NPORT-EX 2 global-equity.htm NPORT-EX

SGI Global Equity Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 96.9%
  
Shares
    
Value
 
Aerospace/Defense - 2.4%
        
Leonardo SpA - ADR
    
10,152
    
$
314,103
  
Lockheed Martin Corp.
    
2,837
      
1,368,512
  
Thales SA - ADR
    
9,992
      
608,912
  
             
2,291,527
  
                 
Apparel - 1.0%
          
Hermes International SCA - ADR
    
3,281
      
904,080
  
                 
Banks - 7.8%
          
Bank of China Ltd. - ADR
    
46,653
      
676,935
  
China Construction Bank Corp. - ADR
    
17,552
      
313,128
  
DBS Group Holdings Ltd. - ADR
    
11,173
      
1,541,874
  
ICICI Bank Ltd. - ADR
    
55,479
      
1,899,601
  
Popular, Inc.
    
2,693
      
278,806
  
Royal Bank of Canada, (Canada)
    
7,844
      
993,521
  
Sumitomo Mitsui Financial Group, Inc. - ADR
    
97,867
      
1,508,131
  
United Overseas Bank Ltd. - ADR
    
3,707
      
204,589
  
             
7,416,585
  
                 
Beverages - 2.1%
          
Coca-Cola Femsa SAB de CV - ADR
    
13,136
      
1,247,920
  
PepsiCo, Inc.
    
5,873
      
772,006
  
             
2,019,926
  
                 
Biotechnology - 3.0%
          
Gilead Sciences, Inc.
    
4,383
      
482,481
  
Incyte Corp. (a)
    
4,682
      
304,611
  
United Therapeutics Corp. (a)
    
5,998
      
1,912,462
  
Vertex Pharmaceuticals, Inc. (a)
    
368
      
162,674
  
             
2,862,228
  
                 
Chemicals - 1.4%
          
Ecolab, Inc.
    
4,955
      
1,316,147
  
                 
Commercial Services - 1.2%
          
Automatic Data Processing, Inc.
    
611
      
198,899
  
Grand Canyon Education, Inc. (a)
    
4,849
      
959,350
  
             
1,158,249
  
                 
Computers - 1.8%
          
CGI, Inc.
    
1,745
      
187,692
  
Infosys Ltd. - ADR
    
25,730
      
468,029
  
Wipro Ltd. - ADR
    
373,738
      
1,076,365
  
             
1,732,086
  
                 
Cosmetics & Personal Care - 3.1%
          
Colgate-Palmolive Co.
    
31,868
      
2,961,812
  
                 
Diversified Financial Services - 3.8%
          
Cboe Global Markets, Inc.
    
4,244
      
972,385
  
CME Group, Inc.
    
6,781
      
1,959,709
  
Qifu Technology, Inc. - ADR
    
9,971
      
409,808
  
Visa, Inc. - Class A
    
867
      
316,620
  
             
3,658,522
  
                 
Electric - 4.8%
          
CMS Energy Corp.
    
13,106
      
920,435
  
Evergy, Inc.
    
12,305
      
817,175
  
National Grid PLC - ADR
    
21,841
      
1,559,229
  
OGE Energy Corp.
    
20,741
      
922,352
  
SSE PLC - ADR
    
13,957
      
338,597
  
             
4,557,788
  
                 
Electronics - 0.3%
          
Halma PLC - ADR
    
3,525
      
278,475
  
                 
Environmental Control - 4.0%
          
Republic Services, Inc.
    
5,557
      
1,429,761
  
Waste Management, Inc.
    
9,928
      
2,392,350
  
             
3,822,111
  
                 
Food - 5.5%
          
Flowers Foods, Inc.
    
48,625
      
821,762
  
Ingredion, Inc.
    
11,717
      
1,630,069
  
Kroger Co., (The)
    
14,511
      
990,086
  
Tyson Foods, Inc. - Class A
    
31,725
      
1,781,676
  
             
5,223,593
  
                 
Gas - 2.4%
          
Atmos Energy Corp.
    
2,079
      
321,580
  
National Fuel Gas Co.
    
24,018
      
1,982,446
  
             
2,304,026
  
                 
Internet Software & Services - 0.5%
          
Tencent Holdings Ltd. - ADR
    
7,473
      
469,155
  
                 
Healthcare Services - 2.8%
          
Fresenius Medical Care AG - ADR
    
29,748
      
844,843
  
UnitedHealth Group, Inc.
    
307
      
92,686
  
Universal Health Services, Inc. - Class B
    
9,259
      
1,762,451
  
             
2,699,980
  
                 
Household Products & Wares - 0.5%
          
Church & Dwight Co., Inc.
    
5,207
      
511,900
  
                 
Insurance - 8.2%
          
Aon PLC - Class A
    
2,086
      
776,159
  
Arthur J Gallagher & Co.
    
999
      
347,093
  
Berkshire Hathaway, Inc. - Class B (a)
    
3,222
      
1,623,759
  
Chubb Ltd., (Switzerland)
    
3,197
      
950,148
  
Fairfax Financial Holdings Ltd.
    
649
      
1,098,441
  
Manulife Financial Corp.
    
6,326
      
201,420
  
Ping An Insurance Group Co. of China Ltd. - ADR
    
40,201
      
468,744
  
Progressive Corp.
    
8,193
      
2,334,431
  
             
7,800,195
  
                 
Internet - 4.9%
          
Alibaba Group Holding Ltd. - ADR
    
6,159
      
701,140
  
Booking Holdings, Inc.
    
404
      
2,229,648
  
F5, Inc. (a)
    
1,736
      
495,420
  
Meta Platforms, Inc. - Class A
    
628
      
406,624
  
VeriSign, Inc.
    
3,073
      
837,300
  
             
4,670,132
  
                 
IT Services & Consulting - 0.5%
          
Check Point Software Technologies Ltd. (a)
    
1,947
      
445,629
  
                 
Machinery-Construction & Mining - 0.5%
          
Komatsu Ltd. - ADR
    
14,459
      
439,554
  
                 
Media - 0.4%
          
Fox Corp. - Class B
    
4,033
      
202,779
  
New York Times Co. - Class A
    
3,643
      
208,088
  
             
410,867
  
                 
Mining - 0.6%
          
Agnico Eagle Mines Ltd.
    
4,528
      
534,259
  
                 
Oil & Gas - 1.0%
          
Expand Energy Corp.
    
8,280
      
961,556
  
                 
Packaging & Containers - 0.6%
          
Packaging Corp. of America
    
3,191
      
616,406
  
                 
Pharmaceuticals - 10.3%
          
AbbVie, Inc.
    
6,714
      
1,249,543
  
Cardinal Health, Inc.
    
3,716
      
573,899
  
Cencora, Inc.
    
2,752
      
801,492
  
Dr Reddy's Laboratories Ltd. - ADR
    
123,228
      
1,813,916
  
Eli Lilly & Co.
    
516
      
380,638
  
McKesson Corp.
    
2,426
      
1,745,531
  
Merck & Co., Inc.
    
22,572
      
1,734,432
  
Neurocrine Biosciences, Inc. (a)
    
2,074
      
255,144
  
Novartis AG - ADR
    
2,546
      
294,725
  
Takeda Pharmaceutical Co., Ltd. - ADR
    
66,442
      
998,623
  
             
9,847,943
  
                 
Pipelines - 1.0%
          
Cheniere Energy, Inc.
    
2,054
      
486,778
  
Targa Resources Corp.
    
2,871
      
453,417
  
             
940,195
  
                 
Private Equity - 0.8%
          
3i Group PLC - ADR
    
25,907
      
724,101
  
                 
REITS - 0.7%
          
Welltower, Inc.
    
4,140
      
638,719
  
                 
Retail - 3.0%
          
AutoZone, Inc. (a)
    
185
      
690,612
  
McDonald's Corp.
    
1,454
      
456,338
  
O'Reilly Automotive, Inc. (a)
    
447
      
611,272
  
Wal-Mart Stores, Inc.
    
3,755
      
370,694
  
Yum! Brands, Inc.
    
4,719
      
679,253
  
             
2,808,169
  
                 
Semiconductors - 2.5%
          
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR
    
12,316
      
2,380,929
  
                 
Software - 4.5%
          
Electronic Arts, Inc.
    
5,505
      
791,509
  
Microsoft Corp.
    
2,417
      
1,112,690
  
Roper Technologies, Inc.
    
691
      
394,056
  
SAP SE - ADR
    
6,660
      
2,017,048
  
             
4,315,303
  
                 
Telecommunications - 8.6%
          
Arista Networks, Inc. (a)
    
2,941
      
254,808
  
Chunghwa Telecom Co, Ltd. - ADR
    
5,391
      
234,401
  
Cisco Systems, Inc.
    
4,808
      
303,096
  
Deutsche Telekom AG - ADR
    
61,783
      
2,338,486
  
KDDI Corp. - ADR
    
27,202
      
470,323
  
Motorola Solutions, Inc.
    
1,107
      
459,826
  
Nippon Telegraph & Telephone Corp. - ADR
    
19,730
      
550,072
  
Orange SA - ADR
    
12,812
      
191,924
  
Singapore Telecommunications Ltd. - ADR
    
17,813
      
528,868
  
Telefonica Brasil SA - ADR
    
123,858
      
1,229,910
  
T-Mobile US, Inc.
    
6,855
      
1,660,281
  
             
8,221,995
  
                 
Transportation - 0.4%
          
Union Pacific Corp.
    
1,661
      
368,177
  
TOTAL COMMON STOCKS (Cost $86,971,673)
      
92,312,319
  
                 
EXCHANGE TRADED FUNDS - 2.3%
  
Shares
    
Value
  
iShares MSCI ACWI ex U.S. ETF
    
18,559
      
1,103,889
  
iShares MSCI Global Min Vol Factor ETF
    
9,369
      
1,108,728
  
TOTAL EXCHANGE TRADED FUNDS (Cost $2,191,553)
      
2,212,617
  
                 
TOTAL INVESTMENTS - 99.2% (Cost $89,163,226)
      
94,524,936
  
Other Assets in Excess of Liabilities - 0.8%
      
752,729
  
TOTAL NET ASSETS - 100.0%
          
$
95,277,665
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
PLC - Public Limited Company
REIT - Real Estate Investment Trust
ETF – Exchange-Traded Fund

(a)
Non-income producing security.

Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
SGI Global 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 May 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
    
92,312,319
      
–
      
–
      
92,312,319
  
  Exchange Traded Funds
    
2,212,617
      
–
      
–
      
2,212,617
  
Total Investments
    
94,524,936
      
–
      
–
      
94,524,936
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  


Allocation of Portfolio Holdings by Country as of May 31, 2025
(% of Net Assets)
United States
  
$
59,012,323
      
61.8
%
India
    
5,257,911
      
5.5
  
Germany
    
5,200,377
      
5.4
  
Japan
    
3,966,703
      
4.3
  
United Kingdom
    
3,676,561
      
3.8
  
China
    
3,038,910
      
3.1
  
Canada
    
3,015,333
      
3.3
  
Taiwan
    
2,615,330
      
2.7
  
Singapore
    
2,275,331
      
2.4
  
France
    
1,704,916
      
1.9
  
Mexico
    
1,247,920
      
1.3
  
Switzerland
    
1,244,873
      
1.3
  
Brazil
    
1,229,910
      
1.3
  
Israel
    
445,629
      
0.5
  
Italy
    
314,103
      
0.3
  
Puerto Rico
    
278,806
      
0.3
  
Other Assets in Excess of Liabilities
    
752,729
      
0.8
  
   
$
95,277,665
      
100.0
%