SGI Small Cap Core Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 97.4%
  
Shares
    
Value
 
Agriculture - 0.1%
        
Andersons, Inc.
    
2,791
    
$
99,108
  
                 
Airlines - 1.0%
          
SkyWest, Inc. (a)
    
10,989
      
1,114,834
  
                 
Apparel - 0.8%
          
Kontoor Brands, Inc.
    
9,131
      
626,387
  
Rocky Brands, Inc.
    
10,291
      
234,120
  
             
860,507
  
                 
Banks - 9.8%
          
Atlantic Union Bankshares Corp.
    
12,552
      
376,811
  
Banco Latinoamericano de Comercio Exterior SA
    
14,554
      
597,005
  
Business First Bancshares, Inc.
    
15,847
      
377,000
  
Capital Bancorp, Inc.
    
5,434
      
175,518
  
Carter Bankshares, Inc. (a)
    
3,578
      
58,858
  
Central Pacific Financial Corp.
    
18,885
      
504,230
  
Civista Bancshares, Inc.
    
12,746
      
287,422
  
FB Financial Corp.
    
20,128
      
878,587
  
First BanCorp
    
42,910
      
857,342
  
First Busey Corp.
    
38,822
      
858,743
  
First Business Financial Services, Inc.
    
3,853
      
187,911
  
Hanmi Financial Corp.
    
7,987
      
183,062
  
Horizon Bancorp, Inc.
    
14,223
      
211,069
  
International Bancshares Corp.
    
5,249
      
328,745
  
Northeast Bank
    
8,874
      
743,908
  
Northeast Community Bancorp, Inc.
    
5,614
      
126,989
  
OFG Bancorp
    
14,007
      
576,248
  
Popular, Inc.
    
10,549
      
1,092,138
  
QCR Holdings, Inc.
    
5,954
      
400,704
  
SmartFinancial, Inc.
    
4,517
      
143,550
  
South Plains Financial, Inc.
    
6,933
      
249,380
  
Texas Capital Bancshares, Inc. (a)
    
15,736
      
1,128,114
  
Third Coast Bancshares, Inc. (a)
    
6,561
      
201,160
  
             
10,544,494
  
                 
Biotechnology - 2.3%
          
ACADIA Pharmaceuticals, Inc. (a)
    
23,257
      
501,654
  
ADMA Biologics, Inc. (a)
    
28,086
      
557,226
  
ANI Pharmaceuticals, Inc. (a)
    
1,434
      
84,205
  
Krystal Biotech, Inc. (a)
    
4,717
      
594,153
  
Ligand Pharmaceuticals, Inc. (a)
    
2,875
      
293,796
  
Vericel Corp. (a)
    
11,110
      
458,787
  
             
2,489,821
  
                 
Building Materials - 4.1%
          
Apogee Enterprises, Inc.
    
7,502
      
289,952
  
Armstrong World Industries, Inc.
    
7,017
      
1,092,056
  
Gibraltar Industries, Inc. (a)
    
17,437
      
1,021,459
  
Griffon Corp.
    
14,813
      
1,018,394
  
LSI Industries, Inc.
    
26,307
      
428,015
  
Masterbrand, Inc. (a)
    
55,813
      
569,293
  
             
4,419,169
  
                 
Chemicals - 2.9%
          
Balchem Corp.
    
2,732
      
455,425
  
Ingevity Corp. (a)
    
12,086
      
499,998
  
Intrepid Potash, Inc. (a)
    
14,215
      
536,758
  
Perimeter Solutions, Inc. (a)
    
77,913
      
940,410
  
Rayonier Advanced Materials, Inc. (a)
    
16,905
      
65,084
  
Rogers Corp. (a)
    
8,574
      
570,771
  
             
3,068,446
  
                 
Commercial Services - 6.8%
          
Adtalem Global Education, Inc. (a)
    
5,666
      
748,082
  
Brink's Co.
    
6,392
      
524,528
  
CPI Card Group, Inc. (a)
    
4,095
      
91,155
  
Graham Holdings Co. - Class B
    
1,178
      
1,124,295
  
Grand Canyon Education, Inc. (a)
    
3,571
      
706,504
  
Herc Holdings, Inc.
    
5,819
      
721,556
  
Korn/Ferry International
    
16,570
      
1,126,926
  
Rent-A-Center Inc.
    
43,437
      
996,445
  
Strategic Education, Inc.
    
3,693
      
336,912
  
Willdan Group, Inc. (a)
    
17,582
      
950,307
  
             
7,326,710
  
                 
Computers - 1.1%
          
Tenable Holdings, Inc. (a)
    
28,863
      
929,966
  
Unisys Corp. (a)
    
56,777
      
270,826
  
             
1,200,792
  
                 
Cosmetics/Personal Care - 0.3%
          
Honest Co., Inc. (a)
    
68,162
      
342,855
  
                 
Distribution/Wholesale - 0.1%
          
Rush Enterprises, Inc. - Class B
    
2,235
      
116,701
  
                 
Diversified Financial Services - 2.2%
          
Air Lease Corp.
    
1,647
      
94,884
  
Enova International, Inc. (a)
    
12,723
      
1,179,040
  
Virtus Investment Partners, Inc.
    
4,366
      
745,276
  
XP, Inc. - Class A
    
19,279
      
373,242
  
             
2,392,442
  
                 
Electric - 3.1%
          
Avista Corp.
    
25,245
      
972,185
  
Black Hills Corp.
    
17,996
      
1,052,226
  
Clearway Energy, Inc. - Class A
    
9,198
      
265,362
  
MGE Energy, Inc.
    
11,613
      
1,048,886
  
             
3,338,659
  
                 
Electrical Components & Equipment - 0.2%
          
Graham Corp. (a)
    
6,105
      
240,720
  
                 
Electronics - 1.0%
          
Benchmark Electronics, Inc.
    
30,123
      
1,100,092
  
                 
Engineering & Construction - 3.5%
          
EMCOR Group, Inc.
    
2,583
      
1,218,814
  
Frontdoor, Inc. (a)
    
23,794
      
1,308,908
  
Primoris Services Corp.
    
16,708
      
1,204,814
  
             
3,732,536
  
                 
Engineering and Construction - 1.5%
          
Sterling Infrastructure, Inc. (a)
    
8,321
      
1,564,431
  
                 
Food - 2.1%
          
Cal-Maine Foods, Inc.
    
7,564
      
725,614
  
Ingles Markets, Inc. - Class A
    
5,836
      
363,583
  
Sprouts Farmers Market, Inc. (a)
    
6,152
      
1,063,435
  
Village Super Market, Inc. - Class A
    
1,901
      
73,341
  
             
2,225,973
  
                 
Gas - 2.5%
          
National Fuel Gas Co.
    
16,218
      
1,338,634
  
New Jersey Resources Corp.
    
8,983
      
412,230
  
Northwest Natural Holding Co.
    
8,278
      
339,150
  
Southwest Gas Holdings, Inc.
    
8,409
      
604,018
  
             
2,694,032
  
                 
Hand/Machine Tools - 0.3%
          
Franklin Electric Co., Inc.
    
3,226
      
278,694
  
                 
Healthcare Products - 0.4%
          
BioLife Solutions, Inc. (a)
    
5,564
      
121,740
  
UFP Technologies, Inc. (a)
    
522
      
122,252
  
Utah Medical Products, Inc.
    
2,484
      
136,819
  
             
380,811
  
                 
Healthcare Products - 1.6%
          
Avanos Medical, Inc. (a)
    
4,310
      
54,177
  
Axogen, Inc. (a)
    
33,526
      
365,098
  
Bioventus, Inc. - Class A (a)
    
56,355
      
365,180
  
Castle Biosciences, Inc. (a)
    
31,847
      
508,597
  
InfuSystem Holdings, Inc. (a)
    
10,225
      
59,100
  
iRadimed Corp.
    
7,270
      
420,788
  
             
1,772,940
  
                 
Healthcare Services - 1.8%
          
LifeStance Health Group, Inc. (a)
    
56,190
      
333,769
  
National HealthCare Corp.
    
10,365
      
1,079,411
  
Pennant Group, Inc. (a)
    
10,699
      
307,168
  
Viemed Healthcare, Inc. (a)
    
28,423
      
189,013
  
             
1,909,361
  
                 
Home Builders - 2.5%
          
Cavco Industries, Inc. (a)
    
2,077
      
900,577
  
Century Communities, Inc.
    
835
      
43,311
  
Forestar Group, Inc. (a)
    
30,996
      
593,573
  
Meritage Homes Corp.
    
3,021
      
192,166
  
Tri Pointe Homes, Inc. (a)
    
33,458
      
986,342
  
             
2,715,969
  
                 
Home Furnishings - 0.2%
          
Daktronics, Inc. (a)
    
17,108
      
253,883
  
                 
Housewares - 0.4%
          
Scotts Miracle-Gro Co.
    
6,392
      
380,707
  
                 
Insurance - 4.4%
          
Axis Capital Holdings Ltd.
    
9,946
      
1,032,395
  
Essent Group Ltd.
    
18,015
      
1,044,870
  
Jackson Financial, Inc. - Class A
    
14,296
      
1,170,985
  
NMI Holdings, Inc. - Class A (a)
    
38,295
      
1,521,078
  
             
4,769,328
  
                 
Internet - 2.7%
          
AudioEye, Inc. (a)
    
4,832
      
59,047
  
Cargurus, Inc. (a)
    
33,305
      
1,043,779
  
Q2 Holdings, Inc. (a)
    
10,100
      
883,952
  
QuinStreet, Inc. (a)
    
27,149
      
414,565
  
Zillow Group, Inc. - Class A (a)
    
7,272
      
481,188
  
             
2,882,531
  
                 
Leisure Time - 0.3%
          
Fox Factory Holding Corp. (a)
    
3,491
      
89,544
  
Lindblad Expeditions Holdings, Inc. (a)
    
25,328
      
265,944
  
             
355,488
  
                 
Machinery Diversified - 0.1%
          
Ichor Holdings Ltd. (a)
    
8,075
      
127,423
  
                 
Machinery-Diversified - 0.7%
          
Gorman-Rupp Co.
    
11,917
      
434,971
  
Mueller Water Products, Inc. - Class A
    
13,138
      
322,275
  
             
757,246
  
                 
Management of Companies and Enterprises - 0.4%
          
Northrim BanCorp, Inc.
    
4,488
      
411,101
  
                 
Metal Fabricate/Hardware - 2.4%
          
Mueller Industries, Inc.
    
14,897
      
1,160,029
  
Northwest Pipe Co. (a)
    
7,857
      
303,595
  
Valmont Industries, Inc.
    
3,546
      
1,127,770
  
             
2,591,394
  
                 
Mining - 1.2%
          
Caledonia Mining Corp. PLC
    
14,259
      
243,829
  
Coeur Mining, Inc. (a)
    
68,174
      
550,846
  
Constellium SE (a)
    
37,685
      
457,496
  
             
1,252,171
  
                 
Miscellaneous Manufacturing - 0.6%
          
Federal Signal Corp.
    
4,452
      
418,800
  
Trinity Industries, Inc.
    
7,575
      
194,980
  
             
613,780
  
                 
Office Furnishings - 0.9%
          
Interface, Inc.
    
47,750
      
959,297
  
Virco Mfg. Corp.
    
3,855
      
32,421
  
             
991,718
  
                 
Oil & Gas - 1.7%
          
California Resources Corp.
    
8,296
      
366,434
  
Riley Exploration Permian, Inc.
    
15,601
      
400,322
  
Sitio Royalties Corp. - Class A
    
12,828
      
218,974
  
SM Energy Co.
    
25,588
      
599,271
  
Viper Energy, Inc.
    
4,386
      
174,080
  
Weatherford International PLC
    
1,938
      
84,497
  
             
1,843,578
  
                 
Oil & Gas Services - 1.2%
          
Archrock, Inc.
    
49,918
      
1,242,958
  
Natural Gas Services Group, Inc. (a)
    
2,815
      
67,476
  
             
1,310,434
  
                 
Pharmaceuticals - 4.6%
          
BellRing Brands, Inc. (a)
    
13,318
      
838,368
  
Catalyst Pharmaceuticals Partners,  Inc. (a)
    
55,579
      
1,387,252
  
Collegium Pharmaceutical, Inc. (a)
    
2,452
      
71,451
  
Harmony Biosciences Holdings, Inc. (a)
    
34,700
      
1,197,150
  
Phibro Animal Health Corp. - Class A
    
37,923
      
926,080
  
Supernus Pharmaceuticals, Inc. (a)
    
13,894
      
440,440
  
USANA Health Sciences, Inc. (a)
    
3,436
      
102,633
  
             
4,963,374
  
                 
Pipelines - 0.3%
          
Excelerate Energy, Inc. - Class A
    
13,168
      
370,416
  
                 
Real Estate - 1.6%
          
Marcus & Millichap, Inc.
    
2,070
      
59,637
  
McGrath RentCorp
    
4,855
      
545,605
  
Newmark Group, Inc. - Class A
    
87,223
      
960,325
  
RMR Group, Inc. - Class A
    
8,608
      
129,981
  
             
1,695,548
  
                 
REITS - 5.5%
          
Alexander & Baldwin, Inc.
    
61,032
      
1,093,083
  
American Assets Trust, Inc.
    
24,624
      
491,002
  
CareTrust REIT, Inc.
    
36,968
      
1,063,200
  
City Office REIT, Inc.
    
10,882
      
53,104
  
InvenTrust Properties Corp.
    
27,926
      
784,441
  
Piedmont Office Realty Trust, Inc. - Class A
    
94,405
      
672,164
  
Ryman Hospitality Properties, Inc.
    
7,518
      
730,073
  
Safehold, Inc.
    
21,228
      
319,906
  
Saul Centers, Inc.
    
2,524
      
85,008
  
Tanger Factory Outlet Centers, Inc.
    
2,774
      
82,665
  
UMH Properties, Inc.
    
16,802
      
282,106
  
Xenia Hotels & Resorts, Inc.
    
24,965
      
305,322
  
             
5,962,074
  
                 
Retail - 1.2%
          
Abercrombie & Fitch Co. - Class A (a)
    
4,641
      
364,272
  
Bath & Body Works, Inc.
    
9,434
      
265,284
  
BlueLinx Holdings, Inc. (a)
    
6,906
      
462,149
  
Genesco, Inc. (a)
    
10,794
      
234,554
  
             
1,326,259
  
                 
Savings & Loans - 0.7%
          
Axos Financial, Inc. (a)
    
9,988
      
694,565
  
FS Bancorp, Inc.
    
1,407
      
54,043
  
             
748,608
  
                 
Semiconductors - 2.0%
          
Ambarella, Inc. (a)
    
12,382
      
651,788
  
Cirrus Logic, Inc. (a)
    
8,414
      
827,601
  
MaxLinear, Inc. (a)
    
5,971
      
68,010
  
MKS Instruments, Inc.
    
6,527
      
536,454
  
Photronics, Inc. (a)
    
2,601
      
43,463
  
             
2,127,316
  
                 
Software - 6.6%
          
Adeia, Inc.
    
84,115
      
1,080,037
  
Alkami Technology, Inc. (a)
    
17,905
      
512,799
  
Appfolio, Inc. - Class A (a)
    
1,577
      
333,015
  
Appian Corp. - Class A (a)
    
7,584
      
238,896
  
CommVault Systems, Inc. (a)
    
6,104
      
1,117,947
  
Gitlab, Inc. - Class A (a)
    
16,014
      
728,797
  
Health Catalyst, Inc. (a)
    
27,116
      
103,041
  
Phreesia, Inc. (a)
    
12,260
      
300,247
  
PROS Holdings, Inc. (a)
    
28,330
      
498,325
  
RingCentral, Inc. - Class A (a)
    
27,220
      
705,815
  
SEMrush Holdings, Inc. - Class A (a)
    
4,733
      
46,573
  
Talkspace, Inc. (a)
    
248,604
      
793,047
  
Viant Technology, Inc. - Class A (a)
    
8,816
      
121,573
  
Workiva, Inc. (a)
    
7,346
      
494,312
  
             
7,074,424
  
                 
Telecommunications - 1.3%
          
Credo Technology Group Holding Ltd. (a)
    
10,060
      
613,258
  
Telephone and Data Systems, Inc.
    
23,504
      
807,597
  
             
1,420,855
  
                 
Transportation - 3.8%
          
Costamare Bulkers Holdings Ltd. (a)
    
4,924
      
46,089
  
Costamare, Inc.
    
24,621
      
211,002
  
Kirby Corp. (a)
    
10,215
      
1,130,187
  
Matson, Inc.
    
9,850
      
1,111,572
  
Teekay Corp. Ltd.
    
109,395
      
924,388
  
Teekay Tankers Ltd.
    
14,325
      
633,022
  
             
4,056,260
  
                 
Trucking & Leasing - 0.6%
          
Greenbrier Cos., Inc.
    
10,624
      
478,824
  
Willis Lease Finance Corp.
    
1,332
      
178,941
  
             
657,765
  
TOTAL COMMON STOCKS (Cost $ 107,078,064)
      
104,873,778
  
                 
EXCHANGE TRADED FUNDS - 1.5%
  
Shares
    
Value
  
iShares Core S&P Small-Cap ETF
    
15,448
      
1,627,756
  
TOTAL EXCHANGE TRADED FUNDS (Cost $1,583,437)
      
1,627,756
  
                 
TOTAL INVESTMENTS - 98.9% (Cost $ 108,661,501)
      
106,501,534
  
Other Assets in Excess of Liabilities- 1.1%
      
1,135,006
  
TOTAL NET ASSETS - 100.0%
          
$
107,636,540
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
   

Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
SGI Small Cap Core 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
    
104,873,778
      
–
      
–
      
104,873,778
  
  Exchange Traded Funds
    
1,627,756
      
–
      
–
      
1,627,756
  
Total Investments
    
106,501,534
      
–
      
–
      
106,501,534
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.