SGI GLOBAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2021 (UNAUDITED)

   
NUMBER
        
   
OF SHARES
    
VALUE
  
COMMON STOCKS - 98.1%
            
Aerospace/Defense — 1.1%
            
Lockheed Martin Corp.
    
3,800
    
$
1,266,616
  
Apparel — 0.4%
                
NIKE, Inc., Class B
    
2,900
      
490,796
  
Auto Manufacturers — 1.7%
                
Honda Motor Co., Ltd., (Japan) SP ADR
    
72,700
      
1,989,799
  
Auto Parts & Equipment — 0.4%
                
Gentex Corp.
    
12,900
      
444,147
  
Banks — 13.3%
                
Bank of America Corp.
    
49,700
      
2,210,159
  
Bank of Montreal, (Canada)
    
11,100
      
1,155,177
  
Bank of Nova Scotia, (The), (Canada)
    
9,900
      
618,057
  
Canadian Imperial Bank of Commerce, (Canada)
    
7,000
      
780,290
  
HDFC Bank, Ltd., (India) ADR
    
6,500
      
425,555
  
JPMorgan Chase & Co.
    
6,600
      
1,048,278
  
Royal Bank of Canada, (Canada)
    
38,900
      
3,852,267
  
Shinhan Financial Group Co., Ltd., (South Korea) ADR
    
28,900
      
842,146
  
Toronto-Dominion Bank, (The), (Canada)
    
60,500
      
4,359,630
  
             
15,291,559
  
Beverages — 0.5%
                
PepsiCo, Inc.
    
3,600
      
575,208
  
Biotechnology — 3.7%
                
Blueprint Medicines Corp.*
    
16,600
      
1,596,920
  
Incyte Corp.*
    
27,400
      
1,855,528
  
Vertex Pharmaceuticals, Inc.*
    
4,000
      
747,760
  
             
4,200,208
  
Building Materials — 1.6%
                
Johnson Controls International PLC, (Ireland)
    
24,000
      
1,794,240
  
Chemicals — 1.8%
                
Air Products & Chemicals, Inc.
    
3,400
      
977,296
  
Linde PLC, (Ireland)
    
3,300
      
1,049,862
  
             
2,027,158
  
Computers — 4.5%
                
Apple, Inc.
    
24,000
      
3,967,200
  
Check Point Software Technologies Ltd., (Israel)*
    
11,100
      
1,235,541
  
             
5,202,741
  
Cosmetics & Personal Care — 1.5%
                
Procter & Gamble Co., (The)
    
11,900
      
1,720,502
  
Diversified Financial Services — 4.9%
                
Cboe Global Markets, Inc.
    
2,700
      
348,138
  
Houlihan Lokey, Inc.
    
13,700
      
1,486,998
  
ORIX Corp., (Japan) SP ADR
    
19,100
      
1,884,597
  
SLM Corp.
    
72,800
      
1,294,384
  
T Rowe Price Group, Inc.
    
3,200
      
639,840
  
             
5,653,957
  
Electric — 3.7%
                
Algonquin Power & Utilities Corp., (Canada)
    
66,100
      
894,333
  
Duke Energy Corp.
    
20,000
      
1,940,200
  
Fortis, Inc., (Canada)
    
24,100
      
1,043,771
  
Xcel Energy, Inc.
    
5,000
      
318,650
  
             
4,196,954
  
Food — 1.2%
                
General Mills, Inc.
    
9,700
      
599,169
  
Kellogg Co.
    
9,000
      
550,620
  
Kroger Co., (The)
    
6,800
      
282,404
  
             
1,432,193
  
Healthcare-Products — 1.7%
                
Medtronic PLC, (Ireland)
    
11,100
      
1,184,370
  
Quidel Corp.*
    
2,000
      
295,120
  
STERIS PLC, (Ireland)
    
2,100
      
458,913
  
             
1,938,403
  
Home Furnishings — 2.4%
                
Dolby Laboratories, Inc., Class A
    
27,600
      
2,302,116
  
Sony Group Corp., (Japan) SP ADR
    
3,300
      
402,105
  
             
2,704,221
  
Insurance — 0.5%
                
Chubb Ltd., (Switzerland)
    
3,220
      
577,894
  
Internet — 8.7%
                
Alphabet, Inc., Class C*
    
1,500
      
4,273,560
  
Amazon.com, Inc.*
    
1,200
      
4,208,484
  
Yandex NV, Class A (Russia)*
    
21,400
      
1,539,516
  
             
10,021,560
  
Machinery-Diversified — 1.4%
                
CNH Industrial NV, (Netherlands)
    
97,600
      
1,596,736
  
Media — 1.5%
                
Thomson Reuters Corp., (Canada)
    
14,700
      
1,757,532
  
Office/Business Equipment — 0.5%
                
Canon, Inc., (Japan) SP ADR
    
27,000
      
594,000
  
Oil & Gas — 3.1%
                
China Petroleum & Chemical Corp., (China) ADR
    
18,500
      
809,375
  
Exxon Mobil Corp.
    
8,500
      
508,640
  
PetroChina Co., Ltd., (China) ADR
    
30,200
      
1,311,888
  
TOTAL SE, (France) SP ADR
    
18,900
      
869,211
  
             
3,499,114
  
Pharmaceuticals — 8.9%
                
CVS Health Corp.
    
12,000
      
1,068,720
  
GlaxoSmithKline PLC, (United Kingdom) SP ADR
    
28,100
      
1,155,472
  
Merck & Co., Inc.
    
12,300
      
921,393
  
Novartis AG, (Switzerland) SP ADR
    
15,500
      
1,235,350
  
Novo Nordisk, (Denmark) SP ADR
    
26,300
      
2,809,629
  
Pfizer, Inc.
    
25,500
      
1,370,115
  
Sanofi, (France) ADR
    
33,670
      
1,601,682
  
             
10,162,361
  
Pipelines — 0.3%
                
Cheniere Energy, Inc.
    
3,400
      
356,354
  
REITS — 1.8%
                
American Homes 4 Rent, Class A
    
35,900
      
1,439,231
  
Digital Realty Trust, Inc.
    
1,800
      
301,932
  
Orion Office REIT, Inc.*
    
486
      
8,643
  
Realty Income Corp.
    
4,864
      
330,362
  
             
2,080,168
  
Retail — 8.1%
                
Costco Wholesale Corp.
    
4,500
      
2,427,210
  
Dollar General Corp.
    
8,400
      
1,858,920
  
Starbucks Corp.
    
4,900
      
537,236
  
Target Corp.
    
6,800
      
1,658,112
  
Wal-Mart Stores, Inc.
    
15,360
      
2,160,077
  
Yum China Holdings, Inc.
    
13,700
      
686,370
  
             
9,327,925
  
Semiconductors — 3.7%
                
Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan) SP ADR
    
36,000
      
4,217,400
  
Software — 8.9%
                
Adobe Systems, Inc.*
    
4,400
      
2,947,340
  
Microsoft Corp.
    
13,200
      
4,363,788
  
Salesforce.com, Inc.*
    
4,200
      
1,196,832
  
ServiceNow, Inc.*
    
2,600
      
1,684,020
  
             
10,191,980
  
Telecommunications — 6.3%
                
Chunghwa Telecom Co., Ltd., (Taiwan) SP ADR
    
49,800
      
1,996,980
  
Nice Ltd., (Isreal) SP ADR*
    
8,700
      
2,540,226
  
Vodafone Group PLC, (United Kingdom) SP ADR
    
185,300
      
2,720,204
  
             
7,257,410
  
TOTAL COMMON STOCKS
                
(Cost $98,151,436)
            
112,569,136
  
SHORT-TERM INVESTMENTS - 1.6%
                
U.S. Bank Money Market Deposit Account, 0.01%(a)
    
1,802,454
      
1,802,454
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $1,802,454)
            
1,802,454
  
TOTAL INVESTMENTS - 99.7%
                
(Cost $99,953,890)
            
114,371,590
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%
            
313,077
  
NET ASSETS - 100.0%
          
$
114,684,667
  
___________
*
Non-income producing security
              
(a)
The rate shown is as of November 30, 2021.
              
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
NOVEMBER 30, 2021 (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 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 Global Equity Fund
                        
Common Stocks
  
$
112,569,136
    
$
112,569,136
    
$
-
    
$
-
  
Short-Term Investments
    
1,802,454
      
1,802,454
      
-
      
-
  
Total Investments*
  
$
114,371,590
    
$
114,371,590
    
$
-
    
$
-
  
 
                                
* 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.