0001145549-22-073246.txt : 20221129 0001145549-22-073246.hdr.sgml : 20221129 20221129111415 ACCESSION NUMBER: 0001145549-22-073246 CONFORMED SUBMISSION TYPE: NPORT-P/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211130 FILED AS OF DATE: 20221129 DATE AS OF CHANGE: 20221129 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: 221429617 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 S000018555 Free Market U.S. Equity Fund C000051460 Institutional Class FMUEX NPORT-P/A 1 primary_doc.xml NPORT-P/A false 0001145549-22-002987 0000831114 XXXXXXXX S000018555 C000051460 RBB Fund, Inc. 811-05518 0000831114 5493005KKD0GVHSW0D29 615 East Michigan Street Milwaukee 53202 414-765-5366 Free Market U.S. Equity Fund S000018555 549300SMSU7QHWMDCU03 2022-08-31 2021-11-30 N 3617452355.910000000000 1855351.950000000000 3615597003.960000000000 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 421864.090000000000 N DFA US Micro Cap Portfolio N/A DFA US Micro Cap Portfolio 233203504 18741312.098643000000 NS USD 543685463.980000000000 15.0372252047 Long EC RF US N 1 N N N DFA US Small Cap Value Portfol N/A DFA US Small Cap Value Portfolio 233203819 19726380.955771000000 NS USD 892816002.060000000000 24.6934600588 Long EC RF US N 1 N N N DFA US Small Cap Portfolio N/A DFA US Small Cap Portfolio 233203843 11427601.708928000000 NS USD 543496737.280000000000 15.0320054111 Long EC RF US N 1 N N N Dimensional US Large Cap Value 549300LCHLLY9TI7CF77 Dimensional US Large Cap Value Portfolio III 25434D807 21937266.545322000000 NS USD 660969841.010000000000 18.2810706029 Long EC RF US N 1 N N N DFA US Large Company Portfolio N/A DFA US Large Company Portfolio 25434D823 10181342.782291000000 NS USD 349321870.860000000000 9.6615267265 Long EC RF US N 1 N N N iShares Core S&P 500 ETF 5493007M4YMN8XL48C14 iShares Core SandP 500 ETF 464287200 443581.000000000000 NS USD 202995973.030000000000 5.6144524074 Long EC RF US N 1 N N N iShares MSCI USA Value Factor 549300QCMVXVCAPD3O82 iShares MSCI USA Value Factor ETF 46432F388 2252599.000000000000 NS USD 230260669.780000000000 6.3685380181 Long EC RF US N 1 N N N Invesco Government & Agency Po 5493007T1J7WZ5QI1A47 STIT-Government and Agency Portfolio 825252885 2701742.280000000000 NS USD 2701742.280000000000 0.0747246520 Long STIV RF US N 1 N N N U.S. LARGE CAP VALUE SERIES N/A U.S. LARGE CAP VALUE SERIES 000000000 2825615.454832000000 NS USD 187507841.580000000000 5.1860824471 Long EC CORP US N 3 N N N 2022-11-29 RBB Fund, Inc. /s/ James G. Shaw RBB Fund, Inc. Treasurer XXXX NPORT-EX 2 fm-us_equity.htm NPORT-EX

FREE MARKET FUNDS
  
FREE MARKET U.S. EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2021 (UNAUDITED)
  
             
   
NUMBER OF
SHARES
    
VALUE
  
DOMESTIC EQUITY FUNDS — 99.9%
            
iShares Core S&P 500 ETF
    
440,325
    
$
201,505,930
  
iShares MSCI USA Value Factor ETF
    
2,252,599
      
230,260,670
  
U.S. Large Cap Value Portfolio III (a)
    
21,937,267
      
660,969,841
  
U.S. Large Cap Value Series (b)
    
2,825,615
      
187,507,842
  
U.S. Large Company Portfolio (a)
    
10,181,343
      
349,321,871
  
U.S. Micro Cap Portfolio (c)
    
18,741,312
      
543,685,464
  
U.S. Small Cap Portfolio (c)
    
11,427,602
      
543,496,737
  
U.S. Small Cap Value Portfolio (c)
    
19,726,381
      
892,816,002
  
TOTAL DOMESTIC EQUITY FUNDS
                
(Cost $1,990,374,488)
            
3,609,564,357
  
                 
SHORT-TERM INVESTMENTS — 0.1%
                
STIT-Government & Agency Portfolio, 0.03%*
    
3,123,606
      
3,123,606
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $3,123,606)
            
3,123,606
  
TOTAL INVESTMENTS — 100.0%
                
(Cost $1,993,498,094)
            
3,612,687,963
  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%
            
1,963,104
  
NET ASSETS — 100.0%
          
$
3,614,651,067
  

         
* Seven-day yield as of November 30, 2021.
        
(a) A portfolio of Dimensional Investment Group Inc.
      
(b) A portfolio of DFA Investment Trust Company.
      
(c) A portfolio of DFA Investment Dimensions Group Inc.
      
ETF Exchange-Traded Fund
      
Portfolio holdings are subject to change at any time.
      
         
The accompanying notes are an integral part of the portfolio of investments.

 
FREE MARKET FUNDS
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2021 (UNAUDITED)

PORTFOLIO VALUATION — Investments in the underlying fund are valued at the Free Market U.S. Equity Fund (“Fund”) 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. As required, some securities and assets may be valued at fair value as determined in good faith by the RBB Fund, Inc.’s Board of Directors. Direct investments in 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. Relying on prices supplied by pricing services 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 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 inputs used, as of November 30, 2021, in valuing the Fund's investments carried at fair value:
            

FREE MARKET U.S. EQUITY FUND
                              
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS
MEASURED AT NET
ASSET VALUE*
  
Domestic Equity Funds
    
3,609,564,357
    
$
3,422,056,515
    
$
-
    
$
-
    
$
187,507,842
  
Short-Term Investments
    
3,123,606
      
3,123,606
      
-
      
-
      
-
  
Total Investments**
  
$
3,612,687,963
    
$
3,425,180,121
    
$
-
    
$
-
    
$
187,507,842
  
                                         
* 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 Portfolio of Investments.

** Please refer to the 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 Funds 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 a 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 all Level 3 transfers are disclosed if a 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 ending Novmeber 30, 2021, the Fund had no 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.