Oakhurst Short Duration Bond Fund
Schedule of Investments
as of May 31, 2024 (Unaudited)
COLLATERALIZED MORTGAGE OBLIGATIONS - 40.1%	Par		Value
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, 4.72% (6 mo. Term SOFR + 1.93%), 10/25/2034		23,995		$	23,846
Citigroup Financial Products, Inc., Series 2005-6, Class A1, 7.56% (1 yr. CMT Rate + 2.10%), 09/25/2035		74,123			72,684
Credit Suisse Management LLC, Series 2004-6, Class 2A1, 4.75%, 06/25/2024		12,056			2
Federal Home Loan Mortgage Corp.
Series 2580, Class PY, 4.00%, 03/15/2033		9,179			8,670
Series 3597, Class LH, 4.50%, 07/15/2039		101,183			99,537
Series 3664, Class DA, 4.00%, 11/15/2037		254,154			248,230
Series 4312, Class GA, 2.50%, 12/15/2041		41,547			39,713
Series 4768, Class E, 3.50%, 09/15/2042		161,731			159,641
Series 4938, Class BL, 2.25%, 07/25/2049		391,509			329,324
Series 4960, Class PD, 2.00%, 10/25/2049		224,603			181,019
Federal National Mortgage Association
Series 2005-109, Class PC, 6.00%, 12/25/2035		29,990			29,864
Series 2005-80, Class BA, 5.00%, 04/25/2029		70,051			68,957
Series 2008-17, Class PA, 4.50%, 10/25/2037		77,277			75,499
Series 2008-49, Class PA, 5.00%, 04/25/2038		64,109			61,488
Series 2009-94, Class DA, 4.50%, 10/25/2039		144,974			141,693
Series 2010-112, Class CY, 4.00%, 10/25/2025		9,420			9,359
Series 2012-136, Class PD, 2.50%, 11/25/2042		188,484			178,948
Series 2012-41, Class BA, 2.50%, 04/25/2027		179,099			172,664
Series 2013-82, Class BP, 2.75%, 12/25/2042		291,964			267,392
Series 2014-80, Class KA, 2.00%, 03/25/2044		79,970			58,686
Series 2016-72, Class AP, 3.00%, 07/25/2044		78,563			73,318
Series 2018-14, Class PA, 3.50%, 04/25/2047		315,382			293,313
Government National Mortgage Association
Series 2011-26, Class PA, 4.00%, 07/20/2040		769			767
Series 2018-131, Class PG, 3.00%, 09/20/2048		82,839			72,864
Series 2019-152, Class HA, 3.50%, 08/20/2049		135,037			126,787
Series 2019-24, Class PE, 3.25%, 02/20/2049		182,316			163,898
Series 2019-65, Class EB, 3.00%, 05/20/2049		162,453			138,558
Series 2020-95, Class NB, 4.50%, 07/20/2050		59,934			55,065
GSR Mortgage Loan Trust
Series 2003-13, Class 1A1, 5.61%, 10/25/2033(a)		71,702			69,410
Series 2003-7F, Class 1A4, 5.25%, 06/25/2033		146,614			142,940
Series 2004-10F, Class 7A1, 5.50%, 09/25/2034		16,603			15,804
Series 2005-5F, Class 8A2, 5.50% (1 mo. Term SOFR + 0.61%), 06/25/2035		39,683			37,296
Series 2005-AR6, Class 1A1, 6.17%, 09/25/2035(a)		5,907			5,815
Impac CMB Trust, Series 2005-4, Class 2A1, 6.04% (1 mo. Term SOFR + 0.41%), 05/25/2035		165,416			151,978
JP Morgan Mortgage Trust, Series 2018-8, Class A3, 4.00%, 01/25/2049 (a)(b)		86,744			77,848
Mastr Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 6.42%, 04/21/2034(a)		84,643			79,777
Series 2004-6, Class 4A6, 5.95%, 07/25/2034(a)		108,500			107,721
MASTR Alternative Loans Trust, Series 2003-1, Class 2A1, 6.50%, 01/25/2033		213,696			210,603
MASTR Asset Securitization Trust, Series 2003-11, Class 7A5, 5.25%, 12/25/2033		177,636			169,169
Mastr Seasoned Securities Trust, Series 2005-1, Class 1A1, 5.81%, 09/25/2032 (a)		322,085			311,637
MortgageIT Trust
Series 2004-2, Class M1, 6.26% (1 mo. Term SOFR + 0.94%), 12/25/2034		383,682			359,568
Series 2005-5, Class A1, 5.96% (1 mo. Term SOFR + 0.63%), 12/25/2035		300,478			287,740
Nationstar Mortgage Loan Trust, Series 2013-A, Class A, 3.75%, 12/25/2052 (a)(b)		206,530			188,124
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A3, 5.78%, 09/25/2034 (a)		15,364			14,812
Structured Asset Mortgage Investments, Inc., Series 2004-AR6, Class A1A, 6.13% (1 mo. Term SOFR + 0.81%), 02/19/2035		315,168			282,810
Structured Asset Securities Corp., Series 2003-34A, Class 3A4, 5.88%, 11/25/2033 (a)		41,547			40,589
Thornburg Mortgage Securities Trust, Series 2003-4, Class A1, 6.08% (1 mo. Term SOFR + 0.75%), 09/25/2043		330,998			309,582
WaMu Mortgage Pass Through Certificates
Series 2002-AR2, Class A, 4.41% (Enterprise 11th District COFI Replacement Index + 1.25%), 02/27/2034		14,875			13,827
Series 2003-AR7, Class A7, 5.59%, 08/25/2033(a)		88,415			81,156
Series 2003-AR8, Class A, 5.52%, 08/25/2033(a)		61,163			57,315
Wells Fargo Mortgage Backed Securities Trust
Series 2004-K, Class 2A6, 5.74%, 07/25/2034(a)		207,446			207,980
Series 2004-K, Class 2A12, 5.74%, 07/25/2034(a)		8,608			8,630
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $6,958,654)					6,383,917
CORPORATE BONDS - 39.2%	Par		Value
Communications - 4.2%
AT&T, Inc., 6.55%, 01/15/2028 (c)		210,000			217,496
Discovery Communications LLC, 3.45%, 03/15/2025		250,000			245,667
TFCF America, Inc., 3.70%, 09/15/2024		200,000			198,024
					661,187
Consumer Discretionary - 4.2%
Macmillan Bloedel Pembroke LP, 7.70%, 02/15/2026		250,000			258,396
Southwest Airlines Co., 5.25%, 05/04/2025		199,000			198,212
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026		211,680			208,051
					664,659
Energy - 4.6%
El Paso Natural Gas Co. LLC, 7.50%, 11/15/2026		269,000			279,772
Phillips 66 Partners LP, 3.61%, 02/15/2025		293,000			288,539
Texas Gas Transmission LLC, 7.25%, 07/15/2027		160,000			165,796
					734,107
Financials - 15.5%
Ally Financial, Inc., 5.80%, 05/01/2025		285,000			284,851
American Tower Corp., 4.00%, 06/01/2025		290,000			285,324
Antares Holdings LP, 8.50%, 05/18/2025 (b)		275,000			277,977
Ares Capital Corp., 7.00%, 01/15/2027		175,000			178,716
Athene Global Funding, 5.52%, 03/25/2027 (b)		100,000			99,741
Aviation Capital Group LLC, 4.13%, 08/01/2025 (b)		295,000			288,687
Blue Owl Capital Corp., 3.75%, 07/22/2025		300,000			291,579
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025 (b)		290,000			288,610
Goldman Sachs BDC, Inc., 3.75%, 02/10/2025		290,000			285,650
Goldman Sachs Group, Inc., 3.85%, 01/26/2027		200,000			193,006
					2,474,141
Health Care - 1.7%
CVS Pass-Through Trust, 6.04%, 12/10/2028		272,804			271,787
Industrials - 2.8%
GE Capital Funding LLC, 4.05%, 05/15/2027		200,000			191,638
Ryder System, Inc., 4.63%, 06/01/2025		250,000			247,374
					439,012
Technology - 2.9%
Leidos, Inc., 3.63%, 05/15/2025		295,000			289,583
Ricoh USA, Inc., 6.75%, 12/01/2025		180,000			172,583
					462,166
Utilities - 3.3%
Elwood Energy LLC, 8.16%, 07/05/2026		210,456			187,306
NSG Holdings LLC / NSG Holdings, Inc., 7.75%, 12/15/2025 (b)		70,362			70,220
PacifiCorp, 6.71%, 01/15/2026		270,000			274,413
					531,939
TOTAL CORPORATE BONDS (Cost $6,355,006)					6,238,998
ASSET-BACKED SECURITIES - 12.0%	Par		Value
Accredited Mortgage Loan Trust, Series 2004-3, Class 2A2, 6.64% (1 mo. Term SOFR + 1.31%), 10/25/2034		52,108			50,944
ACE Securities Corp., Series 2003-NC1, Class A2A, 6.28% (1 mo. Term SOFR + 0.95%), 07/25/2033		234,621			207,959
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class A2, 3.49% (1 mo. Term SOFR + 0.89%), 10/25/2034		211,781			202,655
Carvana Auto Receivables Trust
Series 2021-N1, Class B, 1.09%, 01/10/2028		201,014			191,688
Series 2021-P2, Class A4, 0.80%, 01/10/2027		310,000			297,879
Countrywide Asset-Backed Certificates, Series 2004-6, Class 2A3, 6.64% (1 mo. Term SOFR + 1.31%), 11/25/2034		152,019			148,369
DB Master Finance Parent LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/2051 (b)		277,875			254,104
OneMain Holdings, Inc., Series 2006-1, Class A5, 5.75%, 12/25/2035 (a)(b)		1,001			1,051
SBA Depositor LLC, Series 2020-1-2, 1.88%, 01/15/2026 (b)		250,000			233,905
Soundview Home Equity Loan Trust, Series 2003-2, Class A2, 6.74% (1 mo. Term SOFR + 1.41%), 11/25/2033		153,993			154,914
World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/2027		175,000			165,795
TOTAL ASSET-BACKED SECURITIES (Cost $1,954,889)					1,909,263
U.S. TREASURY OBLIGATIONS - 3.6%	Par		Value
United States Treasury Note/Bond
4.88%, 04/30/2026		250,000			249,824
4.50%, 07/15/2026		325,000			322,639
TOTAL U.S. TREASURY OBLIGATIONS (Cost $573,318)					572,463
MORTGAGE-BACKED SECURITIES - 1.2%	Par		Value
Federal Home Loan Mortgage Corp., Pool J12630, 4.00%, 07/01/2025		44,324			43,893
Federal National Mortgage Association
Pool AL0300, 4.50%, 06/01/2026		37,392			37,214
Pool AL4309, 4.00%, 10/01/2028		102,161			100,048
TOTAL MORTGAGE-BACKED SECURITIES (Cost $185,803)					181,155
SHORT-TERM INVESTMENTS - 4.7%
Investments Purchased with Proceeds from Securities Lending - 0.8%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.52%(d)		128,520			128,520
Money Market Funds - 3.9%	Shares
Invesco Treasury Portfolio - Class Institutional, 5.24%(d)		621,298			621,298
TOTAL SHORT-TERM INVESTMENTS (Cost $749,818)					749,818
TOTAL INVESTMENTS - 100.8% (Cost $16,777,488)				$	16,035,614
Liabilities in Excess of Other Assets - (0.8)%					(127,183	)
TOTAL NET ASSETS - 100.0%				$	15,908,431
Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury Rate

SOFR - Secured Overnight Financing Rate

(a)	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of May 31, 2024.
(b)	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 $1,780,267 or 11.2% of the Fund’s net assets.
(c)	All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $125,944 which represented 0.8% of net assets.
(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:
Collateralized Mortgage Obligations		–		6,383,917		–		6,383,917
Corporate Bonds		–		6,238,998		–		6,238,998
Asset-Backed Securities		–		1,909,263		–		1,909,263
U.S. Treasury Obligations		–		572,463		–		572,463
Mortgage-Backed Securities		–		181,155		–		181,155
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		128,520
Money Market Funds		621,298		–		–		621,298
Total Investments		621,298		15,285,796		–		16,035,614
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.