NPORT-EX 2 largecap-equity.htm NPORT-EX

SGI U.S. Large Cap Equity Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.6%
  
Shares
    
Value
 
Apparel - 0.2%
        
Ralph Lauren Corp.
    
1,384
    
$
508,385
  
                 
Banks - 0.5%
          
Bank of New York Mellon Corp.
    
9,427
      
1,056,767
  
                 
Beverages - 5.1%
          
Keurig Dr Pepper, Inc.
    
12,935
      
360,886
  
Monster Beverage Corp. (a)
    
61,011
      
4,575,215
  
PepsiCo, Inc.
    
41,185
      
6,125,857
  
             
11,061,958
  
                 
Biotechnology - 12.7%
          
Amgen, Inc.
    
1,593
      
550,318
  
BioMarin Pharmaceutical, Inc. (a)
    
77,928
      
4,358,513
  
Gilead Sciences, Inc.
    
20,349
      
2,560,718
  
Incyte Corp. (a)
    
64,008
      
6,686,276
  
Regeneron Pharmaceuticals, Inc.
    
12,681
      
9,893,589
  
United Therapeutics Corp. (a)
    
4,907
      
2,384,802
  
Vertex Pharmaceuticals, Inc. (a)
    
2,358
      
1,022,452
  
             
27,456,668
  
                 
Chemicals - 1.0%
          
CF Industries Holdings, Inc.
    
27,914
      
2,196,832
  
                 
Commercial Services - 2.9%
          
Automatic Data Processing, Inc.
    
24,210
      
6,180,813
  
                 
Computers - 0.6%
          
Cognizant Technology Solutions Corp. - Class A
    
11,612
      
902,369
  
Fortinet, Inc. (a)
    
4,071
      
330,280
  
             
1,232,649
  
                 
Cosmetics/Personal Care - 3.7%
          
Colgate-Palmolive Co.
    
93,930
      
7,551,033
  
Procter & Gamble Co.
    
2,918
      
432,331
  
             
7,983,364
  
                 
Diversified Financial Services - 3.5%
          
CME Group, Inc.
    
3,527
      
992,709
  
Intercontinental Exchange, Inc.
    
2,365
      
372,015
  
Mastercard, Inc. - Class A
    
11,191
      
6,160,981
  
             
7,525,705
  
                 
Electric - 9.2%
          
Ameren Corp.
    
11,228
      
1,194,098
  
CMS Energy Corp.
    
61,208
      
4,617,531
  
Consolidated Edison, Inc.
    
27,239
      
2,733,706
  
DTE Energy Co.
    
39,995
      
5,480,515
  
Duke Energy Corp.
    
7,358
      
911,950
  
Evergy, Inc.
    
6,027
      
467,997
  
Exelon Corp.
    
62,216
      
2,931,618
  
NRG Energy, Inc.
    
3,052
      
517,283
  
Public Service Enterprise Group, Inc.
    
5,432
      
453,681
  
Vistra Corp.
    
2,278
      
407,443
  
             
19,715,822
  
                 
Electronics - 0.8%
          
Amphenol Corp. - Class A
    
12,617
      
1,777,735
  
                 
Engineering & Construction - 0.2%
          
EMCOR Group, Inc.
    
641
      
394,260
  
                 
Environmental Control - 1.6%
          
Veralto Corp.
    
20,544
      
2,079,463
  
Waste Management, Inc.
    
6,225
      
1,356,241
  
             
3,435,704
  
                 
Food - 1.0%
          
Tyson Foods, Inc. - Class A
    
38,247
      
2,220,238
  
                 
Gas - 3.3%
          
Atmos Energy Corp.
    
21,731
      
3,832,697
  
NiSource, Inc.
    
76,378
      
3,370,561
  
             
7,203,258
  
                 
Healthcare-Products - 0.2%
          
Boston Scientific Corp. (a)
    
4,719
      
479,356
  
                 
Healthcare-Services - 1.8%
          
Centene Corp. (a)
    
7,927
      
311,848
  
Elevance Health, Inc.
    
9,151
      
3,095,417
  
UnitedHealth Group, Inc.
    
1,479
      
487,730
  
             
3,894,995
  
                 
Home Builders - 0.2%
          
NVR, Inc. (a)
    
56
      
420,408
  
                 
Insurance - 7.2%
          
Allstate Corp.
    
9,339
      
1,989,020
  
Arch Capital Group Ltd. (a)
    
14,954
      
1,404,480
  
Brown & Brown, Inc.
    
4,785
      
384,858
  
Everest Group Ltd.
    
6,287
      
1,975,941
  
Loews Corp.
    
7,406
      
798,885
  
Marsh & McLennan Cos., Inc.
    
2,372
      
435,143
  
Progressive Corp.
    
31,733
      
7,260,193
  
Travelers Cos., Inc.
    
4,374
      
1,280,970
  
             
15,529,490
  
                 
Internet - 8.4%
          
Alphabet, Inc. - Class C
    
15,670
      
5,016,281
  
AppLovin Corp. - Class A (a)
    
707
      
423,832
  
Booking Holdings, Inc.
    
87
      
427,578
  
DoorDash, Inc. - Class A (a)
    
2,084
      
413,403
  
GoDaddy, Inc. - Class A (a)
    
13,871
      
1,773,546
  
Meta Platforms, Inc. - Class A
    
9,695
      
6,281,875
  
Netflix, Inc. (a)
    
3,820
      
410,956
  
VeriSign, Inc.
    
13,068
      
3,293,005
  
             
18,040,476
  
                 
Machinery-Construction & Mining - 0.3%
          
GE Vernova, Inc.
    
1,005
      
602,769
  
                 
Media - 0.5%
          
Comcast Corp. - Class A
    
20,551
      
548,506
  
Fox Corp. - Class B
    
9,373
      
546,071
  
             
1,094,577
  
                 
Mining - 4.4%
          
Freeport-McMoRan, Inc.
    
53,358
      
2,293,327
  
Newmont Corp.
    
79,092
      
7,176,017
  
             
9,469,344
  
                 
Oil & Gas - 0.9%
          
Coterra Energy, Inc.
    
36,872
      
989,644
  
Exxon Mobil Corp.
    
4,110
      
476,431
  
Marathon Petroleum Corp.
    
2,660
      
515,322
  
             
1,981,397
  
                 
Packaging & Containers - 0.5%
          
Packaging Corp. of America
    
5,243
      
1,069,939
  
                 
Pharmaceuticals - 8.0%
          
Cardinal Health, Inc.
    
15,217
      
3,229,960
  
Eli Lilly & Co.
    
4,063
      
4,369,635
  
McKesson Corp.
    
3,309
      
2,915,626
  
Merck & Co., Inc.
    
36,573
      
3,833,948
  
Neurocrine Biosciences, Inc. (a)
    
19,062
      
2,900,474
  
             
17,249,643
  
                 
Pipelines - 0.3%
          
Targa Resources Corp.
    
3,820
      
669,684
  
                 
Real Estate - 0.5%
          
CBRE Group, Inc. - Class A (a)
    
7,241
      
1,171,811
  
                 
REITS - 1.3%
          
Simon Property Group, Inc.
    
15,305
      
2,851,628
  
                 
Retail - 4.0%
          
AutoZone, Inc. (a)
    
314
      
1,241,660
  
Costco Wholesale Corp.
    
7,615
      
6,956,988
  
O'Reilly Automotive, Inc. (a)
    
4,255
      
432,733
  
             
8,631,381
  
                 
Semiconductors - 3.3%
          
Micron Technology, Inc.
    
23,885
      
5,648,325
  
NVIDIA Corp.
    
7,840
      
1,387,680
  
             
7,036,005
  
                 
Software - 7.4%
          
Adobe Systems, Inc. (a)
    
6,923
      
2,216,260
  
Cadence Design Systems, Inc. (a)
    
4,032
      
1,257,339
  
Dynatrace, Inc. (a)
    
12,164
      
542,028
  
HubSpot, Inc. (a)
    
3,963
      
1,455,689
  
Microsoft Corp.
    
6,339
      
3,118,851
  
Nutanix, Inc. - Class A (a)
    
7,096
      
339,189
  
Paychex, Inc.
    
16,338
      
1,824,791
  
Salesforce.com, Inc.
    
1,840
      
424,194
  
ServiceNow, Inc. (a)
    
447
      
363,147
  
Zoom Communications, Inc. - Class A (a)
    
50,915
      
4,325,739
  
             
15,867,227
  
                 
Telecommunications - 4.1%
          
Arista Networks, Inc. (a)
    
44,406
      
5,802,976
  
T-Mobile US, Inc.
    
14,240
      
2,976,303
  
             
8,779,279
  
TOTAL COMMON STOCKS (Cost $191,807,005)
      
214,789,567
  
                 
TOTAL INVESTMENTS - 99.6% (Cost $191,807,005)
      
214,789,567
  
Other Assets in Excess of Liabilities - 0.4%
      
757,331
  
TOTAL NET ASSETS - 100.0%
          
$
215,546,898
  
                 
Percentages are stated as a percent of net assets.
          

REIT - Real Estate Investment Trust

(a)
Non-income producing security.


Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
SGI U.S. Large Cap Equity 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
  
$
214,789,567
    
$
–
    
$
–
    
$
214,789,567
  
Total Investments
  
$
214,789,567
    
$
–
    
$
–
    
$
214,789,567
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.