SGI U.S. SMALL CAP EQUITY FUND
|
PORTFOLIO OF INVESTMENTS
|
MAY 31, 2022 (UNAUDITED)
|
NUMBER
|
||||||||
OF SHARES
|
VALUE
|
|||||||
COMMON STOCKS - 99.2%
|
||||||||
Auto Parts & Equipment — 2.3%
|
||||||||
Dorman Products, Inc.*
|
6,500
|
$
|
656,825
|
|||||
Standard Motor Products, Inc.
|
4,900
|
195,755
|
||||||
852,580
|
||||||||
Banks — 7.9%
|
||||||||
Bank of Marin Bancorp
|
2,000
|
65,800
|
||||||
CBTX, Inc.
|
5,100
|
144,942
|
||||||
City Holding Co.
|
2,300
|
188,807
|
||||||
CrossFirst Bankshares, Inc.*
|
10,500
|
141,015
|
||||||
Equity Bancshares, Inc., Class A
|
6,500
|
211,315
|
||||||
Farmers National Banc Corp.
|
8,400
|
130,452
|
||||||
First Bancshares, Inc., (The)
|
5,000
|
150,500
|
||||||
First Financial Corp.
|
8,990
|
404,370
|
||||||
Great Southern Bancorp, Inc.
|
3,200
|
189,920
|
||||||
HarborOne Bancorp, Inc.
|
10,700
|
152,903
|
||||||
Merchants Bancorp
|
6,500
|
165,685
|
||||||
Nicolet Bankshares, Inc.*
|
4,500
|
359,370
|
||||||
Origin Bancorp, Inc.
|
5,000
|
195,400
|
||||||
Peapack-Gladstone Financial Corp.
|
5,900
|
198,830
|
||||||
Southern First Bancshares, Inc.*
|
2,000
|
90,200
|
||||||
Westamerica BanCorp
|
1,200
|
72,252
|
||||||
2,861,761
|
||||||||
Beverages — 3.1%
|
||||||||
Coca Cola Bottling Co.
|
2,000
|
1,129,940
|
||||||
Biotechnology — 2.1%
|
||||||||
Innoviva, Inc.*
|
49,400
|
749,398
|
||||||
Building Materials — 0.5%
|
||||||||
AAON, Inc.
|
3,100
|
166,098
|
||||||
Chemicals — 2.6%
|
||||||||
Balchem Corp.
|
5,400
|
671,922
|
||||||
Hawkins, Inc.
|
6,800
|
245,888
|
||||||
917,810
|
||||||||
Commercial Services — 8.4%
|
||||||||
AMN Healthcare Services, Inc.*
|
1,900
|
184,110
|
||||||
CorVel Corp.*
|
2,400
|
357,984
|
||||||
Forrester Research, Inc.*
|
5,100
|
266,883
|
||||||
Franklin Covey Co.*
|
6,600
|
252,846
|
||||||
FTI Consulting, Inc.*
|
6,100
|
1,024,800
|
||||||
ICF International, Inc.
|
4,900
|
500,829
|
||||||
Kforce, Inc.
|
2,600
|
170,768
|
||||||
Laureate Education, Inc.
|
13,600
|
173,128
|
||||||
Willdan Group, Inc.*
|
5,000
|
133,200
|
||||||
3,064,548
|
||||||||
Computers — 1.1%
|
||||||||
ExlService Holdings, Inc.*
|
2,800
|
398,132
|
||||||
Distribution/Wholesale — 0.8%
|
||||||||
Titan Machinery, Inc.*
|
11,400
|
301,074
|
||||||
Diversified Financial Services — 6.7%
|
||||||||
AssetMark Financial Holdings, Inc.*
|
6,300
|
131,607
|
||||||
Columbia Financial, Inc.*
|
3,700
|
76,923
|
||||||
Houlihan Lokey, Inc.
|
7,900
|
678,926
|
||||||
International Money Express, Inc.*
|
18,500
|
381,470
|
||||||
Nelnet, Inc., Class A
|
800
|
67,752
|
||||||
PJT Partners, Inc., Class A
|
12,800
|
970,752
|
||||||
Regional Management Corp.
|
3,200
|
152,256
|
||||||
2,459,686
|
||||||||
Electric — 1.8%
|
||||||||
Avangrid, Inc.
|
5,300
|
252,227
|
||||||
MGE Energy, Inc.
|
4,900
|
388,913
|
||||||
641,140
|
||||||||
Electronics — 2.3%
|
||||||||
Mesa Laboratories, Inc.
|
1,300
|
272,025
|
||||||
OSI Systems, Inc.*
|
6,700
|
562,264
|
||||||
834,289
|
||||||||
Engineering & Construction — 1.2%
|
||||||||
NV5 Global, Inc.*
|
3,500
|
431,130
|
||||||
Environmental Control — 0.6%
|
||||||||
Heritage-Crystal Clean, Inc.*
|
8,600
|
237,102
|
||||||
Food — 6.0%
|
||||||||
John B Sanfilippo & Son, Inc.
|
4,300
|
328,434
|
||||||
Lancaster Colony Corp.
|
1,800
|
219,420
|
||||||
Seaboard Corp.
|
30
|
124,182
|
||||||
Sprouts Farmers Market, Inc.*
|
29,600
|
801,864
|
||||||
Tootsie Roll Industries, Inc.
|
9,958
|
329,311
|
||||||
Weis Markets, Inc.
|
5,200
|
382,304
|
||||||
2,185,515
|
||||||||
Gas — 2.4%
|
||||||||
Chesapeake Utilities Corp.
|
6,500
|
868,205
|
||||||
Healthcare-Products — 1.7%
|
||||||||
Atrion Corp.
|
200
|
125,758
|
||||||
Hanger, Inc.*
|
9,400
|
148,426
|
||||||
Omnicell, Inc.*
|
3,000
|
333,480
|
||||||
607,664
|
||||||||
Household Products/Wares — 1.8%
|
||||||||
Helen of Troy, Ltd.*
|
3,600
|
666,684
|
||||||
Insurance — 3.3%
|
||||||||
Hanover Insurance Group Inc., (The)
|
1,500
|
219,900
|
||||||
RLI Corp.
|
700
|
84,784
|
||||||
Safety Insurance Group, Inc.
|
800
|
74,288
|
||||||
Stewart Information Services Corp.
|
14,800
|
821,252
|
||||||
1,200,224
|
||||||||
Internet — 0.0%
|
||||||||
HealthStream, Inc.*
|
44
|
896
|
||||||
Machinery-Diversified — 0.7%
|
||||||||
Alamo Group, Inc.
|
1,500
|
176,445
|
||||||
Tennant Co.
|
1,200
|
74,688
|
||||||
251,133
|
||||||||
Media — 0.9%
|
||||||||
Liberty Latin America Ltd., Class C*
|
33,100
|
314,781
|
||||||
Miscellaneous Manufacturing — 0.3%
|
||||||||
Chase Corp.
|
1,500
|
121,185
|
||||||
Oil & Gas — 0.9%
|
||||||||
Oasis Petroleum, Inc.
|
2,100
|
333,333
|
||||||
Packaging & Containers — 2.7%
|
||||||||
Silgan Holdings, Inc.
|
19,500
|
854,295
|
||||||
UFP Technologies, Inc.*
|
1,900
|
145,255
|
||||||
999,550
|
||||||||
Pharmaceuticals — 10.1%
|
||||||||
Amphastar Pharmaceuticals, Inc.*
|
24,800
|
921,072
|
||||||
Collegium Pharmaceutical, Inc.*
|
28,200
|
440,484
|
||||||
Eagle Pharmaceuticals, Inc.*
|
16,100
|
751,870
|
||||||
Pacira BioSciences, Inc.*
|
5,200
|
328,900
|
||||||
Prestige Brands Holdings, Inc.*
|
12,800
|
714,496
|
||||||
Supernus Pharmaceuticals, Inc.*
|
6,900
|
192,303
|
||||||
USANA Health Sciences, Inc.*
|
4,700
|
330,551
|
||||||
3,679,676
|
||||||||
Pipelines — 0.6%
|
||||||||
DT Midstream, Inc.
|
3,900
|
226,590
|
||||||
REITS — 3.8%
|
||||||||
City Office REIT, Inc.
|
13,800
|
192,372
|
||||||
Easterly Government Properties, Inc.
|
15,900
|
312,117
|
||||||
Life Storage, Inc.
|
2,700
|
315,252
|
||||||
Rexford Industrial Realty, Inc.
|
9,000
|
574,830
|
||||||
1,394,571
|
||||||||
Retail — 4.5%
|
||||||||
AutoNation, Inc.*
|
2,100
|
251,076
|
||||||
MarineMax, Inc.*
|
6,200
|
256,742
|
||||||
Murphy USA, Inc.
|
3,800
|
946,656
|
||||||
Winmark Corp.
|
1,000
|
197,800
|
||||||
1,652,274
|
||||||||
Savings & Loans — 1.8%
|
||||||||
Hingham Institution For Savings, (The)
|
500
|
161,400
|
||||||
HomeTrust Bancshares, Inc.
|
3,500
|
93,940
|
||||||
Southern Missouri Bancorp, Inc.
|
4,200
|
196,056
|
||||||
Waterstone Financial, Inc.
|
12,900
|
223,041
|
||||||
674,437
|
||||||||
Software — 5.4%
|
||||||||
CSG Systems International, Inc.
|
8,400
|
522,396
|
||||||
Evolent Health, Inc., Class A*
|
35,700
|
1,004,241
|
||||||
Verra Mobility Corp.*
|
28,100
|
448,195
|
||||||
1,974,832
|
||||||||
Telecommunications — 0.7%
|
||||||||
Ooma, Inc.*
|
18,400
|
258,336
|
||||||
Transportation — 6.1%
|
||||||||
Daseke, Inc.*
|
20,400
|
154,224
|
||||||
Heartland Express, Inc.
|
25,700
|
366,996
|
||||||
Landstar System, Inc.
|
5,700
|
863,151
|
||||||
Werner Enterprises, Inc.
|
21,000
|
851,970
|
||||||
2,236,341
|
||||||||
Water — 4.1%
|
||||||||
American States Water Co.
|
10,900
|
863,825
|
||||||
California Water Service Group
|
7,489
|
401,935
|
||||||
York Water Co., (The)
|
5,300
|
217,194
|
||||||
1,482,954
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $34,486,661)
|
36,173,869
|
|||||||
SHORT-TERM INVESTMENTS - 0.6%
|
||||||||
U.S. Bank Money Market Deposit Account, 0.50% (a)
|
236,018
|
236,018
|
||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $236,018)
|
236,018
|
|||||||
TOTAL INVESTMENTS - 99.8%
|
||||||||
(Cost $34,722,679)
|
36,409,887
|
|||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%
|
70,011
|
|||||||
NET ASSETS - 100.0%
|
$
|
36,479,898
|
*
|
Non-income producing security
|
|||||||
(a)
|
The rate shown is as of May 31, 2022.
|
|||||||
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. Small Cap Equity Fund
|
||||||||||||||||
Common Stocks
|
$
|
36,173,869
|
$
|
36,173,869
|
$
|
-
|
$
|
-
|
||||||||
Short-Term Investments
|
236,018
|
236,018
|
-
|
-
|
||||||||||||
Total Investments*
|
$
|
36,409,887
|
$
|
36,409,887
|
$
|
-
|
$
|
-
|
||||||||
* 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.
|