NPORT-EX 2 rbb-schneider.htm NPORT-EX


SCHNEIDER SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (UNAUDITED)

             
   
Number of Shares
    
Value
  
COMMON STOCKS — 98.5%
            
Auto Parts & Equipment — 8.6%
            
Adient PLC*
    
90,749
    
$
1,543,640
  
Banks — 12.2%
                
Cadence BanCorp
    
150,149
      
1,211,702
  
OFG Bancorp
    
513
      
6,233
  
Synovus Financial Corp.
    
50,568
      
970,400
  
             
2,188,335
  
Chemicals — 17.3%
                
Koppers Holdings, Inc.*
    
69,562
      
1,152,642
  
Olin Corp.
    
21,336
      
256,672
  
Tronox Holdings PLC, Class A
    
57,476
      
381,641
  
UNIVAR, Inc.*
    
76,266
      
1,179,072
  
Venator Materials PLC*
    
104,280
      
136,607
  
             
3,106,634
  
Commercial Services — 7.0%
                
Herc Holdings, Inc.*
    
38,847
      
1,107,140
  
Hudson Global, Inc.*
    
17,414
      
150,805
  
             
1,257,945
  
Consumer Discretionary — 0.6%
                
Brinker International, Inc.*(a)
    
3,600
      
94,860
  
Children's Place, Inc., (The)*(a)
    
200
      
8,328
  
             
103,188
  
Department Stores — 1.8%
                
Kohl's Corp.*(a)
    
17,000
      
326,740
  
Information Technology — 6.7%
                
Intevac, Inc.*
    
232,914
      
1,213,482
  
Insurance — 9.5%
                
Assured Guaranty Ltd.
    
8,391
      
217,579
  
Brighthouse Financial, Inc.*
    
44,709
      
1,328,304
  
Kingstone Cos., Inc.
    
38,647
      
170,047
  
             
1,715,930
  
Manufacturing — 7.8%
                
Intrepid Potash, Inc.*(a)
    
124,604
      
153,263
  
Manitowoc Company, Inc., (The)*
    
24,687
      
230,823
  
Modine Manufacturing Co.*
    
11,312
      
60,519
  
REV Group, Inc.*(a)
    
156,549
      
954,949
  
             
1,399,554
  
Mining — 0.6%
                
Cameco Corp.
    
10,500
      
114,135
  
Oil & Gas — 11.2%
                
Battalion Oil Corp.*
    
4,585
      
26,547
  
Range Resources Corp.*(a)
    
32,392
      
194,028
  
SM Energy Co.(a)
    
255,743
      
900,215
  
Transocean Ltd.*(a)
    
676,180
      
899,320
  
             
2,020,110
  
Oil & Gas Services — 0.8%
                
NexTier Oilfield Solutions, Inc.*
    
41,363
      
119,953
  
Weatherford International Plc*
    
8,000
      
16,000
  
             
135,953
  
Pharmaceuticals — 0.4%
                
Mylan NV*(a)
    
4,500
      
76,815
  
Plastics Product Manufacturing — 0.6%
                
Newell Brands, Inc.
    
7,770
      
102,176
  
Real Estate Investment Trust — 6.1%
                
Alexander & Baldwin, Inc.*
    
16,991
      
193,868
  
Boardwalk Real Estate Investment Trust
    
44,491
      
913,400
  
             
1,107,268
  
Semiconductors — 1.6%
                
Kulicke & Soffa Industries, Inc.
    
12,491
      
279,299
  
Telecommunications — 2.7%
                
Aviat Networks, Inc.*
    
30,541
      
465,445
  
UTStarcom Holdings Corp.*
    
15,755
      
29,619
  
             
495,064
  
Transportation — 3.0%
                
Delta Air Lines, Inc.*
    
17,436
      
439,562
  
Scorpio Tankers, Inc.
    
1,811
      
32,127
  
US Xpress Enterprises, Inc., Class A*
    
12,460
      
63,546
  
             
535,235
  
TOTAL COMMON STOCKS
                
(Cost $24,007,842)
            
17,721,503
  
EXCHANGE TRADED FUNDS — 1.5%
                
Investment Companies — 1.5%
                
Invesco S&P SmallCap 600 Pure Value ETF
    
6,200
      
276,547
  
TOTAL EXCHANGE TRADED FUNDS
                
(Cost $229,979)
            
276,547
  
WARRANTS — 0.0%
                
Oil & Gas — 0.0%
                
Battalion Oil Corp. Expiration Date October 8, 2022*(b)
    
6,153
      
–
  
Battalion Oil Corp. Expiration Date October 8, 2022*(b)
    
4,922
      
–
  
Battalion Oil Corp. Expiration Date October 8, 2022*(b)
    
7,911
      
–
  
TOTAL WARRANTS
                
(Cost $0)
            
–
  
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL — 14.9%
                
Mount Vernon Liquid Assets Portfolio, LLC, 0.33%
    
2,682,270
      
2,682,270
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $2,682,270)
            
2,682,270
  
TOTAL INVESTMENTS — 114.9%
                
(Cost $26,920,091)
            
20,680,320
  
LIABILITIES IN EXCESS OF OTHER ASSETS — (14.9)%
            
(2,678,978
)
NET ASSETS — 100.0%
          
$
18,001,342
  
 
*
Non-income producing security.
        
PLC
Public Limited Company
            
(a)
All or a portion of the security is on loan. At May 31, 2020, the market value of securities on loan was $3,608,518.
(b)
Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors as of May 31, 2020, these securities amounted to $0 or 0.0% of net assets.

Industry classifications may be different than those used for compliance monitoring purposes.


SCHNEIDER SMALL CAP VALUE FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (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. Investments in other open-end investment companies are valued based on the NAV of the 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 the end of the reporting period, in valuing the Fund’s investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE*
  
Common Stocks
  
$
17,721,503
    
$
17,721,503
    
$
-
    
$
-
    
$
-
  
Exchange Traded Funds
  
$
276,547
    
$
276,547
                          
Warrants
    
-
      
-
      
-
      
-
**
    
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
2,682,270
      
-
      
-
      
-
      
2,682,270
  
Total Investments***
  
$
20,680,320
    
$
17,998,050
    
$
-
    
$
-
    
$
2,682,270
  

*
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Portfolio of Investments.
**
Value equals zero as of the end of the reporting period.
***
Please refer to the Portfolio of Investments for further details.

At the end of each period, 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 an active 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.
                   
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.