NPORT-EX 2 smallcap.htm NPORT-EX

SGI Small Cap Core Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 95.4%
  
Shares
    
Value
 
Agriculture - 0.9%
        
Andersons, Inc.
    
20,944
    
$
1,078,616
  
                 
Airlines - 1.3%
          
SkyWest, Inc. (a)
    
11,067
      
1,123,522
  
Sun Country Airlines Holdings, Inc. (a)
    
27,176
      
372,311
  
             
1,495,833
  
                 
Apparel - 1.3%
          
Carter's, Inc.
    
2,935
      
93,656
  
Kontoor Brands, Inc.
    
15,612
      
1,160,752
  
Rocky Brands, Inc.
    
1,992
      
60,497
  
Steven Madden Ltd.
    
5,314
      
222,019
  
             
1,536,924
  
                 
Auto Parts & Equipment - 1.1%
          
Fox Factory Holding Corp. (a)
    
46,555
      
688,548
  
Standard Motor Products, Inc.
    
14,672
      
550,787
  
             
1,239,335
  
                 
Banks - 7.2%
          
Atlantic Union Bankshares Corp.
    
12,102
      
409,411
  
Banco Latinoamericano de Comercio Exterior SA
    
14,839
      
666,271
  
Bancorp, Inc. (a)
    
3,696
      
236,803
  
BankUnited, Inc.
    
6,005
      
259,476
  
Central Pacific Financial Corp.
    
18,885
      
561,640
  
Civista Bancshares, Inc.
    
12,275
      
279,133
  
Customers Bancorp, Inc. (a)
    
7,989
      
550,442
  
FB Financial Corp.
    
3,526
      
196,962
  
First Busey Corp.
    
3,617
      
85,144
  
Hanmi Financial Corp.
    
2,469
      
68,194
  
Northeast Community Bancorp, Inc.
    
5,614
      
118,792
  
Northrim BanCorp, Inc.
    
17,952
      
440,901
  
OFG Bancorp
    
22,431
      
891,184
  
Popular, Inc.
    
9,598
      
1,100,987
  
QCR Holdings, Inc.
    
2,993
      
244,319
  
SmartFinancial, Inc.
    
4,517
      
163,786
  
South Plains Financial, Inc.
    
1,549
      
58,537
  
Texas Capital Bancshares, Inc. (a)
    
13,761
      
1,240,829
  
Westamerica BanCorp
    
16,759
      
804,097
  
             
8,376,908
  
                 
Biotechnology - 1.2%
          
ACADIA Pharmaceuticals, Inc. (a)
    
5,577
      
139,648
  
ANI Pharmaceuticals, Inc. (a)
    
1,434
      
121,675
  
Arrowhead Pharmaceuticals, Inc. (a)
    
9,934
      
523,522
  
Innoviva, Inc. (a)
    
4,510
      
98,002
  
Ligand Pharmaceuticals, Inc. (a)
    
1,442
      
292,985
  
Veracyte, Inc. (a)
    
6,014
      
284,703
  
             
1,460,535
  
                 
Building Materials - 2.5%
          
Apogee Enterprises, Inc.
    
18,045
      
657,019
  
Gibraltar Industries, Inc. (a)
    
18,464
      
922,461
  
Griffon Corp.
    
16,452
      
1,233,900
  
LSI Industries, Inc.
    
5,017
      
91,761
  
             
2,905,141
  
                 
Chemicals - 1.1%
          
FMC Corp.
    
10,896
      
155,704
  
Hawkins, Inc.
    
1,626
      
211,412
  
Intrepid Potash, Inc. (a)
    
15,952
      
403,586
  
Rogers Corp. (a)
    
5,463
      
457,854
  
             
1,228,556
  
                 
Commercial Services - 6.2%
          
Adtalem Global Education, Inc. (a)
    
5,208
      
482,052
  
Brink's Co.
    
2,986
      
335,417
  
CPI Card Group, Inc. (a)
    
4,095
      
55,323
  
Grand Canyon Education, Inc. (a)
    
4,703
      
741,851
  
Herc Holdings, Inc.
    
2,847
      
382,267
  
Korn/Ferry International
    
16,863
      
1,109,080
  
Perdoceo Education Corp.
    
37,761
      
1,055,798
  
PROG Holdings, Inc.
    
37,669
      
1,084,114
  
Progyny, Inc. (a)
    
6,813
      
179,659
  
Strategic Education, Inc.
    
7,204
      
562,056
  
Upbound Group, Inc.
    
40,589
      
727,355
  
Willdan Group, Inc. (a)
    
5,171
      
521,754
  
             
7,236,726
  
                 
Computers - 0.3%
          
Tenable Holdings, Inc. (a)
    
12,930
      
342,904
  
                 
Distribution/Wholesale - 0.7%
          
G-III Apparel Group Ltd. (a)
    
3,132
      
91,298
  
Rush Enterprises, Inc. - Class B
    
2,235
      
119,282
  
ScanSource, Inc. (a)
    
14,416
      
592,786
  
             
803,366
  
                 
Diversified Financial Services - 4.0%
          
Acadian Asset Management, Inc.
    
13,026
      
584,086
  
Enova International, Inc. (a)
    
10,763
      
1,410,922
  
Radian Group, Inc.
    
33,075
      
1,175,816
  
Virtu Financial, Inc., Class A - Class A
    
36,576
      
1,307,958
  
XP, Inc. - Class A
    
11,624
      
229,109
  
             
4,707,891
  
                 
Electric - 2.1%
          
Avista Corp.
    
9,933
      
411,028
  
Black Hills Corp.
    
18,775
      
1,385,407
  
Clearway Energy, Inc. - Class A
    
17,585
      
601,407
  
MGE Energy, Inc.
    
729
      
60,376
  
             
2,458,218
  
                 
Electrical Components & Equipment - 0.3%
          
Insteel Industries, Inc.
    
9,883
      
302,222
  
                 
Electronics - 1.0%
          
Benchmark Electronics, Inc.
    
24,872
      
1,117,499
  
                 
Engineering & Construction - 3.7%
          
EMCOR Group, Inc.
    
1,807
      
1,111,431
  
Frontdoor, Inc. (a)
    
19,987
      
1,077,899
  
Primoris Services Corp.
    
8,787
      
1,112,083
  
Sterling Infrastructure, Inc. (a)
    
2,857
      
983,694
  
             
4,285,107
  
                 
Food - 1.4%
          
Cal-Maine Foods, Inc.
    
11,970
      
997,340
  
Sprouts Farmers Market, Inc. (a)
    
7,766
      
650,869
  
             
1,648,209
  
                 
Forest Products & Paper - 0.1%
          
Sylvamo Corp.
    
3,029
      
143,484
  
                 
Gas - 1.5%
          
National Fuel Gas Co.
    
13,928
      
1,148,364
  
New Jersey Resources Corp.
    
9,350
      
449,548
  
Northwest Natural Holding Co.
    
3,534
      
174,827
  
             
1,772,739
  
                 
Hand/Machine Tools - 0.9%
          
Enerpac Tool Group Corp.
    
5,966
      
225,933
  
Franklin Electric Co., Inc.
    
8,916
      
848,357
  
             
1,074,290
  
                 
Healthcare-Products - 2.9%
          
BioLife Solutions, Inc. (a)
    
3,346
      
88,669
  
Castle Biosciences, Inc. (a)
    
12,352
      
493,462
  
Embecta Corp.
    
4,916
      
62,704
  
Glaukos Corp. (a)
    
4,729
      
502,645
  
iRadimed Corp.
    
7,139
      
665,498
  
LeMaitre Vascular, Inc.
    
3,622
      
300,445
  
Teleflex, Inc.
    
4,344
      
497,041
  
TransMedics Group, Inc. (a)
    
3,148
      
460,584
  
UFP Technologies, Inc. (a)
    
522
      
118,332
  
Utah Medical Products, Inc.
    
2,484
      
139,973
  
             
3,329,353
  
                 
Healthcare-Services - 1.8%
          
National HealthCare Corp.
    
8,058
      
1,098,225
  
Privia Health Group, Inc. (a)
    
32,453
      
790,879
  
Viemed Healthcare, Inc. (a)
    
28,423
      
196,403
  
             
2,085,507
  
                 
Home Builders - 3.7%
          
Cavco Industries, Inc. (a)
    
2,301
      
1,370,591
  
Century Communities, Inc.
    
18,339
      
1,197,353
  
M/I Homes, Inc. (a)
    
3,010
      
414,146
  
Meritage Homes Corp.
    
2,848
      
208,132
  
Tri Pointe Homes, Inc. (a)
    
33,249
      
1,134,456
  
             
4,324,678
  
                 
Home Furnishings - 0.3%
          
Sonos, Inc. (a)
    
20,728
      
384,712
  
                 
Insurance - 4.8%
          
Axis Capital Holdings Ltd.
    
10,907
      
1,115,132
  
Essent Group Ltd.
    
18,278
      
1,147,127
  
Jackson Financial, Inc. - Class A
    
12,150
      
1,190,821
  
Mercury General Corp.
    
4,922
      
458,337
  
NMI Holdings, Inc. - Class A (a)
    
30,649
      
1,169,259
  
Palomar Holdings, Inc. (a)
    
4,567
      
567,267
  
             
5,647,943
  
                 
Internet - 3.7%
          
Cargurus, Inc. (a)
    
36,919
      
1,302,502
  
Etsy, Inc. (a)
    
4,091
      
221,814
  
HealthStream, Inc.
    
20,030
      
503,755
  
QuinStreet, Inc. (a)
    
47,903
      
668,726
  
Yelp, Inc. (a)
    
37,980
      
1,098,002
  
Zillow Group, Inc. - Class A (a)
    
7,058
      
510,646
  
             
4,305,445
  
                 
Investment Companies - 0.1%
          
Cleanspark, Inc. (a)
    
7,139
      
107,799
  
                 
Leisure Time - 0.1%
          
Lindblad Expeditions Holdings, Inc. (a)
    
7,696
      
92,583
  
                 
Machinery-Construction & Mining - 0.7%
          
Astec Industries, Inc.
    
18,635
      
824,785
  
                 
Machinery-Diversified - 1.6%
          
CSW Industrials, Inc.
    
1,448
      
393,668
  
Gorman-Rupp Co.
    
4,309
      
200,325
  
Ichor Holdings Ltd. (a)
    
9,545
      
160,356
  
Mueller Water Products, Inc. - Class A
    
46,806
      
1,134,578
  
             
1,888,927
  
                 
Metal Fabricate/Hardware - 2.5%
          
Mueller Industries, Inc.
    
12,033
      
1,322,066
  
Worthington Enterprises, Inc.
    
18,906
      
1,037,183
  
Worthington Steel, Inc.
    
17,358
      
585,832
  
             
2,945,081
  
                 
Mining - 2.8%
          
Caledonia Mining Corp. PLC
    
12,808
      
394,614
  
Century Aluminum Co. (a)
    
7,893
      
236,553
  
Coeur Mining, Inc. (a)
    
56,660
      
978,518
  
Constellium SE (a)
    
34,608
      
581,761
  
Hecla Mining Co.
    
33,651
      
566,010
  
Kaiser Aluminum Corp.
    
5,347
      
513,579
  
             
3,271,035
  
                 
Miscellaneous Manufacturing - 0.3%
          
Trinity Industries, Inc.
    
13,298
      
352,663
  
                 
Office Furnishings - 1.0%
          
Interface, Inc.
    
40,587
      
1,132,783
  
                 
Oil & Gas - 2.2%
          
California Resources Corp.
    
6,023
      
287,779
  
Crescent Energy Co. - Class A
    
75,319
      
710,258
  
Northern Oil & Gas, Inc.
    
8,869
      
198,577
  
Par Pacific Holdings, Inc. (a)
    
4,401
      
200,906
  
SM Energy Co.
    
47,605
      
906,875
  
Viper Energy, Inc. - Class A
    
4,386
      
160,221
  
Weatherford International PLC
    
1,938
      
144,962
  
             
2,609,578
  
                 
Oil & Gas Services - 0.5%
          
Archrock, Inc.
    
14,367
      
352,566
  
DNOW, Inc. (a)
    
17,550
      
244,998
  
             
597,564
  
                 
Pharmaceuticals - 2.7%
          
Alkermes PLC (a)
    
30,275
      
895,535
  
Catalyst Pharmaceuticals Partners,  Inc. (a)
    
59,481
      
1,392,450
  
Harmony Biosciences Holdings, Inc. (a)
    
18,656
      
658,370
  
Supernus Pharmaceuticals, Inc. (a)
    
4,209
      
191,888
  
             
3,138,243
  
                 
Pipelines - 0.3%
          
Excelerate Energy, Inc. - Class A
    
11,592
      
325,503
  
                 
Real Estate - 1.5%
          
Cushman & Wakefield Ltd. (a)
    
72,076
      
1,207,273
  
Marcus & Millichap, Inc.
    
5,448
      
159,626
  
McGrath RentCorp
    
2,459
      
253,474
  
RMR Group, Inc. - Class A
    
8,608
      
131,272
  
             
1,751,645
  
                 
REITS - 6.3%
          
Alexander & Baldwin, Inc.
    
61,773
      
965,512
  
American Assets Trust, Inc.
    
41,910
      
817,245
  
CareTrust REIT, Inc.
    
36,560
      
1,372,097
  
Easterly Government Properties, Inc.
    
21,989
      
479,360
  
Essential Properties Realty Trust, Inc.
    
12,136
      
384,226
  
Four Corners Property Trust, Inc.
    
2,457
      
59,066
  
Innovative Industrial Properties, Inc.
    
21,955
      
1,085,675
  
Ryman Hospitality Properties, Inc.
    
5,075
      
484,307
  
Safehold, Inc.
    
38,417
      
532,844
  
Tanger, Inc.
    
20,816
      
699,001
  
Urban Edge Properties
    
11,490
      
220,838
  
Xenia Hotels & Resorts, Inc.
    
15,574
      
217,724
  
             
7,317,895
  
                 
Retail - 2.3%
          
Abercrombie & Fitch Co. - Class A (a)
    
4,418
      
432,390
  
Bath & Body Works, Inc.
    
8,832
      
153,765
  
Brinker International, Inc. (a)
    
1,906
      
293,124
  
Buckle, Inc.
    
21,023
      
1,187,379
  
Genesco, Inc. (a)
    
9,106
      
326,450
  
Victoria's Secret & Co. (a)
    
7,709
      
318,613
  
             
2,711,721
  
                 
Savings & Loans - 0.7%
          
Axos Financial, Inc. (a)
    
10,318
      
847,933
  
                 
Semiconductors - 4.6%
          
ACM Research, Inc. - Class A (a)
    
4,983
      
166,482
  
Ambarella, Inc. (a)
    
12,680
      
940,602
  
Axcelis Technologies, Inc. (a)
    
8,085
      
669,195
  
Diodes, Inc. (a)
    
4,436
      
204,988
  
Kulicke & Soffa Industries, Inc.
    
29,249
      
1,319,422
  
MaxLinear, Inc. (a)
    
60,094
      
935,664
  
Photronics, Inc. (a)
    
2,601
      
59,589
  
Qorvo, Inc. (a)
    
6,815
      
585,340
  
SiTime Corp. (a)
    
1,788
      
532,288
  
             
5,413,570
  
                 
Software - 2.8%
          
Adeia, Inc.
    
65,438
      
809,468
  
Appian Corp. - Class A (a)
    
6,472
      
261,469
  
CommVault Systems, Inc. (a)
    
3,461
      
427,433
  
DoubleVerify Holdings, Inc. (a)
    
22,581
      
238,004
  
Health Catalyst, Inc. (a)
    
27,116
      
81,077
  
LiveRamp Holdings, Inc. (a)
    
7,816
      
225,491
  
Phreesia, Inc. (a)
    
12,260
      
251,207
  
SPS Commerce, Inc. (a)
    
1,853
      
154,392
  
Talkspace, Inc. (a)
    
119,694
      
404,566
  
Viant Technology, Inc. - Class A (a)
    
8,816
      
93,538
  
Workiva, Inc. (a)
    
3,534
      
327,107
  
             
3,273,752
  
                 
Telecommunications - 3.6%
          
A10 Networks, Inc.
    
67,598
      
1,164,037
  
Calix, Inc. (a)
    
17,075
      
943,735
  
Credo Technology Group Holding Ltd. (a)
    
3,968
      
704,717
  
Extreme Networks, Inc. (a)
    
13,100
      
229,250
  
Harmonic, Inc. (a)
    
87,379
      
835,343
  
Viavi Solutions, Inc. (a)
    
18,056
      
323,925
  
             
4,201,007
  
                 
Transportation - 2.3%
          
Dorian LPG Ltd.
    
17,802
      
441,134
  
Matson, Inc.
    
9,223
      
1,005,122
  
Teekay Corp. Ltd.
    
45,425
      
441,077
  
Teekay Tankers Ltd.
    
13,806
      
796,192
  
             
2,683,525
  
                 
Trucking & Leasing - 0.5%
          
Greenbrier Cos., Inc.
    
8,784
      
390,712
  
Willis Lease Finance Corp.
    
1,364
      
167,377
  
             
558,089
  
TOTAL COMMON STOCKS (Cost $105,232,725)
      
111,337,822
  
                 
EXCHANGE TRADED FUNDS - 3.5%
  
Shares
    
Value
 
iShares Core S&P Small-Cap ETF
    
25,273
      
3,054,747
  
Vanguard Russell 2000 ETF
    
10,650
      
1,071,177
  
TOTAL EXCHANGE TRADED FUNDS (Cost $4,066,209)
      
4,125,924
  
                 
TOTAL INVESTMENTS - 98.9% (Cost $109,298,934)
      
115,463,746
  
Other Assets in Excess of Liabilities - 1.1%
      
1,283,264
  
TOTAL NET ASSETS - 100.0%
          
$
116,747,010
  
                 
Percentages are stated as a percent of net assets.
          

PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.

 
Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
SGI Small Cap Core 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 November 30, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
111,337,822
    
$
–
    
$
–
    
$
111,337,822
  
  Exchange Traded Funds
    
4,125,924
      
–
      
–
      
4,125,924
  
Total Investments
  
$
115,463,746
    
$
–
    
$
–
    
$
115,463,746
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.