SGI SMALL CAP CORE FUND
|
||||||||
PORTFOLIO OF INVESTMENTS
|
||||||||
NOVEMBER 30, 2022 (UNAUDITED)
|
||||||||
NUMBER OF
|
||||||||
SHARES
|
VALUE
|
|||||||
COMMON STOCKS - 95.9%
|
||||||||
Aerospace/Defense — 0.3%
|
||||||||
Astronics Corp.*
|
29,500
|
$
|
247,800
|
|||||
Agriculture — 0.7%
|
||||||||
Andersons Inc., (The)
|
16,950
|
652,575
|
||||||
Apparel — 0.7%
|
||||||||
Urban Outfitters, Inc.*
|
22,600
|
654,044
|
||||||
Auto Parts & Equipment — 0.2%
|
||||||||
Allison Transmission Holdings, Inc.
|
4,300
|
192,640
|
||||||
Banks — 7.7%
|
||||||||
Bank First Corp.
|
1,300
|
123,539
|
||||||
Bridgewater Bancshares, Inc.*
|
2,600
|
50,102
|
||||||
Carter Bankshares, Inc.*
|
3,200
|
59,328
|
||||||
Civista Bancshares, Inc.
|
3,000
|
68,580
|
||||||
Coastal Financial Corp.*
|
5,700
|
284,544
|
||||||
ConnectOne Bancorp, Inc.
|
15,600
|
409,344
|
||||||
Eagle Bancorp, Inc.
|
3,300
|
155,628
|
||||||
FB Financial Corp.
|
10,100
|
432,381
|
||||||
First Bancorp Southern Pines
|
15,200
|
739,176
|
||||||
Guaranty Bancshares, Inc.
|
3,500
|
124,600
|
||||||
Merchants Bancorp
|
12,700
|
324,993
|
||||||
Metropolitan Bank Holding Corp.*
|
12,100
|
768,834
|
||||||
Nicolet Bankshares, Inc.*
|
4,500
|
372,240
|
||||||
Origin Bancorp, Inc.
|
14,600
|
597,432
|
||||||
Peapack-Gladstone Financial Corp.
|
9,900
|
408,078
|
||||||
Peoples Financial Services Corp.
|
900
|
51,246
|
||||||
QCR Holdings, Inc.
|
6,500
|
341,965
|
||||||
Red River Bancshares, Inc.
|
2,600
|
136,500
|
||||||
ServisFirst Bancshares, Inc.
|
5,300
|
401,846
|
||||||
SmartFinancial, Inc.
|
5,800
|
173,884
|
||||||
South Plains Financial, Inc.
|
7,400
|
229,104
|
||||||
Southern First Bancshares, Inc.*
|
2,400
|
118,800
|
||||||
TriCo Bancshares
|
6,000
|
327,000
|
||||||
Westamerica BanCorp
|
10,700
|
660,725
|
||||||
7,359,869
|
||||||||
Biotechnology — 0.3%
|
||||||||
Innoviva, Inc.*
|
23,100
|
303,303
|
||||||
Building Materials — 3.4%
|
||||||||
Louisiana-Pacific Corp.
|
15,400
|
982,520
|
||||||
PGT Innovations, Inc.*
|
36,850
|
729,261
|
||||||
Simpson Manufacturing Co., Inc.
|
7,000
|
651,350
|
||||||
UFP Industries, Inc.
|
11,000
|
900,460
|
||||||
3,263,591
|
||||||||
Chemicals — 1.0%
|
||||||||
AdvanSix, Inc.
|
12,900
|
530,964
|
||||||
Avient Corp.
|
7,000
|
242,270
|
||||||
Ecovyst, Inc.*
|
4,400
|
40,876
|
||||||
Hawkins, Inc.
|
2,600
|
108,160
|
||||||
922,270
|
||||||||
Coal — 1.0%
|
||||||||
Alpha Metallurgical Resources, Inc.
|
5,600
|
958,888
|
||||||
Commercial Services — 4.8%
|
||||||||
ABM Industries, Inc.
|
1,000
|
47,180
|
||||||
AMN Healthcare Services, Inc.*
|
8,100
|
1,001,970
|
||||||
ASGN, Inc.*
|
5,800
|
525,480
|
||||||
CorVel Corp.*
|
4,000
|
611,880
|
||||||
Forrester Research, Inc.*
|
2,500
|
87,950
|
||||||
Franklin Covey Co.*
|
7,600
|
394,896
|
||||||
ICF International, Inc.
|
2,600
|
281,762
|
||||||
Kforce, Inc.
|
5,500
|
324,885
|
||||||
Korn/Ferry International
|
3,900
|
222,417
|
||||||
Laureate Education, Inc.
|
33,300
|
348,984
|
||||||
National Research Corp.
|
4,000
|
154,960
|
||||||
WillScot Mobile Mini Holdings Corp.*
|
12,000
|
578,520
|
||||||
4,580,884
|
||||||||
Computers — 1.7%
|
||||||||
Insight Enterprises, Inc.*
|
7,700
|
800,107
|
||||||
Mitek Systems, Inc.*
|
82,700
|
846,021
|
||||||
1,646,128
|
||||||||
Cosmetics & Personal Care — 0.1%
|
||||||||
Edgewell Personal Care Co.
|
1,200
|
51,852
|
||||||
Cosmetics/Personal Care — 1.2%
|
||||||||
elf Beauty, Inc.*
|
20,700
|
1,137,672
|
||||||
Distribution/Wholesale — 3.1%
|
||||||||
Core & Main, Inc., Class A*
|
31,500
|
655,200
|
||||||
MRC Global, Inc.*
|
42,100
|
495,096
|
||||||
Titan Machinery, Inc.*
|
34,700
|
1,527,841
|
||||||
WESCO International, Inc.*
|
2,300
|
296,516
|
||||||
2,974,653
|
||||||||
Diversified Financial Services — 4.4%
|
||||||||
Amerant Bancorp, Inc.
|
5,700
|
167,922
|
||||||
AssetMark Financial Holdings, Inc.*
|
33,300
|
827,838
|
||||||
Enova International, Inc.*
|
17,500
|
705,950
|
||||||
Focus Financial Partners, Inc., Class A*
|
11,100
|
423,576
|
||||||
International Money Express, Inc.*
|
34,900
|
758,028
|
||||||
Nelnet, Inc., Class A
|
500
|
49,270
|
||||||
PJT Partners, Inc., Class A
|
12,898
|
993,275
|
||||||
Radian Group, Inc.
|
12,500
|
244,625
|
||||||
4,170,484
|
||||||||
Electric — 0.0%
|
||||||||
Otter Tail Corp.
|
700
|
41,741
|
||||||
Electrical Components & Equipment — 0.5%
|
||||||||
Insteel Industries, Inc.
|
17,450
|
514,601
|
||||||
Electronics — 1.7%
|
||||||||
Knowles Corp.*
|
43,700
|
681,720
|
||||||
OSI Systems, Inc.*
|
10,400
|
920,192
|
||||||
1,601,912
|
||||||||
Engineering & Construction — 2.7%
|
||||||||
Comfort Systems USA, Inc.
|
5,500
|
697,180
|
||||||
MYR Group, Inc.*
|
9,900
|
945,747
|
||||||
NV5 Global, Inc.*
|
6,300
|
910,413
|
||||||
2,553,340
|
||||||||
Environmental Control — 0.5%
|
||||||||
Evoqua Water Technologies Corp.*
|
5,600
|
243,544
|
||||||
Heritage-Crystal Clean, Inc.*
|
5,900
|
186,440
|
||||||
429,984
|
||||||||
Food — 3.7%
|
||||||||
Chefs' Warehouse Inc., (The)*
|
26,300
|
1,021,755
|
||||||
Hostess Brands, Inc.*
|
2,800
|
73,920
|
||||||
Ingles Markets, Inc., Class A
|
4,800
|
485,280
|
||||||
Seaboard Corp.
|
50
|
197,642
|
||||||
Sprouts Farmers Market, Inc.*
|
17,100
|
587,043
|
||||||
Tootsie Roll Industries, Inc.
|
16,068
|
722,257
|
||||||
Weis Markets, Inc.
|
4,700
|
409,887
|
||||||
3,497,784
|
||||||||
Hand/Machine Tools — 0.8%
|
||||||||
Franklin Electric Co., Inc.
|
8,800
|
733,040
|
||||||
Healthcare-Products — 0.9%
|
||||||||
Shockwave Medical, Inc.*
|
3,400
|
862,240
|
||||||
Healthcare-Services — 0.7%
|
||||||||
National HealthCare Corp.
|
1,600
|
98,624
|
||||||
Tenet Healthcare Corp.*
|
12,800
|
591,104
|
||||||
689,728
|
||||||||
Home Builders — 3.5%
|
||||||||
Century Communities, Inc.
|
18,600
|
895,776
|
||||||
Forestar Group, Inc.*
|
20,100
|
298,083
|
||||||
Meritage Homes Corp.*
|
8,800
|
760,408
|
||||||
Toll Brothers, Inc.
|
9,200
|
440,772
|
||||||
Tri Pointe Homes, Inc.*
|
49,400
|
910,936
|
||||||
3,305,975
|
||||||||
Insurance — 2.2%
|
||||||||
Enstar Group Ltd.*
|
300
|
65,397
|
||||||
Kemper Corp.
|
8,000
|
455,360
|
||||||
Nmi Holdings, Inc., Class A*
|
42,700
|
919,331
|
||||||
Palomar Holdings, Inc.*
|
7,900
|
495,646
|
||||||
ProAssurance Corp.
|
9,300
|
185,907
|
||||||
2,121,641
|
||||||||
Internet — 0.3%
|
||||||||
ePlus, Inc.*
|
4,900
|
243,334
|
||||||
Iron/Steel — 0.6%
|
||||||||
Carpenter Technology Corp.
|
14,200
|
583,052
|
||||||
Leisure Time — 0.6%
|
||||||||
MasterCraft Boat Holdings, Inc.*
|
21,700
|
558,124
|
||||||
Machinery-Construction & Mining — 0.3%
|
||||||||
Terex Corp.
|
5,400
|
247,914
|
||||||
Machinery-Diversified — 1.9%
|
||||||||
Alamo Group, Inc.
|
6,500
|
978,250
|
||||||
CSW Industrials, Inc.
|
1,200
|
145,140
|
||||||
Lindsay Corp.
|
2,300
|
405,927
|
||||||
Tennant Co.
|
5,100
|
324,003
|
||||||
1,853,320
|
||||||||
Media — 0.9%
|
||||||||
Scripps E W Co., Class A*
|
57,100
|
855,358
|
||||||
Metal Fabricate/Hardware — 2.7%
|
||||||||
AZZ, Inc.
|
13,100
|
545,353
|
||||||
Mueller Industries, Inc.
|
16,200
|
1,114,074
|
||||||
Olympic Steel, Inc.
|
7,800
|
273,702
|
||||||
Omega Flex, Inc.
|
1,800
|
172,998
|
||||||
Ryerson Holding Corp.
|
15,400
|
454,146
|
||||||
2,560,273
|
||||||||
Mining — 0.6%
|
||||||||
Livent Corp.*
|
21,200
|
593,388
|
||||||
Miscellaneous Manufacturing — 0.2%
|
||||||||
Chase Corp.
|
2,300
|
218,500
|
||||||
Oil & Gas — 4.0%
|
||||||||
Berry Corp.
|
37,800
|
340,578
|
||||||
Delek US Holdings, Inc.
|
18,900
|
585,522
|
||||||
Earthstone Energy, Inc., Class A*
|
47,200
|
747,648
|
||||||
Murphy Oil Corp.
|
22,000
|
1,038,400
|
||||||
Talos Energy, Inc.*
|
54,400
|
1,068,960
|
||||||
3,781,108
|
||||||||
Oil & Gas Services — 4.0%
|
||||||||
Liberty Energy, Inc.
|
69,400
|
1,147,182
|
||||||
NOW, Inc.*
|
56,300
|
702,624
|
||||||
ProPetro Holding Corp.*
|
114,000
|
1,251,720
|
||||||
Select Energy Services, Inc., Class A
|
79,800
|
653,562
|
||||||
3,755,088
|
||||||||
Packaging & Containers — 0.1%
|
||||||||
Silgan Holdings, Inc.
|
2,200
|
116,380
|
||||||
Pharmaceuticals — 1.8%
|
||||||||
Collegium Pharmaceutical, Inc.*
|
39,500
|
863,865
|
||||||
Pacira BioSciences, Inc.*
|
8,400
|
405,300
|
||||||
Prestige Brands Holdings, Inc.*
|
7,400
|
454,804
|
||||||
1,723,969
|
||||||||
Pipelines — 0.9%
|
||||||||
Golar LNG Ltd.*
|
33,000
|
827,310
|
||||||
Real Estate — 1.2%
|
||||||||
Cushman & Wakefield PLC*
|
57,000
|
650,940
|
||||||
Marcus & Millichap, Inc.
|
12,000
|
446,880
|
||||||
1,097,820
|
||||||||
REITS — 5.0%
|
||||||||
Agree Realty Corp.
|
11,800
|
825,410
|
||||||
Brandywine Realty Trust
|
53,300
|
368,303
|
||||||
City Office REIT, Inc.
|
43,900
|
434,171
|
||||||
Life Storage, Inc.
|
4,700
|
505,203
|
||||||
Rexford Industrial Realty, Inc.
|
14,400
|
796,176
|
||||||
Ryman Hospitality Properties, Inc.
|
9,600
|
878,688
|
||||||
Terreno Realty Corp.
|
7,500
|
439,800
|
||||||
UMH Properties, Inc.
|
29,900
|
526,539
|
||||||
4,774,290
|
||||||||
Retail — 9.2%
|
||||||||
Arko Corp.
|
81,500
|
768,545
|
||||||
AutoNation, Inc.*
|
7,600
|
941,716
|
||||||
Chico's FAS, Inc.*
|
132,700
|
778,949
|
||||||
Dave & Buster's Entertainment, Inc.*
|
9,900
|
392,634
|
||||||
GMS, Inc.*
|
18,600
|
913,260
|
||||||
Group 1 Automotive, Inc.
|
5,300
|
1,024,702
|
||||||
Haverty Furniture Cos., Inc.
|
14,600
|
460,338
|
||||||
MarineMax, Inc.*
|
24,700
|
815,841
|
||||||
OneWater Marine, Inc., Class A*
|
8,100
|
264,789
|
||||||
Patrick Industries, Inc.
|
9,300
|
520,149
|
||||||
PC Connection, Inc.
|
4,300
|
238,865
|
||||||
Winmark Corp.
|
2,500
|
600,000
|
||||||
World Fuel Services Corp.
|
20,100
|
571,845
|
||||||
Zumiez, Inc.*
|
19,100
|
444,075
|
||||||
8,735,708
|
||||||||
Savings & Loans — 0.8%
|
||||||||
Brookline Bancorp, Inc.
|
22,700
|
322,794
|
||||||
Home Bancorp, Inc.
|
2,500
|
107,450
|
||||||
HomeTrust Bancshares, Inc.
|
9,100
|
232,960
|
||||||
Southern Missouri Bancorp, Inc.
|
2,400
|
124,464
|
||||||
787,668
|
||||||||
Semiconductors — 2.8%
|
||||||||
Allegro MicroSystems, Inc.*
|
27,200
|
847,008
|
||||||
Diodes, Inc.*
|
11,400
|
1,051,422
|
||||||
Silicon Laboratories, Inc.*
|
4,300
|
625,392
|
||||||
SMART Global Holdings, Inc.*
|
5,700
|
96,387
|
||||||
2,620,209
|
||||||||
Software — 3.0%
|
||||||||
Digi International, Inc.*
|
21,690
|
921,174
|
||||||
eGain Corp.*
|
5,000
|
44,000
|
||||||
Evolent Health, Inc., Class A*
|
23,900
|
688,081
|
||||||
Verint Systems, Inc.*
|
8,400
|
330,372
|
||||||
Verra Mobility Corp.*
|
56,600
|
897,110
|
||||||
2,880,737
|
||||||||
Telecommunications — 1.0%
|
||||||||
Aviat Networks, Inc.*
|
15,300
|
481,338
|
||||||
Viavi Solutions, Inc.*
|
45,100
|
510,983
|
||||||
992,321
|
||||||||
Transportation — 5.8%
|
||||||||
ArcBest Corp.
|
2,000
|
165,540
|
||||||
Daseke, Inc.*
|
22,800
|
132,924
|
||||||
Heartland Express, Inc.
|
45,200
|
756,648
|
||||||
Hub Group, Inc., Class A*
|
10,400
|
875,160
|
||||||
Landstar System, Inc.
|
3,500
|
605,430
|
||||||
Marten Transport, Ltd.
|
43,600
|
929,116
|
||||||
Radiant Logistics, Inc.*
|
30,500
|
162,870
|
||||||
Saia, Inc.*
|
2,000
|
487,180
|
||||||
Schneider National, Inc., Class B
|
34,900
|
899,024
|
||||||
Werner Enterprises, Inc.
|
10,700
|
470,586
|
||||||
5,484,478
|
||||||||
Water — 0.4%
|
||||||||
American States Water Co.
|
3,200
|
313,568
|
||||||
Artesian Resources Corp., Class A
|
1,900
|
103,664
|
||||||
417,232
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $87,434,073)
|
91,176,220
|
|||||||
EXCHANGE-TRADED FUNDS - 2.3%
|
||||||||
Exchange-Traded Funds — 2.3%
|
||||||||
iShares Core S&P Small-Cap ETF
|
11,100
|
1,130,424
|
||||||
iShares Russell 2000 ETF
|
5,471
|
1,025,101
|
||||||
2,155,525
|
||||||||
TOTAL EXCHANGE-TRADED FUNDS
|
||||||||
(Cost $2,038,807)
|
2,155,525
|
|||||||
SHORT-TERM INVESTMENTS - 1.9%
|
||||||||
U.S. Bank Money Market Deposit Account, 3.50%(a)
|
1,823,924
|
1,823,924
|
||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $1,823,924)
|
1,823,924
|
|||||||
TOTAL INVESTMENTS - 100.1%
|
||||||||
(Cost $91,296,804)
|
95,155,669
|
|||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%
|
(136,931
|
)
|
||||||
NET ASSETS - 100.0%
|
$
|
95,018,738
|
*
|
Non-income producing security
|
||||||||
(a)
|
The rate shown is as of November 30, 2022.
|
||||||||
ETF
|
Exchange-Traded Funds
|
||||||||
REIT
|
Real Estate Investment Trust
|
||||||||
The accompanying notes are an integral part of the portfolio of investments.
|
SGI SMALL CAP CORE FUND
|
|||||||||
NOTES TO THE PORTFOLIO OF INVESTMENTS
|
|||||||||
NOVEMBER 30, 2022 (UNAUDITED)
|
|||||||||
PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00
p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation
System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on
an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields,
maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into
U.S. dollars using current exchange rates. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices
supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental
valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other
event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties
in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.
|
|||||||||
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 Fund's 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 November 30, 2022, in valuing the Fund’s investments carried at fair value:
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
SGI SMALL CAP CORE FUND
|
||||||||||||||||
Common Stocks
|
$
|
91,176,220
|
$
|
91,176,220
|
$
|
-
|
$
|
-
|
||||||||
Exchange Traded-Funds
|
2,155,525
|
2,155,525
|
-
|
-
|
||||||||||||
Short-Term Investments
|
1,823,924
|
1,823,924
|
-
|
-
|
||||||||||||
Total Investments*
|
$
|
95,155,669
|
$
|
95,155,669
|
$
|
-
|
$
|
-
|
||||||||
* Please refer to Portfolio of Investments for further details.
|
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether
or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the
classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
|
|||||||||
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period.
Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further,
such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
|
|||||||||
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported
market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end
of the period. A reconciliation of Level 3 investments is presented only if the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level
3 transfers in and out of each level is disclosed when the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
|
|||||||||
During the current fiscal period, the Fund had no Level 3 purchases, sales, or 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.
|