SGI Prudent Growth Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
EXCHANGE TRADED FUNDS - 50.7%
  
Shares
    
Value
  
iShares 7-10 Year Treasury Bond ETF
    
7,460
    
$
705,492
  
iShares Core U.S. Aggregate Bond ETF
    
54,600
      
5,356,260
  
iShares iBoxx $ High Yield Corporate Bond ETF
    
8,850
      
704,195
  
SGI Dynamic Tactical ETF (a)
    
83,580
      
2,312,659
  
SGI Enhanced Core ETF (a)
    
270,160
      
6,926,902
  
SGI Enhanced Global Income ETF (a)
    
166,870
      
4,583,919
  
SGI U.S. Large Cap Core ETF (a)
    
56,300
      
1,835,358
  
SPDR Blackstone Senior Loan ETF
    
22,060
      
913,063
  
SPDR Bloomberg Emerging Markets Local Bond ETF
    
33,790
      
705,873
  
TOTAL EXCHANGE TRADED FUNDS (Cost $23,234,243)
      
24,043,721
  
                 
OPEN-END FUNDS - 46.5%
  
Shares
    
Value
  
SGI Global Equity Fund - Class I (a)
    
153,774
      
5,111,447
  
SGI Small Cap Core Fund - Class I (a)
    
121,494
      
3,584,072
  
SGI U.S. Large Cap Equity Fund - Class I (a)(b)
    
749,021
      
13,325,078
  
TOTAL OPEN-END FUNDS (Cost $21,863,566)
      
22,020,597
  
                 
TOTAL INVESTMENTS - 97.2% (Cost $45,097,809)
      
46,064,318
  
Other Assets in Excess of Liabilities - 2.8%
      
1,330,049
  
TOTAL NET ASSETS - 100.0%
          
$
47,394,367
  
two
      
–
%
Percentages are stated as a percent of net assets.

ETF- Exchange-Traded Fund
      
–
%

(a)
(b)
Affiliated security as defined by the Investment Company Act of 1940, as amended.
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
SGI Prudent Growth 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:
                        
  Exchange Traded Funds
    
24,043,721
      
–
      
–
      
24,043,721
  
  Open-End Funds
    
22,020,597
      
–
      
–
      
22,020,597
  
Total Investments
    
46,064,318
      
–
      
–
      
46,064,318
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.