NPORT-EX 2 enhanced-global.htm NPORT-EX

SGI Enhanced Global Income ETF
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 95.8%
  
Shares
    
Value
 
Aerospace/Defense - 0.5%
        
Lockheed Martin Corp.
    
633
    
$
335,117
  
                 
Apparel - 0.6%
          
Tapestry, Inc.
    
7,126
      
443,807
  
                 
Auto Manufacturers - 0.4%
          
Honda Motor Co., Ltd. - ADR
    
11,835
      
306,526
  
                 
Banks - 10.6%
          
Banco Bilbao Vizcaya Argentaria SA - ADR
    
54,273
      
512,880
  
Banco Santander SA - ADR
    
72,576
      
335,301
  
Bancolombia SA - ADR
    
11,324
      
370,295
  
Bank of America Corp.
    
8,527
      
405,118
  
Bank of New York Mellon Corp.
    
5,980
      
489,583
  
Citigroup, Inc.
    
43,319
      
3,070,017
  
Citizens Financial Group, Inc.
    
8,992
      
432,875
  
ICICI Bank Ltd. - ADR
    
18,453
      
563,739
  
JPMorgan Chase & Co.
    
1,600
      
399,552
  
Popular, Inc.
    
4,032
      
400,619
  
Shinhan Financial Group Co, Ltd. - ADR
    
8,560
      
330,245
  
Woori Financial Group, Inc. - ADR
    
13,070
      
467,122
  
             
7,777,346
  
                 
Beverages - 2.2%
          
Coca-Cola Co.
    
10,674
      
683,990
  
Coca-Cola Femsa SAB de CV - ADR
    
12,094
      
963,045
  
             
1,647,035
  
                 
Biotechnology - 0.9%
          
Regeneron Pharmaceuticals, Inc. (a)
    
375
      
281,333
  
Royalty Pharma PLC - Class A
    
13,179
      
351,352
  
             
632,685
  
                 
Building Materials - 2.2%
          
Louisiana-Pacific Corp.
    
10,330
      
1,221,006
  
UFP Industries, Inc.
    
2,961
      
402,400
  
             
1,623,406
  
                 
Chemicals - 0.5%
          
DuPont de Nemours, Inc.
    
4,274
      
357,264
  
                 
Cosmetics/Personal Care - 4.2%
          
Colgate-Palmolive Co.
    
28,011
      
2,706,703
  
Unilever PLC - ADR
    
5,790
      
346,474
  
             
3,053,177
  
                 
Distribution/Wholesale - 3.0%
          
WESCO International, Inc.
    
10,505
      
2,222,543
  
                 
Diversified Financial Services - 1.6%
          
American Express Co.
    
1,410
      
429,599
  
Mastercard, Inc. - Class A
    
702
      
374,124
  
ORIX Corp. - ADR
    
3,433
      
387,311
  
             
1,191,034
  
                 
Electric - 6.8%
          
American Electric Power Co., Inc.
    
4,155
      
414,919
  
Cia Energetica de Minas Gerais - ADR
    
187,036
      
364,720
  
Clearway Energy, Inc. - Class A
    
30,452
      
846,870
  
Duke Energy Corp.
    
3,040
      
355,832
  
Evergy, Inc.
    
5,873
      
379,572
  
National Grid PLC - ADR
    
41,134
      
2,619,413
  
             
4,981,326
  
                 
Electronics - 0.5%
          
Amphenol Corp. - Class A
    
5,158
      
374,729
  
                 
Engineering & Construction - 0.5%
          
Grupo Aeroportuario del Sureste SAB de CV - ADR
    
1,339
      
348,327
  
                 
Food - 1.1%
          
Ingredion, Inc.
    
2,630
      
387,504
  
Tyson Foods, Inc. - Class A
    
6,068
      
391,386
  
             
778,890
  
                 
Freight & Logistics - 5.8%
          
CSX Corp.
    
26,341
      
962,763
  
FedEx Corp.
    
1,307
      
395,590
  
TFI International, Inc.
    
2,669
      
404,834
  
Union Pacific Corp.
    
2,871
      
702,419
  
United Parcel Service, Inc. - Class B
    
10,817
      
1,468,083
  
ZTO Express Cayman, Inc. - ADR
    
14,766
      
280,554
  
             
4,214,243
  
                 
Gas - 1.0%
          
National Fuel Gas Co.
    
5,781
      
369,810
  
Southwest Gas Holdings, Inc.
    
4,837
      
378,060
  
             
747,870
  
                 
Healthcare-Products - 0.4%
          
Smith & Nephew PLC - ADR
    
12,639
      
325,833
  
                 
Healthcare-Services - 1.4%
          
Elevance Health, Inc.
    
832
      
338,591
  
HCA Healthcare, Inc.
    
988
      
323,293
  
Universal Health Services, Inc. - Class B
    
1,755
      
359,775
  
             
1,021,659
  
                 
Insurance - 4.4%
          
Allstate Corp.
    
2,026
      
420,172
  
Berkshire Hathaway, Inc. - Class B (a)
    
1,504
      
726,462
  
Equitable Holdings, Inc.
    
7,946
      
383,236
  
Jackson Financial, Inc. - Class A
    
3,626
      
363,289
  
Markel Group, Inc. (a)
    
226
      
402,940
  
Progressive Corp.
    
2,163
      
581,587
  
Prudential Financial, Inc.
    
2,891
      
374,124
  
             
3,251,810
  
                 
IT Services & Consulting - 6.1%
          
Infosys Ltd. - ADR
    
122,488
      
2,703,310
  
Logitech International S.A.
    
4,434
      
358,666
  
Wipro Ltd. - ADR
    
196,366
      
1,372,599
  
             
4,434,575
  
                 
Machinery-Diversified - 0.6%
          
Deere & Co.
    
867
      
403,935
  
                 
Mining - 0.5%
          
Rio Tinto PLC - ADR
    
5,489
      
344,929
  
                 
Oil & Gas - 2.0%
          
EOG Resources, Inc.
    
2,904
      
386,987
  
Occidental Petroleum Corp.
    
6,944
      
351,228
  
Petroleo Brasileiro SA - ADR
    
25,906
      
369,938
  
Phillips 66
    
2,782
      
372,732
  
             
1,480,885
  
                 
Online Services - 4.8%
          
Alibaba Group Holding Ltd. - ADR
    
3,665
      
320,211
  
JD.com, Inc. - ADR
    
8,950
      
334,551
  
Meta Platforms, Inc. - Class A
    
4,423
      
2,540,217
  
Vipshop Holdings Ltd. - ADR
    
25,491
      
352,031
  
             
3,547,010
  
                 
Pharmaceuticals - 12.5%
          
AbbVie, Inc.
    
3,783
      
692,024
  
Dr Reddy's Laboratories Ltd. - ADR
    
23,429
      
331,286
  
Eli Lilly & Co.
    
2,898
      
2,304,924
  
McKesson Corp.
    
702
      
441,207
  
Merck & Co., Inc.
    
15,560
      
1,581,519
  
Novo Nordisk AS - ADR
    
10,554
      
1,127,167
  
Takeda Pharmaceutical Co, Ltd. - ADR
    
198,099
      
2,698,109
  
             
9,176,236
  
                 
Real Estate - 1.4%
          
CBRE Group, Inc. - Class A (a)
    
7,497
      
1,049,505
  
                 
Retail - 3.1%
          
Bath & Body Works, Inc.
    
11,804
      
427,777
  
Costco Wholesale Corp.
    
393
      
381,949
  
Ferguson Enterprises, Inc.
    
3,485
      
752,516
  
Target Corp.
    
2,349
      
310,796
  
TJX Cos., Inc.
    
3,139
      
394,541
  
             
2,267,579
  
                 
Semiconductors - 7.7%
          
Applied Materials, Inc.
    
1,905
      
332,823
  
Lam Research Corp.
    
11,099
      
819,994
  
Monolithic Power Systems, Inc.
    
386
      
219,109
  
QUALCOMM, Inc.
    
11,008
      
1,745,098
  
Taiwan Semiconductor Manufacturing Co, Ltd. - ADR
    
1,753
      
323,709
  
United Microelectronics Corp. - ADR
    
330,240
      
2,229,120
  
             
5,669,853
  
                 
Software - 4.0%
          
NetEase, Inc. - ADR
    
17,866
      
1,562,918
  
Nice Ltd. - ADR (a)
    
5,617
      
1,024,765
  
SAP SE - ADR
    
1,495
      
355,212
  
             
2,942,895
  
                 
Technology - 3.1%
          
Alphabet, Inc. - Class C
    
13,301
      
2,267,687
  
                 
Telecommunications - 1.4%
          
Telkom Indonesia Persero Tbk PT - ADR
    
19,372
      
330,874
  
TELUS Corp.
    
22,631
      
351,686
  
TIM Brasil SA - ADR
    
24,033
      
310,025
  
             
992,585
  
TOTAL COMMON STOCKS (Cost $69,372,873)
      
70,212,301
  
                 
EXCHANGE TRADED FUNDS - 1.0%
                
iShares International Select Dividend ETF
    
25,063
      
719,810
  
TOTAL EXCHANGE TRADED FUNDS (Cost $713,567)
      
719,810
  
                 
TOTAL INVESTMENTS - 96.8% (Cost $70,086,440)
      
70,932,111
  
Other Assets in Excess of Liabilities - 3.2%
      
2,376,491
  
TOTAL NET ASSETS - 100.0%
          
$
73,308,602
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
AS – Aksjeselskap
ETF - Exchange-Traded Fund
PLC - Public Limited Company
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
SE - Societas Europeae

(a)
Non-income producing security.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
SGI Enhanced Global Income ETF 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
  
$
70,212,301
    
$
–
    
$
–
    
$
70,212,301
  
  Exchange Traded Funds
    
719,810
      
–
      
–
      
719,810
  
  Money Market Funds
    
1,865,380
      
–
      
–
      
1,865,380
  
Total Investments
  
$
72,797,491
    
$
–
    
$
–
    
$
72,797,491
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   


Allocation of Portfolio Holdings by Country as of November 30, 2024
  
(% of Net Assets)
  
United States
  
$
44,803,767
      
61.2
%
India
    
4,970,934
      
6.9
  
United Kingdom
    
3,636,649
      
5.0
  
Japan
    
3,391,946
      
4.6
  
China
    
2,850,265
      
3.8
  
Taiwan
    
2,552,829
      
3.4
  
Mexico
    
1,311,372
      
1.8
  
Denmark
    
1,127,167
      
1.5
  
Brazil
    
1,044,683
      
1.4
  
Israel
    
1,024,765
      
1.4
  
Spain
    
848,181
      
1.2
  
South Korea
    
797,367
      
1.0
  
Canada
    
756,520
      
1.1
  
Puerto Rico
    
400,619
      
0.5
  
Colombia
    
370,295
      
0.5
  
Switzerland
    
358,666
      
0.5
  
Germany
    
355,212
      
0.5
  
Indonesia
    
330,874
      
0.5
  
Other Assets in Excess of Liabilities
    
2,376,491
      
3.2
  
   
$
73,308,602
      
100.0
%