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

SGI U.S. Large Cap Equity Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 98.1%
  
Shares
    
Value
 
Aerospace/Defense - 1.4%
        
Lockheed Martin Corp.
    
5,626
    
$
2,978,461
  
Northrop Grumman Corp.
    
859
      
420,609
  
             
3,399,070
  
                 
Banks - 0.2%
          
Citigroup, Inc.
    
7,486
      
530,533
  
                 
Beverages - 1.2%
          
Coca Cola Bottling Co.
    
346
      
451,284
  
Coca-Cola Co.
    
38,201
      
2,447,920
  
             
2,899,204
  
                 
Biotechnology - 5.2%
          
Regeneron Pharmaceuticals, Inc. (a)
    
6,190
      
4,643,862
  
Royalty Pharma PLC - Class A
    
16,408
      
437,437
  
United Therapeutics Corp. (a)
    
17,920
      
6,639,181
  
Vertex Pharmaceuticals, Inc. (a)
    
2,115
      
990,095
  
             
12,710,575
  
                 
Building Materials - 3.9%
          
Builders FirstSource, Inc. (a)
    
3,059
      
570,412
  
Owens Corning
    
40,704
      
8,369,556
  
Trane Technologies PLC
    
1,390
      
578,546
  
             
9,518,514
  
                 
Chemicals - 0.9%
          
DuPont de Nemours, Inc.
    
5,247
      
438,597
  
Ecolab, Inc.
    
4,631
      
1,152,054
  
LyondellBasell Industries NV - Class A
    
6,437
      
536,459
  
             
2,127,110
  
                 
Commercial Services - 3.3%
          
Automatic Data Processing, Inc.
    
25,732
      
7,897,923
  
                 
Cosmetics & Personal Care - 2.8%
          
Colgate-Palmolive Co.
    
70,803
      
6,841,694
  
                 
Diversified Financial Services - 1.5%
          
Mastercard, Inc. - Class A
    
6,960
      
3,709,262
  
                 
Electric - 3.7%
          
CMS Energy Corp.
    
49,229
      
3,431,754
  
DTE Energy Co.
    
13,893
      
1,747,462
  
Duke Energy Corp.
    
4,002
      
468,434
  
Evergy, Inc.
    
50,750
      
3,279,972
  
             
8,927,622
  
                 
Engineering & Construction - 1.0%
          
EMCOR Group, Inc.
    
4,502
      
2,296,560
  
                 
Environmental Control - 1.4%
          
Republic Services, Inc.
    
4,641
      
1,013,130
  
Waste Management, Inc.
    
10,805
      
2,465,917
  
             
3,479,047
  
                 
Food - 2.6%
          
Hershey Co.
    
1,921
      
338,346
  
Kroger Co., (The)
    
33,098
      
2,021,626
  
Performance Food Group Co. (a)
    
14,831
      
1,308,687
  
Sysco Corp.
    
27,874
      
2,149,364
  
Tyson Foods, Inc., - Class A
    
7,069
      
455,951
  
             
6,273,974
  
                 
Freight & Logistics - 3.4%
          
FedEx Corp.
    
7,024
      
2,125,954
  
Union Pacific Corp.
    
18,268
      
4,469,449
  
United Parcel Service, Inc. - Class B
    
11,640
      
1,579,781
  
             
8,175,184
  
                 
Healthcare-Services - 5.2%
          
Elevance Health, Inc.
    
13,496
      
5,492,332
  
HCA Healthcare, Inc.
    
5,656
      
1,850,757
  
Universal Health Services, Inc. - Class B
    
25,325
      
5,191,625
  
             
12,534,714
  
                 
Home Builders - 1.1%
          
NVR, Inc. (a)
    
285
      
2,632,140
  
                 
Household Products/Wares - 0.5%
          
Kimberly-Clark Corp.
    
8,547
      
1,191,024
  
                 
Insurance - 13.9%
          
Allstate Corp., (The)
    
17,960
      
3,724,724
  
Berkshire Hathaway, Inc. - Class B (a)
    
1,037
      
500,892
  
Cincinnati Financial Corp.
    
3,003
      
479,970
  
Everest Group Ltd.
    
17,499
      
6,781,912
  
Markel Group, Inc. (a)
    
293
      
522,396
  
MetLife, Inc.
    
91,399
      
8,064,134
  
Progressive Corp.
    
31,264
      
8,406,264
  
Reinsurance Group of America, Inc.
    
10,422
      
2,380,385
  
Unum Group
    
36,077
      
2,774,321
  
             
33,634,998
  
                 
IT Services & Consulting - 7.1%
          
Accenture PLC - Class A
    
2,561
      
928,029
  
Amdocs Ltd.
    
13,258
      
1,149,734
  
Cognizant Technology Solutions Corp. - Class A
    
5,968
      
480,364
  
EPAM Systems, Inc. (a)
    
29,305
      
7,148,076
  
GoDaddy, Inc. - Class A (a)
    
29,062
      
5,741,779
  
Leidos Holdings, Inc.
    
11,152
      
1,844,541
  
             
17,292,523
  
                 
Media - 0.5%
          
Fox Corp. - Class B
    
12,032
      
538,191
  
Walt Disney Co.
    
5,147
      
604,618
  
             
1,142,809
  
                 
Mining - 0.3%
          
Freeport-McMoRan, Inc.
    
14,354
      
634,447
  
                 
Oil & Gas - 2.3%
          
Coterra Energy, Inc.
    
16,397
      
438,128
  
Devon Energy Corp.
    
73,448
      
2,787,351
  
Diamondback Energy, Inc.
    
3,186
      
565,802
  
EOG Resources, Inc.
    
8,095
      
1,078,740
  
Ovintiv, Inc.
    
8,736
      
396,789
  
Valero Energy Corp.
    
2,814
      
391,371
  
             
5,658,181
  
                 
Online Services - 4.4%
          
Booking Holdings, Inc.
    
113
      
587,824
  
Meta Platforms, Inc. - Class A
    
11,785
      
6,768,361
  
Spotify Technology SA (a)
    
6,883
      
3,282,916
  
             
10,639,101
  
                 
Pharmaceuticals - 11.0%
          
Cardinal Health, Inc.
    
54,145
      
6,618,685
  
Eli Lilly & Co.
    
4,255
      
3,384,214
  
McKesson Corp.
    
10,395
      
6,533,257
  
Merck & Co., Inc.
    
71,012
      
7,217,660
  
Neurocrine Biosciences, Inc. (a)
    
18,814
      
2,384,675
  
Zoetis, Inc.
    
2,531
      
443,558
  
             
26,582,049
  
                 
Pipelines - 0.2%
          
Cheniere Energy, Inc.
    
2,489
      
557,561
  
                 
REITS - 0.6%
          
Equity Residential
    
6,282
      
481,578
  
Essex Property Trust, Inc.
    
1,596
      
495,494
  
Simon Property Group, Inc.
    
2,857
      
524,545
  
             
1,501,617
  
                 
Retail - 2.7%
          
Costco Wholesale Corp.
    
3,184
      
3,094,466
  
Ross Stores, Inc.
    
5,543
      
858,444
  
Target Corp.
    
3,042
      
402,487
  
Texas Roadhouse, Inc.
    
2,636
      
541,092
  
Wal-Mart Stores, Inc.
    
18,210
      
1,684,425
  
             
6,580,914
  
                 
Semiconductors - 2.2%
          
Monolithic Power Systems, Inc.
    
2,997
      
1,701,217
  
QUALCOMM, Inc.
    
23,566
      
3,735,918
  
             
5,437,135
  
                 
Software - 6.9%
          
AppLovin Corp. - Class A (a)
    
9,330
      
3,141,878
  
Atlassian Corp. - Class A (a)
    
3,196
      
842,402
  
Autodesk, Inc. (a)
    
1,791
      
522,793
  
HubSpot, Inc. (a)
    
663
      
478,056
  
Nutanix, Inc. - Class A (a)
    
7,637
      
498,543
  
Salesforce.com, Inc.
    
13,794
      
4,551,882
  
ServiceNow, Inc. (a)
    
904
      
948,694
  
Veeva Systems, Inc. - Class A (a)
    
10,661
      
2,429,109
  
Workday, Inc. - Class A (a)
    
1,963
      
490,730
  
Zoom Communications, Inc. - Class A (a)
    
33,896
      
2,802,860
  
             
16,706,947
  
                 
Technology - 3.5%
          
Alphabet, Inc. - Class A
    
47,493
      
8,023,942
  
Apple, Inc.
    
2,202
      
522,601
  
             
8,546,543
  
                 
Telecommunications - 3.2%
          
Motorola Solutions, Inc.
    
15,363
      
7,676,891
  
TOTAL COMMON STOCKS (Cost $201,583,723)
      
237,735,866
  
                 
TOTAL INVESTMENTS - 98.1% (Cost $201,583,723)
      
237,735,866
  
Other Assets in Excess of Liabilities - 1.9%
      
4,519,675
  
TOTAL NET ASSETS - 100.0%
          
$
242,255,541
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

NV - Naamloze Vennootschap
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA - Sociedad Anónima

(a)
Non-income producing security.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
SGI U.S. Large Cap Equity Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
237,735,866
    
$
–
    
$
–
    
$
237,735,866
  
Total Investments
  
$
237,735,866
    
$
–
    
$
–
    
$
237,735,866
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.