SGI U.S. LARGE CAP EQUITY FUND
|
PORTFOLIO OF INVESTMENTS
|
MAY 31, 2022 (UNAUDITED)
|
NUMBER
|
|||||||||
OF SHARES
|
VALUE
|
||||||||
COMMON STOCKS - 98.7%
|
|||||||||
Advertising — 0.2%
|
|||||||||
Omnicom Group, Inc.
|
11,300
|
$
|
843,093
|
||||||
Aerospace/Defense — 1.5%
|
|||||||||
General Dynamics Corp.
|
10,300
|
2,316,573
|
|||||||
Lockheed Martin Corp.
|
5,400
|
2,376,594
|
|||||||
Teledyne Technologies, Inc.*
|
5,900
|
2,390,385
|
|||||||
7,083,552
|
|||||||||
Airlines — 2.5%
|
|||||||||
Southwest Airlines Co.*
|
251,900
|
11,552,134
|
|||||||
Auto Manufacturers — 0.7%
|
|||||||||
General Motors Co.*
|
79,800
|
3,086,664
|
|||||||
Banks — 2.7%
|
|||||||||
Bank of America Corp.
|
108,700
|
4,043,640
|
|||||||
Fifth Third Bancorp
|
81,100
|
3,197,773
|
|||||||
JPMorgan Chase & Co.
|
17,300
|
2,287,579
|
|||||||
KeyCorp
|
157,000
|
3,133,720
|
|||||||
12,662,712
|
|||||||||
Beverages — 0.6%
|
|||||||||
Coca-Cola Co., (The)
|
41,200
|
2,611,256
|
|||||||
Biotechnology — 7.4%
|
|||||||||
Amgen, Inc.
|
4,600
|
1,181,004
|
|||||||
Gilead Sciences, Inc.
|
128,800
|
8,352,680
|
|||||||
Incyte Corp.*
|
122,200
|
9,273,758
|
|||||||
Royalty Pharma PLC, Class A
|
88,800
|
3,653,232
|
|||||||
Vertex Pharmaceuticals, Inc.*
|
43,900
|
11,793,735
|
|||||||
34,254,409
|
|||||||||
Chemicals — 3.1%
|
|||||||||
Celanese Corp.
|
16,000
|
2,504,320
|
|||||||
Dow, Inc.
|
171,200
|
11,638,176
|
|||||||
14,142,496
|
|||||||||
Commercial Services — 2.1%
|
|||||||||
Cintas Corp.
|
7,800
|
3,106,974
|
|||||||
S&P Global, Inc.
|
18,500
|
6,465,380
|
|||||||
9,572,354
|
|||||||||
Computers — 3.3%
|
|||||||||
Accenture PLC, Class A, (Ireland)
|
12,600
|
3,760,596
|
|||||||
Apple, Inc.
|
76,500
|
11,386,260
|
|||||||
15,146,856
|
|||||||||
Cosmetics & Personal Care — 0.2%
|
|||||||||
Procter & Gamble Co., (The)
|
6,200
|
916,856
|
|||||||
Distribution/Wholesale — 2.0%
|
|||||||||
Copart, Inc.*
|
35,500
|
4,065,815
|
|||||||
Fastenal Co.
|
58,300
|
3,122,548
|
|||||||
WW Grainger, Inc.
|
4,100
|
1,996,987
|
|||||||
9,185,350
|
|||||||||
Diversified Financial Services — 0.6%
|
|||||||||
Ally Financial, Inc.
|
19,300
|
849,972
|
|||||||
Interactive Brokers Group, Inc., Class A
|
14,600
|
898,484
|
|||||||
T Rowe Price Group, Inc.
|
6,700
|
851,503
|
|||||||
2,599,959
|
|||||||||
Electric — 8.0%
|
|||||||||
AES Corp.
|
71,100
|
1,567,044
|
|||||||
DTE Energy Co.
|
21,700
|
2,879,807
|
|||||||
Duke Energy Corp.
|
39,700
|
4,467,044
|
|||||||
Evergy, Inc.
|
81,100
|
5,672,134
|
|||||||
Exelon Corp.
|
22,800
|
1,120,620
|
|||||||
NextEra Energy, Inc.
|
46,600
|
3,527,154
|
|||||||
PPL Corp.
|
134,700
|
4,065,246
|
|||||||
Public Service Enterprise Group, Inc.
|
14,700
|
1,007,538
|
|||||||
Southern Co., (The)
|
111,200
|
8,413,392
|
|||||||
Xcel Energy, Inc.
|
53,200
|
4,008,088
|
|||||||
36,728,067
|
|||||||||
Electrical Components & Equipment — 0.2%
|
|||||||||
AMETEK, Inc.
|
8,000
|
971,760
|
|||||||
Electronics — 0.6%
|
|||||||||
Fortive Corp.
|
14,900
|
920,373
|
|||||||
Keysight Technologies, Inc.*
|
12,500
|
1,820,000
|
|||||||
2,740,373
|
|||||||||
Environmental Control — 0.6%
|
|||||||||
Waste Management, Inc.
|
17,100
|
2,710,521
|
|||||||
Food — 10.5%
|
|||||||||
Hershey Co., (The)
|
51,000
|
10,797,210
|
|||||||
Hormel Foods Corp.
|
139,300
|
6,779,731
|
|||||||
Kellogg Co.
|
143,800
|
10,028,612
|
|||||||
Kraft Heinz Co., (The)
|
235,300
|
8,901,399
|
|||||||
Kroger Co., (The)
|
97,000
|
5,138,090
|
|||||||
Mondelez International, Inc., Class A
|
107,300
|
6,819,988
|
|||||||
48,465,030
|
|||||||||
Gas — 0.9%
|
|||||||||
NiSource, Inc.
|
135,400
|
4,258,330
|
|||||||
Hand/Machine Tools — 0.2%
|
|||||||||
Stanley Black & Decker, Inc.
|
7,100
|
842,699
|
|||||||
Healthcare-Products — 1.3%
|
|||||||||
Hologic, Inc.*
|
67,400
|
5,073,198
|
|||||||
Medtronic PLC, (Ireland)
|
9,200
|
921,380
|
|||||||
5,994,578
|
|||||||||
Healthcare-Services — 0.2%
|
|||||||||
Laboratory Corp. of America Holdings
|
3,600
|
888,192
|
|||||||
Home Builders — 2.1%
|
|||||||||
NVR, Inc.*
|
2,200
|
9,791,364
|
|||||||
Insurance — 5.3%
|
|||||||||
Allstate Corp., (The)
|
7,600
|
1,038,844
|
|||||||
Arch Capital Group Ltd.*
|
179,300
|
8,509,578
|
|||||||
Chubb Ltd., (Switzerland)
|
6,000
|
1,267,740
|
|||||||
Marsh & McLennan Cos., Inc.
|
6,300
|
1,007,685
|
|||||||
Progressive Corp., (The)
|
105,300
|
12,570,714
|
|||||||
24,394,561
|
|||||||||
Internet — 0.2%
|
|||||||||
Expedia Group, Inc.*
|
5,600
|
724,248
|
|||||||
Media — 0.8%
|
|||||||||
FactSet Research Systems, Inc.
|
10,200
|
3,894,156
|
|||||||
Miscellaneous Manufacturing — 0.2%
|
|||||||||
Illinois Tool Works, Inc.
|
4,400
|
915,508
|
|||||||
Office/Business Equipment — 0.3%
|
|||||||||
Zebra Technologies Corp., Class A*
|
3,700
|
1,251,303
|
|||||||
Oil & Gas — 7.5%
|
|||||||||
Chevron Corp.
|
55,500
|
9,693,630
|
|||||||
EOG Resources, Inc.
|
8,700
|
1,191,552
|
|||||||
Exxon Mobil Corp.
|
133,200
|
12,787,200
|
|||||||
Marathon Petroleum Corp.
|
16,100
|
1,638,819
|
|||||||
Pioneer Natural Resources Co.
|
9,400
|
2,612,636
|
|||||||
Valero Energy Corp.
|
52,900
|
6,855,840
|
|||||||
34,779,677
|
|||||||||
Pharmaceuticals — 9.1%
|
|||||||||
AbbVie, Inc.
|
35,200
|
5,187,424
|
|||||||
Bristol-Myers Squibb Co.
|
138,800
|
10,472,460
|
|||||||
McKesson Corp.
|
13,000
|
4,272,970
|
|||||||
Merck & Co., Inc.
|
117,500
|
10,813,525
|
|||||||
Pfizer, Inc.
|
210,200
|
11,149,008
|
|||||||
41,895,387
|
|||||||||
REITS — 1.7%
|
|||||||||
AvalonBay Communities, Inc.
|
4,500
|
935,820
|
|||||||
Crown Castle International Corp.
|
8,300
|
1,574,095
|
|||||||
Public Storage
|
9,800
|
3,240,272
|
|||||||
Simon Property Group, Inc.
|
18,700
|
2,143,955
|
|||||||
7,894,142
|
|||||||||
Retail — 6.7%
|
|||||||||
Costco Wholesale Corp.
|
7,100
|
3,310,162
|
|||||||
Dollar General Corp.
|
17,800
|
3,922,052
|
|||||||
Dollar Tree, Inc.*
|
8,000
|
1,282,640
|
|||||||
Target Corp.
|
51,800
|
8,385,384
|
|||||||
Walgreens Boots Alliance, Inc.
|
94,500
|
4,141,935
|
|||||||
Wal-Mart Stores, Inc.
|
76,100
|
9,788,743
|
|||||||
30,830,916
|
|||||||||
Semiconductors — 2.1%
|
|||||||||
Broadcom, Inc.
|
1,700
|
986,221
|
|||||||
Qorvo, Inc.*
|
42,500
|
4,749,375
|
|||||||
Texas Instruments, Inc.
|
21,800
|
3,853,368
|
|||||||
9,588,964
|
|||||||||
Software — 10.8%
|
|||||||||
Adobe Systems, Inc.*
|
19,700
|
8,204,656
|
|||||||
Autodesk, Inc.*
|
6,700
|
1,391,925
|
|||||||
Electronic Arts, Inc.
|
56,100
|
7,778,265
|
|||||||
Fiserv, Inc.*
|
38,100
|
3,816,858
|
|||||||
Intuit, Inc.
|
22,800
|
9,449,688
|
|||||||
Microsoft Corp.
|
43,200
|
11,744,784
|
|||||||
Oracle Corp.
|
24,400
|
1,754,848
|
|||||||
SS&C Technologies Holdings, Inc.
|
12,900
|
825,471
|
|||||||
Take-Two Interactive Software, Inc.*
|
37,200
|
4,632,516
|
|||||||
49,599,011
|
|||||||||
Telecommunications — 2.6%
|
|||||||||
AT&T, Inc.
|
52,100
|
1,109,209
|
|||||||
Cisco Systems, Inc.
|
63,300
|
2,851,665
|
|||||||
Verizon Communications, Inc.
|
151,900
|
7,790,951
|
|||||||
11,751,825
|
|||||||||
TOTAL COMMON STOCKS
|
|||||||||
(Cost $399,204,171)
|
454,568,303
|
||||||||
SHORT-TERM INVESTMENTS - 1.0%
|
|||||||||
U.S. Bank Money Market Deposit Account, 0.50% (a)
|
4,720,931
|
4,720,931
|
|||||||
TOTAL SHORT-TERM INVESTMENTS
|
|||||||||
(Cost $4,720,931)
|
4,720,931
|
||||||||
TOTAL INVESTMENTS - 99.7%
|
|||||||||
(Cost $403,925,103)
|
459,289,234
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%
|
1,411,925
|
||||||||
NET ASSETS - 100.0%
|
$
|
460,701,159
|
*
|
Non-income producing security
|
||||||||
(a)
|
The rate shown is as of May 31, 2022.
|
||||||||
PLC
|
Public Limited Company
|
||||||||
REIT
|
Real Estate Investment Trust
|
||||||||
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 U.S. Large Cap Equity Fund
|
||||||||||||||||
Common Stocks
|
$
|
454,568,303
|
$
|
454,568,303
|
$
|
-
|
$
|
-
|
||||||||
Short-Term Investments
|
4,720,931
|
4,720,931
|
-
|
-
|
||||||||||||
Total Investments*
|
$
|
459,289,234
|
$
|
459,289,234
|
$
|
-
|
$
|
-
|
||||||||
* 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.
|