0001145549-22-056559.txt : 20220923 0001145549-22-056559.hdr.sgml : 20220923 20220923105232 ACCESSION NUMBER: 0001145549-22-056559 CONFORMED SUBMISSION TYPE: NPORT-P/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220531 FILED AS OF DATE: 20220923 DATE AS OF CHANGE: 20220923 PERIOD START: 20220831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND, INC. CENTRAL INDEX KEY: 0000831114 IRS NUMBER: 510312196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-05518 FILM NUMBER: 221261081 BUSINESS ADDRESS: STREET 1: 615 E. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 609-731-6256 MAIL ADDRESS: STREET 1: 615 E. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: RBB FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 0000831114 S000074885 Optima Strategic Credit Fund C000233245 Founders Class OPTCX NPORT-P/A 1 primary_doc.xml NPORT-P/A false 0001145549-22-044057 0000831114 XXXXXXXX S000074885 C000233245 RBB Fund, Inc. 811-05518 0000831114 5493005KKD0GVHSW0D29 615 East Michigan Street Milwaukee 53202 414-765-5366 Optima Strategic Credit Fund S000074885 549300M3EB05DQMEQW41 2022-08-31 2022-05-31 N 20018897.630000000000 57384.090000000000 19961513.540000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 740004.400000000000 N U.S. Bank Money Market Deposit Account N/A U.S. Bank Money Market Deposit Account 8AMMF0A92 490576.980000000000 NS USD 490576.980000000000 2.4576141434 Long STIV RF US N 1 N N N TREASURY BILL 254900HROIFWPRGM1V77 United States Treasury Bill 912796T33 6000000.000000000000 PA USD 5923771.500000000000 29.6759636394 Long DBT UST US N 2 2023-02-23 Fixed .000000000000 N N N N N N TREASURY BILL 254900HROIFWPRGM1V77 United States Treasury Bill 912796U31 13000000.000000000000 PA USD 12812244.770000000000 64.1847360138 Long DBT UST US N 2 2023-03-23 Fixed .000000000000 N N N N N N 2022-09-23 RBB Fund, Inc. /s/ James G. Shaw RBB Fund, Inc. Treasurer XXXX NPORT-EX 2 optimanport.htm NPORT-EX
OPTIMA STRATEGIC CREDIT FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2022 (UNAUDITED)

                   
 
COUPON*
  
MATURITY DATE
    
PAR (000's)
    
VALUE
SHORT-TERM INVESTMENTS — 96.6%
                  
U.S. TREASURY OBLIGATIONS — 93.9%
                  
United States Treasury Bill
1.206%
  
02/23/23
   $
                 6,000
   $
          5,923,771
United States Treasury Bill
1.620%
  
03/23/23
    
                 13,000
    
          12,812,245
TOTAL U.S. TREASURY OBLIGATIONS
                
          18,736,016
(Cost $18,779,437)
                  
             
NUMBER OF SHARES
      
             
(000's)
      
MONEY MARKET DEPOSIT ACCOUNT — 2.7%
                  
U.S. Bank Money Market Deposit Account, 0.01% (a)
          
541
    
540,577
TOTAL MONEY MARKET DEPOSIT ACCOUNT
                  
(Cost $540,577)
                
540,577
TOTAL SHORT-TERM INVESTMENTS - 96.6%
                  
(Cost $19,320,014)
                
19,276,593
TOTAL INVESTMENTS — 96.6%
                  
(Cost $19,320,014)
                
19,276,593
OTHER ASSETS IN EXCESS OF LIABILITIES — 3.4%
                
685,246
NET ASSETS — 100.0%
               $
        19,961,839
 
                    
*
Short-term investments’ coupon reflects the annualized yield on the date of purchase for discounted investments.
                  
(a)
 The rate shown is as of May 31, 2022.
                  
                     
The accompanying notes are an integral part of the portfolio of investments.
OPTIMA STRATEGIC CREDIT FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
MAY 31, 2022 (UNAUDITED)
  
                               
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. 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. 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). 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 May 31, 2022, in valuing the Fund’s investments carried at fair value:
              

     
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
 
OPTIMA STRATEGIC CREDIT FUND
                        
 
Short-Term Investments
    
19,276,593
      
540,577
      
18,736,016
      
-
  
 
Total Investments*
  
$
19,276,593
    
$
540,577
    
$
18,736,016
    
$
-
  
                                   
 
* Please refer to Portfolio of Investments for further details.
                                

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, 2022, 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.