SGI U.S. SMALL CAP EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2021 (UNAUDITED)
  
             
   
NUMBER
        
   
OF SHARES
    
VALUE
  
COMMON STOCKS - 93.9%
            
Auto Parts & Equipment — 2.2%
            
Commercial Vehicle Group, Inc.*
    
12,400
    
$
104,036
  
Dorman Products, Inc.*
    
4,800
      
532,704
  
Standard Motor Products, Inc.
    
2,600
      
130,104
  
             
766,844
  
Banks — 3.4%
                
CrossFirst Bankshares, Inc.*
    
6,200
      
86,738
  
Farmers National Banc Corp.
    
3,900
      
68,601
  
First Financial Corp.
    
4,090
      
177,751
  
German American Bancorp, Inc.
    
1,700
      
66,521
  
Great Southern Bancorp, Inc.
    
2,400
      
133,512
  
Nicolet Bankshares, Inc.*
    
3,700
      
263,847
  
Westamerica BanCorp
    
6,800
      
365,704
  
             
1,162,674
  
Beverages — 1.2%
                
Coca Cola Bottling Co.
    
700
      
399,399
  
Biotechnology — 2.0%
                
Innoviva, Inc.*
    
25,800
      
431,376
  
Organogenesis Holdings, Inc.*
    
24,000
      
241,440
  
             
672,816
  
Building Materials — 0.3%
                
AAON, Inc.
    
1,400
      
109,200
  
Chemicals — 2.6%
                
Balchem Corp.
    
4,300
      
679,400
  
Hawkins, Inc.
    
6,000
      
199,080
  
             
878,480
  
Commercial Services — 6.6%
                
Alarm.com Holdings, Inc.*
    
1,300
      
103,727
  
AMN Healthcare Services, Inc.*
    
1,100
      
125,411
  
CorVel Corp.*
    
1,500
      
282,000
  
Franklin Covey Co.*
    
4,000
      
175,920
  
FTI Consulting, Inc.*
    
5,900
      
861,931
  
ICF International, Inc.
    
4,300
      
415,982
  
Transcat, Inc.*
    
3,500
      
311,395
  
             
2,276,366
  
Computers — 1.2%
                
Maximus, Inc.
    
2,300
      
173,535
  
Rapid7, Inc.*
    
2,000
      
248,120
  
             
421,655
  
Distribution/Wholesale — 0.7%
                
Titan Machinery, Inc.*
    
7,300
      
242,652
  
Diversified Financial Services — 4.7%
                
Houlihan Lokey, Inc.
    
8,700
      
944,298
  
International Money Express, Inc.*
    
14,600
      
220,606
  
PJT Partners, Inc., Class A
    
6,200
      
471,696
  
             
1,636,600
  
Electric — 1.0%
                
Avangrid, Inc.
    
6,700
      
339,154
  
Electronics — 2.7%
                
Mesa Laboratories, Inc.
    
800
      
247,032
  
OSI Systems, Inc.*
    
4,800
      
436,464
  
TTM Technologies, Inc.*
    
17,400
      
239,772
  
             
923,268
  
Food — 8.9%
                
BellRing Brands, Inc.*
    
7,100
      
152,792
  
Flowers Foods, Inc.
    
32,700
      
844,314
  
John B Sanfilippo & Son, Inc.
    
3,100
      
255,440
  
Lancaster Colony Corp.
    
1,500
      
219,300
  
Seaboard Corp.
    
30
      
116,700
  
Sprouts Farmers Market, Inc.*
    
39,200
      
1,037,232
  
Tootsie Roll Industries, Inc.
    
5,100
      
160,395
  
Weis Markets, Inc.
    
4,200
      
264,390
  
             
3,050,563
  
Gas — 1.1%
                
Chesapeake Utilities Corp.
    
3,100
      
394,816
  
Healthcare-Products — 2.4%
                
Globus Medical, Inc., Class A*
    
1,100
      
68,882
  
Hanger, Inc.*
    
8,000
      
134,960
  
iRadimed Corp.*
    
1,900
      
85,500
  
Omnicell, Inc.*
    
2,100
      
371,700
  
Surmodics, Inc.*
    
3,600
      
158,148
  
             
819,190
  
Healthcare-Services — 3.0%
                
Amedisys, Inc.*
    
1,900
      
265,335
  
Aveanna Healthcare Holdings, Inc.*
    
30,100
      
193,844
  
Encompass Health Corp.
    
9,700
      
558,914
  
             
1,018,093
  
Home Builders — 1.1%
                
Thor Industries, Inc.
    
3,700
      
391,127
  
Household Products/Wares — 2.5%
                
Helen of Troy, Ltd.*
    
3,300
      
793,650
  
Reynolds Consumer Products, Inc.
    
2,400
      
70,032
  
             
863,682
  
Insurance — 1.7%
                
Employers Holdings, Inc.
    
6,100
      
235,521
  
Erie Indemnity Co., Class A
    
800
      
148,648
  
Hanover Insurance Group Inc., (The)
    
1,600
      
194,800
  
             
578,969
  
Internet — 3.8%
                
HealthStream, Inc.*
    
13,900
      
322,758
  
Mimecast, Ltd.*
    
7,500
      
607,500
  
QuinStreet, Inc.*
    
24,700
      
378,157
  
             
1,308,415
  
Leisure Time — 1.1%
                
Johnson Outdoors, Inc., Class A
    
1,400
      
145,656
  
OneWater Marine, Inc., Class A
    
4,300
      
220,074
  
             
365,730
  
Miscellaneous Manufacturing — 0.7%
                
Chase Corp.
    
1,100
      
108,449
  
Myers Industries, Inc.
    
7,200
      
140,256
  
             
248,705
  
Packaging & Containers — 2.3%
                
Silgan Holdings, Inc.
    
16,500
      
684,255
  
UFP Technologies, Inc.*
    
1,800
      
120,366
  
             
804,621
  
Pharmaceuticals — 9.6%
                
Amphastar Pharmaceuticals, Inc.*
    
20,600
      
402,936
  
Collegium Pharmaceutical, Inc.*
    
17,500
      
307,650
  
Corcept Therapeutics, Inc.*
    
17,500
      
367,500
  
Eagle Pharmaceuticals, Inc.*
    
11,900
      
567,392
  
Pacira BioSciences, Inc.*
    
6,200
      
326,244
  
Premier, Inc., Class A
    
8,200
      
303,974
  
Prestige Brands Holdings, Inc.*
    
11,700
      
654,615
  
USANA Health Sciences, Inc.*
    
3,800
      
378,936
  
             
3,309,247
  
REITS — 6.2%
                
Broadstone Net Lease, Inc.
    
6,800
      
170,000
  
Easterly Government Properties, Inc.
    
14,400
      
301,968
  
Life Storage, Inc.
    
6,400
      
845,696
  
Netstreit Corp.
    
11,800
      
251,812
  
Rexford Industrial Realty, Inc.
    
7,900
      
553,632
  
             
2,123,108
  
Retail — 3.3%
                
Haverty Furniture Cos., Inc.
    
10,700
      
320,037
  
Murphy USA, Inc.
    
4,800
      
831,984
  
             
1,152,021
  
Savings & Loans — 0.5%
                
Hingham Institution For Savings, (The)
    
200
      
78,120
  
Waterstone Financial, Inc.
    
5,200
      
107,900
  
             
186,020
  
Software — 5.9%
                
CSG Systems International, Inc.
    
6,400
      
337,344
  
Duck Creek Technologies, Inc.*
    
28,200
      
806,238
  
Evolent Health, Inc., Class A*
    
15,500
      
403,000
  
Intelligent Systems Corp.*
    
2,700
      
109,512
  
SPS Commerce, Inc.*
    
600
      
84,594
  
Verra Mobility Corp.*
    
20,900
      
300,751
  
             
2,041,439
  
Telecommunications — 1.2%
                
ATN International, Inc.
    
1,600
      
61,136
  
DZS, Inc.*
    
6,600
      
85,536
  
Ooma, Inc.*
    
8,400
      
158,004
  
Viavi Solutions, Inc.*
    
7,200
      
106,632
  
             
411,308
  
Textiles — 1.2%
                
UniFirst Corp.
    
2,200
      
421,630
  
Transportation — 5.5%
                
Daseke, Inc.*
    
19,900
      
192,035
  
Heartland Express, Inc.
    
20,100
      
336,474
  
Landstar System, Inc.
    
2,100
      
353,955
  
Werner Enterprises, Inc.
    
22,200
      
1,001,442
  
             
1,883,906
  
Water — 3.3%
                
American States Water Co.
    
6,100
      
574,498
  
California Water Service Group
    
6,089
      
383,668
  
York Water Co., (The)
    
4,100
      
192,126
  
             
1,150,292
  
TOTAL COMMON STOCKS
                
(Cost $28,541,372)
            
32,351,990
  
EXCHANGE-TRADED FUNDS - 4.5%
                
Exchange-Traded Funds — 4.5%
                
iShares Core S&P Small-Cap ETF
    
4,600
      
507,426
  
iShares Russell 2000 ETF
    
2,400
      
523,608
  
Vanguard Russell 2000 ETF
    
5,800
      
512,488
  
             
1,543,522
  
TOTAL EXCHANGE-TRADED FUNDS
                
(Cost $1,655,531)
            
1,543,522
  
SHORT-TERM INVESTMENTS - 1.5%
                
U.S. Bank Money Market Deposit Account, 0.01%(a)
    
524,428
      
524,428
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $524,428)
            
524,428
  
TOTAL INVESTMENTS - 99.9%
                
(Cost $30,721,331)
            
34,419,940
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%
            
17,455
  
NET ASSETS - 100.0%
          
$
34,437,395
  
________________________________________
*
Non-income producing security
              
(a)
The rate shown is as of November 30, 2021.
              
ETF
Exchange-Traded Funds
              
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. Small 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. Small Cap Equity Fund
                        
Common Stocks
  
$
32,351,990
    
$
32,351,990
    
$
-
    
$
-
  
Exchange-Traded Funds
    
1,543,522
      
1,543,522
      
-
      
-
  
Short-Term Investments
    
524,428
      
524,428
      
-
      
-
  
Total Investments*
  
$
34,419,940
    
$
34,419,940
    
$
-
    
$
-
  
 
                                
* 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.