NPORT-EX 2 sgismallcap-core.htm NPORT-EX

SGI SMALL CAP CORE FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2023 (UNAUDITED)
           
   
NUMBER OF
      
   
SHARES
    
VALUE
COMMON STOCKS - 98.4%
          
Agriculture — 1.0%
          
Andersons Inc., (The)
    
23,250
    
$
906,982
Airlines — 2.8%
              
Alaska Air Group, Inc.*
    
21,400
      
961,502
Copa Holdings SA, Class A, (Panama)
    
10,100
      
1,061,106
Sun Country Airlines Holdings, Inc.*
    
26,882
      
505,382
             
2,527,990
Architectural and Structural Metals Manufacturing — 1.1%
              
SPX Technologies, Inc.*
    
12,376
      
945,031
Auto Manufacturers — 0.6%
              
Wabash National Corp.
    
23,976
      
562,237
Auto Parts & Equipment — 1.5%
              
Allison Transmission Holdings, Inc.
    
12,116
      
573,087
Dana, Inc.
    
3,177
      
40,888
Douglas Dynamics, Inc.
    
4,800
      
135,648
Shyft Group Inc., (The)
    
11,800
      
277,418
Standard Motor Products, Inc.
    
8,172
      
288,635
             
1,315,676
Banks — 2.8%
              
Bancorp Inc., (The)*
    
9,675
      
298,571
Bankwell Financial Group, Inc.
    
1,985
      
45,357
Byline Bancorp, Inc.
    
9,231
      
163,573
Coastal Financial Corp.*
    
10,900
      
372,889
Customers Bancorp, Inc.*
    
14,300
      
329,186
Independent Bank Corp.
    
5,600
      
91,560
Mercantile Bank Corp.
    
1,784
      
46,438
OFG Bancorp, (Puerto Rico)
    
13,413
      
325,399
Westamerica BanCorp
    
21,800
      
824,694
             
2,497,667
Beverages — 1.1%
              
Vita Coco Co Inc., (The)*
    
37,124
      
990,469
Biotechnology — 0.7%
              
Ligand Pharmaceuticals, Inc.*
    
8,458
      
592,737
Building Materials — 5.8%
              
Apogee Enterprises, Inc.
    
18,335
      
676,745
Boise Cascade Co.
    
7,600
      
545,832
Griffon Corp.
    
27,476
      
866,044
Louisiana-Pacific Corp.
    
4,941
      
289,147
PGT Innovations, Inc.*
    
37,250
      
926,407
Simpson Manufacturing Co., Inc.
    
9,000
      
1,063,710
SPX Technologies, Inc.*
    
–
      
–
UFP Industries, Inc.
    
11,000
      
859,100
             
5,226,985
Business Support Services — 0.6%
              
Bread Financial Holdings, Inc.
    
19,140
      
539,365
Chemicals — 4.0%
              
AdvanSix, Inc.
    
22,300
      
733,670
Chemours Co., (The)
    
3,900
      
103,311
Ecovyst, Inc.*
    
77,196
      
775,048
Ingevity Corp.*
    
8,400
      
396,396
Koppers Holdings, Inc.
    
13,800
      
399,648
Orion Engineered Carbons SA, (Luxembourg)
    
22,468
      
521,033
Stepan Co.
    
7,100
      
652,845
             
3,581,951
Commercial Services — 5.9%
              
ABM Industries, Inc.
    
3,961
      
174,918
Alta Equipment Group, Inc.
    
17,300
      
235,453
Barrett Business Services Inc.
    
7,600
      
638,400
Franklin Covey Co.*
    
10,200
      
376,584
Grand Canyon Education, Inc.*
    
397
      
41,590
Hackett Group Inc., (The)
    
12,100
      
234,619
Herc Holdings, Inc.
    
9,175
      
930,528
Huron Consulting Group, Inc.*
    
11,827
      
961,298
Information Services Group, Inc.
    
8,949
      
45,640
Insperity, Inc.
    
4,314
      
477,646
Laureate Education, Inc.
    
28,471
      
344,499
LiveRamp Holdings, Inc.*
    
12,900
      
313,986
National Research Corp.
    
6,500
      
291,850
WillScot Mobile Mini Holdings Corp.*
    
5,796
      
249,692
             
5,316,703
Computers — 2.7%
              
Qualys, Inc.*
    
7,824
      
987,858
Tenable Holdings, Inc.*
    
24,520
      
1,005,075
TTEC Holdings, Inc.
    
5,407
      
171,510
Varonis Systems, Inc.*
    
8,900
      
233,892
             
2,398,335
Cosmetics/Personal Care — 1.1%
              
elf Beauty, Inc.*
    
9,865
      
1,026,157
Distribution/Wholesale — 3.7%
              
H&E Equipment Services, Inc.
    
24,741
      
889,686
ScanSource, Inc.*
    
10,438
      
300,197
Titan Machinery, Inc.*
    
28,600
      
722,150
Veritiv Corp.
    
6,654
      
702,596
WESCO International, Inc.
    
4,800
      
659,424
             
3,274,053
Diversified Financial Services — 2.4%
              
Air Lease Corp.
    
23,700
      
901,074
Enova International, Inc.*
    
22,100
      
1,028,092
Victory Capital Holdings, Inc., Class A
    
5,617
      
173,959
             
2,103,125
Electric — 1.0%
              
ALLETE, Inc.
    
14,286
      
851,017
Clearway Energy, Inc.
    
1,461
      
41,975
Hawaiian Electric Industries, Inc.
    
1,153
      
41,404
             
934,396
Electrical Components & Equipment — 0.3%
              
Insteel Industries, Inc.
    
9,850
      
294,810
Electronics — 0.7%
              
Benchmark Electronics, Inc.
    
4,700
      
110,967
Sanmina Corp.*
    
9,900
      
525,096
             
636,063
Engineering & Construction — 0.9%
              
Frontdoor, Inc.*
    
11,320
      
348,996
MYR Group, Inc.*
    
3,877
      
494,317
             
843,313
Entertainment — 0.2%
              
SeaWorld Entertainment, Inc.*
    
2,400
      
133,824
Food — 2.5%
              
Chefs’ Warehouse Inc., (The)*
    
25,102
      
780,923
Ingles Markets, Inc., Class A
    
9,700
      
778,619
Krispy Kreme, Inc.
    
14,400
      
215,136
SpartanNash Co.
    
18,800
      
430,520
             
2,205,198
Gas — 0.9%
              
Northwest Natural Holding Co.
    
19,300
      
824,110
Healthcare-Products — 3.8%
              
Avanos Medical, Inc.*
    
7,269
      
178,090
Axonics, Inc.*
    
17,000
      
822,630
Inspire Medical Systems, Inc.*
    
3,200
      
935,968
iRadimed Corp.
    
5,788
      
272,210
LeMaitre Vascular, Inc.
    
10,643
      
668,806
Silk Road Medical, Inc.*
    
4,900
      
147,931
TransMedics Group, Inc.*
    
5,022
      
364,899
             
3,390,534
Healthcare-Services — 2.2%
              
Addus HomeCare Corp.*
    
8,113
      
731,387
National HealthCare Corp.
    
7,400
      
449,180
RadNet, Inc.*
    
7,500
      
217,050
Surgery Partners, Inc.*
    
16,152
      
605,377
             
2,002,994
Home Builders — 0.6%
              
Forestar Group, Inc.*
    
13,741
      
279,355
Tri Pointe Homes, Inc.*
    
9,117
      
266,308
             
545,663
Household Products/Wares — 0.2%
              
Central Garden & Pet Co., Class A*
    
5,700
      
195,795
Industrial Machinery Manufacturing — 0.8%
              
Axcelis Technologies, Inc.*
    
4,700
      
740,485
Insurance — 5.4%
              
Axis Capital Holdings Ltd., (Bermuda)
    
16,000
      
830,400
Brighthouse Financial, Inc.*
    
11,900
      
479,094
CNO Financial Group, Inc.
    
39,770
      
863,407
Employers Holdings, Inc.
    
4,375
      
158,200
James River Group Holdings Ltd., (Bermuda)
    
8,499
      
162,671
Kinsale Capital Group, Inc.
    
2,700
      
818,046
Nmi Holdings, Inc., Class A*
    
37,133
      
933,895
Palomar Holdings, Inc.*
    
873
      
47,718
Primerica, Inc.
    
1,200
      
218,424
ProAssurance Corp.
    
11,603
      
140,976
Universal Insurance Holdings, Inc.
    
10,767
      
154,506
             
4,807,337
Internet — 0.3%
              
ePlus, Inc.*
    
4,900
      
242,011
Iron/Steel — 1.7%
              
Commercial Metals Co.
    
20,800
      
889,200
Schnitzer Steel Industries, Inc., Class A
    
23,552
      
647,915
             
1,537,115
Leisure Time — 1.8%
              
Malibu Boats, Inc., Class A*
    
13,851
      
726,485
MasterCraft Boat Holdings, Inc.*
    
32,000
      
848,000
             
1,574,485
Lodging — 0.6%
              
Travel + Leisure Co.
    
14,700
      
536,109
Machinery, Equipment, and Supplies Merchant Wholesalers — 0.3%
              
Global Industrial Co.
    
11,069
      
275,397
Machinery-Construction & Mining — 2.2%
              
Hyster-Yale Materials Handling, Inc.
    
2,541
      
118,817
Oshkosh Corp.
    
11,751
      
867,576
Terex Corp.
    
21,600
      
1,001,592
             
1,987,985
Metal Fabricate/Hardware — 3.0%
              
Janus International Group, Inc.*
    
56,986
      
503,186
Mueller Industries, Inc.
    
11,889
      
882,877
Northwest Pipe Co.*
    
9,600
      
254,976
Olympic Steel, Inc.
    
2,944
      
123,118
Ryerson Holding Corp.
    
25,712
      
873,951
             
2,638,108
Mining — 0.2%
              
Compass Minerals International, Inc.
    
5,649
      
179,243
Miscellaneous Manufacturing — 0.1%
              
LSB Industries, Inc.*
    
9,300
      
86,490
Offices of Physicians — 0.7%
              
Progyny, Inc.*
    
17,967
      
669,271
Oil & Gas — 2.2%
              
Matador Resources Co.
    
983
      
43,222
Murphy Oil Corp.
    
9,000
      
313,200
Northern Oil and Gas, Inc.
    
18,900
      
565,299
Par Pacific Holdings, Inc.*
    
26,700
      
569,244
SM Energy Co.
    
15,900
      
418,011
VAALCO Energy, Inc.
    
16,380
      
63,227
             
1,972,203
Oil & Gas Services — 1.9%
              
Liberty Energy, Inc.
    
74,200
      
871,108
NOW, Inc.*
    
13,800
      
122,682
ProPetro Holding Corp.*
    
111,600
      
744,372
             
1,738,162
Packaging & Containers — 0.0%
              
Silgan Holdings, Inc.
    
929
      
41,796
Pharmaceuticals — 2.2%
              
Amphastar Pharmaceuticals, Inc.*
    
13,150
      
583,465
Catalyst Pharmaceuticals Partners,  Inc.*
    
20,305
      
234,523
Collegium Pharmaceutical, Inc.*
    
37,200
      
821,004
Harmony Biosciences Holdings, Inc.*
    
8,527
      
294,864
             
1,933,856
Pipelines — 0.8%
              
Golar LNG Ltd., (Bermunda)*
    
36,800
      
756,976
Real Estate — 0.3%
              
Marcus & Millichap, Inc.
    
5,000
      
146,750
RMR Group Inc., Class A, (The)
    
2,800
      
60,284
             
207,034
REITS — 6.3%
              
AFC Gamma, Inc.
    
15,238
      
174,780
Apollo Commercial Real Estate Finance, Inc.
    
22,000
      
221,980
Apple Hospitality REIT, Inc.
    
58,300
      
847,099
Brandywine Realty Trust
    
53,300
      
207,870
Broadstone Net Lease, Inc.
    
28,840
      
452,211
CareTrust REIT, Inc.
    
45,600
      
884,640
City Office REIT, Inc.
    
26,900
      
121,857
Empire State Realty Trust, Inc., Class A
    
36,833
      
227,260
EPR Properties
    
8,465
      
353,075
Innovative Industrial Properties, Inc.
    
2,300
      
152,030
Park Hotels & Resorts, Inc.
    
74,800
      
967,912
Xenia Hotels & Resorts, Inc.
    
3,500
      
40,775
Ryman Hospitality Properties, Inc.
    
10,700
      
981,511
             
5,633,000
Retail — 6.9%
              
BJ’s Restaurants, Inc.*
    
13,197
      
393,007
BlueLinx Holdings, Inc.*
    
600
      
49,332
Buckle Inc., (The)
    
12,600
      
386,946
Build-A-Bear Workshop, Inc.
    
33,018
      
600,267
Destination XL Group, Inc.*
    
88,658
      
368,817
Dine Brands Global, Inc.
    
4,182
      
250,209
GMS, Inc.*
    
11,552
      
731,588
La-Z-Boy, Inc.
    
32,510
      
868,667
Macy’s, Inc.
    
16,620
      
225,866
MarineMax, Inc.*
    
2,200
      
62,414
MSC Industrial Direct Co., Inc., Class A
    
500
      
44,960
Noodles & Co.*
    
37,893
      
126,942
PC Connection, Inc.
    
6,200
      
278,814
PriceSmart, Inc.
    
6,328
      
458,653
Wingstop, Inc.
    
1,621
      
323,163
Winmark Corp.
    
3,000
      
977,970
             
6,147,615
Savings & Loans — 0.1%
              
Home Bancorp, Inc.
    
2,500
      
76,975
Semiconductors — 0.6%
              
Allegro MicroSystems, Inc.*
    
7,203
      
283,294
Diodes, Inc.*
    
2,646
      
237,717
             
521,011
Software — 5.6%
              
CommVault Systems, Inc.*
    
2,764
      
192,623
Computer Programs & Systems, Inc.*
    
10,300
      
245,758
CSG Systems International, Inc.
    
12,500
      
599,750
Doximity, Inc., Class A*
    
5,100
      
156,417
eGain Corp.*
    
8,327
      
60,371
Elastic NV, (Netherlands)*
    
4,934
      
359,294
Evolent Health, Inc., Class A*
    
1,292
      
37,649
Health Catalyst, Inc.*
    
17,800
      
200,428
NextGen Healthcare, Inc.*
    
10,110
      
157,412
PROS Holdings, Inc.*
    
10,100
      
306,232
Smartsheet, Inc., Class A*
    
5,846
      
289,845
Teradata Corp.*
    
20,475
      
959,458
Verra Mobility Corp.*
    
2,537
      
44,727
Zeta Global Holdings Corp., Class A*
    
116,142
      
1,047,601
Zuora, Inc., Class A*
    
33,952
      
366,342
             
5,023,907
Telecommunications — 2.1%
              
Aviat Networks, Inc.*
    
7,900
      
241,898
Cambium Networks Corp., (Cayman Islands)*
    
8,200
      
128,576
Credo Technology Group Holding Ltd., (Cayman Islands)*
    
59,004
      
791,834
Extreme Networks, Inc.*
    
35,682
      
735,049
             
1,897,357
Transportation — 0.8%
              
DHT Holdings, Inc., (Marshall Islands)
    
44,349
      
341,044
Landstar System, Inc.
    
1,900
      
333,222
             
674,266
Trucking & Leasing — 0.2%
              
Greenbrier Cos Inc., (The)
    
6,309
      
171,416
Water — 0.3%
              
American States Water Co.
    
3,200
      
284,224
TOTAL COMMON STOCKS
              
(Cost $90,502,364)
            
88,165,997
SHORT-TERM INVESTMENTS - 1.6%
              
U.S. Bank Money Market Deposit Account, 5.00% (a)
    
1,391,473
      
1,391,473
TOTAL SHORT-TERM INVESTMENTS
              
(Cost $1,391,473)
            
1,391,473
TOTAL INVESTMENTS - 100.0%
              
(Cost $91,893,837)
            
89,557,470
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%
            
15,762
NET ASSETS - 100.0%
          
$
89,573,232

 
  
*
Non-income producing security.
                  
(a)
The rate shown is as of May 31, 2023.
                  
ETF
Exchange-Traded Funds
                  
REIT
Real Estate Investment Trust
                  
                     
 The accompanying notes are an integral part of the portfolio of investments.
  


SGI SMALL CAP CORE FUND
NOTES TO THE PORTFOLIO OF INVESTMENTS
MAY 31, 2023 (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. 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. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.
                   
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  May 31, 2023, in valuing the Fund’s investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
SGI SMALL CAP CORE FUND
                      
Exchange-Traded Funds
  
$
88,165,997
    
$
88,165,997
    
$
-
    
$
-
Short-Term Investments
    
1,391,473
      
1,391,473
      
-
      
-
Total Investments*
  
$
89,557,470
    
$
89,557,470
    
$
-
    
$
-

* 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 if 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 in and out of each level is disclosed when 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 purchases, sales, or 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.