SGI GLOBAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2022 (UNAUDITED)

   
NUMBER
       
   
OF SHARES
   
VALUE
 
COMMON STOCKS - 98.0%
           
Agriculture — 0.8%
           
Darling Ingredients, Inc.*
   
12,400
   
$
992,868
 
Auto Manufacturers — 2.4%
               
Honda Motor Co., Ltd., (Japan) SP ADR
   
77,700
     
1,934,730
 
Iveco Group NV, (Netherlands)*
   
20,240
     
131,560
 
Toyota Motor Corp., (Japan) SP ADR
   
5,100
     
848,487
 
               
2,914,777
 
Auto Parts & Equipment — 0.2%
               
Gentex Corp.
   
8,500
     
264,180
 
Banks — 13.2%
               
Bank of America Corp.
   
29,400
     
1,093,680
 
Bank of Montreal, (Canada)
   
11,100
     
1,208,679
 
Bank of Nova Scotia, (The), (Canada)
   
9,400
     
636,474
 
Canadian Imperial Bank of Commerce, (Canada)
   
7,400
     
407,148
 
Credicorp Ltd.
   
21,900
     
3,074,322
 
HDFC Bank, Ltd., (India) ADR
   
4,700
     
270,579
 
HSBC Holdings PLC, (United Kingdom) SP ADR
   
7,600
     
254,296
 
Royal Bank of Canada, (Canada)
   
42,800
     
4,471,744
 
Toronto-Dominion Bank, (The), (Canada)
   
62,700
     
4,782,129
 
               
16,199,051
 
Beverages — 0.8%
               
PepsiCo, Inc.
   
5,900
     
989,725
 
Biotechnology — 6.2%
               
Incyte Corp.*
   
56,200
     
4,265,018
 
Vertex Pharmaceuticals, Inc.*
   
12,200
     
3,277,530
 
               
7,542,548
 
Building Materials — 1.9%
               
Johnson Controls International PLC, (Ireland)
   
30,400
     
1,657,104
 
Louisiana-Pacific Corp.
   
9,100
     
628,446
 
               
2,285,550
 
Chemicals — 2.1%
               
Air Products & Chemicals, Inc.
   
5,100
     
1,255,416
 
Linde PLC, (Ireland)
   
4,100
     
1,331,188
 
               
2,586,604
 
Computers — 3.8%
               
Apple, Inc.
   
18,300
     
2,723,772
 
Check Point Software Technologies Ltd., (Israel)*
   
15,800
     
1,976,264
 
               
4,700,036
 
Diversified Financial Services — 5.8%
               
American Express Co.
   
5,200
     
877,864
 
Houlihan Lokey, Inc.
   
37,700
     
3,239,938
 
ORIX Corp., (Japan) SP ADR
   
18,100
     
1,723,844
 
SLM Corp.
   
38,800
     
760,092
 
T Rowe Price Group, Inc.
   
3,500
     
444,815
 
               
7,046,553
 
Electric — 4.6%
               
Algonquin Power & Utilities Corp., (Canada)
   
73,100
     
1,064,336
 
Duke Energy Corp.
   
23,400
     
2,632,968
 
Fortis, Inc., (Canada)
   
25,000
     
1,259,000
 
WEC Energy Group, Inc.
   
2,500
     
262,675
 
Xcel Energy, Inc.
   
5,000
     
376,700
 
               
5,595,679
 
Electrical Components & Equipment — 1.3%
               
ABB Ltd., (Switzerland) SP ADR
   
52,900
     
1,638,313
 
Food — 2.2%
               
General Mills, Inc.
   
8,900
     
621,665
 
Kellogg Co.
   
20,400
     
1,422,696
 
Mondelez International, Inc., Class A
   
9,900
     
629,244
 
               
2,673,605
 
Healthcare-Products — 1.0%
               
Medtronic PLC, (Ireland)
   
12,700
     
1,271,905
 
Home Furnishings — 2.0%
               
Dolby Laboratories, Inc., Class A
   
30,700
     
2,382,934
 
Insurance — 0.5%
               
Chubb Ltd., (Switzerland)
   
3,020
     
638,096
 
Internet — 6.0%
               
Alphabet, Inc., Class C*
   
1,700
     
3,877,326
 
Amazon.com, Inc.*
   
1,100
     
2,644,609
 
Facebook, Inc., Class A*
   
4,500
     
871,380
 
               
7,393,315
 
Machinery-Diversified — 1.3%
               
Graco, Inc.
   
25,100
     
1,588,830
 
Media — 2.0%
               
Liberty Broadband Corp., Class C*
   
6,600
     
826,122
 
Thomson Reuters Corp., (Canada)
   
16,700
     
1,653,968
 
               
2,480,090
 
Office/Business Equipment — 0.5%
               
Canon, Inc., (Japan) SP ADR
   
25,286
     
642,012
 
Oil & Gas — 1.0%
               
Chevron Corp.
   
6,800
     
1,187,688
 
Pharmaceuticals — 9.3%
               
CVS Health Corp.
   
5,900
     
570,825
 
Dr Reddy's Laboratories Ltd., (India) ADR
   
4,700
     
260,145
 
GlaxoSmithKline PLC, (United Kingdom) SP ADR
   
29,300
     
1,286,270
 
Merck & Co., Inc.
   
13,100
     
1,205,593
 
Novartis AG, (Switzerland) SP ADR
   
15,000
     
1,364,100
 
Novo Nordisk, (Denmark) SP ADR
   
23,300
     
2,572,320
 
Pfizer, Inc.
   
27,200
     
1,442,688
 
Sanofi, (France) ADR
   
50,770
     
2,703,502
 
               
11,405,443
 
Private Equity — 0.6%
               
Blackstone, Inc.
   
6,500
     
765,635
 
REITS — 1.9%
               
American Homes 4 Rent, Class A
   
40,100
     
1,482,096
 
Digital Realty Trust, Inc.
   
1,800
     
251,262
 
Prologis, Inc.
   
4,700
     
599,156
 
               
2,332,514
 
Retail — 5.9%
               
Costco Wholesale Corp.
   
6,100
     
2,843,942
 
Dollar General Corp.
   
6,900
     
1,520,346
 
Wal-Mart Stores, Inc.
   
22,960
     
2,953,345
 
               
7,317,633
 
Semiconductors — 3.7%
               
Monolithic Power Systems, Inc.
   
2,400
     
1,080,936
 
Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan) SP ADR
   
35,400
     
3,373,620
 
               
4,454,556
 
Software — 6.2%
               
Adobe Systems, Inc.*
   
5,400
     
2,248,992
 
Microsoft Corp.
   
15,900
     
4,322,733
 
Salesforce.com, Inc.*
   
4,500
     
721,080
 
ServiceNow, Inc.*
   
700
     
327,229
 
               
7,620,034
 
Telecommunications — 10.5%
               
Chunghwa Telecom Co., Ltd., (Taiwan) SP ADR
   
43,100
     
1,853,300
 
Nice Ltd., (Isreal) SP ADR*
   
9,800
     
1,947,456
 
T-Mobile US, Inc.*
   
34,300
     
4,571,847
 
Verizon Communications, Inc.
   
23,500
     
1,205,315
 
Vodafone Group PLC, (United Kingdom) SP ADR
   
196,200
     
3,264,767
 
               
12,842,685
 
Transportation — 0.3%
               
FLEX LNG Ltd.
   
15,715
     
421,476
 
TOTAL COMMON STOCKS
               
(Cost $115,469,426)
           
120,174,335
 
SHORT-TERM INVESTMENTS - 1.4%
               
U.S. Bank Money Market Deposit Account, 0.50% (a)
   
1,763,933
     
1,763,933
 
TOTAL SHORT-TERM INVESTMENTS
               
(Cost $1,763,932)
           
1,763,933
 
TOTAL INVESTMENTS - 99.4%
               
(Cost $117,233,359)
           
121,938,268
 
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%
           
736,455
 
NET ASSETS - 100.0%
         
$
122,674,723
 

*
Non-income producing security
               
(a)
The rate shown is as of May 31, 2022.
               
ADR
American Depositary Receipt
               
PLC
Public Limited Company
               
REIT
Real Estate Investment Trust
               
SP ADR
Sponsored ADR
               
                   
The accompanying notes are an integral part of the portfolio of investments.
 

                   
SUMMIT GLOBAL INVESTMENTS, LLC
 
PORTFOLIO OF INVESTMENTS
 
MAY 31, 2022 (UNAUDITED)
 

PORTFOLIO VALUATION – Investments in the underlying fund are valued at the SGI Global 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. 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 value 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. Investments in Exchange-Traded Funds ("ETFs") are valued at their last reported sale price. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.’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.

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 Funds' 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 May 31, 2022, in valuing each Fund's investments carried at fair value:
                   
                         
    
TOTAL
   
LEVEL 1
   
LEVEL 2
   
LEVEL 3
 
SGI Global Equity Fund
                       
Common Stocks
 
$
120,174,335
   
$
120,174,335
   
$
-
   
$
-
 
Short-Term Investments
   
1,763,933
     
1,763,933
     
-
     
-
 
Total Investments*
 
$
121,938,268
   
$
121,938,268
   
$
-
   
$
-
 
                                 
* Please refer to 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 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 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 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.

During the current fiscal period, 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.