NPORT-EX 2 bogle.htm NPORT-EX

BOGLE INVESTMENT MANAGEMENT
  
SMALL CAP GROWTH FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  
             
   
Number
        
   
Of Shares
    
Value
  
Common Stocks—97.8%
            
Commercial Services—5.6%
            
Bandwidth, Inc., Class A*
    
2,200
    
$
243,870
  
Clarivate PLC*
    
10,560
      
241,718
  
Etsy, Inc.*
    
2,200
      
178,156
  
Huron Consulting Group, Inc.*
    
9,500
      
439,470
  
Quotient Technology, Inc.*
    
45,232
      
314,815
  
Ritchie Bros Auctioneers, Inc.
    
10,651
      
460,869
  
Rubicon Project, Inc., (The)*
    
36,600
      
229,482
  
Stamps.com, Inc.*
    
1,900
      
376,485
  
TriNet Group, Inc.*
    
8,059
      
433,010
  
             
2,917,875
  
Communications—1.2%
                
Telephone & Data Systems, Inc.
    
19,600
      
401,604
  
Vonage Holdings Corp.*
    
24,374
      
234,722
  
             
636,326
  
Consumer Durables—1.8%
                
Nautilus, Inc.*
    
18,249
      
111,501
  
Spectrum Brands Holdings, Inc.
    
9,567
      
452,711
  
Vista Outdoor, Inc.*
    
36,173
      
351,240
  
             
915,452
  
Consumer Non-Durables—4.8%
                
Central Garden & Pet Co., Class A*
    
20,332
      
696,574
  
Hain Celestial Group Inc., (The)*
    
12,900
      
406,092
  
John B Sanfilippo & Son, Inc.
    
4,600
      
399,924
  
Nomad Foods Ltd.*
    
22,342
      
473,204
  
USANA Health Sciences, Inc.*
    
6,051
      
512,641
  
             
2,488,435
  
Consumer Services—1.3%
                
Meredith Corp.*
    
1,879
      
28,072
  
Planet Fitness, Inc., Class A*
    
3,200
      
206,816
  
ServiceMaster Global Holdings, Inc.*
    
7,900
      
259,910
  
WW International, Inc.*
    
7,300
      
174,470
  
             
669,268
  
Distribution Services—1.4%
                
Core-Mark Holding Co., Inc.
    
14,310
      
400,394
  
Pool Corp.
    
1,100
      
295,922
  
             
696,316
  
Electronic Technology—8.2%
                
Amkor Technology, Inc.*
    
46,965
      
496,890
  
Audiocodes Ltd.
    
9,200
      
337,180
  
Comtech Telecommunications Corp.
    
27,202
      
484,468
  
FLIR Systems, Inc.
    
5,200
      
240,240
  
Impinj, Inc.*
    
800
      
20,680
  
Inphi Corp.*
    
3,000
      
377,010
  
MagnaChip Semiconductor Corp.*
    
43,131
      
477,029
  
NeoPhotonics Corp.*
    
64,266
      
557,186
  
Silicon Motion Technology Corp., ADR
    
7,643
      
344,470
  
Sonos, Inc.*
    
49,314
      
535,550
  
Super Micro Computer, Inc.*
    
14,049
      
364,712
  
             
4,235,415
  
Finance—19.4%
                
Aaron's, Inc.
    
11,256
      
415,459
  
AMERCO
    
800
      
258,000
  
Apollo Investment Corp.
    
19,700
      
198,970
  
Ares Management Corp., Class A
    
7,500
      
283,200
  
Argo Group International Holdings, Ltd.
    
10,800
      
331,452
  
Assurant, Inc.
    
3,300
      
338,514
  
Axis Capital Holdings Ltd.
    
4,700
      
176,438
  
Carlyle Group Inc., (The)
    
12,300
      
340,218
  
Cohen & Steers, Inc.
    
5,500
      
349,525
  
Employers Holdings, Inc.
    
11,300
      
337,757
  
Enstar Group Ltd.*
    
2,100
      
299,040
  
Focus Financial Partners, Inc., Class A*
    
11,715
      
326,146
  
Globe Life, Inc.
    
400
      
30,808
  
Green Dot Corp., Class A*
    
10,187
      
388,940
  
H&E Equipment Services, Inc.
    
2,400
      
41,136
  
Interactive Brokers Group, Inc., Class A
    
7,977
      
337,826
  
INTL FCStone, Inc.*
    
10,926
      
557,335
  
James River Group Holdings Ltd.
    
15,302
      
591,728
  
LPL Financial Holdings, Inc.
    
4,200
      
299,838
  
McGrath RentCorp
    
8,030
      
447,753
  
Mercury General Corp.
    
11,468
      
461,358
  
National General Holdings Corp.
    
9,800
      
198,940
  
New Mountain Finance Corp.
    
6,300
      
59,850
  
Newmark Group, Inc., Class A.
    
34,800
      
147,900
  
NMI Holdings, Inc., Class A*
    
20,955
      
321,973
  
On Deck Capital, Inc.*
    
93,582
      
69,990
  
PJT Partners, Inc., Class A
    
7,202
      
393,877
  
ProAssurance Corp.
    
20,507
      
282,997
  
Realogy Holdings Corp.*
    
27,600
      
167,256
  
Rent A Center, Inc.
    
10,923
      
278,100
  
SEI Investments Co.
    
5,595
      
303,361
  
TCG BDC, Inc.
    
18,200
      
162,162
  
Third Point Reinsurance Ltd.*
    
44,075
      
325,273
  
Virtus Investment Partners, Inc.
    
3,084
      
286,750
  
WillScot Corp.*
    
17,600
      
234,784
  
             
10,044,654
  
Health Services—2.5%
                
Castle Biosciences, Inc.*
    
9,418
      
361,934
  
DaVita, Inc.*
    
6,275
      
508,024
  
Fulgent Genetics, Inc.*
    
8,546
      
148,871
  
Natera, Inc.*
    
6,000
      
263,100
  
             
1,281,929
  
Health Technology—17.5%
                
Alkermes PLC*
    
8,844
      
144,688
  
Amarin Corp. PLC, ADR*
    
34,800
      
238,728
  
Amneal Pharmaceuticals, Inc.*
    
32,700
      
159,249
  
AnaptysBio, Inc.*
    
25,794
      
492,149
  
Arcturus Therapeutics Holdings, Inc.*
    
2,800
      
109,032
  
Assertio Holdings, Inc.*
    
64,775
      
63,907
  
Axogen, Inc.*
    
28,200
      
273,540
  
Bio-Techne Corp.
    
1,100
      
291,280
  
Bruker Corp.
    
7,300
      
315,944
  
China Biologic Products Holdings, Inc.*
    
5,052
      
559,610
  
Compugen Ltd.*
    
15,800
      
243,162
  
Dr Reddy's Laboratories Ltd., ADR
    
3,900
      
208,416
  
Emergent BioSolutions, Inc.*
    
3,100
      
258,819
  
Envista Holdings Corp.*
    
12,400
      
262,136
  
Exelixis, Inc.*
    
9,800
      
242,158
  
Fluidigm Corp.*
    
46,362
      
202,138
  
GenMark Diagnostics, Inc.*
    
16,400
      
155,636
  
Lantheus Holdings, Inc.*
    
33,790
      
463,937
  
Meridian Bioscience, Inc.*
    
25,958
      
401,311
  
Mersana Therapeutics, Inc.*
    
12,200
      
276,208
  
Natus Medical, Inc.*
    
13,726
      
293,736
  
OraSure Technologies, Inc.*
    
13,635
      
198,253
  
Orthofix Medical, Inc.*
    
15,604
      
531,784
  
Pfenex, Inc.*
    
31,219
      
228,211
  
Puma Biotechnology, Inc.*
    
14,200
      
144,982
  
Quidel Corp.*
    
1,784
      
312,200
  
Retrophin, Inc.*
    
14,537
      
228,013
  
Sage Therapeutics, Inc.*
    
5,100
      
182,172
  
Vanda Pharmaceuticals, Inc.*
    
39,629
      
464,452
  
Vapotherm, Inc.*
    
8,526
      
227,047
  
Varex Imaging Corp.*
    
17,801
      
333,947
  
Xencor, Inc.*
    
6,600
      
199,650
  
Zymeworks, Inc.*
    
8,133
      
310,030
  
             
9,016,525
  
Industrial Services—0.6%
                
Plains GP Holdings LP, Class A*
    
15,300
      
152,847
  
Tutor Perini Corp.*
    
13,500
      
141,750
  
             
294,597
  
Non-Energy Minerals—2.9%
                
Boise Cascade Co.
    
15,780
      
536,993
  
JELD-WEN Holding, Inc.*
    
12,911
      
175,977
  
SSR Mining, Inc.*
    
10,700
      
205,761
  
UFP Industries, Inc.
    
12,191
      
557,495
  
             
1,476,226
  
Process Industries—4.8%
                
Clearwater Paper Corp.*
    
6,800
      
196,996
  
Graphic Packaging Holding Co.
    
29,902
      
432,682
  
Kraton Corp.*
    
16,240
      
247,660
  
NewMarket Corp.
    
800
      
348,904
  
Scotts Miracle-Gro Co., (The)
    
3,453
      
492,294
  
Silgan Holdings, Inc.
    
12,943
      
432,814
  
Stepan Co.
    
3,367
      
327,138
  
             
2,478,488
  
Producer Manufacturing—6.4%
                
ACCO Brands Corp.
    
43,300
      
268,027
  
ACM Research, Inc., Class A*
    
2,600
      
155,454
  
American Woodmark Corp.*
    
3,800
      
238,488
  
BMC Stock Holdings, Inc.*
    
13,400
      
350,678
  
Builders FirstSource, Inc.*
    
9,800
      
203,938
  
Fortune Brands Home & Security, Inc.
    
3,900
      
237,744
  
Lumentum Holdings, Inc.*
    
4,100
      
300,612
  
Navistar International Corp.*
    
17,953
      
451,338
  
Reynolds Consumer Products, Inc.
    
6,089
      
203,312
  
Simpson Manufacturing Co., Inc.
    
4,500
      
360,270
  
SolarEdge Technologies, Inc.*
    
2,100
      
297,990
  
TopBuild Corp.*
    
2,000
      
229,380
  
             
3,297,231
  
Retail Trade—4.2%
                
BJ's Wholesale Club Holdings, Inc.*
    
12,010
      
432,360
  
Casey's General Stores, Inc.
    
2,300
      
367,379
  
Murphy USA, Inc.*
    
5,030
      
583,983
  
Sprouts Farmers Market, Inc.*
    
15,181
      
381,499
  
Vipshop Holdings Ltd., ADR*
    
23,225
      
402,721
  
             
2,167,942
  
Technology Services—10.7%
                
Blucora, Inc.*
    
23,944
      
290,920
  
Boingo Wireless, Inc.*
    
15,332
      
210,048
  
Box, Inc., Class A*
    
15,073
      
301,158
  
Cornerstone OnDemand, Inc.*
    
9,000
      
347,850
  
Digital Turbine, Inc.*
    
62,076
      
398,528
  
Dropbox, Inc., Class A*
    
11,400
      
257,298
  
Eventbrite, Inc., Class A*
    
27,100
      
233,602
  
EverQuote, Inc., Class A*
    
3,500
      
188,720
  
Five9, Inc.*
    
2,400
      
250,080
  
Glu Mobile, Inc.*
    
33,367
      
333,003
  
Limelight Networks, Inc.*
    
41,676
      
205,879
  
Momo, Inc., SP ADR
    
15,700
      
304,580
  
National Instruments Corp.
    
6,900
      
267,168
  
NETGEAR, Inc.*
    
12,941
      
332,972
  
Sohu.com Ltd., ADR*
    
49,570
      
332,119
  
Synaptics, Inc.*
    
7,894
      
503,006
  
Upwork, Inc.*
    
29,136
      
362,452
  
Zuora, Inc., Class A*
    
35,100
      
421,551
  
             
5,540,934
  
Transportation—2.2%
                
Hub Group, Inc., Class A*
    
7,103
      
332,207
  
International Seaways, Inc.
    
9,728
      
220,631
  
Providence Service Corp., (The)*
    
5,498
      
442,589
  
Teekay Tankers Ltd., Class A
    
9,300
      
161,634
  
             
1,157,061
  
Utilities—2.3%
                
MDU Resources Group, Inc.
    
15,662
      
340,805
  
NRG Energy, Inc.
    
7,400
      
266,770
  
Pampa Energia SA, SP ADR
    
831
      
8,609
  
TransAlta Corp.
    
50,455
      
294,657
  
Vistra Energy Corp.
    
14,500
      
296,380
  
             
1,207,221
  
TOTAL COMMON STOCKS
                
(Cost $47,398,268)
            
50,521,895
  
SHORT-TERM INVESTMENTS—1.8%
                
U.S. Bank Money Market Deposit Account, 0.13%(a)
            
917,054
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $917,054)
            
917,054
  
TOTAL  INVESTMENTS—99.6%
                
(Cost $48,315,322)
            
51,438,949
  
OTHER ASSETS IN EXCESS OF LIABILITIES—0.4%
            
229,268
  
NET ASSETS—100.0%
          
$
51,668,217
  
 
                
* Non-income producing security.
                
(a) - The rate shown is as of May 31, 2020.
                
ADR - American Depositary Receipt
  
PLC - Public Limited Company
  
SP ADR - Sponsored American Depositary Receipt
  
                 
The accompanying notes are an integral part of the portfolio of investments.
  


BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (UNAUDITED)
                   
PORTFOLIO VALUATION — The Bogle Investment Management Small Cap Growth Fund's (the "Fund") 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. 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 discussed in their prospectuses). 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.
                   
FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure 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 inputs used, as of May 31, 2020, in valuing the Fund’s investments carried at fair value:
        

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stocks
  
$
50,521,895
    
$
50,521,895
    
$
-
    
$
-
  
Short-Term Investments
    
917,054
      
917,054
      
-
      
-
  
Total Investments*
  
$
51,438,949
    
$
51,438,949
    
$
-
    
$
-
  
                                 
* Please refer to the 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 Level 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 when 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 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.
  
                   
For the period ended May 31, 2020, 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.