NPORT-EX 2 largecap-equity.htm NPORT-EX Document


SGI U.S. Large Cap Equity Fund
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 95.6%

Shares  

Value  
Aerospace/Defense - 0.5%

General Dynamics Corp.

            3,004

    $        1,041,847






Apparel - 0.3%

Ralph Lauren Corp.

            1,384

             503,638






Auto Manufacturers - 0.2%

General Motors Co.

            5,042

             419,696






Banks - 1.4%

Bank of America Corp.

            13,309

             686,744
Bank of New York Mellon Corp.

            8,821

             1,229,912
KeyCorp

            32,502

             693,268




             2,609,924






Beverages - 6.6%

Coca-Cola Co.

            44,214

             3,493,348
Monster Beverage Corp. (a)

            49,714

             4,378,809
PepsiCo, Inc.

            33,206

             4,787,973




             12,660,130






Biotechnology - 6.9%

BioMarin Pharmaceutical, Inc. (a)

            31,595

             1,810,078
Incyte Corp. (a)

            49,345

             4,773,635
Regeneron Pharmaceuticals, Inc.

            5,336

             3,280,466
United Therapeutics Corp. (a)

            3,253

             1,811,335
Vertex Pharmaceuticals, Inc. (a)

            3,275

             1,465,694




             13,141,208






Commercial Services - 0.7%

Automatic Data Processing, Inc.

            2,521

             559,259
Cintas Corp.

            4,559

             780,774




             1,340,033






Computers - 1.1%

Crowdstrike Holdings, Inc. - Class A (a)

            879

             642,549
Fortinet, Inc. (a)

            10,321

             1,423,988




             2,066,537






Cosmetics/Personal Care - 2.7%

Colgate-Palmolive Co.

            56,837

             5,122,719






Diversified Financial Services - 4.3%

Cboe Global Markets, Inc.

            5,226

             1,743,185
Charles Schwab Corp.

            3,916

             342,063
CME Group, Inc.

            6,217

             1,700,598
Intercontinental Exchange, Inc.

            9,243

             1,366,577
Mastercard, Inc. - Class A

            6,270

             3,097,255




             8,249,678






Electric - 9.7%



Ameren Corp.

            8,381

             904,897
American Electric Power Co., Inc.

            7,518

             952,305
CMS Energy Corp.

            30,173

             2,189,655
Consolidated Edison, Inc.

            26,186

             2,766,027
DTE Energy Co.

            17,824

             2,546,515
Duke Energy Corp.

            18,375

             2,255,164
Evergy, Inc.

            33,563

             2,753,508
Exelon Corp.

            40,769

             1,860,697
Pinnacle West Capital Corp. (b)

            3,914

             390,382
Public Service Enterprise Group, Inc.

            11,636

             915,171
Vistra Corp.

            5,830

             934,141




             18,468,462






Electronics - 2.1%

Amphenol Corp. - Class A

            24,419

             3,632,571
Garmin Ltd.

            1,523

             356,260




             3,988,831






Energy-Alternate Sources - 0.8%

First Solar, Inc. (a)

            4,715

             1,446,515






Engineering & Construction - 2.0%

Comfort Systems USA, Inc.

            790

             1,444,286
EMCOR Group, Inc.

            2,846

             2,353,130




             3,797,416






Food - 0.6%

Sysco Corp.

            5,671

             429,919
Tyson Foods, Inc. - Class A (b)

            11,363

             693,370




             1,123,289






Gas - 2.0%

Atmos Energy Corp.

            5,019

             848,864
NiSource, Inc.

            62,570

             2,891,985




             3,740,849






Healthcare-Services - 0.2%

Centene Corp. (a)

            7,927

             472,449






Insurance - 10.4%

Allstate Corp.

            15,684

             3,232,316
Arch Capital Group Ltd. (a)

            14,981

             1,338,402
Berkshire Hathaway, Inc. - Class B (a)

            5,991

             2,842,610
Cincinnati Financial Corp.

            2,575

             405,356
Everest Group Ltd.

            11,112

             3,600,621
Loews Corp.

            9,719

             1,006,402
Progressive Corp.

            28,669

             5,458,578
Travelers Cos., Inc.

            6,430

             1,876,853




             19,761,138






Internet - 7.3%

Alphabet, Inc. - Class C

            16,585

             6,243,091
Booking Holdings, Inc.

            4,100

             686,463
GoDaddy, Inc. - Class A (a)

            9,459

             811,866
Meta Platforms, Inc. - Class A

            7,570

             4,788,101
Netflix, Inc. (a)

            3,820

             328,596
VeriSign, Inc.

            3,449

             984,276






             13,842,393






Leisure Time - 0.2%

Carnival Corp. Ltd.

            12,933

             362,900






Media - 0.7%

Fox Corp. - Class B

            9,373

             537,916
News Corp. - Class A

            14,638

             382,052
Walt Disney Co.

            3,746

             381,455




             1,301,423






Mining - 3.5%

Freeport-McMoRan, Inc.

            19,554

             1,284,893
Newmont Corp.

            49,300

             5,413,633




             6,698,526






Oil & Gas - 2.2%

Chevron Corp.

            5,884

             1,073,595
EOG Resources, Inc.

            11,618

             1,549,609
Expand Energy Corp.

            4,749

             441,562
Exxon Mobil Corp.

            3,913

             568,402
Marathon Petroleum Corp.

            2,409

             599,287




             4,232,455






Pharmaceuticals - 7.4%

Cardinal Health, Inc.

            8,617

             1,695,826
Cencora, Inc.

            5,164

             1,390,975
Eli Lilly & Co.

            4,177

             4,615,585
McKesson Corp.

            980

             727,591
Merck & Co., Inc.

            26,394

             3,133,496
Neurocrine Biosciences, Inc. (a)

            16,690

             2,642,027




             14,205,500






Real Estate - 0.5%

CBRE Group, Inc. - Class A (a)

            7,019

             877,656






REITS - 1.5%

Host Hotels & Resorts, Inc.

            24,153

             555,036
Simon Property Group, Inc.

            3,552

             727,840
Welltower, Inc.

            7,860

             1,613,894




             2,896,770






Retail - 3.5%

AutoZone, Inc. (a)

            208

             610,520
Costco Wholesale Corp.

            5,394

             5,158,390
O'Reilly Automotive, Inc. (a)

            4,255

             369,674
Ross Stores, Inc.

            2,230

             516,758




             6,655,342






Semiconductors - 9.0%

Broadcom, Inc.

            1,354

             604,926
Micron Technology, Inc.

            10,118

             9,824,578
NVIDIA Corp.

            30,305

             6,398,598
Teradyne, Inc.

            1,049

             392,651




             17,220,753








Software - 6.6%

Adobe Systems, Inc. (a)

            1,873

             485,500
Autodesk, Inc. (a)

            1,561

             361,075
Cadence Design Systems, Inc. (a)

            1,209

             453,290
Microsoft Corp.

            15,625

             7,035,000
Palantir Technologies, Inc. - Class A (a)

            21,903

             3,428,696
Roper Technologies, Inc.

            1,489

             484,714
Salesforce.com, Inc.

            2,025

             386,978




             12,635,253






Telecommunications - 0.7%

Arista Networks, Inc. (a)

            8,360

             1,333,169
TOTAL COMMON STOCKS (Cost $151,285,626)

             182,216,499






EXCHANGE TRADED FUNDS - 3.8%

Shares  

Value  
State Street Energy Select Sector SPDR ETF (b)

            34,440

             1,938,628
State Street Utilities Select Sector SPDR ETF (b)

            60,536

             2,689,009
Vanguard Utilities ETF

            14,006

             2,698,396
TOTAL EXCHANGE TRADED FUNDS (Cost $7,572,105)

             7,326,033






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.2%
Units  

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

            4,144,105

             4,144,105
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,144,105)

             4,144,105






TOTAL INVESTMENTS - 101.6% (Cost $163,001,836)

             193,686,637
Liabilities in Excess of Other Assets - (1.6)%
(0.01628)
            (3,101,790)
TOTAL NET ASSETS - 100.0%




    $        190,584,847


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 $4,010,856.
(c)

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 U.S. Large Cap Equity 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
    $        182,216,499

    $        –

    $        –

    $        182,216,499
  Exchange Traded Funds
            7,326,033

            –

            –

            7,326,033
  Investments Purchased with Proceeds from Securities Lending(a)
            –

            –

            –

            4,144,105
Total Investments
    $        189,542,532

    $        –

    $        –

    $        193,686,637

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.