NPORT-EX 2 smallcap.htm NPORT-EX

SGI U.S. SMALL CAP EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  
             
   
Number
        
   
of Shares
    
Value
  
COMMON STOCKS - 90.7%
            
Banks — 2.1%
            
First Community Bankshares, Inc.
    
10,699
    
$
228,637
  
First Financial Corp.
    
6,590
      
231,309
  
Great Southern Bancorp, Inc.
    
5,500
      
223,080
  
Heritage Commerce Corp.
    
30,300
      
246,339
  
             
929,365
  
Biotechnology — 2.3%
                
Emergent BioSolutions, Inc.*
    
7,600
      
634,524
  
NeoGenomics, Inc.*
    
14,300
      
381,667
  
             
1,016,191
  
Building Materials — 2.1%
                
AAON, Inc.
    
10,000
      
541,700
  
Simpson Manufacturing Co., Inc.
    
4,800
      
384,288
  
             
925,988
  
Chemicals — 1.8%
                
Balchem Corp.
    
5,400
      
543,510
  
Hawkins, Inc.
    
5,700
      
244,530
  
             
788,040
  
Commercial Services — 7.4%
                
AMN Healthcare Services, Inc.*
    
10,900
      
483,524
  
Carriage Services, Inc.
    
21,204
      
396,939
  
Ennis, Inc.
    
26,400
      
469,920
  
FTI Consulting, Inc.*
    
3,600
      
433,656
  
Grand Canyon Education, Inc.*
    
5,500
      
536,745
  
ICF International, Inc.
    
8,100
      
531,198
  
Rent-A-Center Inc.
    
16,300
      
414,998
  
             
3,266,980
  
Computers — 4.1%
                
Logitech International SA, (Switzerland)
    
14,900
      
885,656
  
MAXIMUS, Inc.
    
7,200
      
518,544
  
Sykes Enterprises, Inc.*
    
14,900
      
406,174
  
             
1,810,374
  
Diversified Financial Services — 1.2%
                
International Money Express, Inc.*
    
49,400
      
544,882
  
Electric — 7.5%
                
Avangrid, Inc.
    
9,700
      
431,456
  
Avista Corp.
    
8,900
      
348,613
  
Hawaiian Electric Industries, Inc.
    
8,800
      
347,248
  
NorthWestern Corp.
    
7,400
      
444,888
  
Otter Tail Corp.
    
9,300
      
399,063
  
PNM Resources, Inc.
    
13,000
      
530,660
  
Portland General Electric Co.
    
9,200
      
433,412
  
Unitil Corp.
    
8,298
      
399,715
  
             
3,335,055
  
Electronics — 1.0%
                
OSI Systems, Inc.*
    
5,700
      
431,889
  
Engineering & Construction — 0.8%
                
Great Lakes Dredge & Dock Corp.*
    
37,000
      
342,990
  
Food — 7.7%
                
Flowers Foods, Inc.
    
33,000
      
778,470
  
Grocery Outlet Holding Corp.*
    
23,100
      
850,311
  
Ingles Markets, Inc., Class A
    
19,069
      
812,530
  
Lancaster Colony Corp.
    
2,700
      
414,342
  
Weis Markets, Inc.
    
10,200
      
568,446
  
             
3,424,099
  
Gas — 1.6%
                
Chesapeake Utilities Corp.
    
4,300
      
388,462
  
Southwest Gas Holdings, Inc.
    
4,300
      
326,585
  
             
715,047
  
Healthcare-Products — 2.4%
                
Globus Medical, Inc., Class A*
    
8,400
      
459,060
  
iRadimed Corp.*
    
16,300
      
378,975
  
NuVasive, Inc.*
    
3,400
      
206,040
  
             
1,044,075
  
Healthcare-Services — 3.5%
                
Amedisys, Inc.*
    
3,900
      
748,995
  
Teladoc Health, Inc.*
    
4,700
      
818,082
  
             
1,567,077
  
Insurance — 5.7%
                
Employers Holdings, Inc.
    
11,100
      
331,779
  
Erie Indemnity Co., Class A
    
2,100
      
378,504
  
FBL Financial Group, Inc., Class A
    
9,200
      
328,532
  
Hanover Insurance Group Inc., (The)
    
5,500
      
551,925
  
Heritage Insurance Holdings, Inc.
    
32,200
      
403,788
  
National General Holdings Corp.
    
25,500
      
517,650
  
             
2,512,178
  
Internet — 3.8%
                
Cogent Communications Holdings, Inc.
    
5,200
      
397,904
  
HealthStream, Inc.*
    
36,100
      
822,358
  
NIC, Inc.
    
19,400
      
466,764
  
             
1,687,026
  
Leisure Time — 0.9%
                
Johnson Outdoors, Inc., Class A
    
5,000
      
388,050
  
Metal Fabricate/Hardware — 0.7%
                
Northwest Pipe Co.*
    
12,033
      
301,908
  
Oil & Gas — 1.0%
                
Murphy USA, Inc.*
    
3,800
      
441,180
  
Packaging & Containers — 0.6%
                
UFP Technologies, Inc.*
    
6,100
      
275,781
  
Pharmaceuticals — 6.3%
                
Amphastar Pharmaceuticals, Inc.*
    
33,100
      
616,984
  
BioSpecifics Technologies Corp.*
    
11,400
      
709,080
  
Eagle Pharmaceuticals, Inc.*
    
8,400
      
430,584
  
Neogen Corp.*
    
4,800
      
341,856
  
Premier, Inc., Class A*
    
20,000
      
695,800
  
             
2,794,304
  
REITs — 5.0%
                
Equity Commonwealth
    
17,700
      
596,490
  
First Industrial Realty Trust, Inc.
    
8,600
      
325,768
  
Healthcare Realty Trust, Inc.
    
10,300
      
316,210
  
Life Storage, Inc.
    
7,800
      
760,344
  
Physicians Realty Trust
    
13,500
      
233,145
  
             
2,231,957
  
Retail — 5.4%
                
BJ's Wholesale Club Holdings, Inc.*
    
15,300
      
550,800
  
Casey's General Stores, Inc.
    
2,900
      
463,217
  
Freshpet, Inc.*
    
6,300
      
486,234
  
PC Connection, Inc.
    
20,994
      
908,620
  
             
2,408,871
  
Savings & Loans — 0.5%
                
Waterstone Financial, Inc.
    
15,600
      
232,440
  
Software — 9.0%
                
American Software, Inc., Class A
    
27,300
      
530,985
  
Computer Programs & Systems, Inc.
    
22,400
      
495,488
  
CSG Systems International, Inc.
    
8,500
      
402,475
  
Digi International, Inc.*
    
37,300
      
415,149
  
Everbridge, Inc.*
    
4,000
      
585,040
  
Five9, Inc.*
    
2,100
      
218,820
  
ManTech International Corp., Class A
    
7,600
      
590,824
  
Simulations Plus, Inc.
    
14,900
      
754,983
  
             
3,993,764
  
Telecommunications — 1.0%
                
Ooma, Inc.*
    
18,400
      
230,736
  
Viavi Solutions, Inc.*
    
16,500
      
191,235
  
             
421,971
  
Textiles — 1.3%
                
UniFirst Corp.
    
3,200
      
575,360
  
Water — 4.0%
                
American States Water Co.
    
5,500
      
451,055
  
California Water Service Group
    
8,089
      
380,183
  
Middlesex Water Co.
    
9,000
      
610,740
  
York Water Co., (The)
    
7,396
      
328,382
  
             
1,770,360
  
TOTAL COMMON STOCKS
                
(Cost $37,565,151)
            
40,177,202
  
SHORT-TERM INVESTMENTS - 8.8%
                
U.S. Bank Money Market Deposit Account, 0.13%(a)
    
3,888,873
      
3,888,873
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $3,888,873)
            
3,888,873
  
TOTAL INVESTMENTS - 99.5%
                
(Cost $41,454,024)
            
44,066,075
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%
            
234,527
  
NET ASSETS - 100.0%
          
$
44,300,602
  
 
                
* 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. Small Cap Equity Fund
                        
 
Common Stocks
  
$
40,177,202
    
$
40,177,202
    
$
-
    
$
-
  
 
Short-Term Investments
    
3,888,873
      
3,888,873
      
-
      
-
  
 
Total Investments*
  
$
44,066,075
    
$
44,066,075
    
$
-
    
$
-
  
                                   
 
* 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.