NPORT-EX 2 largecap.htm NPORT-EX


SGI U.S. LARGE CAP EQUITY FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (UNAUDITED)

   
Number
        
   
of Shares
    
Value
  
COMMON STOCKS - 93.0%
            
Aerospace/Defense — 2.2%
            
L3Harris Technologies, Inc.
    
41,600
    
$
8,297,120
  
Lockheed Martin Corp.
    
5,900
      
2,291,796
  
Northrop Grumman Corp.
    
3,500
      
1,173,200
  
             
11,762,116
  
Beverages — 0.2%
                
Coca-Cola Co., (The)
    
22,500
      
1,050,300
  
Biotechnology — 1.1%
                
Illumina, Inc.*
    
3,300
      
1,198,065
  
Incyte Corp.*
    
47,400
      
4,830,534
  
             
6,028,599
  
Chemicals — 0.4%
                
Ecolab, Inc.
    
9,000
      
1,913,220
  
Commercial Services — 3.3%
                
MarketAxess Holdings, Inc.
    
3,100
      
1,576,629
  
S&P Global, Inc.
    
46,100
      
14,983,422
  
Verisk Analytics, Inc.
    
7,300
      
1,260,564
  
             
17,820,615
  
Computers — 2.0%
                
Accenture PLC, Class A, (Ireland)
    
27,400
      
5,524,388
  
Amdocs Ltd.
    
17,800
      
1,108,228
  
Fortinet, Inc.*
    
31,200
      
4,343,040
  
             
10,975,656
  
Cosmetics & Personal Care — 1.2%
                
Colgate-Palmolive Co.
    
92,700
      
6,704,991
  
Diversified Financial Services — 2.5%
                
Cboe Global Markets, Inc.
    
127,600
      
13,584,296
  
Electric — 3.9%
                
Alliant Energy Corp.
    
21,300
      
1,051,368
  
Avangrid, Inc.
    
228,100
      
10,145,888
  
Consolidated Edison, Inc.
    
13,300
      
998,298
  
Duke Energy Corp.
    
31,100
      
2,663,093
  
Eversource Energy
    
32,400
      
2,711,880
  
Xcel Energy, Inc.
    
48,900
      
3,179,967
  
             
20,750,494
  
Electronics — 0.4%
                
Keysight Technologies, Inc.*
    
10,300
      
1,113,739
  
Roper Technologies, Inc.
    
3,200
      
1,260,160
  
             
2,373,899
  
Environmental Control — 3.0%
                
Republic Services, Inc.
    
89,400
      
7,640,124
  
Waste Management, Inc.
    
77,700
      
8,294,475
  
             
15,934,599
  
Food — 5.3%
                
Flowers Foods, Inc.
    
664,700
      
15,680,273
  
General Mills, Inc.
    
19,630
      
1,237,475
  
Hershey Co., (The)
    
30,900
      
4,192,512
  
Kellogg Co.
    
39,900
      
2,605,869
  
Kroger Co., (The)
    
121,300
      
3,956,806
  
McCormick & Co., Inc.
    
6,300
      
1,103,508
  
             
28,776,443
  
Healthcare-Products — 3.8%
                
Cooper Cos Inc., (The)
    
8,300
      
2,630,934
  
Hologic, Inc.*
    
24,300
      
1,287,900
  
IDEXX Laboratories, Inc.*
    
49,800
      
15,382,224
  
Intuitive Surgical, Inc.*
    
2,100
      
1,218,063
  
             
20,519,121
  
Healthcare-Services — 1.1%
                
Chemed Corp.
    
3,000
      
1,435,530
  
UnitedHealth Group, Inc.
    
15,500
      
4,725,175
  
             
6,160,705
  
Home Furnishings — 1.6%
                
Dolby Laboratories Inc., Class A
    
138,500
      
8,411,105
  
Household Products & Wares — 3.9%
                
Church & Dwight Co., Inc.
    
14,000
      
1,050,980
  
Clorox Co., (The)
    
62,500
      
12,890,625
  
Kimberly-Clark Corp.
    
48,800
      
6,902,272
  
             
20,843,877
  
Insurance — 0.4%
                
Arthur J Gallagher & Co.
    
11,400
      
1,074,792
  
Progressive Corp., (The)
    
13,200
      
1,025,376
  
             
2,100,168
  
Internet — 11.3%
                
Alphabet, Inc., Class A*
    
6,600
      
9,461,232
  
Amazon.com, Inc.*
    
8,600
      
21,004,382
  
CDW Corp.
    
9,600
      
1,064,736
  
F5 Networks, Inc.*
    
129,900
      
18,825,108
  
VeriSign, Inc.*
    
47,000
      
10,293,470
  
             
60,648,928
  
Media — 2.8%
                
Charter Communications, Inc., Class A*
    
27,500
      
14,960,000
  
Office & Business Equipment — 0.2%
                
Zebra Technologies Corp., Class A*
    
4,400
      
1,149,808
  
Pharmaceuticals — 6.6%
                
AbbVie, Inc.
    
12,900
      
1,195,443
  
CVS Health Corp.
    
64,000
      
4,196,480
  
Eli Lilly & Co.
    
86,700
      
13,260,765
  
Merck & Co., Inc.
    
74,900
      
6,045,928
  
Pfizer, Inc.
    
33,000
      
1,260,270
  
Zoetis, Inc.
    
71,400
      
9,952,446
  
             
35,911,332
  
REITs — 3.6%
                
American Tower Corp.
    
39,900
      
10,300,983
  
Public Storage
    
43,800
      
8,880,012
  
             
19,180,995
  
Retail — 6.1%
                
Costco Wholesale Corp.
    
14,400
      
4,441,968
  
Dollar General Corp.
    
57,400
      
10,992,674
  
Wal-Mart Stores, Inc.
    
139,800
      
17,343,588
  
             
32,778,230
  
Software — 18.9%
                
Adobe Systems, Inc.*
    
32,800
      
12,680,480
  
Akamai Technologies, Inc.*
    
10,200
      
1,079,160
  
Cadence Design Systems, Inc.*
    
55,400
      
5,057,466
  
Cerner Corp.
    
55,800
      
4,067,820
  
Electronic Arts, Inc.*
    
17,900
      
2,199,552
  
Fiserv, Inc.*
    
80,100
      
8,552,277
  
Intuit, Inc.
    
64,600
      
18,754,672
  
Jack Henry & Associates, Inc.
    
76,000
      
13,745,360
  
Microsoft Corp.
    
81,700
      
14,971,525
  
Salesforce.com, Inc.*
    
6,800
      
1,188,572
  
ServiceNow, Inc.*
    
3,500
      
1,357,755
  
Synopsys, Inc.*
    
6,500
      
1,175,915
  
Take-Two Interactive Software, Inc.*
    
124,600
      
16,966,782
  
             
101,797,336
  
Telecommunications — 5.4%
                
AT&T, Inc.
    
32,700
      
1,009,122
  
Cisco Systems, Inc.
    
132,600
      
6,340,932
  
Motorola Solutions, Inc.
    
6,500
      
879,645
  
T-Mobile US, Inc.*
    
80,300
      
8,033,212
  
Verizon Communications, Inc.
    
225,800
      
12,956,404
  
             
29,219,315
  
Transportation — 1.2%
                
Expeditors International of Washington, Inc.
    
81,500
      
6,224,155
  
Water — 0.6%
                
American Water Works Co., Inc.
    
25,200
      
3,200,400
  
TOTAL COMMON STOCKS
                
(Cost $423,440,226)
            
500,780,703
  
SHORT-TERM INVESTMENTS - 6.9%
                
U.S. Bank Money Market Deposit Account, 0.13%(a)
    
37,319,374
      
37,319,374
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $37,319,374)
            
37,319,374
  
TOTAL INVESTMENTS - 99.9%
                
(Cost $460,759,600)
            
538,100,077
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%
            
658,425
  
NET ASSETS - 100.0%
          
$
538,758,502
  
                 
* Non-income producing security.
                
(a) - The rate shown is as of May 31, 2020.
                
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, 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 U.S. Large Cap Equity Fund
  
TOTAL
    
LEVEL 1
    
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.
                                

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.