NPORT-EX 1 d776025dnportex.htm RBB FUND, INC. RBB FUND, INC.
                       
MATSON MONEY VI PORTFOLIOS
            
MATSON MONEY U.S. EQUITY VI PORTFOLIO
            
PORTFOLIO OF INVESTMENTS
            
MAY 31, 2019 (UNAUDITED)
            
                       
                     
   
Number
of Shares
    
Value
            
DOMESTIC EQUITY FUNDS — 99.2%
                    
U.S. Large Cap Value Portfolio III (a)
263,259
   $
         6,049,703
            
U.S. Large Company Portfolio (a)
153,037
    
3,258,166
            
U.S. Micro Cap Portfolio (b)
179,238
    
3,470,038
            
U.S. Small Cap Portfolio (b)
109,791
    
3,470,504
            
U.S. Small Cap Value Portfolio (b)
73,868
    
2,269,972
            
VA U.S. Large Value Portfolio (b)
38,534
    
919,035
            
VA U.S. Targeted Value Portfolio (b)
210,688
    
3,383,656
            
TOTAL DOMESTIC EQUITY FUNDS
      
 
            
(Cost $23,743,301)
      
         22,821,074
            
SHORT-TERM INVESTMENTS — 1.0%
                    
STIT-Government & Agency Portfolio, 2.31%*
235,261
    
235,261
            
TOTAL SHORT-TERM INVESTMENTS
      
 
            
(Cost $235,261)
      
              235,261
            
TOTAL INVESTMENTS — 100.2%
                    
(Cost $23,978,562)
      
23,056,335
            
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%
      
(36,127)
            
NET ASSETS — 100.0%
     $
       23,020,208
            
 
                      
* Seven-day yield as of May 31, 2019.
                      
(a) A portfolio of Dimensional Investment Group Inc.
                    
(b) A portfolio of DFA Investment Dimensions Group Inc.
                    
Portfolio holdings are subject to change at any time.
                    
                       
                       
 
The accompanying notes are an integral part of the portfolio of investments.
          
MATSON MONEY VI PORTFOLIOS
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)
                       
PORTFOLIO VALUATION — Investments in the underlying fund are valued at the Matson Money U.S. Equity VI Portfolio (“Portfolio”) 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 Portfolio’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 Portfolio’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 May 31, 2019, in valuing the Portfolio's investments carried at fair value:
        
                       
MATSON MONEY U.S. EQUITY VI PORTFOLIO
                    

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE*
Domestic Equity Funds
  
$
22,821,074
    
$
18,518,383
    
$
-
    
$
-
    
$
4,302,691
Short-Term Investments
    
235,261
      
235,261
      
-
      
-
      
-
Total Investments**
  
$
23,056,335
    
$
18,753,644
    
$
-
    
$
-
    
$
4,302,691

* 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 May 31, 2019, the Portfolio 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.


                     
MATSON MONEY VI PORTFOLIOS
            
MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO
            
PORTFOLIO OF INVESTMENTS
            
MAY 31, 2019 (UNAUDITED)
            
                       
                       
   
Number
of Shares
    
Value
            
INTERNATIONAL EQUITY FUNDS — 99.2%
                    
DFA International Small Cap Value Portfolio (a)
281,591
   $
          4,851,818
            
DFA International Value Portfolio III (b)
369,004
    
5,177,127
            
Emerging Markets Portfolio (a)
34,814
    
927,789
            
Emerging Markets Small Cap Portfolio (a)
44,843
    
877,130
            
Emerging Markets Value Portfolio, Class Institutional (a)
31,654
    
869,210
            
Large Cap International Portfolio (a)
32,009
    
685,629
            
VA International Small Portfolio (a)
261,525
    
2,926,465
            
VA International Value Portfolio (a)
74,633
    
846,335
            
TOTAL INTERNATIONAL EQUITY FUNDS
      
 
            
(Cost $18,509,694)
      
         17,161,503
            
SHORT-TERM INVESTMENTS — 1.0%
                    
STIT-Government & Agency Portfolio, 2.31%*
175,073
    
175,073
            
TOTAL SHORT-TERM INVESTMENTS
      
 
            
(Cost $175,073)
      
              175,073
            
TOTAL INVESTMENTS — 100.2%
                    
(Cost $18,684,767)
      
17,336,576
            
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%
      
(30,972)
            
NET ASSETS — 100.0%
     $
      17,305,604
            
 
                      
* Seven-day yield as of May 31, 2019.
                      
(a) A portfolio of DFA Investment Dimensions Group Inc.
                    
(b) A portfolio of Dimensional Investment Group Inc.
                    
Portfolio holdings are subject to change at any time.
                    
                       
 
The accompanying notes are an integral part of the portfolio of investments.
          
MATSON MONEY VI PORTFOLIOS
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)
                       
PORTFOLIO VALUATION — Investments in the underlying fund are valued at the Matson Money International Equity VI Portfolio (“Portfolio”) 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 Portfolio’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 Portfolio’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 May 31, 2019, in valuing the Portfolio's investments carried at fair value:
        

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO
                        
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE*
International Equity Funds
  
$
17,161,503
    
$
13,388,702
    
$
-
    
$
-
    
$
3,772,801
Short-Term Investments
    
175,073
      
175,073
      
-
      
-
      
-
Total Investments**
  
$
17,336,576
    
$
13,563,775
    
$
-
    
$
-
    
$
3,772,801

* 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 May 31, 2019, the Portfolio 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.

MATSON MONEY VI PORTFOLIOS
 
 
 
 
  
 
 
 
 
 
 MATSON MONEY FIXED INCOME VI PORTFOLIO                  
PORTFOLIO OF INVESTMENTS
 
 
 
 
  
 
 
 
 
MAY 31, 2019 (UNAUDITED)
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 

 
 
 
 
  
 
 
 
 
 
 
 
 
 
Number
of Shares
 
  
Value
 
 
 
 
 
 
FIXED INCOME FUNDS — 98.6%
 
 
  
 
 
 
 
 
 
 
DFA Five-Year Global Fixed Income Portfolio (a)
270,166
 
 $
         2,923,193
 
 
 
 
 
 
DFA Inflation-Protected Securities Portfolio (a)
123,082
 
  
1,474,519
 
 
 
 
 
 
DFA Intermediate Government Fixed Income Portfolio (a)
139,361
 
  
1,769,882
 
 
 
 
 
 
DFA One-Year Fixed Income Portfolio (a)
327,346
 
  
3,371,669
 
 
 
 
 
 
DFA Short-Term Government Portfolio (a)
110,353
 
  
1,168,641
 
 
 
 
 
 
DFA Two-Year Global Fixed Income Portfolio (a)
439,184
 
  
4,383,056
 
 
 
 
 
 
iShares Short-Term Corporate Bond ETF
133,739
 
  
            7,096,191
 
 
 
 
 
 
iShares Intermediate-Term Corporate Bond ETF
31,563
 
  
1,760,584
 
 
 
 
 
 
VA Global Bond Portfolio (a)
415,006
 
  
4,390,766
 
 
 
 
 
 
VA Short-Term Fixed Income Portfolio (a)
56,889
 
  
586,524
 
 
 
 
 
 
TOTAL FIXED INCOME FUNDS
 
 
  
 
 
 
 
 
 
 
(Cost $28,858,177)
 
 
 
  
         28,925,025
 
 
 
 
 
 
SHORT-TERM INVESTMENTS — 1.9%
 
 
  
 
 
 
 
 
 
 
STIT-Government & Agency Portfolio, 2.31%*
546,118
 
  
546,118
 
 
 
 
 
 
TOTAL SHORT-TERM INVESTMENTS
 
 
  
 
 
 
 
 
 
 
(Cost $546,118)
 
 
 
  
              546,118
 
 
 
 
 
 
TOTAL INVESTMENTS — 100.5%
 
 
  
 
 
 
 
 
 
 
(Cost $29,404,295)
 
 
 
  
29,471,143
 
 
 
 
 
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%
 
 
  
(137,352)
 
 
 
 
 
 
NET ASSETS — 100.0%
 
 
 
 $
       29,333,791
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
* Seven-day yield as of May 31, 2019.
 
  
 
 
 
 
 
 
 
(a) 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.
 
MATSON MONEY VI PORTFOLIOS
 
 
NOTES TO PORTFOLIO OF INVESTMENTS
 
 
MAY 31, 2019 (UNAUDITED)
 

PORTFOLIO VALUATION — Investments in the underlying fund are valued at the Matson Money Fixed Income VI Portfolio (“Portfolio”) 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 Portfolio’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 Portfolio’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 May 31, 2019, in valuing the Portfolio's investments carried at fair value:

MATSON MONEY FIXED INCOME VI PORTFOLIO
                    
 
  
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE*
  
International Equity Funds
  
$
28,925,025
    
$
23,947,735
    
$
-
    
$
-
    
$
4,977,290
  
Short-Term Investments
    
546,118
      
546,118
      
-
      
-
      
-
  
Total Investments**
  
$
29,471,143
    
$
24,493,853
    
$
-
    
$
-
    
$
4,977,290
  

* 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 May 31, 2019, the Portfolio 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.