# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0001145549-23-002871
**Filing Date:** 2023-1
**Character Count:** 13794
**Document Hash:** 8c4fafa387e056673681ce6b0f2d73cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-002871.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001145549-23-002871

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230831

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05518
- **FILM NUMBER:** 23556731

**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

### Free Market U.S. Equity Fund (Series ID: S000018555)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000051460 | Institutional Class | FMUEX           |

## Nport-Ex

---

| |
|:---|
| **FREE MARKET FUNDS** |
| **FREE MARKET U.S. EQUITY FUND** |
| **PORTFOLIO OF INVESTMENTS** |
| **NOVEMBER 30, 2022 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
|  | **NUMBER OF** <br> **SHARES** | **VALUE** |
| **DOMESTIC EQUITY FUNDS — 99.9%** | | |
| iShares Core S&P 500 ETF | 573586 | $234780222 |
| iShares MSCI USA Value Factor ETF | 2952200 | 288990858 |
| U.S. Large Cap Value Portfolio III (a) | 19432293 | 575584523 |
| U.S. Large Cap Value Series (a) | 2825615 | 196804116 |
| U.S. Large Company Portfolio (a) | 9702781 | 282253901 |
| U.S. Micro Cap Portfolio (c) | 20601683 | 521634623 |
| U.S. Small Cap Portfolio (c) | 12201607 | 523326945 |
| U.S. Small Cap Value Portfolio (c) | 20110278 | 888069870 |
| &nbsp;&nbsp;&nbsp; TOTAL DOMESTIC EQUITY FUNDS |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,174,628,446) |  | 3511445058 |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| STIT-Government & Agency Portfolio, 3.76%\* | 2019403 | 2019403 |
| &nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,019,403) |  | 2019403 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,176,647,849) |  | 3513464461 |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% |  | 256221 |
| NET ASSETS — 100.0% |  | $3513720682 |

---

---

| |
|:---|
| \* Seven-day yield as of November 30, 2022. |
| (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, 2022 (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 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, 2022, in valuing the Fund's investments carried at fair value: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FREE MARKET U.S. EQUITY FUND** | **FREE MARKET U.S. EQUITY FUND** | **FREE MARKET U.S. EQUITY FUND** | | | |
|  | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **INVESTMENTS MEASURED AT NET ASSET VALUE\*** |
| Domestic Equity Funds | $3511445058 | $3314640942 | $- | $- | $196804116 |
| Short-Term Investments | 2019403 | 2019403 | - |  | - |
| Total Investments\*\* | $3513464461 | $3316660345 | $- | $- | $196804116 |

---

---

| |
|:---|
| \* 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 November 30, 2022, 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. |

---

## 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:** 414-765-5366

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

- **a. Name of Series:** Free Market U.S. Equity Fund

- **b. EDGAR series identifier (if any):** S000018555

- **c. LEI of Series:** 549300SMSU7QHWMDCU03

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $3515251623.96

**Total Liabilities:** $2579031.36

**Net Assets:** $3512672592.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000051460 | -9.25%               | 12.40%               | 4.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-317039372.46                             |
| Month 2  | $-1155236.82             | $372669971.18                              |
| Month 3  | $3690748.35              | $165531638.47                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DFA US Micro Cap Portfolio     | DFA US Micro Cap Portfolio                   | CUSIP: 233203504<br>LEI: N/A                  | Long             | EC               | RF                | US        |  20601683 | NS      | $521634623.50 | 14.85%            |  |  |  | No            |                  1 | On Loan: No      |
| DFA US Small Cap Value Portfol | DFA US Small Cap Value Portfolio             | CUSIP: 233203819<br>LEI: N/A                  | Long             | EC               | RF                | US        |  20110278 | NS      | $888069870.46 | 25.28%            |  |  |  | No            |                  1 | On Loan: No      |
| DFA US Small Cap Portfolio     | DFA US Small Cap Portfolio                   | CUSIP: 233203843<br>LEI: N/A                  | Long             | EC               | RF                | US        |  12201607 | NS      | $523326944.60 | 14.90%            |  |  |  | No            |                  1 | On Loan: No      |
| Dimensional US Large Cap Value | Dimensional US Large Cap Value Portfolio III | CUSIP: 25434D807<br>LEI: 549300LCHLLY9TI7CF77 | Long             | EC               | RF                | US        |  19432293 | NS      | $575584523.50 | 16.39%            |  |  |  | No            |                  1 | On Loan: No      |
| DFA US Large Company Portfolio | DFA US Large Company Portfolio               | CUSIP: 25434D823<br>LEI: N/A                  | Long             | EC               | RF                | US        |   9702781 | NS      | $282253900.72 | 8.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 ETF       | iShares Core S&P 500 ETF                     | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |    573586 | NS      | $234780221.52 | 6.68%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Value Factor  | iShares MSCI USA Value Factor ETF            | CUSIP: 46432F388<br>LEI: 549300QCMVXVCAPD3O82 | Long             | EC               | RF                | US        |   2952200 | NS      | $288990858.00 | 8.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio        | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   2666876 | NS      | $2666876.22   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. LARGE CAP VALUE SERIES    | U.S. LARGE CAP VALUE SERIES                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2825615 | NS      | $196804116.43 | 5.60%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

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

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

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

**Title:** CFO COO Treasurer