NPORT-EX 2 global.htm NPORT-EX

SGI GLOBAL EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  
             
   
Number
        
   
of Shares
    
Value
  
COMMON STOCKS - 86.2%
            
Aerospace/Defense — 1.1%
            
Lockheed Martin Corp.
    
1,300
    
$
504,972
  
Banks — 0.9%
                
Shinhan Financial Group Co., Ltd., (South Korea), ADR
    
15,500
      
379,750
  
Beverages — 2.8%
                
Coca-Cola Co., (The)
    
16,900
      
788,892
  
PepsiCo, Inc.
    
3,400
      
447,270
  
             
1,236,162
  
Biotechnology — 1.0%
                
Vertex Pharmaceuticals, Inc.*
    
1,500
      
431,940
  
Building Materials — 0.8%
                
Johnson Controls International PLC, (Ireland)
    
10,900
      
342,369
  
Computers — 1.6%
                
Amdocs Ltd.
    
11,400
      
709,764
  
Diversified Financial Services — 2.6%
                
Cboe Global Markets, Inc.
    
5,400
      
574,884
  
Mastercard, Inc., Class A
    
2,000
      
601,780
  
             
1,176,664
  
Electric — 6.4%
                
Algonquin Power & Utilities Corp., (Canada)
    
39,200
      
548,800
  
Duke Energy Corp.
    
10,700
      
916,241
  
Fortis Inc., (Canada)
    
11,900
      
456,484
  
Xcel Energy, Inc.
    
14,000
      
910,420
  
             
2,831,945
  
Electronics — 0.5%
                
Gentex Corp.
    
8,300
      
219,452
  
Food — 8.8%
                
General Mills, Inc.
    
11,300
      
712,352
  
Hershey Co., (The)
    
4,400
      
596,992
  
Kellogg Co.
    
9,500
      
620,445
  
Kroger Co., (The)
    
19,600
      
639,352
  
Lancaster Colony Corp.
    
5,200
      
797,992
  
Tyson Foods, Inc., Class A
    
8,900
      
546,816
  
             
3,913,949
  
Healthcare-Products — 2.5%
                
Medtronic PLC, (Ireland)
    
6,200
      
611,196
  
STERIS PLC, (Ireland)
    
3,100
      
514,259
  
             
1,125,455
  
Home Furnishings — 1.2%
                
Dolby Laboratories Inc., Class A
    
8,800
      
534,424
  
Household Products & Wares — 1.9%
                
Clorox Co., (The)
    
4,100
      
845,625
  
Insurance — 2.6%
                
Alleghany Corp.
    
1,300
      
667,030
  
Chubb Ltd., (Switzerland)
    
4,020
      
490,199
  
             
1,157,229
  
Internet — 4.4%
                
Alphabet, Inc., Class C*
    
500
      
714,460
  
Amazon.com, Inc.*
    
500
      
1,221,185
  
             
1,935,645
  
Media — 2.1%
                
Thomson Reuters Corp., (Canada)
    
14,100
      
949,776
  
Mining — 1.3%
                
Agnico Eagle Mines Ltd., (Canada)
    
4,900
      
313,600
  
Barrick Gold Corp., (Canada)
    
11,500
      
276,000
  
             
589,600
  
Pharmaceuticals — 15.1%
                
CVS Health Corp.
    
7,400
      
485,218
  
Eli Lilly & Co.
    
5,170
      
790,751
  
GlaxoSmithKline PLC, (United Kingdom), SP ADR
    
15,200
      
637,184
  
Merck & Co., Inc.
    
13,200
      
1,065,504
  
Novartis AG, (Switzerland), SP ADR
    
6,600
      
577,038
  
Novo Nordisk, (Denmark), SP ADR
    
10,600
      
698,964
  
Pfizer, Inc.
    
19,000
      
725,610
  
Sanofi, (France), ADR
    
12,570
      
617,313
  
Takeda Pharmaceutical Co., Ltd., (Japan), SP ADR
    
57,900
      
1,129,050
  
             
6,726,632
  
REITs — 3.3%
                
American Tower Corp.
    
1,800
      
464,706
  
Extra Space Storage, Inc.
    
4,700
      
454,725
  
Public Storage
    
2,600
      
527,124
  
             
1,446,555
  
Retail — 3.7%
                
Costco Wholesale Corp.
    
2,200
      
678,634
  
Wal-Mart Stores, Inc.
    
7,660
      
950,299
  
             
1,628,933
  
Software — 14.9%
                
Adobe Systems, Inc.*
    
2,400
      
927,840
  
Intuit, Inc.
    
2,500
      
725,800
  
Microsoft Corp.
    
6,000
      
1,099,500
  
Nice Ltd., (Isreal), SP ADR*
    
5,100
      
949,314
  
RingCentral, Inc., Class A*
    
1,700
      
466,225
  
Salesforce.com, Inc.*
    
4,600
      
804,034
  
SAP SE, (Germany), SP ADR
    
5,800
      
742,980
  
ServiceNow, Inc.*
    
1,500
      
581,895
  
Tyler Technologies, Inc.*
    
1,000
      
375,310
  
             
6,672,898
  
Telecommunications — 6.7%
                
Motorola Solutions, Inc.
    
1,500
      
202,995
  
Orange SA, (France), SP ADR
    
36,900
      
443,538
  
SK Telecom Co., Ltd., (South Korea), SP ADR
    
50,300
      
968,275
  
Telekomunikasi Indonesia Persero Tbk PT, (Indonesia), SP ADR
    
29,800
      
636,230
  
Verizon Communications, Inc.
    
12,600
      
722,988
  
             
2,974,026
  
TOTAL COMMON STOCKS
                
(Cost $35,967,970)
            
38,333,765
  
EXCHANGE-TRADED FUNDS - 4.0%
                
iShares MSCI ACWI ETF
    
12,100
      
873,862
  
Vanguard Total World Stock ETF
    
12,100
      
882,332
  
             
1,756,194
  
TOTAL EXCHANGE-TRADED FUNDS
                
(Cost $1,688,389)
            
1,756,194
  
SHORT-TERM INVESTMENTS - 8.8%
                
U.S. Bank Money Market Deposit Account, 0.13%(a)
    
3,931,840
      
3,931,840
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $3,931,840)
            
3,931,840
  
TOTAL INVESTMENTS - 99.0%
                
(Cost $41,588,199)
            
44,021,799
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%
            
422,246
  
NET ASSETS - 100.0%
          
$
44,444,045
  
                 
 
                
* Non-income producing security.
                
(a) - The rate shown is as of May 31, 2020.
                
ADR American Depositary Receipt
                
ETF Exchange-Traded Funds
                
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
MAY 31, 2020 (UNAUDITED)
                 
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.
                 
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:
                 
• 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, 2020, in valuing each Fund's investments carried at fair value:
        

 
SGI Global Equity Fund
                        
 
Common Stocks
  
$
38,333,765
    
$
38,333,765
    
$
-
    
$
-
  
 
Exchange-Traded Funds
    
1,756,194
      
1,756,194
      
-
      
-
  
 
Short-Term Investments
    
3,931,840
      
3,931,840
      
-
      
-
  
 
Total Investments*
  
$
44,021,799
    
$
44,021,799
    
$
-
    
$
-
  
                                   
 
* 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.