SGI GLOBAL EQUITY FUND
|
PORTFOLIO OF INVESTMENTS
|
MAY 31, 2022 (UNAUDITED)
|
NUMBER
|
|||||||||
OF SHARES
|
VALUE
|
||||||||
COMMON STOCKS - 98.0%
|
|||||||||
Agriculture — 0.8%
|
|||||||||
Darling Ingredients, Inc.*
|
12,400
|
$
|
992,868
|
||||||
Auto Manufacturers — 2.4%
|
|||||||||
Honda Motor Co., Ltd., (Japan) SP ADR
|
77,700
|
1,934,730
|
|||||||
Iveco Group NV, (Netherlands)*
|
20,240
|
131,560
|
|||||||
Toyota Motor Corp., (Japan) SP ADR
|
5,100
|
848,487
|
|||||||
2,914,777
|
|||||||||
Auto Parts & Equipment — 0.2%
|
|||||||||
Gentex Corp.
|
8,500
|
264,180
|
|||||||
Banks — 13.2%
|
|||||||||
Bank of America Corp.
|
29,400
|
1,093,680
|
|||||||
Bank of Montreal, (Canada)
|
11,100
|
1,208,679
|
|||||||
Bank of Nova Scotia, (The), (Canada)
|
9,400
|
636,474
|
|||||||
Canadian Imperial Bank of Commerce, (Canada)
|
7,400
|
407,148
|
|||||||
Credicorp Ltd.
|
21,900
|
3,074,322
|
|||||||
HDFC Bank, Ltd., (India) ADR
|
4,700
|
270,579
|
|||||||
HSBC Holdings PLC, (United Kingdom) SP ADR
|
7,600
|
254,296
|
|||||||
Royal Bank of Canada, (Canada)
|
42,800
|
4,471,744
|
|||||||
Toronto-Dominion Bank, (The), (Canada)
|
62,700
|
4,782,129
|
|||||||
16,199,051
|
|||||||||
Beverages — 0.8%
|
|||||||||
PepsiCo, Inc.
|
5,900
|
989,725
|
|||||||
Biotechnology — 6.2%
|
|||||||||
Incyte Corp.*
|
56,200
|
4,265,018
|
|||||||
Vertex Pharmaceuticals, Inc.*
|
12,200
|
3,277,530
|
|||||||
7,542,548
|
|||||||||
Building Materials — 1.9%
|
|||||||||
Johnson Controls International PLC, (Ireland)
|
30,400
|
1,657,104
|
|||||||
Louisiana-Pacific Corp.
|
9,100
|
628,446
|
|||||||
2,285,550
|
|||||||||
Chemicals — 2.1%
|
|||||||||
Air Products & Chemicals, Inc.
|
5,100
|
1,255,416
|
|||||||
Linde PLC, (Ireland)
|
4,100
|
1,331,188
|
|||||||
2,586,604
|
|||||||||
Computers — 3.8%
|
|||||||||
Apple, Inc.
|
18,300
|
2,723,772
|
|||||||
Check Point Software Technologies Ltd., (Israel)*
|
15,800
|
1,976,264
|
|||||||
4,700,036
|
|||||||||
Diversified Financial Services — 5.8%
|
|||||||||
American Express Co.
|
5,200
|
877,864
|
|||||||
Houlihan Lokey, Inc.
|
37,700
|
3,239,938
|
|||||||
ORIX Corp., (Japan) SP ADR
|
18,100
|
1,723,844
|
|||||||
SLM Corp.
|
38,800
|
760,092
|
|||||||
T Rowe Price Group, Inc.
|
3,500
|
444,815
|
|||||||
7,046,553
|
|||||||||
Electric — 4.6%
|
|||||||||
Algonquin Power & Utilities Corp., (Canada)
|
73,100
|
1,064,336
|
|||||||
Duke Energy Corp.
|
23,400
|
2,632,968
|
|||||||
Fortis, Inc., (Canada)
|
25,000
|
1,259,000
|
|||||||
WEC Energy Group, Inc.
|
2,500
|
262,675
|
|||||||
Xcel Energy, Inc.
|
5,000
|
376,700
|
|||||||
5,595,679
|
|||||||||
Electrical Components & Equipment — 1.3%
|
|||||||||
ABB Ltd., (Switzerland) SP ADR
|
52,900
|
1,638,313
|
|||||||
Food — 2.2%
|
|||||||||
General Mills, Inc.
|
8,900
|
621,665
|
|||||||
Kellogg Co.
|
20,400
|
1,422,696
|
|||||||
Mondelez International, Inc., Class A
|
9,900
|
629,244
|
|||||||
2,673,605
|
|||||||||
Healthcare-Products — 1.0%
|
|||||||||
Medtronic PLC, (Ireland)
|
12,700
|
1,271,905
|
|||||||
Home Furnishings — 2.0%
|
|||||||||
Dolby Laboratories, Inc., Class A
|
30,700
|
2,382,934
|
|||||||
Insurance — 0.5%
|
|||||||||
Chubb Ltd., (Switzerland)
|
3,020
|
638,096
|
|||||||
Internet — 6.0%
|
|||||||||
Alphabet, Inc., Class C*
|
1,700
|
3,877,326
|
|||||||
Amazon.com, Inc.*
|
1,100
|
2,644,609
|
|||||||
Facebook, Inc., Class A*
|
4,500
|
871,380
|
|||||||
7,393,315
|
|||||||||
Machinery-Diversified — 1.3%
|
|||||||||
Graco, Inc.
|
25,100
|
1,588,830
|
|||||||
Media — 2.0%
|
|||||||||
Liberty Broadband Corp., Class C*
|
6,600
|
826,122
|
|||||||
Thomson Reuters Corp., (Canada)
|
16,700
|
1,653,968
|
|||||||
2,480,090
|
|||||||||
Office/Business Equipment — 0.5%
|
|||||||||
Canon, Inc., (Japan) SP ADR
|
25,286
|
642,012
|
|||||||
Oil & Gas — 1.0%
|
|||||||||
Chevron Corp.
|
6,800
|
1,187,688
|
|||||||
Pharmaceuticals — 9.3%
|
|||||||||
CVS Health Corp.
|
5,900
|
570,825
|
|||||||
Dr Reddy's Laboratories Ltd., (India) ADR
|
4,700
|
260,145
|
|||||||
GlaxoSmithKline PLC, (United Kingdom) SP ADR
|
29,300
|
1,286,270
|
|||||||
Merck & Co., Inc.
|
13,100
|
1,205,593
|
|||||||
Novartis AG, (Switzerland) SP ADR
|
15,000
|
1,364,100
|
|||||||
Novo Nordisk, (Denmark) SP ADR
|
23,300
|
2,572,320
|
|||||||
Pfizer, Inc.
|
27,200
|
1,442,688
|
|||||||
Sanofi, (France) ADR
|
50,770
|
2,703,502
|
|||||||
11,405,443
|
|||||||||
Private Equity — 0.6%
|
|||||||||
Blackstone, Inc.
|
6,500
|
765,635
|
|||||||
REITS — 1.9%
|
|||||||||
American Homes 4 Rent, Class A
|
40,100
|
1,482,096
|
|||||||
Digital Realty Trust, Inc.
|
1,800
|
251,262
|
|||||||
Prologis, Inc.
|
4,700
|
599,156
|
|||||||
2,332,514
|
|||||||||
Retail — 5.9%
|
|||||||||
Costco Wholesale Corp.
|
6,100
|
2,843,942
|
|||||||
Dollar General Corp.
|
6,900
|
1,520,346
|
|||||||
Wal-Mart Stores, Inc.
|
22,960
|
2,953,345
|
|||||||
7,317,633
|
|||||||||
Semiconductors — 3.7%
|
|||||||||
Monolithic Power Systems, Inc.
|
2,400
|
1,080,936
|
|||||||
Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan) SP ADR
|
35,400
|
3,373,620
|
|||||||
4,454,556
|
|||||||||
Software — 6.2%
|
|||||||||
Adobe Systems, Inc.*
|
5,400
|
2,248,992
|
|||||||
Microsoft Corp.
|
15,900
|
4,322,733
|
|||||||
Salesforce.com, Inc.*
|
4,500
|
721,080
|
|||||||
ServiceNow, Inc.*
|
700
|
327,229
|
|||||||
7,620,034
|
|||||||||
Telecommunications — 10.5%
|
|||||||||
Chunghwa Telecom Co., Ltd., (Taiwan) SP ADR
|
43,100
|
1,853,300
|
|||||||
Nice Ltd., (Isreal) SP ADR*
|
9,800
|
1,947,456
|
|||||||
T-Mobile US, Inc.*
|
34,300
|
4,571,847
|
|||||||
Verizon Communications, Inc.
|
23,500
|
1,205,315
|
|||||||
Vodafone Group PLC, (United Kingdom) SP ADR
|
196,200
|
3,264,767
|
|||||||
12,842,685
|
|||||||||
Transportation — 0.3%
|
|||||||||
FLEX LNG Ltd.
|
15,715
|
421,476
|
|||||||
TOTAL COMMON STOCKS
|
|||||||||
(Cost $115,469,426)
|
120,174,335
|
||||||||
SHORT-TERM INVESTMENTS - 1.4%
|
|||||||||
U.S. Bank Money Market Deposit Account, 0.50% (a)
|
1,763,933
|
1,763,933
|
|||||||
TOTAL SHORT-TERM INVESTMENTS
|
|||||||||
(Cost $1,763,932)
|
1,763,933
|
||||||||
TOTAL INVESTMENTS - 99.4%
|
|||||||||
(Cost $117,233,359)
|
121,938,268
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%
|
736,455
|
||||||||
NET ASSETS - 100.0%
|
$
|
122,674,723
|
*
|
Non-income producing security
|
||||||||
(a)
|
The rate shown is as of May 31, 2022.
|
||||||||
ADR
|
American Depositary Receipt
|
||||||||
PLC
|
Public Limited Company
|
||||||||
REIT
|
Real Estate Investment Trust
|
||||||||
SP ADR
|
Sponsored ADR
|
||||||||
The accompanying notes are an integral part of the portfolio of investments.
|
SUMMIT GLOBAL INVESTMENTS, LLC
|
|||||||||
PORTFOLIO OF INVESTMENTS
|
|||||||||
MAY 31, 2022 (UNAUDITED)
|
FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:
|
||||||||||||||||
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
|
||||||||||||||||
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
||||||||||||||||
• Level 3 — Prices are determined using significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).
|
||||||||||||||||
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
||||||||||||||||
The following is a summary of the inputs used, as of May 31, 2022, in valuing each Fund's investments carried at fair value:
|
||||||||||||||||
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
SGI Global Equity Fund
|
||||||||||||||||
Common Stocks
|
$
|
120,174,335
|
$
|
120,174,335
|
$
|
-
|
$
|
-
|
||||||||
Short-Term Investments
|
1,763,933
|
1,763,933
|
-
|
-
|
||||||||||||
Total Investments*
|
$
|
121,938,268
|
$
|
121,938,268
|
$
|
-
|
$
|
-
|
||||||||
* Please refer to Portfolio of Investments for further details.
|
During the current fiscal period, the Fund had no Level 3 transfers.
|
|||||||||
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.
|