Minerals Ltd., 9.38%, 03/01/2029 (a)		200,000		209,045
				1,459,029
Technology - 9.5%
Cloud Software Group, Inc., 6.50%, 03/31/2029 (a)		533,000		505,855
Gen Digital, Inc., 6.75%, 09/30/2027 (a)		645,000		650,636
MicroStrategy, Inc., 6.13%, 06/15/2028 (a)		250,000		239,246
Ricoh USA, Inc., 6.75%, 12/01/2025		700,000		671,156
Sabre GLBL, Inc., 11.25%, 12/15/2027 (a)		710,000		689,440
Xerox Holdings Corp., 5.00%, 08/15/2025 (a)		600,000		588,064
				3,344,397
Utilities - 2.4%
Elwood Energy LLC, 8.16%, 07/05/2026		602,872		536,557
NSG Holdings LLC / NSG Holdings, Inc., 7.75%, 12/15/2025 (a)		292,086		291,496
				828,053
TOTAL CORPORATE BONDS (Cost $32,896,460)				32,919,816
ASSET-BACKED SECURITIES - 1.8%	Par		Value
United Airlines, Inc., Series 2016-1B, 3.65%, 01/07/2026		656,250		631,442
TOTAL ASSET-BACKED SECURITIES (Cost $610,784)				631,442
CONVERTIBLE BONDS - 1.7%	Par		Value
Financials - 1.7%
PennyMac Corp., 5.50%, 11/01/2024		590,000		584,838
TOTAL CONVERTIBLE BONDS (Cost $587,543)				584,838
SHORT-TERM INVESTMENTS - 4.5%
Investments Purchased with Proceeds from Securities Lending - 4.1%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.52%(d)		1,444,249		1,444,249
Money Market Funds - 0.4%	Shares
Invesco Treasury Portfolio - Class Institutional, 5.24%(d)		156,547		156,547
TOTAL SHORT-TERM INVESTMENTS (Cost $1,600,796)				1,600,796
TOTAL INVESTMENTS - 101.1% (Cost $35,695,583)			$	35,736,892
Liabilities in Excess of Other Assets - (1.1)%				(373,359	)
TOTAL NET ASSETS - 100.0%			$	35,363,533
Percentages are stated as a percent of net assets.

PIK - Payment in Kind

SOFR - Secured Overnight Financing Rate

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $25,494,996 or 72.1% of the Fund’s net assets.
(b)	All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $1,414,183 which represented 4.0% of net assets.
(c)	Step coupon bond. The rate disclosed is as of May 31, 2024.
(d)	The rate shown represents the 7-day effective yield as of May 31, 2024.

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:
Corporate Bonds		–		32,919,816		–		32,919,816
Asset-Backed Securities		–		631,442		–		631,442
Convertible Bonds		–		584,838		–		584,838
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		1,444,249
Money Market Funds		156,547		–		–		156,547
Total Investments		156,547		34,136,096		–		35,736,892
Refer to the Schedule of Investments for additional information.

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

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.