# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0000894189-26-002354
**Filing Date:** 2026-1
**Character Count:** 13235
**Document Hash:** 9c2cf1d631a13f57078d8f85464fae19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-002354.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000894189-26-002354

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB FUND, INC.
- **CENTRAL INDEX KEY:** 0000831114

**ORGANIZATION NAME:**
- **EIN:** 510312196
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05518
- **FILM NUMBER:** 26570097

**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

## Series and Classes Contracts Data

### Optima Strategic Credit Fund (Series ID: S000074885)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000233245 | Founders Class | OPTCX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Optima Strategic Credit Fund** | **Optima Strategic Credit Fund** | **Optima Strategic Credit Fund** | **Optima Strategic Credit Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 4.2%** | **Shares** | | **Value**  |
| iShares iBoxx $ High Yield Corporate Bond ETF | 20000 |  | $1619800 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,588,646) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,588,646) |  | 1619800 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 77.8%** | **Shares** |  | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.91% <sup>(a)(b)</sup> | 29659193 |  | 29659193 |
| **TOTAL MONEY MARKET FUNDS** (Cost $29,659,193) | **TOTAL MONEY MARKET FUNDS** (Cost $29,659,193) |  | 29659193 |
| **TOTAL INVESTMENTS - 82.0% (**Cost $31,247,839**)** | **TOTAL INVESTMENTS - 82.0% (**Cost $31,247,839**)** |  | <u>31278993</u> |
| Other Assets in Excess of Liabilities - 18.0% | Other Assets in Excess of Liabilities - 18.0% | 0.17965 | 6849714 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $38128707 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) The rate shown represents the 7-day annualized yield as of November 30, 2025.

(b) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

---

| |
|:---|
| **Optima Strategic Credit Fund** |
| **Schedule of Credit Default Swap Contracts** |
| **November 30, 2025 (Unaudited)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation \*** | **Financing Rate**<br> **Received (Paid)** | **Payment** <br> **Frequency** | **Rating of** <br> **Reference Entity** | **Maturity Date** | **Notional** <br> **Amount (b)** | **Value (c)** | **Premiums Paid**<br> (Received) | **Net Unrealized**<br> **Appreciation**<br> (Depreciation) |
| **Sell Protection (a):** | **Sell Protection (a):** | **Sell Protection (a):** | **Sell Protection (a):** | **Sell Protection (a):** | **Sell Protection (a):** | **Sell Protection (a):** | **Sell Protection (a):** |  |
| MARKIT CDX North American <br> High Yield (Series #45) | 5.00% | Quarterly | B/BB<sup>(d)</sup> | 12/20/2030 | $35000000 | $2911921 | $2575260 | $336661 |
|  | 0.000% |  |  |  |  | $2911921 | $2575260 | $336661 |

---

---

| |
|:---|
| \* Centrally cleared swap. |
| The Fund has recorded an asset of $40,771 as of November 30, 2025 related to the current day's variation margin related to these contracts. |
| (a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index. |
| (b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (c) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.<br>|
| (d) Rating provided by Markit |

---

------

#### <br>

#### Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
Optima Strategic Credit Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $1619800 | $– | $– | $1619800 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 29659193 | – | – | 29659193 |
| Total Investments | $31278993 | $– | $– | $31278993 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Default Swaps\* | $– | $336661 | $– | $336661 |
| Total Other Financial Instruments | $– | $336661 | $– | $336661 |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RBB Fund, Inc.

- **b. Investment Company Act file number:** 811-05518

- **c. CIK number of Registrant:** 0000831114

- **d. LEI of Registrant:** 5493005KKD0GVHSW0D29

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 262-378-6278

**Item A.2. Information about the Series.**

- **a. Name of Series:** Optima Strategic Credit Fund

- **b. EDGAR series identifier (if any):** S000074885

- **c. LEI of Series:** 549300M3EB05DQMEQW41

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $38208544.04

**Total Liabilities:** $79837.14

**Net Assets:** $38128706.90

**Cash Not Reported:** $3597599.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233245 | 1.26%                | 0.20%                | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $174862.35               | $-176939.53                                |
| Month 2  | $-9759.55                | $-7800.00                                  |
| Month 3  | $-8029.92                | $3800.00                                   |

**Designated Index Information**

- **Index Name:** Markit CDX.NA.HY 5Y Long Total Return Index

- **Index Identifier:** CDXTHL15

### Schedule of Portfolio Investments

| Name                                   | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Treasury Obliga         | First American Treasury Obligations Fund      | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  29659193 | NS      | $29659193.06  | 77.79%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBoxx $ High Yield Cor         | iShares iBoxx $ High Yield Corporate Bond ETF | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |     20000 | NS      | $1619800.00   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | MARKIT CDX.NA.HY.45 12/30 (SELL PROTECTION)   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |         1 | NC      | $2950809.83   | 7.74%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account        | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    250000 | NS      | $250000.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-26

**Name of Applicant:** RBB Fund, Inc.

**Signature:** /s/ James G. Shaw

**Name of Signer:** RBB Fund, Inc.

**Title:** CFO COO Secretary