NPORT-EX 2 smallcap.htm NPORT-EX Document


SGI Small Cap Core Fund
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 97.1%

Shares  

Value  
Aerospace/Defense - 0.3%

Moog, Inc. - Class A

            1,100

    $        395,967






Agriculture - 1.0%

Andersons, Inc.

            18,776

             1,325,398






Airlines - 0.8%

Allegiant Travel Co. (a)

            1,038

             95,091
SkyWest, Inc. (a)

            10,798

             924,849




             1,019,940






Apparel - 0.9%

Carter's, Inc.

            3,410

             131,592
Kontoor Brands, Inc. (b)

            8,754

             628,275
Steven Madden Ltd.

            8,033

             348,953
Wolverine World Wide, Inc.

            6,025

             105,739




             1,214,559






Auto Parts & Equipment - 1.2%

Dana, Inc.

            17,343

             614,116
Dauch Corp. (a)

            17,878

             118,710
Fox Factory Holding Corp. (a)

            3,200

             57,728
Phinia, Inc.

            2,951

             227,994
Standard Motor Products, Inc.

            13,651

             534,983




             1,553,531






Banks - 6.6%

Atlantic Union Bankshares Corp. (b)

            5,690

             214,058
Banco Latinoamericano de Comercio Exterior SA

            15,176

             847,428
Bancorp, Inc. (a)

            3,643

             200,948
BankUnited, Inc.

            25,007

             1,160,075
Central Pacific Financial Corp.

            11,978

             411,564
Customers Bancorp, Inc. (a)

            15,335

             1,152,272
FB Financial Corp.

            3,467

             182,676
Hanmi Financial Corp.

            34,577

             1,041,459
Northeast Community Bancorp, Inc.

            5,608

             135,938
Northrim BanCorp, Inc.

            17,262

             426,544
OFG Bancorp (b)

            29,074

             1,324,611
Popular, Inc. (b)

            9,182

             1,363,803
SmartFinancial, Inc.

            4,509

             188,025
South Plains Financial, Inc.

            1,541

             62,549




             8,711,950






Biotechnology - 1.7%

ACADIA Pharmaceuticals, Inc. (a)

            5,485

             118,805
ADMA Biologics, Inc. (a)

            58,264

             464,947
Innoviva, Inc. (a)

            11,797

             252,692
Ligand Pharmaceuticals, Inc. (a)

            1,937

             449,307
PTC Therapeutics, Inc. (a)

            3,173

             234,326
Sarepta Therapeutics, Inc. (a)

            7,783

             139,082
Veracyte, Inc. (a)

            4,789

             221,922
Vir Biotechnology, Inc. (a)

            36,398

             347,237


Xencor, Inc. (a)

            5,630

             66,884




             2,295,202






Building Materials - 1.8%

Boise Cascade Co.

            2,874

             200,376
Gibraltar Industries, Inc. (a)

            9,308

             359,754
Griffon Corp. (b)

            13,992

             1,231,016
LSI Industries, Inc.

            5,035

             121,998
Mohawk Industries, Inc. (a)(b)

            3,883

             417,112




             2,330,256






Chemicals - 2.3%

Hawkins, Inc.

            1,597

             247,168
Innospec, Inc.

            14,430

             1,196,824
Intrepid Potash, Inc. (a)

            5,713

             223,207
Rogers Corp. (a)

            9,552

             1,351,799
Stepan Co.

            1,669

             88,207




             3,107,205






Coal - 0.3%

Warrior Met Coal, Inc.

            4,003

             378,444






Commercial Services - 4.4%

Alarm.com Holdings, Inc. (a)

            5,812

             262,179
Covista, Inc. (a)

            2,612

             307,694
CPI Card Group, Inc. (a)

            2,936

             49,824
Grand Canyon Education, Inc. (a)

            4,633

             694,255
Korn/Ferry International

            16,088

             1,125,838
Perdoceo Education Corp.

            27,539

             891,713
PROG Holdings, Inc.

            28,100

             1,033,237
Progyny, Inc. (a)

            6,807

             173,987
Strategic Education, Inc.

            8,049

             617,761
Upbound Group, Inc.

            36,700

             705,007




             5,861,495






Computers - 0.0% (c)

DXC Technology Co. (a)

            4,263

             42,246






Distribution/Wholesale - 0.8%

G-III Apparel Group Ltd.

            7,971

             257,703
Rush Enterprises, Inc. - Class B

            2,246

             145,765
ScanSource, Inc. (a)

            14,177

             655,970




             1,059,438






Diversified Financial Services - 4.2%

Acadian Asset Management, Inc.

            17,400

             1,258,194
Enova International, Inc. (a)

            4,175

             674,304
Navient Corp.

            6,983

             59,774
Piper Sandler Cos.

            5,190

             406,948
Radian Group, Inc.

            34,299

             1,171,311
StoneX Group, Inc. (a)

            9,365

             1,061,523
Virtu Financial, Inc., Class A - Class A

            19,393

             972,559




             5,604,613






Electric - 1.2%

Avista Corp.

            21,217

             879,869
Clearway Energy, Inc. - Class C

            15,810

             650,740


MGE Energy, Inc.

            735

             55,492




             1,586,101






Electrical Components & Equipment - 0.3%

Insteel Industries, Inc.

            16,464

             452,595






Electronics - 2.6%

Atmus Filtration Technologies, Inc.

            11,879

             555,700
Benchmark Electronics, Inc.

            15,615

             1,318,843
Itron, Inc. (a)

            3,488

             287,690
Sanmina Corp. (a)

            2,381

             618,417
TTM Technologies, Inc. (a)

            4,193

             728,408




             3,509,058






Energy-Alternate Sources - 0.2%

Sunrun, Inc. (a)

            18,138

             303,267






Engineering & Construction - 4.5%

EMCOR Group, Inc.

            1,753

             1,449,415
Everus Construction Group, Inc. (a)

            7,665

             1,140,322
Frontdoor, Inc. (a)

            17,421

             1,081,322
Primoris Services Corp. (b)

            7,267

             914,043
Sterling Infrastructure, Inc. (a)

            1,611

             1,386,813




             5,971,915






Food - 1.0%

Cal-Maine Foods, Inc. (b)

            11,644

             870,040
J & J Snack Foods Corp.

            2,580

             196,389
John B Sanfilippo & Son, Inc.

            1,664

             124,650
United Natural Foods, Inc. (a)

            3,505

             179,982




             1,371,061






Forest Products & Paper - 0.1%

Sylvamo Corp.

            2,958

             116,161






Gas - 1.1%

National Fuel Gas Co. (b)

            10,137

             783,083
New Jersey Resources Corp.

            9,165

             506,367
Northwest Natural Holding Co.

            3,533

             171,315




             1,460,765






Hand/Machine Tools - 1.0%

Enerpac Tool Group Corp.

            5,887

             197,156
Franklin Electric Co., Inc.

            8,599

             845,969
Kennametal, Inc.

            9,415

             308,812




             1,351,937






Healthcare-Products - 2.5%

BioLife Solutions, Inc. (a)

            3,344

             83,333
Castle Biosciences, Inc. (a)

            13,718

             289,175
Glaukos Corp. (a)

            10,476

             1,082,695
iRadimed Corp.

            7,661

             694,546
LeMaitre Vascular, Inc.

            3,803

             359,954
Omnicell, Inc. (a)

            7,314

             322,840
Tandem Diabetes Care, Inc. (a)

            10,562

             181,666
TransMedics Group, Inc. (a)

            1,553

             104,362
Utah Medical Products, Inc.

            2,481

             164,862






             3,283,433






Healthcare-Services - 1.6%

Concentra Group Holdings Parent, Inc.

            9,642

             239,796
National HealthCare Corp.

            4,298

             792,637
Privia Health Group, Inc. (a)

            31,763

             683,222
Viemed Healthcare, Inc. (a)

            36,109

             355,313




             2,070,968






Home Builders - 2.1%

Century Communities, Inc.

            16,236

             857,586
M/I Homes, Inc. (a)

            8,757

             1,152,596
Meritage Homes Corp. (b)

            12,803

             835,268




             2,845,450






Home Furnishings - 0.8%

Sonos, Inc. (a)

            62,812

             991,173






Housewares - 0.2%

Central Garden & Pet Co. - Class A (a)

            8,245

             281,402






Insurance - 5.6%

Assured Guaranty Ltd. (b)

            13,645

             1,012,595
Axis Capital Holdings Ltd.

            10,388

             986,133
Essent Group Ltd. (b)

            17,247

             998,429
Genworth Financial, Inc. (a)

            87,448

             748,555
HCI Group, Inc.

            1,315

             202,602
Jackson Financial, Inc. - Class A

            12,560

             1,295,062
Mercury General Corp.

            11,839

             1,160,577
NMI Holdings, Inc. - Class A (a)(b)

            28,486

             1,022,647




             7,426,600






Internet - 2.1%

Cargurus, Inc. (a)

            36,127

             1,078,752
Etsy, Inc. (a)(b)

            7,196

             488,752
HealthStream, Inc.

            13,674

             341,440
QuinStreet, Inc. (a)

            59,265

             741,998
Yelp, Inc. (a)

            4,633

             105,633




             2,756,575






Machinery-Construction & Mining - 0.9%

Astec Industries, Inc.

            23,940

             1,205,618






Machinery-Diversified - 1.5%

Albany International Corp. - Class A

            4,012

             259,536
CSW Industrials, Inc.

            742

             205,512
Ichor Holdings Ltd. (a)(b)

            4,981

             356,241
Mueller Water Products, Inc. - Class A

            46,248

             1,165,912




             1,987,201






Metal Fabricate/Hardware - 2.6%

Mueller Industries, Inc.

            10,100

             1,298,860
Proto Labs, Inc. (a)

            12,720

             963,667
Worthington Enterprises, Inc.

            18,023

             1,023,166
Worthington Steel, Inc.

            3,805

             160,533




             3,446,226








Mining - 3.5%

Caledonia Mining Corp. PLC

            13,514

             321,093
Century Aluminum Co. (a)

            3,930

             259,262
Coeur Mining, Inc.

            40,613

             784,643
Constellium SE (a)

            34,315

             1,175,632
Hecla Mining Co.

            39,743

             706,233
Kaiser Aluminum Corp.

            7,436

             1,353,649




             4,600,512






Miscellaneous Manufacturing - 0.5%

Materion Corp.

            1,635

             359,765
Trinity Industries, Inc.

            8,949

             290,306




             650,071






Office Furnishings - 0.9%

Interface, Inc.

            39,207

             1,160,527






Oil & Gas - 2.2%

California Resources Corp. (b)

            6,230

             369,377
Crescent Energy Co. - Class A

            47,028

             543,644
Northern Oil & Gas, Inc.

            8,672

             188,789
Par Pacific Holdings, Inc. (a)

            4,395

             246,823
SM Energy Co.

            46,517

             1,428,537
Weatherford International PLC

            1,891

             195,983




             2,973,153






Oil & Gas Services - 1.5%

Archrock, Inc.

            13,112

             439,121
Bristow Group, Inc.

            27,710

             1,153,844
DNOW, Inc. (a)

            16,965

             216,982
Innovex International, Inc. (a)

            8,957

             239,242




             2,049,189






Pharmaceuticals - 2.3%

Alkermes PLC (a)(b)

            6,001

             253,182
Catalyst Pharmaceuticals Partners,  Inc. (a)

            43,842

             1,369,186
Harmony Biosciences Holdings, Inc. (a)(b)

            27,034

             854,004
Phibro Animal Health Corp. - Class A

            11,587

             356,764
Supernus Pharmaceuticals, Inc. (a)

            4,436

             204,854




             3,037,990






Real Estate - 0.9%

Cushman & Wakefield Ltd. (a)

            64,100

             797,404
Marcus & Millichap, Inc.

            5,390

             152,213
McGrath RentCorp

            2,314

             252,203




             1,201,820






REITS - 6.6%

American Assets Trust, Inc.

            39,199

             913,337
CoreCivic, Inc. (a)

            16,139

             340,210
Easterly Government Properties, Inc.

            21,166

             507,561
Essential Properties Realty Trust, Inc.

            29,675

             907,461
Four Corners Property Trust, Inc.

            47,024

             1,170,898
Innovative Industrial Properties, Inc.

            17,916

             1,038,949
Millrose Properties, Inc.

            39,276

             1,108,369
Safehold, Inc.

            35,142

             526,076


Tanger, Inc.

            8,884

             320,446
Universal Health Realty Income Trust

            1,685

             69,843
Urban Edge Properties

            42,942

             963,618
Xenia Hotels & Resorts, Inc.

            51,530

             895,076




             8,761,844






Retail - 2.1%

Abercrombie & Fitch Co. - Class A (a)

            4,469

             345,096
American Eagle Outfitters, Inc. (b)

            23,925

             378,015
Brinker International, Inc. (a)(b)

            1,948

             277,356
Buckle, Inc.

            23,509

             1,078,358
PC Connection, Inc.

            1,031

             71,747
Urban Outfitters, Inc. (a)(b)

            3,981

             289,220
Victoria's Secret & Co. (a)

            5,918

             325,490




             2,765,282






Savings & Loans - 1.6%

Axos Financial, Inc. (a)

            6,778

             589,076
Banc of California, Inc.

            34,476

             662,629
Provident Financial Services, Inc.

            37,726

             837,140




             2,088,845






Semiconductors - 8.2%

ACM Research, Inc. - Class A (a)

            21,723

             1,880,343
Alpha & Omega Semiconductor Ltd. (a)

            4,462

             202,352
Ambarella, Inc. (a)

            14,228

             1,026,977
Axcelis Technologies, Inc. (a)(b)

            7,334

             1,103,107
Cohu, Inc. (a)

            9,664

             509,776
Diodes, Inc. (a)

            11,810

             1,243,829
FormFactor, Inc. (a)

            6,063

             755,389
Kulicke & Soffa Industries, Inc.

            14,371

             1,464,261
MaxLinear, Inc. (a)

            8,571

             796,503
Photronics, Inc. (a)

            2,560

             82,816
SiTime Corp. (a)

            1,597

             1,134,189
Ultra Clean Holdings, Inc. (a)

            8,087

             692,005




             10,891,547






Software - 1.7%

CommVault Systems, Inc. (a)

            3,391

             402,681
DoubleVerify Holdings, Inc. (a)

            55,430

             537,671
LiveRamp Holdings, Inc. (a)

            15,801

             593,486
SPS Commerce, Inc. (a)

            11,605

             658,584




             2,192,422






Telecommunications - 4.2%

A10 Networks, Inc. (b)

            48,112

             1,450,096
Calix, Inc. (a)

            16,328

             649,038
Credo Technology Group Holding Ltd. (a)

            6,040

             1,425,621
Harmonic, Inc. (a)(b)

            86,740

             1,310,641
Iridium Communications, Inc.

            15,034

             778,461




             5,613,857






Transportation - 2.6%

Dorian LPG Ltd.

            24,086

             968,739
Matson, Inc.

            7,260

             1,316,238
Teekay Corp. Ltd.

            41,418

             475,064
Teekay Tankers Ltd.

            9,377

             659,672




             3,419,713








Trucking & Leasing - 0.1%

Greenbrier Cos., Inc.

            2,710

             127,668
TOTAL COMMON STOCKS (Cost $110,043,350)

             128,852,190






EXCHANGE TRADED FUNDS - 1.9%

Shares  

Value  
iShares Biotechnology ETF (b)

            3,394

             584,379
iShares Core S&P Small-Cap ETF (b)

            4,839

             670,976
iShares U.S. Pharmaceuticals ETF (b)

            6,729

             617,184
Vanguard Health Care ETF

            2,411

             674,139
TOTAL EXCHANGE TRADED FUNDS (Cost $2,512,907)

             2,546,678






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.3%
Units  

Value  
Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (d)

            13,625,123

             13,625,123
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,625,123)

             13,625,123






TOTAL INVESTMENTS - 109.3% (Cost $126,181,380)

             145,023,991
Liabilities in Excess of Other Assets - (9.3)%
(0.09326)
            (12,371,459)
TOTAL NET ASSETS - 100.0%




    $        132,652,532


Percentages are stated as a percent of net assets.




REIT - Real Estate Investment Trust




(a)

Non-income producing security.
(b)

All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $13,090,457.
(c)

Represents less than 0.05% of net assets.
(d)

The rate shown represents the 7-day annualized yield as of May 31, 2026.




























Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
SGI Small Cap Core 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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        128,852,190

    $        –

    $        –

    $        128,852,190
  Exchange Traded Funds
            2,546,678

            –

            –

            2,546,678
  Investments Purchased with Proceeds from Securities Lending(a)
            –

            –

            –

            13,625,123
Total Investments
    $        131,398,868

    $        –

    $        –

    $        145,023,991

Refer to the Schedule of Investments for further disaggregation of investment categories.




(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.