|
SGI Enhanced Global Income ETF
|
||||||||
|
Schedule of Investments
|
||||||||
|
May 31, 2025 (Unaudited)
|
||||||||
|
COMMON STOCKS - 89.2%
|
Shares
|
Value
|
||||||
|
Aerospace/Defense - 4.2%
|
||||||||
|
Lockheed Martin Corp.
|
3,418
|
$
|
1,648,775
|
|||||
|
Northrop Grumman Corp.
|
784
|
380,059
|
||||||
|
RTX Corp.
|
4,681
|
638,863
|
||||||
|
Thales SA - ADR
|
11,555
|
704,162
|
||||||
|
3,371,859
|
||||||||
|
Agriculture - 0.3%
|
||||||||
|
Bunge Global SA
|
2,712
|
211,943
|
||||||
|
Apparel - 0.3%
|
||||||||
|
Tapestry, Inc.
|
2,955
|
232,115
|
||||||
|
Auto Manufacturers - 0.9%
|
||||||||
|
Geely Automobile Holdings Ltd. - ADR
|
2,632
|
116,835
|
||||||
|
Honda Motor Co. Ltd. - ADR
|
10,239
|
312,494
|
||||||
|
Isuzu Motors Ltd. - ADR
|
9,390
|
126,389
|
||||||
|
Volkswagen AG - ADR
|
11,409
|
122,875
|
||||||
|
678,593
|
||||||||
|
Auto Parts & Equipment - 0.2%
|
||||||||
|
Continental AG - ADR
|
15,644
|
138,137
|
||||||
|
Banks - 19.8%
|
||||||||
|
Banco Bilbao Vizcaya Argentaria SA - ADR
|
154,087
|
2,317,469
|
||||||
|
Banco Santander SA - ADR
|
69,577
|
554,529
|
||||||
|
Bank of America Corp.
|
5,054
|
223,033
|
||||||
|
Bank of China Ltd. - ADR
|
31,545
|
457,718
|
||||||
|
Bank of Montreal
|
1,198
|
128,605
|
||||||
|
BNP Paribas SA - ADR
|
4,851
|
213,298
|
||||||
|
BOC Hong Kong Holdings Ltd. - ADR
|
991
|
83,621
|
||||||
|
Canadian Imperial Bank of Commerce
|
4,533
|
307,972
|
||||||
|
China Construction Bank Corp. - ADR
|
22,155
|
395,245
|
||||||
|
Citigroup, Inc.
|
4,369
|
329,073
|
||||||
|
DBS Group Holdings Ltd. - ADR
|
7,407
|
1,022,166
|
||||||
|
Huntington Bancshares, Inc.
|
58,376
|
912,417
|
||||||
|
Intesa Sanpaolo SpA - ADR
|
18,141
|
607,724
|
||||||
|
JPMorgan Chase & Co.
|
745
|
196,680
|
||||||
|
KeyCorp
|
20,354
|
322,814
|
||||||
|
NatWest Group PLC - ADR (a)
|
70,029
|
1,001,415
|
||||||
|
PNC Financial Services Group, Inc.
|
724
|
125,838
|
||||||
|
Royal Bank of Canada
|
17,984
|
2,277,853
|
||||||
|
Societe Generale SA - ADR
|
71,023
|
776,281
|
||||||
|
Sumitomo Mitsui Financial Group, Inc. - ADR
|
30,155
|
464,689
|
||||||
|
UBS Group AG
|
55,528
|
1,770,788
|
||||||
|
UniCredit SpA - ADR
|
31,975
|
1,027,677
|
||||||
|
United Overseas Bank Ltd. - ADR
|
3,922
|
216,455
|
||||||
|
15,733,360
|
||||||||
|
Beverages - 1.4%
|
||||||||
|
PepsiCo, Inc.
|
8,299
|
1,090,904
|
||||||
|
Biotechnology - 1.6%
|
||||||||
|
Amgen, Inc.
|
1,848
|
532,557
|
||||||
|
Gilead Sciences, Inc.
|
6,694
|
736,875
|
||||||
|
1,269,432
|
||||||||
|
Building Materials - 1.0%
|
||||||||
|
Cie de Saint-Gobain SA - ADR
|
10,337
|
233,100
|
||||||
|
Holcim AG (a)
|
13,306
|
294,462
|
||||||
|
Owens Corning
|
2,153
|
288,394
|
||||||
|
815,956
|
||||||||
|
Chemicals - 0.6%
|
||||||||
|
CF Industries Holdings, Inc.
|
3,520
|
319,299
|
||||||
|
Dow, Inc.
|
7,127
|
197,703
|
||||||
|
517,002
|
||||||||
|
Commercial Services - 0.4%
|
||||||||
|
Automatic Data Processing, Inc.
|
928
|
302,092
|
||||||
|
Computers - 0.6%
|
||||||||
|
Infosys Ltd. - ADR
|
25,758
|
468,538
|
||||||
|
Cosmetics/Personal Care - 3.2%
|
||||||||
|
Colgate-Palmolive Co.
|
23,978
|
2,228,515
|
||||||
|
Unilever PLC - ADR
|
5,324
|
339,884
|
||||||
|
2,568,399
|
||||||||
|
Diversified Financial Services - 1.2%
|
||||||||
|
Nomura Holdings, Inc. - ADR
|
94,534
|
575,712
|
||||||
|
ORIX Corp. - ADR
|
16,202
|
344,455
|
||||||
|
920,167
|
||||||||
|
Electric - 6.2%
|
||||||||
|
CLP Holdings Ltd. - ADR
|
14,462
|
122,927
|
||||||
|
CMS Energy Corp.
|
3,229
|
226,772
|
||||||
|
EDP SA - ADR
|
5,129
|
205,929
|
||||||
|
Enel SpA - ADR
|
38,105
|
349,042
|
||||||
|
Engie SA - ADR
|
25,761
|
558,241
|
||||||
|
Evergy, Inc.
|
19,054
|
1,265,376
|
||||||
|
Iberdrola SA - ADR
|
2,315
|
169,620
|
||||||
|
National Grid PLC - ADR
|
21,397
|
1,527,532
|
||||||
|
NextEra Energy, Inc.
|
3,734
|
263,770
|
||||||
|
Southern Co.
|
2,916
|
262,440
|
||||||
|
4,951,649
|
||||||||
|
Electronics - 0.5%
|
||||||||
|
Assa Abloy AB - ADR
|
25,207
|
398,775
|
||||||
|
Engineering & Construction - 0.6%
|
||||||||
|
Vinci SA - ADR
|
12,258
|
438,836
|
||||||
|
Food - 2.5%
|
||||||||
|
Conagra Brands, Inc.
|
31,164
|
713,344
|
||||||
|
Tyson Foods, Inc. - Class A
|
22,302
|
1,252,480
|
||||||
|
1,965,824
|
||||||||
|
Forest Products & Paper - 0.3%
|
||||||||
|
UPM-Kymmene Oyj - ADR
|
7,452
|
206,793
|
||||||
|
Gas - 0.5%
|
||||||||
|
NiSource, Inc.
|
10,078
|
398,484
|
||||||
|
Healthcare-Services - 1.7%
|
||||||||
|
Fresenius Medical Care AG - ADR
|
17,644
|
501,089
|
||||||
|
UnitedHealth Group, Inc.
|
2,882
|
870,105
|
||||||
|
1,371,194
|
||||||||
|
Home Builders - 0.1%
|
||||||||
|
Sekisui House Ltd. - ADR
|
5,060
|
114,710
|
||||||
|
Household Products/Wares - 0.3%
|
||||||||
|
Kimberly-Clark Corp.
|
1,739
|
249,999
|
||||||
|
Insurance - 4.4%
|
||||||||
|
Allianz SE - ADR
|
5,850
|
231,602
|
||||||
|
AXA SA - ADR
|
16,696
|
789,387
|
||||||
|
Equitable Holdings, Inc.
|
9,735
|
514,689
|
||||||
|
Manulife Financial Corp.
|
7,460
|
237,526
|
||||||
|
MS&AD Insurance Group Holdings, Inc. - ADR
|
4,941
|
117,497
|
||||||
|
Prudential Financial, Inc.
|
7,708
|
800,784
|
||||||
|
Zurich Insurance Group AG - ADR
|
22,259
|
782,849
|
||||||
|
3,474,334
|
||||||||
|
Internet - 0.7%
|
||||||||
|
JD.com, Inc. - ADR
|
17,401
|
563,966
|
||||||
|
Iron/Steel - 0.4%
|
||||||||
|
Fortescue Ltd. - ADR
|
11,172
|
221,988
|
||||||
|
Nucor Corp.
|
1,048
|
114,609
|
||||||
|
336,597
|
||||||||
|
Machinery-Construction & Mining - 0.5%
|
||||||||
|
Komatsu Ltd. - ADR
|
12,448
|
378,419
|
||||||
|
Machinery-Diversified - 0.2%
|
||||||||
|
Atlas Copco AB - ADR
|
11,825
|
190,737
|
||||||
|
Media - 0.7%
|
||||||||
|
Comcast Corp. - Class A
|
15,898
|
549,594
|
||||||
|
Metal Fabricate/Hardware - 0.2%
|
||||||||
|
Tenaris SA - ADR
|
4,298
|
143,768
|
||||||
|
Mining - 1.2%
|
||||||||
|
BHP Group Ltd. - ADR
|
7,638
|
374,186
|
||||||
|
Freeport-McMoRan, Inc.
|
5,511
|
212,063
|
||||||
|
Norsk Hydro ASA - ADR
|
19,385
|
106,811
|
||||||
|
Rio Tinto PLC - ADR
|
4,108
|
244,139
|
||||||
|
937,199
|
||||||||
|
Miscellaneous Manufacturing - 0.4%
|
||||||||
|
Siemens AG - ADR
|
2,572
|
311,109
|
||||||
|
Oil & Gas - 4.9%
|
||||||||
|
Canadian Natural Resources Ltd.
|
37,685
|
1,144,494
|
||||||
|
ConocoPhillips
|
11,798
|
1,006,959
|
||||||
|
EOG Resources, Inc.
|
1,055
|
114,541
|
||||||
|
Inpex Corp. - ADR
|
16,369
|
219,345
|
||||||
|
Woodside Energy Group Ltd. - ADR
|
95,606
|
1,370,034
|
||||||
|
3,855,373
|
||||||||
|
Packaging & Containers - 1.7%
|
||||||||
|
Packaging Corp. of America
|
6,976
|
1,347,554
|
||||||
|
Pharmaceuticals - 8.1%
|
||||||||
|
AbbVie, Inc.
|
8,397
|
1,562,766
|
||||||
|
Merck & Co., Inc.
|
10,383
|
797,830
|
||||||
|
Novartis AG - ADR
|
10,141
|
1,173,922
|
||||||
|
Roche Holding AG - ADR
|
22,724
|
915,777
|
||||||
|
Takeda Pharmaceutical Co. Ltd. - ADR
|
134,094
|
2,015,433
|
||||||
|
6,465,728
|
||||||||
|
Pipelines - 1.4%
|
||||||||
|
ONEOK, Inc.
|
2,280
|
184,315
|
||||||
|
Targa Resources Corp.
|
5,104
|
806,075
|
||||||
|
Williams Cos., Inc.
|
1,905
|
115,271
|
||||||
|
1,105,661
|
||||||||
|
Private Equity - 0.3%
|
||||||||
|
3i Group PLC - ADR
|
7,159
|
200,094
|
||||||
|
REITS - 0.3%
|
||||||||
|
Annaly Capital Management, Inc.
|
14,298
|
270,947
|
||||||
|
Retail - 4.9%
|
||||||||
|
Home Depot, Inc.
|
5,753
|
2,118,772
|
||||||
|
Industria de Diseno Textil SA - ADR
|
19,439
|
526,603
|
||||||
|
McDonald's Corp.
|
1,667
|
523,188
|
||||||
|
Yum! Brands, Inc.
|
5,205
|
749,208
|
||||||
|
3,917,771
|
||||||||
|
Semiconductors - 2.7%
|
||||||||
|
ASE Technology Holding Co. Ltd. - ADR
|
52,912
|
496,314
|
||||||
|
QUALCOMM, Inc.
|
11,389
|
1,653,683
|
||||||
|
2,149,997
|
||||||||
|
Software - 0.3%
|
||||||||
|
Paychex, Inc.
|
1,581
|
249,656
|
||||||
|
Telecommunications - 5.6%
|
||||||||
|
AT&T, Inc.
|
8,731
|
242,722
|
||||||
|
Corning, Inc.
|
7,753
|
384,471
|
||||||
|
Deutsche Telekom AG - ADR
|
24,307
|
920,020
|
||||||
|
Nippon Telegraph & Telephone Corp. - ADR
|
11,722
|
326,809
|
||||||
|
Nokia Oyj - ADR
|
74,125
|
386,932
|
||||||
|
Orange SA - ADR
|
14,270
|
213,765
|
||||||
|
Singapore Telecommunications Ltd. - ADR
|
15,829
|
469,963
|
||||||
|
Vodafone Group PLC - ADR
|
145,302
|
1,502,423
|
||||||
|
4,447,105
|
||||||||
|
Transportation - 1.9%
|
||||||||
|
Union Pacific Corp.
|
1,663
|
368,620
|
||||||
|
United Parcel Service, Inc. - Class B
|
11,472
|
1,118,979
|
||||||
|
1,487,599
|
||||||||
|
TOTAL COMMON STOCKS (Cost $69,834,589)
|
70,797,969
|
|||||||
|
EXCHANGE TRADED FUNDS - 9.5%
|
Shares
|
Value
|
||||||
|
iShares Emerging Markets Dividend ETF
|
89,009
|
2,517,175
|
||||||
|
SPDR S&P Emerging Markets Dividend ETF
|
58,710
|
2,213,367
|
||||||
|
WisdomTree Emerging Markets High Dividend Fund
|
64,703
|
2,831,403
|
||||||
|
TOTAL EXCHANGE TRADED FUNDS (Cost $7,226,642)
|
7,561,945
|
|||||||
|
SHORT-TERM INVESTMENTS - 0.5%
|
Value
|
|||||||
|
Money Market Funds - 0.5%
|
Shares
|
|||||||
|
First American Government Obligations Fund - Class X, 4.23% (b)
|
433,625
|
433,625
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $433,625)
|
433,625
|
|||||||
|
TOTAL INVESTMENTS - 99.2% (Cost $77,494,856)
|
78,793,539
|
|||||||
|
Other Assets in Excess of Liabilities- 0.8%
|
633,576
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
79,427,115
|
||||||
|
two
|
–
|
%
|
||||||
|
Percentages are stated as a percent of net assets.
|
–
|
%
|
||||||
|
ADR - American Depositary Receipt
|
|
ASA - Advanced Subscription Agreement
|
|
PLC - Public Limited Company
|
|
REIT - Real Estate Investment Trust
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Common Stocks
|
70,797,969
|
–
|
–
|
70,797,969
|
||||||||||||
|
Exchange Traded Funds
|
7,561,945
|
–
|
–
|
7,561,945
|
||||||||||||
|
Money Market Funds
|
433,625
|
–
|
–
|
433,625
|
||||||||||||
|
Total Investments
|
78,793,539
|
–
|
–
|
78,793,539
|
||||||||||||
|
Refer to the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||
|
Allocation of Portfolio Holdings by Country as of May 31, 2025
|
||||||||
|
(% of Net Assets)
|
||||||||
|
United States
|
$
|
40,223,585
|
50.4
|
%
|
||||
|
Japan
|
4,995,952
|
6.3
|
||||||
|
Switzerland
|
4,937,798
|
6.2
|
||||||
|
United Kingdom
|
4,815,487
|
6.0
|
||||||
|
Canada
|
4,096,450
|
5.2
|
||||||
|
France
|
3,927,070
|
5.1
|
||||||
|
Spain
|
3,568,221
|
4.5
|
||||||
|
Germany
|
2,224,832
|
2.8
|
||||||
|
Italy
|
1,984,443
|
2.5
|
||||||
|
Australia
|
1,966,208
|
2.5
|
||||||
|
Singapore
|
1,708,584
|
2.2
|
||||||
|
China
|
1,416,929
|
1.8
|
||||||
|
Finland
|
593,725
|
0.8
|
||||||
|
Sweden
|
589,512
|
0.7
|
||||||
|
Taiwan
|
496,314
|
0.6
|
||||||
|
India
|
468,538
|
0.6
|
||||||
|
Hong Kong
|
323,383
|
0.4
|
||||||
|
Portugal
|
205,929
|
0.3
|
||||||
|
Luxembourg
|
143,768
|
0.2
|
||||||
|
Norway
|
106,811
|
0.1
|
||||||
|
Other Assets in Excess of Liabilities
|
633,576
|
0.8
|
||||||
|
$
|
79,427,115
|
100.0
|
%
|
|||||