NPORT-EX 2 small-cap.htm NPORT-EX

SGI Small Cap Core Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 89.2%
  
Shares
    
Value
 
Agriculture - 1.3%
        
Andersons, Inc.
    
13,088
    
$
624,821
  
Fresh Del Monte Produce, Inc.
    
34,271
      
1,156,646
  
             
1,781,467
  
                 
Airlines - 0.7%
          
SkyWest, Inc. (a)
    
8,105
      
929,968
  
                 
Apparel - 0.4%
          
Kontoor Brands, Inc.
    
2,780
      
255,148
  
Rocky Brands, Inc.
    
10,708
      
232,364
  
             
487,512
  
                 
Banks - 10.1%
          
Banco Latinoamericano de Comercio Exterior SA
    
19,959
      
680,003
  
Bank of NT Butterfield & Son Ltd.
    
32,627
      
1,237,542
  
Business First Bancshares, Inc.
    
15,793
      
450,100
  
Central Pacific Financial Corp.
    
4,357
      
139,075
  
Civista Bancshares, Inc.
    
12,916
      
295,518
  
CNB Financial Corp.
    
9,949
      
277,677
  
FB Financial Corp.
    
9,759
      
550,896
  
Financial Institutions, Inc.
    
15,060
      
409,030
  
First BanCorp
    
62,953
      
1,301,868
  
First Business Financial Services, Inc.
    
5,609
      
281,123
  
First Merchants Corp.
    
20,816
      
910,700
  
Hancock Whitney Corp.
    
19,802
      
1,175,843
  
Hanmi Financial Corp.
    
19,047
      
503,793
  
HBT Financial, Inc.
    
10,816
      
259,043
  
Independent Bank Corp.
    
15,805
      
594,742
  
Northeast Bank
    
4,573
      
450,212
  
OFG Bancorp
    
30,398
      
1,380,677
  
Popular, Inc.
    
14,520
      
1,442,707
  
QCR Holdings, Inc.
    
5,744
      
529,080
  
Republic Bancorp, Inc. - Class A
    
992
      
75,665
  
South Plains Financial, Inc.
    
7,170
      
278,841
  
Third Coast Bancshares, Inc. (a)
    
6,637
      
235,614
  
             
13,459,749
  
                 
Beverages - 0.9%
          
Coca Cola Bottling Co.
    
905
      
1,180,382
  
                 
Biotechnology - 2.7%
          
ADMA Biologics, Inc. (a)
    
44,945
      
903,844
  
ANI Pharmaceuticals, Inc. (a)
    
19,381
      
1,109,175
  
Cytek Biosciences, Inc. (a)
    
36,189
      
236,314
  
Krystal Biotech, Inc. (a)
    
3,453
      
681,691
  
Vericel Corp. (a)
    
12,168
      
707,448
  
             
3,638,472
  
                 
Building Materials - 5.0%
          
Apogee Enterprises, Inc.
    
8,861
      
746,185
  
Boise Cascade Co.
    
8,952
      
1,321,315
  
Louisiana-Pacific Corp.
    
12,171
      
1,438,612
  
LSI Industries, Inc.
    
16,631
      
339,938
  
Masterbrand, Inc. (a)
    
51,379
      
888,857
  
Tecnoglass, Inc.
    
6,183
      
501,132
  
UFP Industries, Inc.
    
10,626
      
1,444,073
  
             
6,680,112
  
                 
Chemicals - 0.8%
          
Minerals Technologies, Inc.
    
6,428
      
524,332
  
Sensient Technologies Corp.
    
6,629
      
514,676
  
             
1,039,008
  
                 
Commercial Services - 6.3%
          
ABM Industries, Inc.
    
15,946
      
911,633
  
Arlo Technologies, Inc. (a)
    
4,189
      
47,001
  
Barrett Business Services Inc.
    
24,456
      
1,049,407
  
CRA International, Inc.
    
5,185
      
1,011,230
  
Grand Canyon Education, Inc. (a)
    
2,909
      
478,792
  
Heidrick & Struggles International Inc.
    
16,648
      
768,139
  
Herc Holdings, Inc.
    
5,668
      
1,314,976
  
Korn/Ferry International
    
16,963
      
1,328,881
  
Udemy, Inc. (a)
    
36,898
      
293,708
  
Upbound Group, Inc.
    
11,179
      
384,446
  
Willdan Group, Inc. (a)
    
20,305
      
887,532
  
             
8,475,745
  
                 
Distribution/Wholesale - 0.2%
          
MRC Global, Inc. (a)
    
4,948
      
69,123
  
Rush Enterprises, Inc. - Class B
    
2,377
      
135,513
  
             
204,636
  
                 
Diversified Financial Services - 2.0%
          
Enova International, Inc. (a)
    
15,525
      
1,638,043
  
Evercore, Inc. - Class A
    
1,520
      
468,008
  
StepStone Group, Inc. - Class A
    
9,444
      
622,265
  
             
2,728,316
  
                 
Electric - 1.0%
          
Black Hills Corp.
    
8,161
      
522,875
  
Clearway Energy, Inc. - Class A
    
27,842
      
774,286
  
             
1,297,161
  
                 
Electrical Components & Equipment - 0.0%(b)
          
Insteel Industries, Inc.
    
1,948
      
57,427
  
                 
Electronics - 1.6%
          
Badger Meter, Inc.
    
2,973
      
644,606
  
Bel Fuse, Inc. - Class B
    
8,025
      
643,444
  
Benchmark Electronics, Inc.
    
5,329
      
258,403
  
Plexus Corp. (a)
    
3,974
      
653,326
  
             
2,199,779
  
                 
Engineering & Construction - 2.5%
          
EMCOR Group, Inc.
    
1,925
      
981,981
  
Frontdoor, Inc. (a)
    
28,828
      
1,689,321
  
Primoris Services Corp.
    
8,240
      
689,770
  
             
3,361,072
  
                 
Food - 0.2%
          
Ingles Markets, Inc. - Class A
    
1,885
      
139,302
  
Seneca Foods Corp. - Class A (a)
    
979
      
70,586
  
Village Super Market, Inc. - Class A
    
2,004
      
64,869
  
             
274,757
  
                 
Forest Products & Paper - 1.0%
          
Sylvamo Corp.
    
14,042
      
1,295,936
  
                 
Freight & Logistics - 3.9%
          
Costamare, Inc.
    
45,491
      
600,481
  
Covenant Logistics Group, Inc.
    
4,458
      
258,921
  
Hub Group, Inc. - Class A
    
27,188
      
1,403,988
  
International Seaways, Inc.
    
11,359
      
443,001
  
Matson, Inc.
    
5,964
      
913,566
  
Teekay Corp. Ltd. (a)
    
95,332
      
703,550
  
Teekay Tankers Ltd.
    
20,860
      
839,615
  
             
5,163,122
  
                 
Gas - 2.2%
          
National Fuel Gas Co.
    
21,235
      
1,358,403
  
New Jersey Resources Corp.
    
18,029
      
929,936
  
Southwest Gas Holdings, Inc.
    
8,698
      
679,835
  
             
2,968,174
  
                 
Healthcare-Products - 1.7%
          
Castle Biosciences, Inc. (a)
    
29,452
      
891,807
  
Inogen, Inc. (a)
    
11,646
      
113,083
  
iRadimed Corp.
    
7,258
      
391,424
  
RxSight, Inc. (a)
    
6,729
      
315,455
  
UFP Technologies, Inc. (a)
    
1,012
      
326,795
  
Utah Medical Products, Inc.
    
2,678
      
174,739
  
             
2,213,303
  
                 
Healthcare-Services - 1.6%
          
Aveanna Healthcare Holdings, Inc. (a)
    
22,587
      
131,231
  
National HealthCare Corp.
    
10,518
      
1,316,854
  
Pennant Group, Inc. (a)
    
11,647
      
363,153
  
Viemed Healthcare, Inc. (a)
    
30,436
      
263,880
  
             
2,075,118
  
                 
Home Builders - 5.8%
          
Beazer Homes USA, Inc. (a)
    
13,594
      
475,110
  
Cavco Industries, Inc. (a)
    
530
      
272,685
  
Forestar Group, Inc. (a)
    
32,002
      
955,260
  
Hovnanian Enterprises, Inc. - Class A (a)
    
4,873
      
958,080
  
M/I Homes, Inc. (a)
    
7,167
      
1,182,770
  
Meritage Homes Corp.
    
6,113
      
1,168,011
  
Taylor Morrison Home Corp. (a)
    
18,186
      
1,343,400
  
Tri Pointe Homes, Inc. (a)
    
31,741
      
1,381,686
  
             
7,737,002
  
                 
Insurance - 2.9%
          
Essent Group Ltd.
    
19,452
      
1,123,937
  
Jackson Financial, Inc. - Class A
    
9,039
      
905,617
  
NMI Holdings, Inc. - Class A (a)
    
37,842
      
1,513,302
  
Palomar Holdings, Inc. (a)
    
2,751
      
297,933
  
             
3,840,789
  
                 
Iron/Steel - 0.4%
          
Carpenter Technology Corp.
    
3,039
      
589,688
  
                 
IT Services & Consulting - 1.0%
          
Rapid7, Inc. (a)
    
1,457
      
62,068
  
Tenable Holdings, Inc. (a)
    
12,588
      
528,444
  
Unisys Corp. (a)
    
16,463
      
131,375
  
Varonis Systems, Inc. (a)
    
12,613
      
630,146
  
             
1,352,033
  
                 
Leisure Time - 0.5%
          
Life Time Group Holdings, Inc. (a)
    
22,330
      
541,949
  
Lindblad Expeditions Holdings, Inc. (a)
    
13,394
      
177,605
  
             
719,554
  
                 
Lodging - 0.8%
          
Travel + Leisure Co.
    
18,668
      
1,042,981
  
                 
Machinery-Diversified - 2.0%
          
Albany International Corp. - Class A
    
2,892
      
239,747
  
DXP Enterprises Inc. (a)
    
8,167
      
598,396
  
Gorman-Rupp Co.
    
12,058
      
513,671
  
Mueller Water Products, Inc. - Class A
    
52,617
      
1,317,529
  
             
2,669,343
  
                 
Metal Fabricate/Hardware - 1.4%
          
AZZ, Inc.
    
5,370
      
500,162
  
Mueller Industries, Inc.
    
8,832
      
713,361
  
Northwest Pipe Co. (a)
    
5,027
      
281,839
  
Proto Labs, Inc. (a)
    
8,124
      
334,627
  
             
1,829,989
  
                 
Mining - 0.2%
          
Caledonia Mining Corp. PLC
    
15,774
      
166,258
  
Constellium SE (a)
    
13,518
      
165,731
  
             
331,989
  
                 
Miscellaneous Manufacturing - 0.7%
          
Federal Signal Corp.
    
4,969
      
484,030
  
Trinity Industries, Inc.
    
12,023
      
453,267
  
             
937,297
  
                 
Office Furnishings - 0.9%
          
HNI Corp.
    
15,835
      
897,053
  
Interface, Inc.
    
13,118
      
348,283
  
             
1,245,336
  
                 
Oil & Gas - 2.5%
          
Archrock, Inc.
    
56,556
      
1,448,965
  
Berry Corp.
    
55,623
      
226,942
  
Natural Gas Services Group, Inc. (a)
    
2,816
      
78,172
  
Riley Exploration Permian, Inc.
    
13,399
      
470,305
  
SandRidge Energy, Inc.
    
17,907
      
210,049
  
SM Energy Co.
    
10,952
      
494,921
  
VAALCO Energy, Inc.
    
52,228
      
267,407
  
Weatherford International PLC
    
1,764
      
145,177
  
             
3,341,938
  
                 
Online Services - 1.1%
          
AudioEye, Inc. (a)
    
4,132
      
111,234
  
Cargurus, Inc. (a)
    
31,409
      
1,187,888
  
HealthStream, Inc.
    
6,164
      
204,028
  
             
1,503,150
  
                 
Pharmaceuticals - 4.4%
          
BellRing Brands, Inc. (a)
    
18,707
      
1,467,751
  
Catalyst Pharmaceuticals Partners,  Inc. (a)
    
71,360
      
1,574,915
  
Collegium Pharmaceutical, Inc. (a)
    
8,108
      
247,294
  
Harmony Biosciences Holdings, Inc. (a)
    
21,293
      
738,228
  
Nature's Sunshine Products, Inc. (a)
    
4,705
      
76,409
  
Phibro Animal Health Corp. - Class A
    
17,993
      
420,497
  
Protagonist Therapeutics, Inc. (a)
    
28,459
      
1,246,504
  
USANA Health Sciences, Inc. (a)
    
3,277
      
126,263
  
             
5,897,861
  
                 
Pipelines - 0.3%
          
Excelerate Energy, Inc. - Class A
    
12,882
      
398,956
  
                 
Real Estate - 1.1%
          
Newmark Group, Inc. - Class A
    
85,753
      
1,327,456
  
RMR Group, Inc. - Class A
    
9,145
      
203,019
  
             
1,530,475
  
                 
REITS - 4.1%
          
Alexander & Baldwin, Inc.
    
50,671
      
997,205
  
American Assets Trust, Inc.
    
21,088
      
599,743
  
EPR Properties
    
27,988
      
1,269,815
  
Essential Properties Realty Trust, Inc.
    
4,001
      
136,434
  
NexPoint Residential Trust, Inc.
    
12,966
      
610,310
  
Ryman Hospitality Properties, Inc.
    
7,444
      
872,735
  
TPG RE Finance Trust, Inc.
    
85,467
      
780,314
  
UMH Properties, Inc.
    
13,677
      
262,598
  
             
5,529,154
  
                 
Retail - 2.3%
          
Abercrombie & Fitch Co. - Class A (a)
    
6,908
      
1,034,059
  
Bath & Body Works, Inc.
    
4,185
      
151,664
  
BlueLinx Holdings, Inc. (a)
    
8,739
      
1,098,492
  
Boot Barn Holdings, Inc. (a)
    
2,098
      
287,720
  
Gap, Inc.
    
10,400
      
252,200
  
Shoe Carnival, Inc.
    
6,308
      
212,958
  
             
3,037,093
  
                 
Savings & Loans - 1.1%
          
Axos Financial, Inc. (a)
    
16,420
      
1,360,397
  
FS Bancorp, Inc.
    
1,434
      
68,402
  
             
1,428,799
  
                 
Semiconductors - 2.4%
          
Cirrus Logic, Inc. (a)
    
9,268
      
968,043
  
MKS Instruments, Inc.
    
11,811
      
1,342,202
  
Semtech Corp. (a)
    
14,048
      
899,634
  
Vishay Precision Group, Inc. (a)
    
1,985
      
45,595
  
             
3,255,474
  
                 
Software - 6.1%
          
ACI Worldwide, Inc. (a)
    
16,826
      
956,053
  
Adeia, Inc.
    
24,235
      
293,728
  
Alkami Technology, Inc. (a)
    
17,471
      
689,580
  
Appfolio, Inc. - Class A (a)
    
1,612
      
409,045
  
Blend Labs, Inc. - Class A (a)
    
29,315
      
149,800
  
Climb Global Solutions, Inc.
    
2,764
      
372,062
  
CommVault Systems, Inc. (a)
    
7,867
      
1,349,898
  
Gitlab, Inc. - Class A (a)
    
10,917
      
695,959
  
Procore Technologies, Inc. (a)
    
9,399
      
763,199
  
RingCentral, Inc. - Class A (a)
    
29,146
      
1,096,764
  
SEMrush Holdings, Inc. - Class A (a)
    
4,321
      
58,766
  
Talkspace, Inc. (a)
    
185,138
      
633,172
  
Viant Technology, Inc. - Class A (a)
    
27,736
      
523,656
  
Zeta Global Holdings Corp. - Class A (a)
    
7,974
      
169,846
  
             
8,161,528
  
                 
Telecommunications - 1.1%
          
A10 Networks, Inc.
    
15,816
      
269,663
  
Credo Technology Group Holding Ltd. (a)
    
2,363
      
115,692
  
IDT Corp. - Class B
    
16,678
      
861,252
  
Preformed Line Products Co.
    
1,431
      
194,645
  
             
1,441,252
  
TOTAL COMMON STOCKS (Cost $101,687,042)
      
119,332,897
  
                 
EXCHANGE TRADED FUNDS - 9.4%
                
Financial Select Sector SPDR Fund
    
40,341
      
2,071,107
  
Health Care Select Sector SPDR Fund
    
13,194
      
1,944,928
  
iShares Core S&P Small-Cap ETF
    
12,060
      
1,525,952
  
iShares Russell 2000 ETF
    
6,311
      
1,526,442
  
SPDR S&P Biotech ETF
    
19,194
      
1,912,106
  
Vanguard Information Technology ETF
    
3,186
      
1,982,488
  
Vanguard Russell 2000 ETF
    
15,739
      
1,540,533
  
TOTAL EXCHANGE TRADED FUNDS (Cost $12,477,742)
      
12,503,556
  
                 
TOTAL INVESTMENTS - 98.6% (Cost $114,164,784)
      
131,836,453
  
Other Assets in Excess of Liabilities - 1.4%
      
1,932,329
  
TOTAL NET ASSETS - 100.0%
          
$
133,768,782
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ETF – Exchange-Traded Fund
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA - Sociedad Anónima
SE - Societas Europeae

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
SGI Small Cap Core 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
  
$
119,332,897
    
$
–
    
$
–
    
$
119,332,897
  
  Exchange Traded Funds
    
12,503,556
      
–
      
–
      
12,503,556
  
Total Investments
  
$
131,836,453
    
$
–
    
$
–
    
$
131,836,453
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.