# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0001145549-23-002915
**Filing Date:** 2023-1
**Character Count:** 22113
**Document Hash:** 0ddad6f6ea052dcdbbdd8e8af1592225
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-002915.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001145549-23-002915

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB FUND, INC.
- **CENTRAL INDEX KEY:** 0000831114
- **IRS NUMBER:** 510312196
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05518
- **FILM NUMBER:** 23556842

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 609-731-6256

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RBB FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUND INC /DE/
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### SGI Prudent Growth Fund (Series ID: S000068716)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000219686 | Class I Shares | SGPGX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **SGI PRUDENT GROWTH FUND** | **SGI PRUDENT GROWTH FUND** | **SGI PRUDENT GROWTH FUND** |
| **PORTFOLIO OF INVESTMENTS** | **PORTFOLIO OF INVESTMENTS** | **PORTFOLIO OF INVESTMENTS** |
| **NOVEMBER 30, 2022 (UNAUDITED)** | **NOVEMBER 30, 2022 (UNAUDITED)** | **NOVEMBER 30, 2022 (UNAUDITED)** |
|  | **NUMBER** | |
| **EXCHANGE-TRADED FUNDS - 41.5%** | **OF SHARES** | **VALUE** |
| **Exchange-Traded Funds — 41.5%** | | |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 13440 | $231437 |
| Invesco QQQ Trust Series 1 | 298 | 87421 |
| Invesco S&P 500 Low Volatility ETF | 2897 | 188682 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 1945 | 97289 |
| iShares Core 1-5 Year USD Bond ETF | 12086 | 564054 |
| iShares Core MSCI EAFE ETF | 8831 | 556794 |
| iShares Core S&P Small-Cap ETF | 3690 | 375789 |
| iShares Core U.S. Aggregate Bond ETF | 20649 | 2029590 |
| iShares Edge MSCI Min Vol USA ETF | 2530 | 190408 |
| iShares Gold Trust \* | 2753 | 92501 |
| iShares MSCI USA Small-Cap Min Vol Factor ETF | 5069 | 183447 |
| iShares TIPS Bond ETF | 1405 | 152218 |
| PGIM Ultra Short Bond ETF | 8711 | 428407 |
| Schwab US Dividend Equity ETF | 1600 | 126288 |
| SPDR Portfolio Long Term Treasury ETF | 3013 | 89938 |
| SPDR Portfolio S&P 500 ETF | 5244 | 251187 |
| Vanguard S&P 500 ETF | 3030 | 1134705 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 8322 | 399456 |
|  |  | 7179611 |
| &nbsp;&nbsp;&nbsp; TOTAL EXCHANGE-TRADED FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,332,182) |  | 7179611 |
| **MUTUAL FUNDS - 48.1%** |  |  |
| **Mutual Funds — 48.1%** |  |  |
| SGI Global Equity Fund, Class I <sup>(a)</sup> | 113840 | 3947955 |
| SGI Small Cap Core Fund, Class I <sup>(a)</sup> | 59482 | 1573292 |
| SGI US Large Cap Equity Fund, Class I <sup>(a)</sup> | 110194 | 2101397 |
| SGI US Small Cap Equity Fund, Class I <sup>(a)</sup> | 57099 | 681193 |
|  |  | 8303837 |
| &nbsp;&nbsp;&nbsp; TOTAL MUTUAL FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $8,264,884) |  | 8303837 |
| **SHORT-TERM INVESTMENTS - 10.1%** |  |  |
| U.S. Bank Money Market Deposit Account, 3.50%<sup>(b)</sup> | 1735719 | 1735719 |
| &nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,735,719) |  | 1735719 |
| TOTAL INVESTMENTS - 99.7% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $17,332,785) |  | 17219167 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3% |  | 51490 |
| NET ASSETS - 100.0% |  | $17270657 |

---

---

| | |
|:---|:---|
| \* | Non-income producing security |
| (a) | Affliated Company. |
| (b) | The rate shown is as of November 30, 2022. |
| ETF | Exchange-Traded Funds |
| The accompanying notes are an integral part of the portfolio of investments. | The accompanying notes are an integral part of the portfolio of investments. |

---

------

---

| |
|:---|
| **SGI PRUDENT GROWTH FUND** |
| **NOTES TO THE PORTFOLIO OF INVESTMENTS** |
| **NOVEMBER 30, 2022 (UNAUDITED)** |
| **PORTFOLIO VALUATION** — The Fund's 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. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company'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. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer's financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. |
| **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 Fund's 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 November 30, 2022, in valuing the Fund's investments carried at fair value: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SGI PRUDENT GROWTH FUND** | | | | |
| Exchange Traded-Funds | $7179611 | $7179611 | $- | $- |
| Mutual Funds | 8303837 | 8303837 | - | - |
| Short-Term Investments | 1735719 | 1735719 | - | - |
| Total Investments\* | $17219167 | $17219167 | $- | $- |
| \* Please refer to Portfolio of Investments for further details. | \* Please refer to Portfolio of Investments for further details. | \* Please refer to Portfolio of Investments for further details. | \* Please refer to Portfolio of Investments for further details. | \* 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 the 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 Level 3 transfers in and out of each level is disclosed when 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. |
| 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 the 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 Level 3 transfers in and out of each level is disclosed when 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 purchases, sales, or 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. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RBB Fund, Inc.

- **b. Investment Company Act file number:** 811-05518

- **c. CIK number of Registrant:** 0000831114

- **d. LEI of Registrant:** 5493005KKD0GVHSW0D29

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-765-5366

**Item A.2. Information about the Series.**

- **a. Name of Series:** SGI Prudent Growth Fund

- **b. EDGAR series identifier (if any):** S000068716

- **c. LEI of Series:** 549300PWSCAUG0IECM36

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $17247138.59

**Total Liabilities:** $74056.75

**Net Assets:** $17173081.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219686 | -6.12%               | 5.43%                | 4.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-58660.59               | $-932228.70                                |
| Month 2  | $0.00                    | $842775.18                                 |
| Month 3  | $6493.91                 | $683096.20                                 |

### Schedule of Portfolio Investments

| Name                                   | Title                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Invesco QQQ Trust Series 1             | Invesco QQQ Trust Series 1                                      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | RF                | US        |       298 | NS      | $87421.28     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Optimum Yield Diversif         | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | CUSIP: 46090F100<br>LEI: 549300FMDZNC0BEIYQ10 | Long             | EC               | RF                | US        |     13440 | NS      | $231436.80    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P 500 Low Volatility         | Invesco S&P 500 Low Volatility ETF                              | CUSIP: 46138E354<br>LEI: 549300FATA6ZCF8G1744 | Long             | EC               | RF                | US        |      2897 | NS      | $188681.61    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Gold Trust                     | iShares Gold Trust                                              | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |      2753 | NS      | $92500.80     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares TIPS Bond ETF                  | iShares TIPS Bond ETF                                           | CUSIP: 464287176<br>LEI: 549300EHD1VQKMRQ0829 | Long             | EC               | RF                | US        |      1405 | NS      | $152217.70    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core U.S. Aggregate Bo         | iShares Core U.S. Aggregate Bond ETF                            | CUSIP: 464287226<br>LEI: 549300F7VSXTKBGHJE47 | Long             | EC               | RF                | US        |     20649 | NS      | $2029590.21   | 11.82%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Small-Cap ETF         | iShares Core S&P Small-Cap ETF                                  | CUSIP: 464287804<br>LEI: 549300BZQ17QYN750B25 | Long             | EC               | RF                | US        |      3690 | NS      | $375789.60    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 5-10 Year Investment G         | iShares 5-10 Year Investment Grade Corporate Bond ETF           | CUSIP: 464288638<br>LEI: 549300ZJOCMXQZ0RKQ84 | Long             | EC               | RF                | US        |      1945 | NS      | $97288.90     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Min Vol Facto         | iShares MSCI USA Min Vol Factor ETF                             | CUSIP: 46429B697<br>LEI: 54930006KUZN6GLGL496 | Long             | EC               | RF                | US        |      2530 | NS      | $190407.80    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI EAFE ETF             | iShares Core MSCI EAFE ETF                                      | CUSIP: 46432F842<br>LEI: 5493009FT582MI7Y3I36 | Long             | EC               | RF                | US        |      8831 | NS      | $556794.55    | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core 1-5 Year USD Bond         | iShares Core 1-5 Year USD Bond ETF                              | CUSIP: 46432F859<br>LEI: 549300EL16PGODA21E74 | Long             | EC               | RF                | US        |     12086 | NS      | $564053.62    | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Small-Cap Min         | iShares MSCI USA Small-Cap Min Vol Factor ETF                   | CUSIP: 46435G433<br>LEI: N/A                  | Long             | EC               | RF                | US        |      5069 | NS      | $183447.11    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PGIM Ultra Short Bond ETF              | PGIM Ultra Short Bond ETF                                       | CUSIP: 69344A107<br>LEI: 549300GB8HES91GNEF23 | Long             | EC               | RF                | US        |      8711 | NS      | $428406.98    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SGI Small Cap Growth Fund              | SGI Small Cap Growth Fund                                       | CUSIP: 749255188<br>LEI: 549300U1EB7E1OEPCM45 | Long             | EC               | RF                | US        |     59482 | NS      | $1573292.21   | 9.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SGI US Small Cap Equity Fund           | SGI US Small Cap Equity Fund                                    | CUSIP: 74925K268<br>LEI: 5493009IZWUG3SAWVN25 | Long             | EC               | RF                | US        |     57099 | NS      | $681193.09    | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SGI Global Equity Fund                 | SGI Global Equity Fund                                          | CUSIP: 74925K417<br>LEI: 549300DNUERQRPHVZJ44 | Long             | EC               | RF                | US        |    113840 | NS      | $3947954.90   | 22.99%            |  |  |  | No            |                  1 | On Loan: No      |
| SGI US Large Cap Equity Fund           | SGI US Large Cap Equity Fund                                    | CUSIP: 74925K524<br>LEI: 549300KYBUGA4WTA3A58 | Long             | EC               | RF                | US        |    110194 | NS      | $2101396.59   | 12.24%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Long Term Treas         | SPDR Portfolio Long Term Treasury ETF                           | CUSIP: 78464A664<br>LEI: 549300GYQKAMF6JUVI06 | Long             | EC               | RF                | US        |      3013 | NS      | $89938.05     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 ETF             | SPDR Portfolio S&P 500 ETF                                      | CUSIP: 78464A854<br>LEI: 5493004K4F0RL72RIJ47 | Long             | EC               | RF                | US        |      5244 | NS      | $251187.60    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US Dividend Equity ETF          | Schwab US Dividend Equity ETF                                   | CUSIP: 808524797<br>LEI: 549300MUIMRQQDWJ5226 | Long             | EC               | RF                | US        |      1600 | NS      | $126288.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account                          | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1744855 | NS      | $1744854.75   | 10.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Inflation-         | Vanguard Short-Term Inflation-Protected Securities ETF          | CUSIP: 922020805<br>LEI: N/A                  | Long             | EC               | RF                | US        |      8322 | NS      | $399456.00    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard S&P 500 ETF                   | Vanguard S&P 500 ETF                                            | CUSIP: 922908363<br>LEI: N/A                  | Long             | EC               | RF                | US        |      3030 | NS      | $1134704.70   | 6.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

**Name of Applicant:** RBB Fund, Inc.

**Signature:** /s/ James G. Shaw

**Name of Signer:** RBB Fund, Inc.

**Title:** CFO COO Treasurer