NPORT-EX 2 sgilarge-cap.htm NPORT-EX

SGI U.S. LARGE CAP EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
May 31, 2021 (UNAUDITED)
  
   
   
   
Number
        
   
of Shares
    
Value
  
COMMON STOCKS - 99.7%
            
Aerospace/Defense — 0.9%
            
L3Harris Technologies, Inc.
    
12,600
    
$
2,747,556
  
Mercury Systems, Inc.*
    
31,500
      
2,061,675
  
             
4,809,231
  
Airlines — 0.3%
                
Delta Air Lines, Inc.*
    
27,900
      
1,330,272
  
                 
Banks — 3.1%
                
Bank of America Corp.
    
36,700
      
1,555,713
  
JPMorgan Chase & Co.
    
25,500
      
4,188,120
  
PNC Financial Services Group, Inc., (The)
    
19,200
      
3,737,856
  
Zions Bancorp NA
    
113,800
      
6,586,744
  
             
16,068,433
  
Beverages — 0.1%
                
Monster Beverage Corp.*
    
5,300
      
499,631
  
                 
Biotechnology — 4.1%
                
Exelixis, Inc.*
    
97,800
      
2,205,390
  
Incyte Corp.*
    
39,300
      
3,292,554
  
Regeneron Pharmaceuticals, Inc.*
    
10,700
      
5,376,001
  
Vertex Pharmaceuticals, Inc.*
    
48,400
      
10,097,692
  
             
20,971,637
  
Commercial Services — 2.8%
                
Cintas Corp.
    
7,600
      
2,686,904
  
FleetCor Technologies, Inc.*
    
3,600
      
987,984
  
Robert Half International, Inc.
    
38,200
      
3,391,778
  
S&P Global, Inc.
    
19,000
      
7,209,930
  
             
14,276,596
  
Computers — 4.1%
                
Accenture PLC, Class A, (Ireland)
    
9,800
      
2,765,168
  
Apple, Inc.
    
105,100
      
13,096,511
  
Fortinet, Inc.*
    
22,000
      
4,807,880
  
             
20,669,559
  
Distribution & Wholesale — 1.4%
                
Fastenal Co.
    
53,600
      
2,842,944
  
WW Grainger, Inc.
    
8,500
      
3,928,360
  
             
6,771,304
  
Distribution/Wholesale — 0.8%
                
Copart, Inc.*
    
32,600
      
4,205,726
  
                 
Diversified Financial Services — 2.4%
                
Cboe Global Markets, Inc.
    
107,400
      
11,953,620
  
                 
Electric — 0.7%
                
Alliant Energy Corp.
    
32,000
      
1,828,800
  
Dominion Resources, Inc.
    
22,900
      
1,743,606
  
             
3,572,406
  
Electronics — 0.4%
                
Garmin Ltd., (Switzerland)
    
7,500
      
1,066,800
  
Keysight Technologies, Inc.*
    
8,600
      
1,224,468
  
             
2,291,268
  
Environmental Control — 1.7%
                
Republic Services, Inc.
    
39,000
      
4,258,020
  
Waste Management, Inc.
    
30,700
      
4,318,876
  
             
8,576,896
  
Food — 2.5%
                
Flowers Foods, Inc.
    
108,900
      
2,623,401
  
Hershey Co., (The)
    
8,000
      
1,384,400
  
Hormel Foods Corp.
    
54,000
      
2,621,160
  
Ingredion, Inc.
    
11,000
      
1,044,230
  
J M Smucker Co., (The)
    
19,000
      
2,532,510
  
Kroger Co., (The)
    
35,000
      
1,294,300
  
US Foods Holding Corp.*
    
25,800
      
1,004,652
  
             
12,504,653
  
Healthcare-Products — 5.7%
                
Cooper Cos. Inc., (The)
    
3,400
      
1,337,730
  
ICU Medical, Inc.*
    
5,000
      
1,040,300
  
IDEXX Laboratories, Inc.*
    
35,100
      
19,589,661
  
Masimo Corp.*
    
8,600
      
1,854,160
  
West Pharmaceutical Services, Inc.
    
12,700
      
4,413,377
  
             
28,235,228
  
Healthcare-Services — 3.0%
                
Amedisys, Inc.*
    
11,100
      
2,867,907
  
Chemed Corp.
    
16,500
      
8,107,110
  
Humana, Inc.
    
9,400
      
4,114,380
  
             
15,089,397
  
Home Builders — 2.0%
                
NVR, Inc.*
    
2,100
      
10,263,183
  
                 
Home Furnishings — 1.5%
                
Dolby Laboratories, Inc., Class A
    
79,100
      
7,715,414
  
                 
Insurance — 3.4%
                
Allstate Corp., (The)
    
9,500
      
1,297,795
  
Arthur J Gallagher & Co.
    
9,600
      
1,407,456
  
Fidelity National Financial, Inc.
    
93,600
      
4,398,264
  
First American Financial Corp.
    
117,300
      
7,543,563
  
Progressive Corp., (The)
    
23,300
      
2,308,564
  
             
16,955,642
  
Internet — 7.1%
                
Alphabet, Inc., Class A*
    
1,700
      
4,006,645
  
Amazon.com, Inc.*
    
5,900
      
19,016,113
  
Etsy, Inc.*
    
23,000
      
3,788,790
  
F5 Networks, Inc.*
    
49,300
      
9,141,699
  
             
35,953,247
  
Iron/Steel — 0.8%
                
Reliance Steel & Aluminum Co.
    
23,700
      
3,983,259
  
                 
Machinery-Diversified — 0.2%
                
Middleby Corp., (The)*
    
6,400
      
1,051,392
  
                 
Media — 1.6%
                
Cable One, Inc.
    
2,200
      
3,994,232
  
New York Times Co., (The)
    
23,900
      
1,023,398
  
World Wrestling Entertainment, Inc.
    
49,900
      
2,786,416
  
             
7,804,046
  
Office/Business Equip — 0.4%
                
Zebra Technologies Corp., Class A*
    
3,800
      
1,888,790
  
                 
Oil & Gas — 0.8%
                
Chevron Corp.
    
13,900
      
1,442,681
  
Exxon Mobil Corp.
    
25,000
      
1,459,250
  
HollyFrontier Corp.
    
37,000
      
1,201,390
  
             
4,103,321
  
Packaging & Containers — 0.8%
                
Sonoco Products Co.
    
60,000
      
4,051,200
  
                 
Pharmaceuticals — 5.3%
                
AbbVie, Inc.
    
10,900
      
1,233,880
  
Bristol-Myers Squibb Co.
    
14,700
      
966,084
  
Jazz Pharmaceuticals PLC, (Ireland)*
    
45,600
      
8,122,728
  
Merck & Co., Inc.
    
85,700
      
6,503,773
  
Zoetis, Inc.
    
57,600
      
10,176,768
  
             
27,003,233
  
REITS — 1.1%
                
AvalonBay Communities, Inc.
    
6,200
      
1,283,028
  
Rexford Industrial Realty, Inc.
    
81,000
      
4,473,630
  
             
5,756,658
  
Retail — 12.2%
                
Best Buy Co., Inc.
    
97,800
      
11,368,272
  
Costco Wholesale Corp.
    
9,500
      
3,593,565
  
Dollar General Corp.
    
19,600
      
3,978,016
  
Lululemon Athletica, Inc.*
    
32,100
      
10,372,473
  
Nu Skin Enterprises, Inc., Class A
    
24,800
      
1,491,968
  
Target Corp.
    
71,700
      
16,270,164
  
Wal-Mart Stores, Inc.
    
102,900
      
14,614,887
  
             
61,689,345
  
Semiconductors — 2.7%
                
Advanced Micro Devices, Inc.*
    
114,300
      
9,153,144
  
Texas Instruments, Inc.
    
22,800
      
4,327,896
  
             
13,481,040
  
Software — 21.5%
                
Activision Blizzard, Inc.
    
41,500
      
4,035,875
  
Adobe Systems, Inc.*
    
30,200
      
15,238,316
  
Cadence Design Systems, Inc.*
    
19,400
      
2,463,606
  
Cerner Corp.
    
84,400
      
6,604,300
  
Dropbox, Inc., Class A*
    
207,900
      
5,686,065
  
Electronic Arts, Inc.
    
14,700
      
2,101,071
  
Fiserv, Inc.*
    
38,800
      
4,469,760
  
Intuit, Inc.
    
41,100
      
18,046,599
  
Microsoft Corp.
    
69,300
      
17,302,824
  
Paycom Software, Inc.*
    
29,400
      
9,690,240
  
ServiceNow, Inc.*
    
5,100
      
2,416,788
  
Synopsys, Inc.*
    
5,300
      
1,348,002
  
Take-Two Interactive Software, Inc.*
    
75,400
      
13,991,224
  
Zynga, Inc., Class A*
    
494,100
      
5,356,044
  
             
108,750,714
  
Telecommunications — 2.5%
                
Cisco Systems, Inc.
    
65,200
      
3,449,080
  
T-Mobile US, Inc.*
    
7,600
      
1,075,020
  
Verizon Communications, Inc.
    
142,400
      
8,044,176
  
             
12,568,276
  
Transportation — 1.5%
                
Expeditors International of Washington, Inc.
    
42,000
      
5,278,980
  
Landstar System, Inc.
    
13,800
      
2,352,900
  
             
7,631,880
  
Water — 0.3%
                
American Water Works Co., Inc.
    
11,100
      
1,720,722
  
                 
TOTAL COMMON STOCKS
                
(Cost $393,817,650)
            
504,197,219
  
                 
SHORT-TERM INVESTMENTS - 1.0%
                
U.S. Bank Money Market Deposit Account, 0.01%(a)
    
4,847,060
      
4,847,060
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $4,847,060)
            
4,847,060
  
TOTAL INVESTMENTS - 100.7%
                
(Cost $398,664,710)
            
509,044,279
  
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%
            
(3,446,638
)
NET ASSETS - 100.0%
          
$
505,597,641
  

*
Non-income producing security
              
(a)
The rate shown is as of May 31, 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
MAY 31, 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 May 31, 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
  
$
504,197,219
    
$
504,197,219
    
$
-
    
$
-
  
Short-Term Investments
    
4,847,060
      
4,847,060
      
-
      
-
  
Total Investments*
  
$
509,044,279
    
$
509,044,279
    
$
-
    
$
-
  
 
                                
* 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.