RBB Fund NPORT-P SGI U.S. Large Cap Equity Fund (Nov 2024 report)

SGI U.S. Large Cap Equity Fund
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 98.1%	Shares		Value
Aerospace/Defense - 1.4%
Lockheed Martin Corp.		5,626	$	2,978,461
Northrop Grumman Corp.		859		420,609
				3,399,070
Banks - 0.2%
Citigroup, Inc.		7,486		530,533
Beverages - 1.2%
Coca Cola Bottling Co.		346		451,284
Coca-Cola Co.		38,201		2,447,920
				2,899,204
Biotechnology - 5.2%
Regeneron Pharmaceuticals, Inc. (a)		6,190		4,643,862
Royalty Pharma PLC - Class A		16,408		437,437
United Therapeutics Corp. (a)		17,920		6,639,181
Vertex Pharmaceuticals, Inc. (a)		2,115		990,095
				12,710,575
Building Materials - 3.9%
Builders FirstSource, Inc. (a)		3,059		570,412
Owens Corning		40,704		8,369,556
Trane Technologies PLC		1,390		578,546
				9,518,514
Chemicals - 0.9%
DuPont de Nemours, Inc.		5,247		438,597
Ecolab, Inc.		4,631		1,152,054
LyondellBasell Industries NV - Class A		6,437		536,459
				2,127,110
Commercial Services - 3.3%
Automatic Data Processing, Inc.		25,732		7,897,923
Cosmetics & Personal Care - 2.8%
Colgate-Palmolive Co.		70,803		6,841,694
Diversified Financial Services - 1.5%
Mastercard, Inc. - Class A		6,960		3,709,262
Electric - 3.7%
CMS Energy Corp.		49,229		3,431,754
DTE Energy Co.		13,893		1,747,462
Duke Energy Corp.		4,002		468,434
Evergy, Inc.		50,750		3,279,972
				8,927,622
Engineering & Construction - 1.0%
EMCOR Group, Inc.		4,502		2,296,560
Environmental Control - 1.4%
Republic Services, Inc.		4,641		1,013,130
Waste Management, Inc.		10,805		2,465,917
				3,479,047
Food - 2.6%
Hershey Co.		1,921		338,346
Kroger Co., (The)		33,098		2,021,626
Performance Food Group Co. (a)		14,831		1,308,687
Sysco Corp.		27,874		2,149,364
Tyson Foods, Inc., - Class A		7,069		455,951
				6,273,974
Freight & Logistics - 3.4%
FedEx Corp.		7,024		2,125,954
Union Pacific Corp.		18,268		4,469,449
United Parcel Service, Inc. - Class B		11,640		1,579,781
				8,175,184
Healthcare-Services - 5.2%
Elevance Health, Inc.		13,496		5,492,332
HCA Healthcare, Inc.		5,656		1,850,757
Universal Health Services, Inc. - Class B		25,325		5,191,625
				12,534,714
Home Builders - 1.1%
NVR, Inc. (a)		285		2,632,140
Household Products/Wares - 0.5%
Kimberly-Clark Corp.		8,547		1,191,024
Insurance - 13.9%
Allstate Corp., (The)		17,960		3,724,724
Berkshire Hathaway, Inc. - Class B (a)		1,037		500,892
Cincinnati Financial Corp.		3,003		479,970
Everest Group Ltd.		17,499		6,781,912
Markel Group, Inc. (a)		293		522,396
MetLife, Inc.		91,399		8,064,134
Progressive Corp.		31,264		8,406,264
Reinsurance Group of America, Inc.		10,422		2,380,385
Unum Group		36,077		2,774,321
				33,634,998
IT Services & Consulting - 7.1%
Accenture PLC - Class A		2,561		928,029
Amdocs Ltd.		13,258		1,149,734
Cognizant Technology Solutions Corp. - Class A		5,968		480,364
EPAM Systems, Inc. (a)		29,305		7,148,076
GoDaddy, Inc. - Class A (a)		29,062		5,741,779
Leidos Holdings, Inc.		11,152		1,844,541
				17,292,523
Media - 0.5%
Fox Corp. - Class B		12,032		538,191
Walt Disney Co.		5,147		604,618
				1,142,809
Mining - 0.3%
Freeport-McMoRan, Inc.		14,354		634,447
Oil & Gas - 2.3%
Coterra Energy, Inc.		16,397		438,128
Devon Energy Corp.		73,448		2,787,351
Diamondback Energy, Inc.		3,186		565,802
EOG Resources, Inc.		8,095		1,078,740
Ovintiv, Inc.		8,736		396,789
Valero Energy Corp.		2,814		391,371
				5,658,181
Online Services - 4.4%
Booking Holdings, Inc.		113		587,824
Meta Platforms, Inc. - Class A		11,785		6,768,361
Spotify Technology SA (a)		6,883		3,282,916
				10,639,101
Pharmaceuticals - 11.0%
Cardinal Health, Inc.		54,145		6,618,685
Eli Lilly & Co.		4,255		3,384,214
McKesson Corp.		10,395		6,533,257
Merck & Co., Inc.		71,012		7,217,660
Neurocrine Biosciences, Inc. (a)		18,814		2,384,675
Zoetis, Inc.		2,531		443,558
				26,582,049
Pipelines - 0.2%
Cheniere Energy, Inc.		2,489		557,561
REITS - 0.6%
Equity Residential		6,282		481,578
Essex Property Trust, Inc.		1,596		495,494
Simon Property Group, Inc.		2,857		524,545
				1,501,617
Retail - 2.7%
Costco Wholesale Corp.		3,184		3,094,466
Ross Stores, Inc.		5,543		858,444
Target Corp.		3,042		402,487
Texas Roadhouse, Inc.		2,636		541,092
Wal-Mart Stores, Inc.		18,210		1,684,425
				6,580,914
Semiconductors - 2.2%
Monolithic Power Systems, Inc.		2,997		1,701,217
QUALCOMM, Inc.		23,566		3,735,918
				5,437,135
Software - 6.9%
AppLovin Corp. - Class A (a)		9,330		3,141,878
Atlassian Corp. - Class A (a)		3,196		842,402
Autodesk, Inc. (a)		1,791		522,793
HubSpot, Inc. (a)		663		478,056
Nutanix, Inc. - Class A (a)		7,637		498,543
Salesforce.com, Inc.		13,794		4,551,882
ServiceNow, Inc. (a)		904		948,694
Veeva Systems, Inc. - Class A (a)		10,661		2,429,109
Workday, Inc. - Class A (a)		1,963		490,730
Zoom Communications, Inc. - Class A (a)		33,896		2,802,860
				16,706,947
Technology - 3.5%
Alphabet, Inc. - Class A		47,493		8,023,942
Apple, Inc.		2,202		522,601
				8,546,543
Telecommunications - 3.2%
Motorola Solutions, Inc.		15,363		7,676,891
TOTAL COMMON STOCKS (Cost $201,583,723)				237,735,866
TOTAL INVESTMENTS - 98.1% (Cost $201,583,723)				237,735,866
Other Assets in Excess of Liabilities - 1.9%				4,519,675
TOTAL NET ASSETS - 100.0%			$	242,255,541
two				–	%
Percentages are stated as a percent of net assets.				–	%

NV - Naamloze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

(a) Non-income producing security.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

SGI U.S. Large Cap Equity Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	237,735,866	$	–	$	–	$	237,735,866
Total Investments	$	237,735,866	$	–	$	–	$	237,735,866
Refer to the Schedule of Investments for further disaggregation of investment categories.