NPORT-EX 2 largecap-equity.htm NPORT-EX
SGI U.S. Large Cap Equity Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.1%
  
Shares
    
Value
 
Aerospace/Defense - 2.9%
        
Lockheed Martin Corp.
    
13,424
    
$
6,475,469
  
                 
Banks - 1.2%
          
Bank of New York Mellon Corp.
    
30,599
      
2,711,377
  
                 
Beverages - 2.9%
          
Coca-Cola Co.
    
14,029
      
1,011,491
  
Keurig Dr Pepper, Inc.
    
12,935
      
435,521
  
PepsiCo, Inc.
    
38,586
      
5,072,130
  
             
6,519,142
  
                 
Biotechnology - 4.6%
          
Amgen, Inc.
    
1,678
      
483,566
  
Gilead Sciences, Inc.
    
20,349
      
2,240,018
  
Incyte Corp. (a)
    
65,347
      
4,251,476
  
United Therapeutics Corp. (a)
    
7,535
      
2,402,535
  
Vertex Pharmaceuticals, Inc. (a)
    
1,941
      
858,019
  
             
10,235,614
  
                 
Chemicals - 2.6%
          
Ecolab, Inc.
    
22,198
      
5,896,233
  
                 
Commercial Services - 5.8%
          
Automatic Data Processing, Inc.
    
22,638
      
7,369,348
  
Gartner, Inc. (a)
    
2,167
      
945,722
  
S&P Global, Inc.
    
6,912
      
3,544,889
  
Verisk Analytics, Inc.
    
3,793
      
1,191,533
  
             
13,051,492
  
                 
Computers - 1.0%
          
Cognizant Technology Solutions Corp. - Class A
    
21,403
      
1,733,429
  
Fortinet, Inc. (a)
    
4,071
      
414,346
  
             
2,147,775
  
                 
Cosmetics & Personal Care - 3.5%
          
Colgate-Palmolive Co.
    
71,809
      
6,673,929
  
Procter & Gamble Co.
    
6,699
      
1,138,093
  
             
7,812,022
  
                 
Diversified Financial Services - 4.9%
          
CME Group, Inc.
    
5,199
      
1,502,511
  
Intercontinental Exchange, Inc.
    
13,093
      
2,354,121
  
Mastercard, Inc. - Class A
    
11,290
      
6,611,424
  
Tradeweb Markets, Inc. - Class A
    
3,109
      
449,095
  
             
10,917,151
  
                 
Electric - 8.1%
          
Ameren Corp.
    
11,228
      
1,087,769
  
CMS Energy Corp.
    
61,239
      
4,300,815
  
Dominion Resources, Inc.
    
30,618
      
1,735,122
  
DTE Energy Co.
    
18,078
      
2,470,359
  
Duke Energy Corp.
    
14,120
      
1,662,206
  
Evergy, Inc.
    
37,597
      
2,496,817
  
Exelon Corp.
    
50,358
      
2,206,687
  
FirstEnergy Corp.
    
11,241
      
471,447
  
Southern Co.
    
12,449
      
1,120,410
  
Xcel Energy, Inc.
    
6,276
      
439,948
  
             
17,991,580
  
                 
Electronics - 0.9%
          
Amphenol Corp. - Class A
    
17,752
      
1,596,437
  
Garmin Ltd., (Switzerland)
    
1,935
      
392,747
  
             
1,989,184
  
                 
Environmental Control - 2.6%
          
Republic Services, Inc.
    
4,441
      
1,142,625
  
Veralto Corp.
    
20,486
      
2,069,700
  
Waste Management, Inc.
    
10,334
      
2,490,184
  
             
5,702,509
  
                 
Food - 3.8%
          
Sysco Corp.
    
26,855
      
1,960,415
  
Tyson Foods, Inc. - Class A
    
117,347
      
6,590,208
  
             
8,550,623
  
                 
Gas - 2.8%
          
NiSource, Inc.
    
157,516
      
6,228,183
  
                 
Biotechnology - 1.7%
          
BioMarin Pharmaceutical, Inc. (a)
    
64,719
      
3,758,232
  
                 
Real Estate Investment Trusts (REITs) - 0.5%
          
Regency Centers Corp.
    
15,224
      
1,098,412
  
                 
Healthcare Products - 0.6%
          
Boston Scientific Corp. (a)
    
11,909
      
1,253,541
  
                 
Healthcare Services - 2.3%
          
Elevance Health, Inc.
    
9,181
      
3,524,035
  
UnitedHealth Group, Inc.
    
5,162
      
1,558,459
  
             
5,082,494
  
                 
Household Products & Wares - 0.3%
          
Church & Dwight Co., Inc.
    
7,855
      
772,225
  
                 
Household Products/Wares - 1.4%
          
Kimberly-Clark Corp.
    
22,143
      
3,183,278
  
                 
Insurance - 7.7%
          
Arthur J Gallagher & Co.
    
6,351
      
2,206,592
  
Berkshire Hathaway, Inc. - Class B (a)
    
7,513
      
3,786,252
  
Loews Corp.
    
7,406
      
661,282
  
Markel Group, Inc. (a)
    
322
      
625,227
  
Marsh & McLennan Cos., Inc.
    
10,790
      
2,521,191
  
Progressive Corp.
    
21,424
      
6,104,340
  
Travelers Cos, Inc.
    
4,374
      
1,205,912
  
             
17,110,796
  
                 
Internet - 6.4%
          
Alphabet, Inc. - Class C
    
15,342
      
2,651,865
  
GoDaddy, Inc. - Class A (a)
    
13,033
      
2,373,961
  
Meta Platforms, Inc. - Class A
    
10,669
      
6,908,071
  
VeriSign, Inc.
    
8,765
      
2,388,199
  
             
14,322,096
  
                 
Lodging - 1.3%
          
Hilton Worldwide Holdings, Inc.
    
11,317
      
2,811,596
  
                 
Media - 0.3%
          
Comcast Corp. - Class A
    
20,551
      
710,448
  
                 
Mining - 0.5%
          
Newmont Corp.
    
22,954
      
1,210,135
  
                 
Miscellaneous Manufacturer- 0.2%
          
Teledyne Technologies, Inc. (a)
    
879
      
438,498
  
                 
Oil & Gas - 1.2%
          
Diamondback Energy, Inc.
    
9,838
      
1,323,703
  
Exxon Mobil Corp.
    
12,678
      
1,296,959
  
             
2,620,662
  
                 
Packaging & Containers - 2.3%
          
Packaging Corp. of America
    
26,661
      
5,150,105
  
                 
Pharmaceuticals - 4.5%
          
Becton Dickinson & Co.
    
1,940
      
334,825
  
Cardinal Health, Inc.
    
27,340
      
4,222,390
  
McKesson Corp.
    
3,287
      
2,365,029
  
Merck & Co., Inc.
    
33,014
      
2,536,796
  
Neurocrine Biosciences, Inc. (a)
    
5,712
      
702,690
  
             
10,161,730
  
                 
Pipelines - 0.3%
          
Targa Resources Corp.
    
4,014
      
633,931
  
                 
REITS - 1.0%
          
Realty Income Corp.
    
7,458
      
422,272
  
Welltower, Inc.
    
11,137
      
1,718,216
  
             
2,140,488
  
                 
Retail - 6.9%
          
Costco Wholesale Corp.
    
2,912
      
3,029,004
  
Home Depot, Inc.
    
18,958
      
6,982,042
  
O'Reilly Automotive, Inc. (a)
    
1,295
      
1,770,913
  
Wal-Mart Stores, Inc.
    
16,607
      
1,639,443
  
Yum! Brands, Inc.
    
14,365
      
2,067,698
  
             
15,489,100
  
                 
Semiconductors - 0.3%
          
Analog Devices, Inc.
    
2,883
      
616,904
  
                 
Software - 4.0%
          
Adobe Systems, Inc. (a)
    
1,572
      
652,521
  
Dynatrace, Inc. (a)
    
11,572
      
625,004
  
Fiserv, Inc. (a)
    
7,063
      
1,149,786
  
HubSpot, Inc. (a)
    
631
      
372,227
  
Intuit, Inc.
    
917
      
690,932
  
Microsoft Corp.
    
5,811
      
2,675,152
  
Nutanix, Inc. - Class A (a)
    
7,096
      
544,192
  
PTC, Inc. (a)
    
2,721
      
457,999
  
Salesforce.com, Inc.
    
1,840
      
488,281
  
ServiceNow, Inc. (a)
    
447
      
451,957
  
Zoom Communications, Inc. - Class A (a)
    
10,896
      
885,300
  
             
8,993,351
  
                 
Telecommunications - 5.9%
          
Arista Networks, Inc. (a)
    
22,517
      
1,950,873
  
Corning, Inc.
    
97,810
      
4,850,398
  
Motorola Solutions, Inc.
    
6,910
      
2,870,276
  
T-Mobile US, Inc.
    
14,153
      
3,427,856
  
             
13,099,403
  
                 
Transportation - 1.9%
          
CH Robinson Worldwide, Inc.
    
4,552
      
436,855
  
Union Pacific Corp.
    
17,453
      
3,868,632
  
             
4,305,487
  
TOTAL COMMON STOCKS (Cost $208,683,693)
      
221,191,266
  
                 
TOTAL INVESTMENTS - 99.1% (Cost $208,683,693)
      
221,191,266
  
Other Assets in Excess of Liabilities - 0.9%
      
2,009,637
  
TOTAL NET ASSETS - 100.0%
          
$
223,200,903
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

REIT - Real Estate Investment Trust

(a)
Non-income producing security.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
SGI U.S. Large Cap 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
    
221,191,266
      
–
      
–
      
221,191,266
  
Total Investments
    
221,191,266
      
–
      
–
      
221,191,266
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.