NPORT-EX 2 mfg.htm N-PORT EX

MFG Global Sustainable Fund
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 94.7%
  
Shares
   
Value
 
Germany - 10.0%
        
adidas AG
    
6,916
    
$
1,119,407
  
Beiersdorf AG
    
3,163
      
284,315
  
SAP SE
    
7,331
      
1,249,814
  
             
2,653,536
  
                 
Hong Kong - 1.1%
          
AIA Group Ltd.
    
26,136
      
290,406
  
                 
Netherlands - 2.6%
          
Universal Music Group NV
    
35,035
      
680,061
  
                 
Spain - 2.0%
          
Aena SME SA (a)
    
18,194
      
538,279
  
                 
Switzerland - 4.8%
          
Nestle SA
    
12,991
      
1,274,301
  
                 
Taiwan, Province of China - 5.9%
          
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
4,573
      
1,545,445
  
                 
United Kingdom - 4.3%
          
Reckitt Benckiser Group PLC
    
9,786
      
658,010
  
Unilever PLC
    
8,682
      
490,185
  
             
1,148,195
  
                 
United States - 64.0% (b)
          
Alphabet, Inc. - Class C
    
3,673
      
1,053,637
  
Amazon.com, Inc. (c)
    
8,764
      
1,825,278
  
American Tower Corp.
    
6,181
      
1,066,717
  
Booking Holdings, Inc.
    
184
      
774,699
  
Dollar General Corp.
    
6,400
      
759,872
  
Eversource Energy
    
11,639
      
806,350
  
Intercontinental Exchange, Inc.
    
4,278
      
672,844
  
Mastercard, Inc. - Class A
    
2,478
      
1,238,157
  
Meta Platforms, Inc. - Class A
    
2,103
      
1,203,189
  
Microsoft Corp.
    
5,715
      
2,115,521
  
Mondelez International, Inc. - Class A
    
9,302
      
536,167
  
Netflix, Inc. (c)
    
5,798
      
557,478
  
S&P Global, Inc.
    
1,878
      
798,788
  
Thermo Fisher Scientific, Inc.
    
1,096
      
538,717
  
UnitedHealth Group, Inc.
    
3,035
      
821,241
  
Visa, Inc. - Class A
    
1,811
      
547,357
  
Yum! Brands, Inc.
    
5,245
      
815,493
  
Zimmer Biomet Holdings, Inc.
    
9,073
      
820,381
  
             
16,951,886
  
TOTAL COMMON STOCKS (Cost $18,827,487)
      
25,082,109
  
                 
TOTAL INVESTMENTS - 94.7% (Cost $18,827,487)
      
25,082,109
  
Money Market Deposit Account - 5.3% (d)
      
1,409,917
  
Liabilities in Excess of Other Assets - 0.0%
      
(19,547
)
TOTAL NET ASSETS - 100.0%
          
$
26,472,479
  
                 
Percentages are stated as a percent of net assets.
          

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $538,279 or 2.0% of the Fund’s net assets.
(b)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(c)
Non-income producing security.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 2.56%.
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
MFG Global Sustainable Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
18,497,331
    
$
6,584,778
    
$
–
    
$
25,082,109
  
Total Investments
  
$
18,497,331
    
$
6,584,778
    
$
–
    
$
25,082,109
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
MFG Core Infrastructure Fund
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 96.2%
  
Shares
   
Value
 
Australia - 4.4%
        
APA Group
    
217,572
    
$
1,498,790
  
Atlas Arteria Ltd.
    
230,617
      
683,921
  
Transurban Group
    
472,953
      
4,613,583
  
             
6,796,294
  
                 
Belgium - 1.8%
          
Elia Group SA/NV
    
17,703
      
2,719,179
  
                 
Canada - 14.1%
          
Algonquin Power & Utilities Corp.
    
107,439
      
658,026
  
Canadian Utilities Ltd. - Class A
    
30,250
      
1,062,479
  
Emera, Inc.
    
45,410
      
2,353,903
  
Enbridge, Inc.
    
80,340
      
4,355,143
  
Fortis, Inc.
    
74,867
      
4,176,859
  
Hydro One Ltd. (a)
    
88,828
      
3,668,441
  
South Bow Corp.
    
31,447
      
1,046,199
  
TC Energy Corp.
    
69,175
      
4,331,705
  
             
21,652,755
  
                 
Chile - 0.3%
          
Aguas Andinas SA - Class A
    
1,107,574
      
423,295
  
                 
France - 5.5%
          
Aeroports de Paris SA
    
16,101
      
1,967,023
  
Getlink SE
    
84,822
      
1,830,370
  
Vinci SA
    
31,289
      
4,696,478
  
             
8,493,871
  
                 
Germany - 0.9%
          
Fraport AG Frankfurt Airport Services Worldwide (b)
    
15,377
      
1,339,590
  
                 
Italy - 7.2%
          
ACEA SpA
    
35,176
      
914,352
  
Enav SpA (a)
    
88,516
      
532,301
  
Italgas SpA
    
156,487
      
1,822,924
  
Snam SpA
    
544,740
      
4,126,662
  
Terna - Rete Elettrica Nazionale
    
326,078
      
3,729,506
  
             
11,125,745
  
                 
Mexico - 3.3%
          
Grupo Aeroportuario del Centro Norte SAB de CV
    
55,554
      
796,936
  
Grupo Aeroportuario del Pacifico SAB de CV - Class B
    
68,176
      
1,679,124
  
Grupo Aeroportuario del Sureste SAB de CV - Class B
    
45,383
      
1,530,407
  
Promotora y Operadora de Infraestructura SAB de CV
    
64,382
      
1,043,123
  
             
5,049,590
  
                 
Netherlands - 3.7%
          
Ferrovial SE
    
72,642
      
4,725,852
  
Koninklijke Vopak NV
    
17,778
      
962,242
  
             
5,688,094
  
                 
New Zealand - 1.4%
          
Auckland International Airport Ltd.
    
278,200
      
1,274,145
  
Chorus Ltd.
    
70,180
      
379,092
  
Vector Ltd.
    
164,315
      
447,867
  
             
2,101,104
  
                 
Portugal - 0.3%
          
REN - Redes Energeticas Nacionais SGPS SA
    
116,835
      
504,391
  
                 
Spain - 6.8%
          
Aena SME SA (a)
    
154,820
      
4,580,435
  
Cellnex Telecom SA (a)
    
110,133
      
3,541,314
  
Enagas SA
    
45,514
      
901,695
  
Redeia Corp. SA
    
88,769
      
1,504,672
  
             
10,528,116
  
                 
Switzerland - 1.0%
          
Flughafen Zurich AG
    
4,993
      
1,563,488
  
                 
United Kingdom - 5.9%
          
National Grid PLC
    
270,553
      
4,566,931
  
Pennon Group PLC
    
77,176
      
544,262
  
Severn Trent PLC
    
49,299
      
2,021,918
  
United Utilities Group PLC
    
111,731
      
1,948,148
  
             
9,081,259
  
                 
United States - 39.6% (c)
          
Alliant Energy Corp.
    
14,369
      
1,031,119
  
Ameren Corp.
    
14,427
      
1,585,816
  
American Electric Power Co., Inc.
    
22,931
      
3,005,795
  
American States Water Co.
    
1,774
      
134,150
  
American Tower Corp.
    
17,648
      
3,045,692
  
American Water Works Co., Inc.
    
10,729
      
1,460,110
  
Atmos Energy Corp.
    
8,735
      
1,613,529
  
Avista Corp.
    
4,778
      
191,789
  
Black Hills Corp.
    
4,021
      
279,098
  
Brookfield Renewable Corp.
    
19,956
      
795,314
  
California Water Service Group
    
2,780
      
126,045
  
CenterPoint Energy, Inc.
    
35,897
      
1,549,315
  
Chesapeake Utilities Corp.
    
872
      
110,195
  
CMS Energy Corp.
    
16,901
      
1,311,180
  
Consolidated Edison, Inc.
    
19,814
      
2,242,548
  
Crown Castle, Inc.
    
23,950
      
1,947,374
  
Dominion Energy, Inc.
    
45,719
      
2,826,349
  
DTE Energy Co.
    
11,413
      
1,668,809
  
Duke Energy Corp.
    
22,828
      
2,989,098
  
Entergy Corp.
    
25,007
      
2,809,787
  
Essential Utilities, Inc.
    
15,680
      
631,434
  
Evergy, Inc.
    
11,900
      
974,848
  
Eversource Energy
    
20,205
      
1,399,802
  
Exelon Corp.
    
55,221
      
2,706,933
  
FirstEnergy Corp.
    
32,089
      
1,625,629
  
H2O America
    
2,715
      
159,289
  
IDACORP, Inc.
    
3,129
      
447,353
  
MGE Energy, Inc.
    
2,060
      
159,217
  
Middlesex Water Co.
    
1,181
      
61,471
  
NextEra Energy, Inc.
    
32,664
      
3,033,832
  
NiSource, Inc.
    
24,178
      
1,128,145
  
Northwest Natural Holding Co.
    
1,850
      
98,457
  
Northwestern Energy Group, Inc.
    
3,184
      
209,953
  
OGE Energy Corp.
    
10,058
      
482,382
  
ONE Gas, Inc.
    
3,054
      
263,041
  
Pinnacle West Capital Corp.
    
6,589
      
663,842
  
Portland General Electric Co.
    
5,913
      
312,029
  
PPL Corp.
    
40,437
      
1,544,693
  
Public Service Enterprise Group, Inc.
    
27,294
      
2,209,449
  
SBA Communications Corp.
    
5,909
      
1,016,998
  
Sempra
    
31,132
      
3,025,096
  
Spire, Inc.
    
3,329
      
301,408
  
The Southern Co.
    
31,019
      
2,993,954
  
TXNM Energy, Inc.
    
4,945
      
289,085
  
WEC Energy Group, Inc.
    
17,456
      
2,020,881
  
Xcel Energy, Inc.
    
31,548
      
2,506,173
  
             
60,988,506
  
TOTAL COMMON STOCKS (Cost $98,846,291)
      
148,055,277
  
                 
CLOSED-END FUNDS - 1.1%
  
Shares
   
Value
 
Republic of Korea - 0.4%
          
Macquarie Korea Infrastructure Fund
    
84,522
      
622,197
  
                 
United Kingdom - 0.7%
          
HICL Infrastructure PLC
    
327,621
      
516,853
  
International Public Partnerships Ltd.
    
307,648
      
522,019
  
             
1,038,872
  
TOTAL CLOSED-END FUNDS (Cost $1,753,946)
      
1,661,069
  
                 
TOTAL INVESTMENTS - 97.3% (Cost $100,600,237)
      
149,716,346
  
Money Market Deposit Account - 2.4% (d)
      
3,744,631
  
Other Assets in Excess of Liabilities - 0.3%
      
350,568
  
TOTAL NET ASSETS - 100.0%
          
$
153,811,545
  
                 
Percentages are stated as a percent of net assets.
          

PLC - Public Limited Company

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $12,322,491 or 8.0% of the Fund’s net assets.
(b)
Non-income producing security.
(c)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 2.56%.
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
MFG Core Infrastructure Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
90,794,377
    
$
57,260,900
    
$
–
    
$
148,055,277
  
  Closed-End Funds
    
–
      
1,661,069
      
–
      
1,661,069
  
Total Investments
  
$
90,794,377
    
$
58,921,969
    
$
–
    
$
149,716,346
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Tax Disclosure - Each Fund intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations as incurred. During the period, the Funds did not incur any interest or penalties. The Funds have reviewed all open tax years and concluded that there is no effect to any of the Fund's financial positions or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds have no examinations in progress.