WPG Partners Select Small Cap Value Fund
Schedule of Investments
as of May 31, 2024 (Unaudited)
COMMON STOCKS - 95.4%	Shares		Value
Communication Services - 3.1%
Cars.com, Inc.(a)		162,371	$	3,284,765
Consumer Discretionary - 5.8%
Gildan Activewear, Inc.		106,568		4,078,357
PlayAGS, Inc.(a)		185,623		2,143,946
				6,222,303
Consumer Staples - 6.5%
Adecoagro SA		155,396		1,529,097
Grocery Outlet Holding Corp.(a)		57,741		1,269,725
Nomad Foods Ltd.		240,263		4,219,018
				7,017,840
Energy - 6.2%
International Seaways, Inc.		57,353		3,694,680
Kosmos Energy Ltd.(a)		491,764		2,999,761
				6,694,441
Financials - 23.4%
Axis Capital Holdings Ltd.		7,390		545,973
BGC Group, Inc. - Class A		603,370		5,231,218
Dime Community Bancshares, Inc.		60,841		1,123,733
EZCORP, Inc. - Class A(a)		99,205		1,040,660
Federal Agricultural Mortgage Corp. - Class C		5,425		947,585
Fidelis Insurance Holdings Ltd.		208,099		3,450,281
FirstCash Holdings, Inc.		14,726		1,736,490
Kemper Corp.		80,992		4,846,561
National Bank Holdings Corp. - Class A		46,890		1,710,078
Pagseguro Digital Ltd. - Class A(a)		45,340		555,415
Perella Weinberg Partners		83,317		1,286,415
Popular, Inc.		29,452		2,621,523
				25,095,932
Health Care - 9.9%
Enovis Corp.(a)		75,954		3,818,208
Halozyme Therapeutics, Inc.(a)		44,177		1,956,599
Innoviva, Inc.(a)		96,105		1,517,498
Tenet Healthcare Corp.(a)		24,414		3,301,261
				10,593,566
Industrials - 11.9%
Air Lease Corp.		54,253		2,584,613
Arcosa, Inc.		61,228		5,382,554
Clarivate PLC(a)		172,059		980,736
Frontier Group Holdings, Inc.(a)		284,053		1,553,770
Janus International Group, Inc.(a)		39,140		543,263
KBR, Inc.		13,176		865,136
MasTec, Inc.(a)		7,363		826,497
				12,736,569
Information Technology - 12.7%
8x8, Inc.(a)		1,006,779		2,748,507
LiveRamp Holdings, Inc.(a)		55,028		1,721,826
Ooma, Inc.(a)		118,969		1,027,892
Silvaco Group, Inc.(a)		108,506		1,982,404
SMART Global Holdings, Inc.(a)		103,081		2,121,407
Tower Semiconductor Ltd.(a)		82,542		3,098,627
Verint Systems, Inc.(a)		33,327		988,479
				13,689,142
Materials - 9.6%
Ashland, Inc.		22,089		2,212,655
ERO Copper Corp.(a)		90,680		1,931,484
Rayonier Advanced Materials, Inc.(a)		518,503		2,929,542
Tronox Holdings PLC		163,921		3,247,275
				10,320,956
Real Estate - 6.3%
Brixmor Property Group, Inc.		143,770		3,236,263
Equity Commonwealth(a)		183,685		3,546,957
				6,783,220
TOTAL COMMON STOCKS (Cost $88,007,241)				102,438,734
SHORT-TERM INVESTMENTS - 4.3%
Tri-State Deposit, 5.45%(b)		4,670,276		4,670,276
TOTAL SHORT-TERM INVESTMENTS (Cost $4,670,276)				4,670,276
TOTAL INVESTMENTS - 99.7% (Cost $92,677,517)			$	107,109,010
Money Market Deposit Account - 1.6%(c)				1,689,193
Liabilities in Excess of Other Assets - (1.3)%				(1,369,207	)
TOTAL NET ASSETS - 100.0%			$	107,428,996

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 MSCI, 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. Bank Global Fund Services.

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day effective yield as of May 31, 2024.
(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%.

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 Select Small Cap Value Fund
	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks		102,438,734		–		–		102,438,734
Short-Term Investments		–		4,670,276		–		4,670,276
Total Investments		102,438,734		4,670,276		–		107,109,010
Refer to the Schedule of Investments for industry classifications.

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.