SGI U.S. LARGE CAP EQUITY FUND
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PORTFOLIO OF INVESTMENTS
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MAY 31, 2020 (UNAUDITED)
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Number
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||||||||
of Shares
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Value
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|||||||
COMMON STOCKS - 93.0%
|
||||||||
Aerospace/Defense — 2.2%
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||||||||
L3Harris Technologies, Inc.
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41,600
|
$
|
8,297,120
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|||||
Lockheed Martin Corp.
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5,900
|
2,291,796
|
||||||
Northrop Grumman Corp.
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3,500
|
1,173,200
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||||||
11,762,116
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||||||||
Beverages — 0.2%
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||||||||
Coca-Cola Co., (The)
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22,500
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1,050,300
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||||||
Biotechnology — 1.1%
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||||||||
Illumina, Inc.*
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3,300
|
1,198,065
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||||||
Incyte Corp.*
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47,400
|
4,830,534
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||||||
6,028,599
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||||||||
Chemicals — 0.4%
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||||||||
Ecolab, Inc.
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9,000
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1,913,220
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||||||
Commercial Services — 3.3%
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||||||||
MarketAxess Holdings, Inc.
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3,100
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1,576,629
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||||||
S&P Global, Inc.
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46,100
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14,983,422
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||||||
Verisk Analytics, Inc.
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7,300
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1,260,564
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||||||
17,820,615
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||||||||
Computers — 2.0%
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||||||||
Accenture PLC, Class A, (Ireland)
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27,400
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5,524,388
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||||||
Amdocs Ltd.
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17,800
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1,108,228
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||||||
Fortinet, Inc.*
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31,200
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4,343,040
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||||||
10,975,656
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||||||||
Cosmetics & Personal Care — 1.2%
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||||||||
Colgate-Palmolive Co.
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92,700
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6,704,991
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||||||
Diversified Financial Services — 2.5%
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||||||||
Cboe Global Markets, Inc.
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127,600
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13,584,296
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||||||
Electric — 3.9%
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||||||||
Alliant Energy Corp.
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21,300
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1,051,368
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||||||
Avangrid, Inc.
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228,100
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10,145,888
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||||||
Consolidated Edison, Inc.
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13,300
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998,298
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||||||
Duke Energy Corp.
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31,100
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2,663,093
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||||||
Eversource Energy
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32,400
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2,711,880
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||||||
Xcel Energy, Inc.
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48,900
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3,179,967
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||||||
20,750,494
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||||||||
Electronics — 0.4%
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||||||||
Keysight Technologies, Inc.*
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10,300
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1,113,739
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||||||
Roper Technologies, Inc.
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3,200
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1,260,160
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||||||
2,373,899
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||||||||
Environmental Control — 3.0%
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||||||||
Republic Services, Inc.
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89,400
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7,640,124
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||||||
Waste Management, Inc.
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77,700
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8,294,475
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||||||
15,934,599
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||||||||
Food — 5.3%
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||||||||
Flowers Foods, Inc.
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664,700
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15,680,273
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||||||
General Mills, Inc.
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19,630
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1,237,475
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||||||
Hershey Co., (The)
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30,900
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4,192,512
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||||||
Kellogg Co.
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39,900
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2,605,869
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||||||
Kroger Co., (The)
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121,300
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3,956,806
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||||||
McCormick & Co., Inc.
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6,300
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1,103,508
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||||||
28,776,443
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||||||||
Healthcare-Products — 3.8%
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||||||||
Cooper Cos Inc., (The)
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8,300
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2,630,934
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||||||
Hologic, Inc.*
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24,300
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1,287,900
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||||||
IDEXX Laboratories, Inc.*
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49,800
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15,382,224
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||||||
Intuitive Surgical, Inc.*
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2,100
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1,218,063
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||||||
20,519,121
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||||||||
Healthcare-Services — 1.1%
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||||||||
Chemed Corp.
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3,000
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1,435,530
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||||||
UnitedHealth Group, Inc.
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15,500
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4,725,175
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||||||
6,160,705
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||||||||
Home Furnishings — 1.6%
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||||||||
Dolby Laboratories Inc., Class A
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138,500
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8,411,105
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||||||
Household Products & Wares — 3.9%
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||||||||
Church & Dwight Co., Inc.
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14,000
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1,050,980
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||||||
Clorox Co., (The)
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62,500
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12,890,625
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||||||
Kimberly-Clark Corp.
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48,800
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6,902,272
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||||||
20,843,877
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||||||||
Insurance — 0.4%
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||||||||
Arthur J Gallagher & Co.
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11,400
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1,074,792
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||||||
Progressive Corp., (The)
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13,200
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1,025,376
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||||||
2,100,168
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||||||||
Internet — 11.3%
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||||||||
Alphabet, Inc., Class A*
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6,600
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9,461,232
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||||||
Amazon.com, Inc.*
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8,600
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21,004,382
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||||||
CDW Corp.
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9,600
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1,064,736
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||||||
F5 Networks, Inc.*
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129,900
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18,825,108
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||||||
VeriSign, Inc.*
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47,000
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10,293,470
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||||||
60,648,928
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||||||||
Media — 2.8%
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||||||||
Charter Communications, Inc., Class A*
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27,500
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14,960,000
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||||||
Office & Business Equipment — 0.2%
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||||||||
Zebra Technologies Corp., Class A*
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4,400
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1,149,808
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||||||
Pharmaceuticals — 6.6%
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||||||||
AbbVie, Inc.
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12,900
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1,195,443
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||||||
CVS Health Corp.
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64,000
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4,196,480
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||||||
Eli Lilly & Co.
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86,700
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13,260,765
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||||||
Merck & Co., Inc.
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74,900
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6,045,928
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||||||
Pfizer, Inc.
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33,000
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1,260,270
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||||||
Zoetis, Inc.
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71,400
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9,952,446
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||||||
35,911,332
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||||||||
REITs — 3.6%
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||||||||
American Tower Corp.
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39,900
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10,300,983
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||||||
Public Storage
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43,800
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8,880,012
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||||||
19,180,995
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||||||||
Retail — 6.1%
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||||||||
Costco Wholesale Corp.
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14,400
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4,441,968
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||||||
Dollar General Corp.
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57,400
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10,992,674
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||||||
Wal-Mart Stores, Inc.
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139,800
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17,343,588
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||||||
32,778,230
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||||||||
Software — 18.9%
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||||||||
Adobe Systems, Inc.*
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32,800
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12,680,480
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||||||
Akamai Technologies, Inc.*
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10,200
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1,079,160
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||||||
Cadence Design Systems, Inc.*
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55,400
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5,057,466
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||||||
Cerner Corp.
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55,800
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4,067,820
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||||||
Electronic Arts, Inc.*
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17,900
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2,199,552
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||||||
Fiserv, Inc.*
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80,100
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8,552,277
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||||||
Intuit, Inc.
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64,600
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18,754,672
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||||||
Jack Henry & Associates, Inc.
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76,000
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13,745,360
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||||||
Microsoft Corp.
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81,700
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14,971,525
|
||||||
Salesforce.com, Inc.*
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6,800
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1,188,572
|
||||||
ServiceNow, Inc.*
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3,500
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1,357,755
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||||||
Synopsys, Inc.*
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6,500
|
1,175,915
|
||||||
Take-Two Interactive Software, Inc.*
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124,600
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16,966,782
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||||||
101,797,336
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||||||||
Telecommunications — 5.4%
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||||||||
AT&T, Inc.
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32,700
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1,009,122
|
||||||
Cisco Systems, Inc.
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132,600
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6,340,932
|
||||||
Motorola Solutions, Inc.
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6,500
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879,645
|
||||||
T-Mobile US, Inc.*
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80,300
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8,033,212
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||||||
Verizon Communications, Inc.
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225,800
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12,956,404
|
||||||
29,219,315
|
||||||||
Transportation — 1.2%
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||||||||
Expeditors International of Washington, Inc.
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81,500
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6,224,155
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||||||
Water — 0.6%
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||||||||
American Water Works Co., Inc.
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25,200
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3,200,400
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||||||
TOTAL COMMON STOCKS
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||||||||
(Cost $423,440,226)
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500,780,703
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|||||||
SHORT-TERM INVESTMENTS - 6.9%
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||||||||
U.S. Bank Money Market Deposit Account, 0.13%(a)
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37,319,374
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37,319,374
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||||||
TOTAL SHORT-TERM INVESTMENTS
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||||||||
(Cost $37,319,374)
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37,319,374
|
|||||||
TOTAL INVESTMENTS - 99.9%
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||||||||
(Cost $460,759,600)
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538,100,077
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|||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%
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658,425
|
|||||||
NET ASSETS - 100.0%
|
$
|
538,758,502
|
||||||
* Non-income producing security.
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||||||||
(a) - The rate shown is as of May 31, 2020.
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||||||||
PLC Public Limited Company
|
||||||||
REIT Real Estate Investment Trust
|
||||||||
The accompanying notes are an integral part of the portfolio of investments.
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||||||||
SUMMIT GLOBAL INVESTMENTS, LLC
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PORTFOLIO OF INVESTMENTS
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MAY 31, 2020 (UNAUDITED)
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PORTFOLIO VALUATION – Investments in the underlying funds are valued at the SGI U.S. Large Cap Equity Fund, the SGI U.S. Small Cap Equity Fund, and the SGI Global Equity Fund (each a "Fund", collectively the "Funds") 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 Funds 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.
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FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Funds' investments are summarized
into three levels as described in the hierarchy below:
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• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
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• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, credit risk, etc.).
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• Level 3 — Prices are determined using significant unobservable inputs (including the Funds' own assumptions in determining the
fair value of investments).
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The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities.
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The following is a summary of the inputs used, as of May 31, 2020, in valuing each Fund's investments carried at fair value:
|
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SGI U.S. Large Cap Equity Fund
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TOTAL
|
LEVEL 1
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LEVEL 2
|
LEVEL 3
|
|||||||||||||
Common Stocks
|
$
|
500,780,703
|
$
|
500,780,703
|
$
|
-
|
$
|
-
|
|||||||||
Short-Term Investments
|
37,319,374
|
37,319,374
|
-
|
-
|
|||||||||||||
Total Investments*
|
$
|
538,100,077
|
$
|
538,100,077
|
$
|
-
|
$
|
-
|
|||||||||
* Please refer to Portfolio of Investments for further details.
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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.
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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.
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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.
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During the current fiscal period, the Fund had no Level 3 transfers.
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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.
|