SGI U.S. LARGE CAP EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2021 (UNAUDITED)

   
NUMBER
        
   
OF SHARES
    
VALUE
  
COMMON STOCKS - 98.9%
            
Aerospace/Defense — 0.5%
            
Teledyne Technologies, Inc.*
    
6,000
    
$
2,491,740
  
Apparel — 0.3%
                
NIKE, Inc., Class B
    
8,200
      
1,387,768
  
Auto Manufacturers — 0.4%
                
Ford Motor Co.
    
114,100
      
2,189,579
  
Banks — 1.4%
                
Bank of America Corp.
    
36,700
      
1,632,049
  
Goldman Sachs Group Inc., (The)
    
2,500
      
952,475
  
JPMorgan Chase & Co.
    
30,100
      
4,780,783
  
             
7,365,307
  
Beverages — 0.9%
                
Monster Beverage Corp.*
    
58,100
      
4,867,618
  
Biotechnology — 1.0%
                
Vertex Pharmaceuticals, Inc.*
    
29,100
      
5,439,954
  
Chemicals — 1.9%
                
Air Products & Chemicals, Inc.
    
9,000
      
2,586,960
  
Celanese Corp.
    
17,100
      
2,588,256
  
Dow, Inc.
    
86,100
      
4,729,473
  
             
9,904,689
  
Commercial Services — 4.4%
                
Cintas Corp.
    
27,200
      
11,483,568
  
MarketAxess Holdings, Inc.
    
10,100
      
3,562,169
  
S&P Global, Inc.
    
19,000
      
8,658,870
  
             
23,704,607
  
Computers — 4.5%
                
Accenture PLC, Class A, (Ireland)
    
7,200
      
2,573,280
  
Apple, Inc.
    
104,000
      
17,191,200
  
Fortinet, Inc.*
    
12,300
      
4,084,953
  
             
23,849,433
  
Distribution & Wholesale — 4.1%
                
Copart, Inc.*
    
36,600
      
5,312,856
  
Fastenal Co.
    
141,300
      
8,360,721
  
LKQ Corp.
    
72,000
      
4,024,800
  
WW Grainger, Inc.
    
8,500
      
4,091,985
  
             
21,790,362
  
Diversified Financial Services — 2.6%
                
Cboe Global Markets, Inc.
    
40,900
      
5,273,646
  
Mastercard, Inc., Class A
    
7,900
      
2,487,868
  
Synchrony Financial
    
22,600
      
1,012,254
  
T Rowe Price Group, Inc.
    
24,500
      
4,898,775
  
             
13,672,543
  
Electric — 1.1%
                
AES Corp.
    
71,100
      
1,662,318
  
Dominion Resources, Inc.
    
14,500
      
1,032,400
  
DTE Energy Co.
    
22,300
      
2,415,982
  
Evergy, Inc.
    
15,700
      
993,810
  
             
6,104,510
  
Electrical Components & Equipment — 0.2%
                
AMETEK, Inc.
    
8,000
      
1,092,000
  
Electronics — 0.5%
                
Keysight Technologies, Inc.*
    
12,500
      
2,431,000
  
Environmental Control — 0.9%
                
Republic Services, Inc.
    
15,500
      
2,050,030
  
Waste Management, Inc.
    
17,000
      
2,731,390
  
             
4,781,420
  
Food — 1.4%
                
Hershey Co., (The)
    
14,500
      
2,573,605
  
Hormel Foods Corp.
    
36,800
      
1,523,520
  
Kroger Co., (The)
    
47,600
      
1,976,828
  
McCormick & Co., Inc.
    
15,300
      
1,313,046
  
             
7,386,999
  
Healthcare-Products — 3.2%
                
Align Technology, Inc.*
    
1,600
      
978,448
  
Hologic, Inc.*
    
13,500
      
1,008,855
  
IDEXX Laboratories, Inc.*
    
24,500
      
14,897,715
  
             
16,885,018
  
Healthcare-Services — 2.0%
                
Humana, Inc.
    
26,000
      
10,912,460
  
Home Builders — 1.8%
                
NVR, Inc.*
    
1,800
      
9,405,612
  
Household Products & Wares — 0.2%
                
Clorox Co., (The)
    
6,500
      
1,058,525
  
Insurance — 4.4%
                
Allstate Corp., (The)
    
64,400
      
7,001,568
  
Chubb Ltd., (Switzerland)
    
5,900
      
1,058,873
  
Fidelity National Financial, Inc.
    
22,200
      
1,085,802
  
Progressive Corp., (The)
    
126,000
      
11,710,440
  
Travelers Cos., Inc., (The)
    
6,800
      
999,260
  
Willis Towers Watson PLC
    
7,200
      
1,626,048
  
             
23,481,991
  
Internet — 6.5%
                
Alphabet, Inc., Class A*
    
400
      
1,135,180
  
Amazon.com, Inc.*
    
5,900
      
20,691,713
  
Etsy, Inc.*
    
21,200
      
5,821,096
  
Expedia Group, Inc.*
    
6,800
      
1,095,412
  
Netflix, Inc.*
    
9,100
      
5,841,290
  
             
34,584,691
  
Media — 0.3%
                
Charter Communications, Inc., Class A*
    
2,900
      
1,874,212
  
Office/Business Equipment — 0.4%
                
Zebra Technologies Corp., Class A*
    
3,800
      
2,237,364
  
Oil & Gas — 3.2%
                
Chevron Corp.
    
59,700
      
6,738,339
  
EOG Resources, Inc.
    
16,000
      
1,392,000
  
Exxon Mobil Corp.
    
102,600
      
6,139,584
  
Marathon Petroleum Corp.
    
16,000
      
973,600
  
Pioneer Natural Resources Co.
    
9,400
      
1,676,208
  
             
16,919,731
  
Pharmaceuticals — 5.3%
                
AbbVie, Inc.
    
17,900
      
2,063,512
  
Bristol-Myers Squibb Co.
    
120,800
      
6,478,504
  
Merck & Co., Inc.
    
74,200
      
5,558,322
  
Pfizer, Inc.
    
59,800
      
3,213,054
  
Zoetis, Inc.
    
50,400
      
11,190,816
  
             
28,504,208
  
Real Estate — 0.3%
                
CBRE Group, Inc., Class A*
    
16,500
      
1,576,905
  
REITS — 1.5%
                
American Homes 4 Rent, Class A
    
77,400
      
3,102,966
  
AvalonBay Communities, Inc.
    
4,600
      
1,098,802
  
Simon Property Group, Inc.
    
26,700
      
4,080,828
  
             
8,282,596
  
Retail — 11.8%
                
Best Buy Co., Inc.
    
98,000
      
10,472,280
  
Costco Wholesale Corp.
    
7,200
      
3,883,536
  
Dollar General Corp.
    
19,600
      
4,337,480
  
Lululemon Athletica, Inc.*
    
15,700
      
7,134,237
  
Target Corp.
    
79,200
      
19,312,128
  
Wal-Mart Stores, Inc.
    
128,300
      
18,042,829
  
             
63,182,490
  
Semiconductors — 5.9%
                
Advanced Micro Devices, Inc.*
    
113,200
      
17,927,484
  
Broadcom, Inc.
    
3,700
      
2,048,616
  
Qorvo, Inc.*
    
43,400
      
6,346,382
  
Skyworks Solutions, Inc.
    
5,900
      
894,794
  
Texas Instruments, Inc.
    
22,800
      
4,386,036
  
             
31,603,312
  
Software — 21.2%
                
Adobe Systems, Inc.*
    
30,200
      
20,229,470
  
Autodesk, Inc.*
    
13,500
      
3,431,565
  
Cadence Design Systems, Inc.*
    
6,300
      
1,117,998
  
Cerner Corp.
    
141,300
      
9,954,585
  
Electronic Arts, Inc.
    
21,300
      
2,645,886
  
Fiserv, Inc.*
    
38,800
      
3,744,976
  
Intuit, Inc.
    
33,500
      
21,852,050
  
Microsoft Corp.
    
67,100
      
22,182,589
  
Oracle Corp.
    
18,000
      
1,633,320
  
Paycom Software, Inc.*
    
10,500
      
4,593,540
  
ServiceNow, Inc.*
    
6,200
      
4,015,740
  
Synopsys, Inc.*
    
5,300
      
1,807,300
  
Take-Two Interactive Software, Inc.*
    
99,200
      
16,455,296
  
             
113,664,315
  
Telecommunications — 2.2%
                
AT&T, Inc.
    
39,400
      
899,502
  
Cisco Systems, Inc.
    
65,200
      
3,575,568
  
Verizon Communications, Inc.
    
142,400
      
7,158,448
  
             
11,633,518
  
Transportation — 2.2%
                
FedEx Corp.
    
51,700
      
11,910,129
  
Water — 0.4%
                
American Water Works Co., Inc.
    
11,400
      
1,921,698
  
TOTAL COMMON STOCKS
                
(Cost $408,228,647)
            
528,098,304
  
SHORT-TERM INVESTMENTS - 1.0%
                
U.S. Bank Money Market Deposit Account, 0.01% (a)
    
5,254,170
      
5,254,170
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $5,254,170)
            
5,254,170
  
TOTAL INVESTMENTS - 99.9%
                
(Cost $413,482,817)
            
533,352,474
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%
            
300,264
  
NET ASSETS - 100.0%
          
$
533,652,738
  
 
                
* Non-income producing security.
              
(a) - The rate shown is as of November 30, 2021.
              
PLC Public Limited Company
              
REIT Real Estate Investment Trust
              
                 
The accompanying notes are an integral part of the portfolio of investments.


SUMMIT GLOBAL INVESTMENTS, LLC
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2021 (UNAUDITED)
                 

PORTFOLIO VALUATION – Investments in the underlying fund are valued at the SGI U.S. Large Cap 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 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. 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 November 30, 2021, in valuing each Fund's investments carried at fair value:
        

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
SGI U.S. Large Cap Equity Fund
                        
Common Stocks
  
$
528,098,304
    
$
528,098,304
    
$
-
    
$
-
  
Short-Term Investments
    
5,254,170
      
5,254,170
      
-
      
-
  
Total Investments*
  
$
533,352,474
    
$
533,352,474
    
$
-
    
$
-
  
 
                                
* 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.