NPORT-EX 2 small-core.htm NPORT-EX

SGI SMALL CAP CORE FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2023 (Unaudited)
  
   
   
NUMBER OF
SHARES
    
VALUE
  
COMMON STOCKS — 98.2%
            
Agriculture — 1.0%
            
Andersons, Inc.
    
8,449
    
$
421,267
  
Fresh Del Monte Produce, Inc.
    
26,970
      
614,916
  
             
1,036,183
  
Airlines — 0.9%
                
Allegiant Travel Co.
    
12,888
      
882,699
  
                 
Apparel — 1.4%
                
Movado Group, Inc.
    
14,735
      
385,320
  
Oxford Industries, Inc.
    
11,288
      
1,020,774
  
             
1,406,094
  
Auto Parts & Equipment — 0.2%
                
Adient PLC (a)
    
4,255
      
137,011
  
Visteon Corp. (a)
    
422
      
50,079
  
XPEL, Inc. (a)
    
980
      
44,786
  
             
231,876
  
Banks — 1.5%
                
Bank7 Corp.
    
1,881
      
44,768
  
Bankwell Financial Group, Inc.
    
1,985
      
53,516
  
First Financial Corp.
    
5,960
      
227,970
  
Hanmi Financial Corp.
    
16,663
      
277,272
  
Meta Financial Group, Inc.
    
17,169
      
851,411
  
Univest Financial Corp.
    
2,598
      
49,076
  
             
1,504,013
  
Biotechnology — 0.9%
                
Ligand Pharmaceuticals, Inc. (a)
    
15,997
      
932,785
  
                 
Building Materials — 9.5%
                
American Woodmark Corp. (a)
    
11,091
      
802,988
  
Apogee Enterprises, Inc.
    
9,073
      
409,192
  
Boise Cascade Co.
    
10,896
      
1,190,933
  
Eagle Materials, Inc.
    
6,528
      
1,181,895
  
Griffon Corp.
    
27,476
      
1,278,458
  
JELD-WEN Holding, Inc. (a)
    
11,522
      
184,122
  
Louisiana-Pacific Corp.
    
17,287
      
1,054,334
  
Masonite International Corp. (a)
    
12,188
      
1,082,904
  
MDU Resources Group, Inc.
    
2,561
      
49,018
  
Simpson Manufacturing Co., Inc.
    
6,897
      
1,151,592
  
UFP Industries, Inc.
    
11,189
      
1,226,650
  
             
9,612,086
  
Chemicals — 2.9%
                
AdvanSix, Inc.
    
7,709
      
201,436
  
Innospec, Inc.
    
4,873
      
512,006
  
Minerals Technologies, Inc.
    
17,889
      
1,120,567
  
Orion Engineered Carbons SA
    
45,385
      
1,081,525
  
             
2,915,534
  
Commercial Services — 5.2%
                
Barrett Business Services Inc.
    
497
      
54,645
  
EVERTEC, Inc.
    
2,524
      
93,312
  
Heidrick & Struggles International Inc.
    
25,993
      
706,490
  
Herc Holdings, Inc.
    
7,698
      
951,935
  
Information Services Group, Inc.
    
18,449
      
76,748
  
John Wiley & Sons, Inc. - Class A
    
32,986
      
996,507
  
Korn/Ferry International
    
20,661
      
1,069,000
  
National Research Corp.
    
6,810
      
282,138
  
PROG Holdings, Inc. (a)
    
36,725
      
1,001,123
  
             
5,231,898
  
Computers — 0.3%
                
TTEC Holdings, Inc.
    
18,034
      
337,596
  
                 
Distribution/Wholesale — 3.2%
                
Global Industrial Co.
    
5,456
      
194,288
  
H&E Equipment Services, Inc.
    
22,672
      
1,004,596
  
Rush Enterprises, Inc. - Class A
    
25,695
      
1,019,321
  
ScanSource, Inc. (a)
    
6,296
      
210,475
  
Titan Machinery, Inc. (a)
    
37,871
      
865,731
  
             
3,294,411
  
Diversified Financial Services — 5.5%
                
Affiliated Managers Group, Inc.
    
372
      
50,425
  
Air Lease Corp.
    
26,341
      
1,021,767
  
Brightsphere Investment Group, Inc.
    
14,828
      
258,749
  
Diamond Hill Investment Group, Inc.
    
2,212
      
355,225
  
Enact Holdings, Inc.
    
14,053
      
389,409
  
Enova International, Inc. (a)
    
23,293
      
959,672
  
Lazard Ltd. - Class A
    
21,503
      
644,660
  
Mr Cooper Group, Inc. (a)
    
8,440
      
510,789
  
Radian Group, Inc.
    
1,829
      
47,024
  
Regional Management Corp.
    
22,520
      
498,142
  
Silvercrest Asset Management Group, Inc. - Class A
    
2,449
      
38,155
  
Victory Capital Holdings, Inc. - Class A
    
1,541
      
49,543
  
Virtus Investment Partners, Inc.
    
3,767
      
736,900
  
Western Union Co.
    
4,176
      
48,567
  
             
5,609,027
  
Electric — 2.7%
                
ALLETE, Inc.
    
16,598
      
920,857
  
Black Hills Corp.
    
9,479
      
489,022
  
Clearway Energy, Inc. - Class C
    
32,729
      
817,243
  
Northwestern Energy Group, Inc.
    
5,417
      
272,529
  
Unitil Corp.
    
5,767
      
279,584
  
             
2,779,235
  
Electronics — 0.7%
                
Benchmark Electronics, Inc.
    
10,564
      
263,572
  
Sanmina Corp. (a)
    
7,048
      
353,175
  
TD SYNNEX Corp.
    
512
      
50,504
  
             
667,251
  
Energy-Alternate Sources — 0.1%
                
FutureFuel Corp.
    
22,390
      
132,997
  
                 
Engineering & Construction — 1.0%
                
Frontdoor, Inc. (a)
    
28,252
      
969,891
  
MYR Group, Inc. (a)
    
373
      
46,409
  
             
1,016,300
  
Food — 2.1%
                
Ingles Markets, Inc. - Class A
    
11,682
      
953,485
  
Seaboard Corp.
    
97
      
340,954
  
SpartanNash Co.
    
40,144
      
889,992
  
             
2,184,431
  
Gas — 2.9%
                
Chesapeake Utilities Corp.
    
11,201
      
1,070,815
  
National Fuel Gas Co.
    
21,329
      
1,083,300
  
Northwest Natural Holding Co.
    
21,393
      
783,412
  
             
2,937,527
  
Healthcare-Products — 2.1%
                
Inmode Ltd. (a)
    
1,181
      
28,049
  
iRadimed Corp.
    
5,788
      
254,325
  
LeMaitre Vascular, Inc.
    
15,700
      
827,390
  
Omnicell, Inc. (a)
    
16,697
      
557,012
  
Semler Scientific, Inc. (a)
    
1,665
      
64,169
  
Surmodics, Inc. (a)
    
5,646
      
185,302
  
Utah Medical Products, Inc.
    
1,688
      
142,298
  
Zimvie, Inc. (a)
    
10,897
      
102,976
  
             
2,161,521
  
Healthcare-Services — 1.3%
                
Addus HomeCare Corp. (a)
    
10,062
      
877,406
  
National HealthCare Corp.
    
5,099
      
390,431
  
Select Medical Holdings Corp.
    
1,655
      
37,403
  
             
1,305,240
  
Home Builders — 9.0%
                
Beazer Homes USA, Inc. (a)
    
41,147
      
1,082,578
  
Cavco Industries, Inc. (a)
    
3,845
      
1,087,289
  
Century Communities, Inc.
    
14,244
      
1,027,562
  
Forestar Group, Inc. (a)
    
27,136
      
828,462
  
Green Brick Partners, Inc. (a)
    
6,957
      
330,110
  
Landsea Homes Corp. (a)
    
23,632
      
243,646
  
M/I Homes, Inc. (a)
    
11,656
      
1,229,824
  
MDC Holdings, Inc.
    
24,389
      
1,079,457
  
Meritage Homes Corp.
    
8,517
      
1,203,452
  
Taylor Morrison Home Corp. (a)
    
1,075
      
48,482
  
Tri Pointe Homes, Inc. (a)
    
34,659
      
1,011,350
  
             
9,172,212
  
Household Products/Wares — 0.4%
                
Quanex Building Products Corp.
    
12,512
      
385,244
  
                 
Insurance — 5.8%
                
Axis Capital Holdings Ltd.
    
19,771
      
1,113,898
  
Brighthouse Financial, Inc. (a)
    
22,000
      
1,144,660
  
Employers Holdings, Inc.
    
3,873
      
148,375
  
Essent Group Ltd.
    
21,729
      
1,050,380
  
Jackson Financial, Inc. - Class A
    
9,594
      
457,922
  
MGIC Investment Corp.
    
59,145
      
1,040,360
  
NMI Holdings, Inc. - Class A (a)
    
37,133
      
1,021,157
  
             
5,976,752
  
Internet — 1.8%
                
Cargurus, Inc. (a)
    
54,759
      
1,183,890
  
ePlus, Inc. (a)
    
6,534
      
414,778
  
HealthStream, Inc.
    
10,278
      
256,950
  
             
1,855,618
  
Iron/Steel — 1.1%
                
Commercial Metals Co.
    
21,026
      
953,109
  
Schnitzer Steel Industries, Inc. - Class A
    
6,329
      
162,212
  
             
1,115,321
  
Leisure Time — 0.8%
                
Malibu Boats, Inc. - Class A (a)
    
18,813
      
832,287
  
                 
Lodging — 0.8%
                
Travel + Leisure Co.
    
22,273
      
793,810
  
                 
Machinery-Construction & Mining — 2.2%
                
Argan, Inc.
    
4,598
      
214,451
  
Manitowoc Co., Inc. (a)
    
33,943
      
486,403
  
Oshkosh Corp.
    
11,042
      
1,074,276
  
Terex Corp.
    
9,445
      
467,528
  
             
2,242,658
  
Machinery-Diversified — 1.6%
                
AGCO Corp.
    
8,215
      
932,649
  
Cactus, Inc. - Class A
    
15,298
      
650,012
  
Gates Industrial Corp. PLC (a)
    
4,235
      
51,921
  
             
1,634,582
  
Metal Fabricate/Hardware — 2.2%
                
Janus International Group, Inc. (a)
    
38,649
      
407,747
  
Mueller Industries, Inc.
    
19,490
      
809,420
  
Proto Labs, Inc. (a)
    
4,573
      
165,543
  
Ryerson Holding Corp.
    
26,215
      
811,878
  
             
2,194,588
  
Miscellaneous Manufacturing — 0.3%
                
Materion Corp.
    
502
      
56,781
  
Myers Industries, Inc.
    
13,570
      
239,104
  
             
295,885
  
Multi-National — 0.3%
                
Banco Latinoamericano de Comercio Exterior SA
    
11,004
      
268,167
  
                 
Oil & Gas — 2.3%
                
Amplify Energy Corp. (a)
    
7,379
      
45,307
  
Berry Corp.
    
32,170
      
230,981
  
Chord Energy Corp.
    
291
      
47,183
  
Diamond Offshore Drilling, Inc. (a)
    
3,551
      
45,701
  
Par Pacific Holdings, Inc. (a)
    
28,162
      
965,112
  
PBF Energy, Inc. - Class A
    
10,794
      
479,253
  
SM Energy Co.
    
13,475
      
504,639
  
             
2,318,176
  
Oil & Gas Services — 0.3%
                
NOW, Inc. (a)
    
13,800
      
137,586
  
Solaris Oilfield Infrastructure, Inc. - Class A
    
19,000
      
162,640
  
             
300,226
  
Packaging & Containers — 0.2%
                
Clearwater Paper Corp. (a)
    
1,394
      
48,888
  
Greif, Inc. - Class B
    
647
      
45,063
  
Karat Packaging, Inc.
    
6,616
      
142,707
  
             
236,658
  
Pharmaceuticals — 1.8%
                
Catalyst Pharmaceuticals Partners, Inc. (a)
    
79,133
      
1,141,889
  
Harmony Biosciences Holdings, Inc. (a)
    
13,831
      
401,929
  
Ironwood Pharmaceuticals, Inc. (a)
    
4,561
      
45,154
  
USANA Health Sciences, Inc. (a)
    
4,733
      
223,682
  
             
1,812,654
  
Pipelines — 0.2%
                
Excelerate Energy, Inc. - Class A
    
14,500
      
242,440
  
                 
Private Equity — 0.0%
                
Patria Investments Ltd. - Class A
    
3,311
      
46,884
  
                 
Real Estate — 0.2%
                
RMR Group, Inc. - Class A
    
8,548
      
203,699
  
                 
REITS — 5.2%
                
Alexander & Baldwin, Inc.
    
29,432
      
492,986
  
American Assets Trust, Inc.
    
7,698
      
155,038
  
Apartment Income REIT Corp.
    
1,575
      
49,014
  
BrightSpire Capital, Inc.
    
7,834
      
53,193
  
Broadstone Net Lease, Inc.
    
25,758
      
412,128
  
COPT Defense Properties
    
18,707
      
452,709
  
First Industrial Realty Trust, Inc.
    
1,136
      
53,449
  
Four Corners Property Trust, Inc.
    
12,987
      
298,571
  
Innovative Industrial Properties, Inc.
    
11,546
      
942,846
  
Kilroy Realty Corp.
    
31,330
      
1,033,263
  
NexPoint Residential Trust, Inc.
    
1,290
      
39,281
  
Park Hotels & Resorts, Inc.
    
3,672
      
54,456
  
Ryman Hospitality Properties, Inc.
    
12,573
      
1,261,701
  
Xenia Hotels & Resorts, Inc.
    
3,500
      
42,735
  
             
5,341,370
  
Retail — 3.9%
                
BlueLinx Holdings, Inc. (a)
    
8,343
      
732,933
  
Buckle, Inc.
    
31,358
      
1,209,164
  
Genesco, Inc. (a)
    
7,440
      
278,033
  
GMS, Inc. (a)
    
16,030
      
1,084,269
  
Group 1 Automotive, Inc.
    
180
      
50,778
  
Haverty Furniture Cos., Inc.
    
1,651
      
51,742
  
PriceSmart, Inc.
    
7,649
      
515,466
  
             
3,922,385
  
Semiconductors — 1.3%
                
Alpha & Omega Semiconductor Ltd. (a)
    
7,446
      
159,270
  
Diodes, Inc. (a)
    
3,848
      
255,584
  
MaxLinear, Inc. (a)
    
2,221
      
41,600
  
Ultra Clean Holdings, Inc. (a)
    
30,288
      
822,016
  
Vishay Precision Group, Inc. (a)
    
1,641
      
50,034
  
             
1,328,504
  
Software — 4.4%
                
CommVault Systems, Inc. (a)
    
16,022
      
1,178,899
  
Computer Programs & Systems, Inc. (a)
    
10,300
      
108,253
  
Health Catalyst, Inc. (a)
    
20,974
      
150,593
  
Olo, Inc. - Class A (a)
    
107,300
      
575,128
  
Smartsheet, Inc. - Class A (a)
    
25,471
      
1,079,461
  
Workiva, Inc. (a)
    
2,400
      
230,808
  
Zuora, Inc. - Class A (a)
    
121,106
      
1,104,487
  
             
4,427,629
  
Telecommunications — 1.4%
                
A10 Networks, Inc.
    
82,367
      
1,028,764
  
Calix, Inc. (a)
    
11,274
      
435,063
  
             
1,463,827
  
Toys/Games/Hobbies — 0.2%
                
JAKKS Pacific, Inc. (a)
    
7,081
      
208,465
  
                 
Transportation — 5.1%
                
ArcBest Corp.
    
3,476
      
414,305
  
Ardmore Shipping Corp.
    
3,933
      
53,489
  
Covenant Logistics Group, Inc.
    
5,462
      
232,517
  
Daseke, Inc. (a)
    
26,035
      
114,033
  
Forward Air Corp.
    
13,671
      
868,519
  
Hub Group, Inc. - Class A (a)
    
12,011
      
907,431
  
Matson, Inc.
    
11,304
      
1,082,584
  
Radiant Logistics, Inc. (a)
    
16,726
      
100,523
  
Ryder System, Inc.
    
1,506
      
161,353
  
Teekay Corp. (a)
    
29,843
      
205,916
  
Teekay Tankers Ltd. - Class A
    
20,746
      
1,030,869
  
             
5,171,539
  
TOTAL COMMON STOCKS  (COST $100,339,909)
            
99,970,284
  
                 
EXCHANGE TRADED FUNDS — 0.7%
                
iShares Core S&P Small-Cap ETF
    
3,527
      
339,438
  
iShares Russell 2000 ETF
    
1,910
      
343,151
  
TOTAL EXCHANGE TRADED FUNDS (COST $643,853)
            
682,589
  
                 
   
NUMBER OF
SHARES (000'S)
          
SHORT-TERM INVESTMENTS — 1.0%
                
Money Market Deposit Accounts — 1.0%
                
U.S. Bank Money Market Deposit Account, 5.20% (b)
    
1,012
      
1,011,669
  
TOTAL MONEY MARKET DEPOSIT ACCOUNTS (COST $1,011,669)
            
1,011,669
  
TOTAL SHORT-TERM INVESTMENTS (COST $1,011,669)
            
1,011,669
  
TOTAL INVESTMENTS (COST $101,995,431) — 99.9%
            
101,664,542
  
 OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%
            
67,634
  
TOTAL NET ASSETS — 100.0%
          
$
101,732,176
  
   
Percentages are stated as a percent of net assets.
  

ETF Exchange Traded Fund
PLC Public Limited Company
REIT Real Estate Investment Trust
S&P Standards & Poor's

(a)
Non-income producing security.
(b)
The rate shown is as of November 30, 2023.


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 sales 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 those investment companies (which may use fair value pricing as discussed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. 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 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 Returns the end of the date range, in valuing the Fund’s investments carried at fair value: 

  SGI U.S. SMALL CAP CORE FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
LEVEL 1
 
 
LEVEL 2
 
 
LEVEL 3
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Equities
 
 
 
 
 
 
 
 
 
 

 
 
Common Stocks
 
$
99,970,284
 
 
$
99,970,284
 
 
$
–
 
 
$
–
 
Total Equity Securities
  $
99,970,284
     $
99,970,284
     $
 –    
$
  –  
Investment Company
    
     
                 
Exchange Traded Funds
  
682,589
    
682,589
        –        –  
Total Investment Company
 
$
682,589
 
 
$
682,589
 
 
$
–
 
 
$
–
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Short-Term Investments
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Money Market Deposit Accounts
 
$
1,011,669
 
 
$
1,011,669
 
 
$
–
 
 
$
–
 
Total Short-Term Investments
 
$
1,011,669
 
 
$
1,011,669
 
 
$
–
 
 
$
–
 
Total  Assets*
 
$
101,664,542
 
 
$
101,664,542
 
 
$
–
 
 
$
–
 

* 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 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 Level 3 transfers are disclosed if the Fund had an amount of total 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 November 30, 2023, the Fund had no Level 3 transfers.       
 
For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.