NPORT-EX 2 opportunistic.htm NPORT-EX

F/M OPPORTUNISTIC ETF
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2023 (Unaudited)
  
   
CORPORATE BONDS — 94.7%
  
COUPON *
    
MATURITY DATE
  
PAR (000'S)
    
VALUE
  
Communication Services — 5.1%
                      
Paramount Global
    
4.950
%
  
1/15/2031
  
$
1,560
    
$
1,412,750
  
                             
Consumer Discretionary — 5.1%
                            
Ford Motor Co.
    
3.250
%
  
2/12/2032
    
1,753
      
1,398,228
  
                             
Energy — 10.2%
                            
Cheniere Energy Partners LP
    
4.500
%
  
10/1/2029
    
1,461
      
1,362,968
  
Kinder Morgan, Inc.
    
5.500
%
  
6/1/2045
    
1,531
      
1,384,947
  
Phillips 66 Partners LP
    
3.605
%
  
2/15/2025
    
60
      
57,659
  
                         
2,805,574
  
Finance and Insurance — 4.7%
                            
Nationwide Financial Services, Inc.
    
6.750
%
  
5/15/2037
    
1,396
      
1,287,176
  
                             
Financials — 14.7%
                            
Bank of America Corp.
    
5.875
%
  
9/15/2028
    
1,446
      
1,323,118
  
First Horizon Corp.
    
4.000
%
  
5/26/2025
    
1,430
      
1,362,320
  
JPMorgan Chase & Co.
    
4.600
%
  
5/1/2169
    
1,453
      
1,394,655
  
                         
4,080,093
  
Health Care — 5.0%
                            
Viatris, Inc.
    
3.850
%
  
6/22/2040
    
1,980
      
1,372,542
  
                             
Industrials — 5.0%
                            
Concentrix Corp.
    
6.600
%
  
8/2/2028
    
1,396
      
1,394,531
  
                             
Information Technology — 14.9%
                            
Autodesk, Inc.
    
2.400
%
  
12/15/2031
    
1,697
      
1,392,010
  
Kyndryl Holdings, Inc.
    
2.700
%
  
10/15/2028
    
1,626
      
1,380,213
  
VeriSign, Inc.
    
4.750
%
  
7/15/2027
    
1,409
      
1,367,068
  
                         
4,139,291
  
Manufacturing — 10.1%
                            
Celanese US Holdings LLC
    
6.330
%
  
7/15/2029
    
1,373
      
1,398,345
  
Dell, Inc.
    
6.500
%
  
4/15/2038
    
1,329
      
1,378,234
  
                         
2,776,579
  
Materials — 10.1%
                            
Steel Dynamics, Inc.
    
5.000
%
  
12/15/2026
    
1,385
      
1,376,927
  
Yamana Gold, Inc.
    
2.630
%
  
8/15/2031
    
1,751
      
1,415,558
  
                         
2,792,485
  
Professional, Scientific, and Technical Services — 4.9%
                            
Leidos, Inc.
    
5.750
%
  
3/15/2033
    
1,357
      
1,351,470
  
                             
Utilities — 4.9%
                            
Florida Power & Light Co.
    
3.800
%
  
12/15/2042
    
1,696
      
1,361,100
  
     TOTAL CORPORATE BONDS (COST $25,732,467)
                        
26,171,819
  
MUNICIPAL BONDS — 0.2%
  
COUPON *
    
 
MATURITY DATE
  
PAR (000'S)
    
VALUE
  
US Municipal — 0.2%
                            
New Hampshire Business Finance Authority
    
3.250
%
  
4/1/2028
    
30
      
25,842
  
New Hampshire Business Finance Authority
    
3.961
%
  
10/1/2031
    
40
      
33,166
  
TOTAL US MUNICIPAL  (COST $56,323)
                        
59,008
  
                 
NUMBER OF
SHARES
    
VALUE
  
EXCHANGE TRADED FUNDS — 3.1%
                            
US Treasury 3 Month Bill ETF
                
16,920
      
847,184
  
TOTAL EXCHANGE TRADED FUNDS (COST $844,308)
                        
847,184
  
                             
                 
NUMBER OF
SHARES (000'S)
          
SHORT-TERM INVESTMENTS — 0.6%
                            
Money Market Deposit Accounts — 0.6%
                            
U.S. Bank Money Market Deposit Account, 5.20% (a)
                
168
      
167,598
  
TOTAL MONEY MARKET DEPOSIT ACCOUNTS (COST $167,598)
                        
167,598
  
TOTAL SHORT-TERM INVESTMENTS (COST $167,598)
                        
167,598
  
TOTAL INVESTMENTS (COST $26,800,696) — 98.6%
                        
27,245,609
  
 OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%
                        
375,620
  
TOTAL NET ASSETS — 100.0%
                      
$
27,621,229
  
   
Percentages are stated as a percent of net assets.
  

ETF Exchange Traded Fund

*
Short-term investments' coupon reflects the annualized yield on the date of purchase for discounted investments.
(a)
The rate shown is as of November 30, 2023.


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: 
 
F/M OPPORTUNISTIC ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
LEVEL 1
 
 
LEVEL 2
 
 
LEVEL 3
 
Fixed Income Securities
 
 
 
 
 
 
 
 
 
 
  
 
 
Corporate Bonds
 
$
26,171,819
    
$
–
 
 
$
26,171,819
 
 
$
–
 
Municipal Bonds
    
59,008
        –      
59,008
        –  
Total Fixed Income Securities
 
$
26,230,827
    
$
–
 
 
$
26,230,827
 
 
$
–
 
Investment Company
                                
Exchange Traded Funds
    
847,184
      
847,184
        –        –  
Total Investment Company
   $
847,184
     $
847,184
     $
 –     $
 –  
 
 
 
          
 
 
 
 
 
 
 
 
 
Short-Term Investments
 
 
          
 
 
 
 
 
 
 
 
 
Money Market Deposit Accounts
 
$
167,598
    
$
167,598
 
 
$
–
 
 
$
–
 
Total Short-Term Investments
 
$
167,598
    
$
167,598
 
 
$
–
 
 
$
–
 
 
* 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 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.