MFAM GLOBAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2021 (UNAUDITED)
	NUMBER OF
	SHARES		VALUE
Common Stocks — 97.4%
Aerospace & Defense — 4.0%
Axon Enterprise, Inc. (United States)*		150,000	$	25,318,500
Banks — 3.1%
Bank of Georgia Group PLC (Georgia)		293,132		6,011,485
HDFC Bank., Ltd., ADR (India)		210,700		13,794,529
				19,806,014
Biotechnology — 0.5%
Ultragenyx Pharmaceutical, Inc. (United States)*(a)		45,000		3,385,350
Capital Markets — 3.9%
Brookfield Asset Management, Inc., Class A (Canada)		400,000		22,468,000
Georgia Capital PLC (Georgia)*		310,817		2,637,300
				25,105,300
Commercial Services & Supplies — 3.2%
Waste Connections, Inc. (Canada)		155,000		20,624,300
Consumer Finance — 1.0%
Gentera SAB de CV (Mexico)*		11,939,872		6,091,743
Diversified Telecommunication Services — 1.9%
Cellnex Telecom SA (Spain)*		205,000		12,090,016
Entertainment — 4.3%
Sea Ltd. ADR (Cayman Islands)*		20,000		5,761,400
Universal Music Group NV (Netherlands)		525,000		15,069,577
Vivendi SA (France)		525,000		6,685,798
				27,516,775
Equity Real Estate Investment Trusts (REITs) — 6.3%
American Tower Corp. (United States)		45,000		11,811,600
Equinix, Inc. (United States)		20,000		16,244,000
SBA Communications Corp. (United States)		35,500		12,204,900
				40,260,500
Food & Staples Retailing — 2.0%
Costco Wholesale Corp. (United States)		23,000		12,405,740
Health Care Equipment & Supplies — 4.7%
Medtronic PLC (Ireland)		205,272		21,902,522
ResMed, Inc. (United States)		32,000		8,155,200
				30,057,722
Health Care Providers & Services — 0.0%
NMC Health PLC (United Arab Emirates)(b)*		485,482		32,283
Hotels, Restaurants & Leisure — 3.9%
Starbucks Corp. (United States)		155,000		16,994,200
Yum China Holdings, Inc. (China)		160,751		8,053,625
				25,047,825
Interactive Media & Services — 6.1%
Alphabet, Inc., Class C (United States)*		9,024		25,709,737
Tencent Holding Ltd. (China)		225,600		13,156,784
				38,866,521
Internet & Direct Marketing Retail — 9.0%
Amazon.com, Inc. (United States)*		11,400		39,980,598
MercadoLibre, Inc. (Argentina)*		14,387		17,097,655
				57,078,253
IT Services — 6.8%
Mastercard, Inc., Class A (United States)		86,000		27,083,120
PayPal Holdings, Inc. (United States)*		87,900		16,251,831
				43,334,951
Life Sciences Tools & Services — 3.4%
ICON PLC (Ireland)*		80,000		21,637,600
Machinery — 0.5%
Fanuc Corp. (Japan)		16,000		3,136,678
Media — 3.1%
Cardlytics, Inc. (United States)*(a)		75,000		5,068,500
Comcast Corp., Class A (United States)		235,000		11,745,300
System1 Group PLC (United Kingdom)*		645,000		2,813,635
				19,627,435
Real Estate Management & Development — 2.1%
Jones Lang LaSalle, Inc. (United States)*		56,000		13,154,960
Semiconductors & Semiconductor Equipment — 3.4%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan)		183,900		21,543,885
Software — 13.2%
Atlassian Corp., PLC, Class A (Australia)*		94,000		35,374,080
Avalara, Inc. (United States)*		40,000		5,587,200
Douzone Bizon Co., Ltd. (South Korea)		124,798		7,918,623
Everbridge, Inc. (United States)*(a)		113,500		12,873,170
Paycom Software, Inc. (United States)*		37,000		16,186,760
Splunk, Inc. (United States)*		52,000		6,292,000
				84,231,833
Trading Companies & Distributors — 6.4%
Fastenal Co. (United States)		248,000		14,674,160
Watsco, Inc. (United States)		90,000		26,343,900
				41,018,060
Transportation Infrastructure — 2.7%
International Container Terminal Services, Inc. (Philippines)		4,395,000		17,262,489
Wireless Telecommunication Services — 1.9%
Safaricom Ltd., PLC (Kenya)		4,000,000		1,342,929
SoftBank Group Corp. (Japan)		200,000		10,510,414
				11,853,343
Total Common Stocks (Cost $304,695,466)				620,488,076
Investments Purchased with Proceeds from Securities Lending Collateral — 2.9%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10%		18,646,262		18,646,262
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $18,646,262)				18,646,262
Short-Term Investments — 2.6%
U.S. Bank Money Market Deposit Account, 0.01% (United States)(c)		16,262,869		16,262,869
Total Short-Term Investments (Cost $16,262,869)				16,262,869
Total Investments (Cost $339,604,597) — 102.9%				655,397,207
Liabilities in Excess of Other Assets — (2.9)%				(18,188,955	)
NET ASSETS — 100.0%			$	637,208,252
(Applicable to 18,712,749 shares outstanding)

*	Non-income producing security.
ADR	American Depositary Receipt
PLC	Public Limited Company
SP ADR	Sponsored ADR
(a)	All or a portion of the security is on loan. At November 30, 2021, the market value of securities on loan was $17,893,092.
(b)	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of November 30, 2021, these securities amounted to $32,283 or 0.0% of net assets.
(c)	The rate shown is as of November 30, 2021.

NOTES TO THE SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2021

(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 sale 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. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’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. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

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 November 30, 2021, in valuing the Fund's investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
GLOBAL OPPORTUNITIES FUND
Common Stocks	$	620,488,076	$	565,614,551	$	54,841,242	$	32,283	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		18,646,262		-		-		-		18,646,262
Short-Term Investments		16,262,869		16,262,869		-		-		-
Total Investments*	$	655,397,207	$	581,877,420	$	54,841,242	$	32,283	$	18,646,262

* Please refer to Schedule of Investments for further details.

^ 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 presented 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 if 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 in and out of each level is disclosed when the Fund had an amount of total Level 3 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, 2021, the Fund had no significant Level 3 transfers.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.