WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2023 (Unaudited)
	NUMBER OF SHARES		VALUE
COMMON STOCKS — 95.4%
Consumer Discretionary — 4.1%
ADT, Inc. (a)		18,206	$	106,869
Frontdoor, Inc. (b)		3,980		136,633
Gentherm, Inc. (b)		2,152		98,820
Gildan Activewear, Inc.		10,978		397,513
Stride, Inc. (a)(b)		4,541		275,094
Valvoline, Inc. (a)		4,270		146,205
				1,161,134
Consumer Staples — 5.0%
Dole PLC		5,737		66,033
Nomad Foods Ltd. (b)		26,479		427,636
Sovos Brands, Inc. (a)(b)		12,093		264,958
TreeHouse Foods, Inc. (b)		15,429		628,114
				1,386,741
Energy — 11.4%
Atlas Energy Solutions, Inc. (a)		9,233		157,515
Chord Energy Corp. (a)		810		131,333
DHT Holdings, Inc.		34,942		348,022
Green Plains, Inc. (b)		9,975		248,178
Gulfport Energy Corp. (b)		1,043		142,933
Kodiak Gas Services, Inc. (a)		28,652		505,136
Kosmos Energy Ltd. (b)		63,784		433,093
Scorpio Tankers, Inc.		8,275		454,215
SM Energy Co. (a)		9,864		369,407
Tidewater, Inc. (b)		3,006		180,600
Valaris Ltd. (b)		3,011		206,555
				3,176,987
Financials — 17.6%
AGNC Investment Corp. (a)		34,022		300,074
Axis Capital Holdings Ltd.		5,150		290,151
BGC Group, Inc. - Class A (a)		20,844		135,486
Essent Group Ltd.		6,986		337,703
Fidelis Insurance Holdings Ltd. (b)		22,134		270,035
First American Financial Corp.		4,795		285,782
First BanCorp		23,234		348,510
First Commonwealth Financial Corp.		24,968		333,822
FirstCash Holdings, Inc.		2,488		278,656
Glacier Bancorp, Inc. (a)		4,412		148,376
Hanover Insurance Group, Inc.		1,874		232,938
Kemper Corp.		13,510		597,546
National Bank Holdings Corp. - Class A		10,565		348,751
Pagseguro Digital Ltd. - Class A (b)		27,070		272,866
Popular, Inc.		4,804		354,487
Webster Financial Corp.		7,636		342,475
				4,877,658
Health Care — 7.2%
Enovis Corp. (a)(b)		11,637		575,565
Halozyme Therapeutics, Inc. (b)		7,455		287,838
Innoviva, Inc. (b)		24,154		334,533
Pacira BioSciences, Inc. (b)		9,093		248,057
Teleflex, Inc. (a)		959		216,437
Tenet Healthcare Corp. (b)		4,963		342,497
				2,004,927
Industrials — 22.7%
ABM Industries, Inc.		5,774		236,676
Air Lease Corp.		10,669		413,852
Air Transport Services Group, Inc. (b)		8,678		138,067
Allison Transmission Holdings, Inc.		5,233		279,861
Arcosa, Inc.		7,731		573,641
Clarivate PLC (a)(b)		50,576		392,470
Driven Brands Holdings, Inc. (b)		21,402		281,436
Fluor Corp. (b)		3,549		134,968
Frontier Group Holdings, Inc. (a)(b)		29,853		116,725
Generac Holdings, Inc. (a)(b)		1,307		153,010
Healthcare Services Group, Inc.		6,531		63,416
Hillman Solutions Corp. (b)		37,670		275,744
ICF International, Inc.		2,195		307,190
Janus International Group, Inc. (b)		34,828		367,435
KBR, Inc.		10,855		560,879
Knight-Swift Transportation Holdings, Inc.		5,222		280,839
Leonardo DRS, Inc. (b)		12,928		238,263
Moog, Inc. - Class A		1,447		202,594
RXO, Inc. (b)		12,729		266,800
Star Bulk Carriers Corp.		17,055		362,589
Stericycle, Inc. (b)		4,382		205,823
Sun Country Airlines Holdings, Inc. (a)(b)		19,947		302,795
XPO, Inc. (a)(b)		1,417		122,259
				6,277,332
Information Technology — 5.2%
Harmonic, Inc. (a)(b)		26,527		293,389
LiveRamp Holdings, Inc. (b)		15,672		519,683
Mirion Technologies, Inc. (b)		30,282		270,418
Silicon Motion Technology Corp., ADR (a)		2,843		167,168
Tower Semiconductor Ltd. (b)		6,797		186,102
				1,436,760
Materials — 10.9%
ATI, Inc. (a)(b)		3,994		175,536
Axalta Coating Systems Ltd. (b)		12,440		391,487
Capstone Copper Corp. (b)		55,185		226,116
Commercial Metals Co.		4,923		223,160
Constellium SE (b)		15,107		262,862
Ecovyst, Inc. (b)		29,010		276,176
ERO Copper Corp. (b)		19,558		241,150
Piedmont Lithium, Inc. (a)(b)		5,840		151,314
Stelco Holdings, Inc.		5,237		170,238
Summit Materials, Inc. - Class A (b)		6,040		209,528
Tronox Holdings PLC		45,237		576,771
Warrior Met Coal, Inc.		2,452		137,238
				3,041,576
Real Estate — 6.7%
Brixmor Property Group, Inc.		19,582		421,405
DigitalBridge Group, Inc. (a)		11,923		205,791
Equity Commonwealth		22,011		413,587
Getty Realty Corp.		13,980		411,431
Spirit Realty Capital, Inc.		10,418		430,263
				1,882,477
Utilities — 4.6%
ALLETE, Inc.		6,614		366,945
NorthWestern Corp.		3,918		197,115
Portland General Electric Co.		9,201		377,792
Spire, Inc. (a)		5,651		344,768
				1,286,620
TOTAL COMMON STOCKS  (COST $23,671,958)				26,532,212
	NUMBER OF SHARES
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL — 17.8%
Mount Vernon Liquid Assets Portfolio, LLC, 5.48% (c)		4,941,170		4,941,170
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (COST $4,941,170)				4,941,170
SHORT-TERM INVESTMENTS — 4.6%
Money Market Deposit Accounts — 4.6%
Tri-State Deposit, 5.45% (c)		967,968		967,968
U.S. Bank Money Market Deposit Account, 5.20% (c)		310,227		310,227
TOTAL MONEY MARKET DEPOSIT ACCOUNTS (COST $1,278,195)				1,278,195
TOTAL SHORT-TERM INVESTMENTS (COST $1,278,195)				1,278,195
TOTAL INVESTMENTS (COST $29,891,322) — 117.8%				32,751,577
LIABILITIES IN EXCESS OF OTHER ASSETS — (17.8)%				(4,952,345	)
TOTAL NET ASSETS — 100.0%			$	27,799,232
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.”

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

(a)	All or a portion of this security is on loan.  At November 30, 2023, the market value of securities on loan was $4,802,451.
(b)	Non-income producing security.
(c)	The rate shown is as of November 30, 2023.

Industry classifications may be different than those used for compliance monitoring purposes.

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: 

WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND
	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets
Equities
Common Stocks	$	26,532,212	$	26,532,212	$	–	$	–
Total Equity Securities		26,532,212		26,532,212		–		–
Investments Purchased with Proceeds from Securities Lending Collateral
Investments Purchased with Proceeds from Securities Lending Collateral(a)		4,941,170		–		–		–
Total Investments Purchased with Proceeds from Securities Lending Collateral		4,941,170		–		–		–
Short-Term Investments
Money Market Deposit Accounts		1,278,195		310,227		967,968		–
Total Short-Term Investments		1,278,195		310,227		967,968		–
Total  Assets*	$	32,751,577	$	26,842,439	$	967,968	$	–

* Please refer to Portfolio of Investments for further details.

(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 November 30, 2023, 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.