SGI SMALL CAP CORE FUND
|
|||||||
PORTFOLIO OF INVESTMENTS
|
|||||||
MAY 31, 2023 (UNAUDITED)
|
|||||||
NUMBER OF
|
|||||||
SHARES
|
VALUE
|
||||||
COMMON STOCKS - 98.4%
|
|||||||
Agriculture — 1.0%
|
|||||||
Andersons Inc., (The)
|
23,250
|
$
|
906,982
|
||||
Airlines — 2.8%
|
|||||||
Alaska Air Group, Inc.*
|
21,400
|
961,502
|
|||||
Copa Holdings SA, Class A, (Panama)
|
10,100
|
1,061,106
|
|||||
Sun Country Airlines Holdings, Inc.*
|
26,882
|
505,382
|
|||||
2,527,990
|
|||||||
Architectural and Structural Metals Manufacturing — 1.1%
|
|||||||
SPX Technologies, Inc.*
|
12,376
|
945,031
|
|||||
Auto Manufacturers — 0.6%
|
|||||||
Wabash National Corp.
|
23,976
|
562,237
|
|||||
Auto Parts & Equipment — 1.5%
|
|||||||
Allison Transmission Holdings, Inc.
|
12,116
|
573,087
|
|||||
Dana, Inc.
|
3,177
|
40,888
|
|||||
Douglas Dynamics, Inc.
|
4,800
|
135,648
|
|||||
Shyft Group Inc., (The)
|
11,800
|
277,418
|
|||||
Standard Motor Products, Inc.
|
8,172
|
288,635
|
|||||
1,315,676
|
|||||||
Banks — 2.8%
|
|||||||
Bancorp Inc., (The)*
|
9,675
|
298,571
|
|||||
Bankwell Financial Group, Inc.
|
1,985
|
45,357
|
|||||
Byline Bancorp, Inc.
|
9,231
|
163,573
|
|||||
Coastal Financial Corp.*
|
10,900
|
372,889
|
|||||
Customers Bancorp, Inc.*
|
14,300
|
329,186
|
|||||
Independent Bank Corp.
|
5,600
|
91,560
|
|||||
Mercantile Bank Corp.
|
1,784
|
46,438
|
|||||
OFG Bancorp, (Puerto Rico)
|
13,413
|
325,399
|
|||||
Westamerica BanCorp
|
21,800
|
824,694
|
|||||
2,497,667
|
|||||||
Beverages — 1.1%
|
|||||||
Vita Coco Co Inc., (The)*
|
37,124
|
990,469
|
|||||
Biotechnology — 0.7%
|
|||||||
Ligand Pharmaceuticals, Inc.*
|
8,458
|
592,737
|
|||||
Building Materials — 5.8%
|
|||||||
Apogee Enterprises, Inc.
|
18,335
|
676,745
|
|||||
Boise Cascade Co.
|
7,600
|
545,832
|
|||||
Griffon Corp.
|
27,476
|
866,044
|
|||||
Louisiana-Pacific Corp.
|
4,941
|
289,147
|
|||||
PGT Innovations, Inc.*
|
37,250
|
926,407
|
|||||
Simpson Manufacturing Co., Inc.
|
9,000
|
1,063,710
|
|||||
SPX Technologies, Inc.*
|
–
|
–
|
|||||
UFP Industries, Inc.
|
11,000
|
859,100
|
|||||
5,226,985
|
|||||||
Business Support Services — 0.6%
|
|||||||
Bread Financial Holdings, Inc.
|
19,140
|
539,365
|
|||||
Chemicals — 4.0%
|
|||||||
AdvanSix, Inc.
|
22,300
|
733,670
|
|||||
Chemours Co., (The)
|
3,900
|
103,311
|
|||||
Ecovyst, Inc.*
|
77,196
|
775,048
|
|||||
Ingevity Corp.*
|
8,400
|
396,396
|
|||||
Koppers Holdings, Inc.
|
13,800
|
399,648
|
|||||
Orion Engineered Carbons SA, (Luxembourg)
|
22,468
|
521,033
|
|||||
Stepan Co.
|
7,100
|
652,845
|
|||||
3,581,951
|
|||||||
Commercial Services — 5.9%
|
|||||||
ABM Industries, Inc.
|
3,961
|
174,918
|
|||||
Alta Equipment Group, Inc.
|
17,300
|
235,453
|
|||||
Barrett Business Services Inc.
|
7,600
|
638,400
|
|||||
Franklin Covey Co.*
|
10,200
|
376,584
|
|||||
Grand Canyon Education, Inc.*
|
397
|
41,590
|
|||||
Hackett Group Inc., (The)
|
12,100
|
234,619
|
|||||
Herc Holdings, Inc.
|
9,175
|
930,528
|
|||||
Huron Consulting Group, Inc.*
|
11,827
|
961,298
|
|||||
Information Services Group, Inc.
|
8,949
|
45,640
|
|||||
Insperity, Inc.
|
4,314
|
477,646
|
|||||
Laureate Education, Inc.
|
28,471
|
344,499
|
|||||
LiveRamp Holdings, Inc.*
|
12,900
|
313,986
|
|||||
National Research Corp.
|
6,500
|
291,850
|
|||||
WillScot Mobile Mini Holdings Corp.*
|
5,796
|
249,692
|
|||||
5,316,703
|
|||||||
Computers — 2.7%
|
|||||||
Qualys, Inc.*
|
7,824
|
987,858
|
|||||
Tenable Holdings, Inc.*
|
24,520
|
1,005,075
|
|||||
TTEC Holdings, Inc.
|
5,407
|
171,510
|
|||||
Varonis Systems, Inc.*
|
8,900
|
233,892
|
|||||
2,398,335
|
|||||||
Cosmetics/Personal Care — 1.1%
|
|||||||
elf Beauty, Inc.*
|
9,865
|
1,026,157
|
|||||
Distribution/Wholesale — 3.7%
|
|||||||
H&E Equipment Services, Inc.
|
24,741
|
889,686
|
|||||
ScanSource, Inc.*
|
10,438
|
300,197
|
|||||
Titan Machinery, Inc.*
|
28,600
|
722,150
|
|||||
Veritiv Corp.
|
6,654
|
702,596
|
|||||
WESCO International, Inc.
|
4,800
|
659,424
|
|||||
3,274,053
|
|||||||
Diversified Financial Services — 2.4%
|
|||||||
Air Lease Corp.
|
23,700
|
901,074
|
|||||
Enova International, Inc.*
|
22,100
|
1,028,092
|
|||||
Victory Capital Holdings, Inc., Class A
|
5,617
|
173,959
|
|||||
2,103,125
|
|||||||
Electric — 1.0%
|
|||||||
ALLETE, Inc.
|
14,286
|
851,017
|
|||||
Clearway Energy, Inc.
|
1,461
|
41,975
|
|||||
Hawaiian Electric Industries, Inc.
|
1,153
|
41,404
|
|||||
934,396
|
|||||||
Electrical Components & Equipment — 0.3%
|
|||||||
Insteel Industries, Inc.
|
9,850
|
294,810
|
|||||
Electronics — 0.7%
|
|||||||
Benchmark Electronics, Inc.
|
4,700
|
110,967
|
|||||
Sanmina Corp.*
|
9,900
|
525,096
|
|||||
636,063
|
|||||||
Engineering & Construction — 0.9%
|
|||||||
Frontdoor, Inc.*
|
11,320
|
348,996
|
|||||
MYR Group, Inc.*
|
3,877
|
494,317
|
|||||
843,313
|
|||||||
Entertainment — 0.2%
|
|||||||
SeaWorld Entertainment, Inc.*
|
2,400
|
133,824
|
|||||
Food — 2.5%
|
|||||||
Chefs’ Warehouse Inc., (The)*
|
25,102
|
780,923
|
|||||
Ingles Markets, Inc., Class A
|
9,700
|
778,619
|
|||||
Krispy Kreme, Inc.
|
14,400
|
215,136
|
|||||
SpartanNash Co.
|
18,800
|
430,520
|
|||||
2,205,198
|
|||||||
Gas — 0.9%
|
|||||||
Northwest Natural Holding Co.
|
19,300
|
824,110
|
|||||
Healthcare-Products — 3.8%
|
|||||||
Avanos Medical, Inc.*
|
7,269
|
178,090
|
|||||
Axonics, Inc.*
|
17,000
|
822,630
|
|||||
Inspire Medical Systems, Inc.*
|
3,200
|
935,968
|
|||||
iRadimed Corp.
|
5,788
|
272,210
|
|||||
LeMaitre Vascular, Inc.
|
10,643
|
668,806
|
|||||
Silk Road Medical, Inc.*
|
4,900
|
147,931
|
|||||
TransMedics Group, Inc.*
|
5,022
|
364,899
|
|||||
3,390,534
|
|||||||
Healthcare-Services — 2.2%
|
|||||||
Addus HomeCare Corp.*
|
8,113
|
731,387
|
|||||
National HealthCare Corp.
|
7,400
|
449,180
|
|||||
RadNet, Inc.*
|
7,500
|
217,050
|
|||||
Surgery Partners, Inc.*
|
16,152
|
605,377
|
|||||
2,002,994
|
|||||||
Home Builders — 0.6%
|
|||||||
Forestar Group, Inc.*
|
13,741
|
279,355
|
|||||
Tri Pointe Homes, Inc.*
|
9,117
|
266,308
|
|||||
545,663
|
|||||||
Household Products/Wares — 0.2%
|
|||||||
Central Garden & Pet Co., Class A*
|
5,700
|
195,795
|
|||||
Industrial Machinery Manufacturing — 0.8%
|
|||||||
Axcelis Technologies, Inc.*
|
4,700
|
740,485
|
|||||
Insurance — 5.4%
|
|||||||
Axis Capital Holdings Ltd., (Bermuda)
|
16,000
|
830,400
|
|||||
Brighthouse Financial, Inc.*
|
11,900
|
479,094
|
|||||
CNO Financial Group, Inc.
|
39,770
|
863,407
|
|||||
Employers Holdings, Inc.
|
4,375
|
158,200
|
|||||
James River Group Holdings Ltd., (Bermuda)
|
8,499
|
162,671
|
|||||
Kinsale Capital Group, Inc.
|
2,700
|
818,046
|
|||||
Nmi Holdings, Inc., Class A*
|
37,133
|
933,895
|
|||||
Palomar Holdings, Inc.*
|
873
|
47,718
|
|||||
Primerica, Inc.
|
1,200
|
218,424
|
|||||
ProAssurance Corp.
|
11,603
|
140,976
|
|||||
Universal Insurance Holdings, Inc.
|
10,767
|
154,506
|
|||||
4,807,337
|
|||||||
Internet — 0.3%
|
|||||||
ePlus, Inc.*
|
4,900
|
242,011
|
|||||
Iron/Steel — 1.7%
|
|||||||
Commercial Metals Co.
|
20,800
|
889,200
|
|||||
Schnitzer Steel Industries, Inc., Class A
|
23,552
|
647,915
|
|||||
1,537,115
|
|||||||
Leisure Time — 1.8%
|
|||||||
Malibu Boats, Inc., Class A*
|
13,851
|
726,485
|
|||||
MasterCraft Boat Holdings, Inc.*
|
32,000
|
848,000
|
|||||
1,574,485
|
|||||||
Lodging — 0.6%
|
|||||||
Travel + Leisure Co.
|
14,700
|
536,109
|
|||||
Machinery, Equipment, and Supplies Merchant Wholesalers — 0.3%
|
|||||||
Global Industrial Co.
|
11,069
|
275,397
|
|||||
Machinery-Construction & Mining — 2.2%
|
|||||||
Hyster-Yale Materials Handling, Inc.
|
2,541
|
118,817
|
|||||
Oshkosh Corp.
|
11,751
|
867,576
|
|||||
Terex Corp.
|
21,600
|
1,001,592
|
|||||
1,987,985
|
|||||||
Metal Fabricate/Hardware — 3.0%
|
|||||||
Janus International Group, Inc.*
|
56,986
|
503,186
|
|||||
Mueller Industries, Inc.
|
11,889
|
882,877
|
|||||
Northwest Pipe Co.*
|
9,600
|
254,976
|
|||||
Olympic Steel, Inc.
|
2,944
|
123,118
|
|||||
Ryerson Holding Corp.
|
25,712
|
873,951
|
|||||
2,638,108
|
|||||||
Mining — 0.2%
|
|||||||
Compass Minerals International, Inc.
|
5,649
|
179,243
|
|||||
Miscellaneous Manufacturing — 0.1%
|
|||||||
LSB Industries, Inc.*
|
9,300
|
86,490
|
|||||
Offices of Physicians — 0.7%
|
|||||||
Progyny, Inc.*
|
17,967
|
669,271
|
|||||
Oil & Gas — 2.2%
|
|||||||
Matador Resources Co.
|
983
|
43,222
|
|||||
Murphy Oil Corp.
|
9,000
|
313,200
|
|||||
Northern Oil and Gas, Inc.
|
18,900
|
565,299
|
|||||
Par Pacific Holdings, Inc.*
|
26,700
|
569,244
|
|||||
SM Energy Co.
|
15,900
|
418,011
|
|||||
VAALCO Energy, Inc.
|
16,380
|
63,227
|
|||||
1,972,203
|
|||||||
Oil & Gas Services — 1.9%
|
|||||||
Liberty Energy, Inc.
|
74,200
|
871,108
|
|||||
NOW, Inc.*
|
13,800
|
122,682
|
|||||
ProPetro Holding Corp.*
|
111,600
|
744,372
|
|||||
1,738,162
|
|||||||
Packaging & Containers — 0.0%
|
|||||||
Silgan Holdings, Inc.
|
929
|
41,796
|
|||||
Pharmaceuticals — 2.2%
|
|||||||
Amphastar Pharmaceuticals, Inc.*
|
13,150
|
583,465
|
|||||
Catalyst Pharmaceuticals Partners, Inc.*
|
20,305
|
234,523
|
|||||
Collegium Pharmaceutical, Inc.*
|
37,200
|
821,004
|
|||||
Harmony Biosciences Holdings, Inc.*
|
8,527
|
294,864
|
|||||
1,933,856
|
|||||||
Pipelines — 0.8%
|
|||||||
Golar LNG Ltd., (Bermunda)*
|
36,800
|
756,976
|
|||||
Real Estate — 0.3%
|
|||||||
Marcus & Millichap, Inc.
|
5,000
|
146,750
|
|||||
RMR Group Inc., Class A, (The)
|
2,800
|
60,284
|
|||||
207,034
|
|||||||
REITS — 6.3%
|
|||||||
AFC Gamma, Inc.
|
15,238
|
174,780
|
|||||
Apollo Commercial Real Estate Finance, Inc.
|
22,000
|
221,980
|
|||||
Apple Hospitality REIT, Inc.
|
58,300
|
847,099
|
|||||
Brandywine Realty Trust
|
53,300
|
207,870
|
|||||
Broadstone Net Lease, Inc.
|
28,840
|
452,211
|
|||||
CareTrust REIT, Inc.
|
45,600
|
884,640
|
|||||
City Office REIT, Inc.
|
26,900
|
121,857
|
|||||
Empire State Realty Trust, Inc., Class A
|
36,833
|
227,260
|
|||||
EPR Properties
|
8,465
|
353,075
|
|||||
Innovative Industrial Properties, Inc.
|
2,300
|
152,030
|
|||||
Park Hotels & Resorts, Inc.
|
74,800
|
967,912
|
|||||
Xenia Hotels & Resorts, Inc.
|
3,500
|
40,775
|
|||||
Ryman Hospitality Properties, Inc.
|
10,700
|
981,511
|
|||||
5,633,000
|
|||||||
Retail — 6.9%
|
|||||||
BJ’s Restaurants, Inc.*
|
13,197
|
393,007
|
|||||
BlueLinx Holdings, Inc.*
|
600
|
49,332
|
|||||
Buckle Inc., (The)
|
12,600
|
386,946
|
|||||
Build-A-Bear Workshop, Inc.
|
33,018
|
600,267
|
|||||
Destination XL Group, Inc.*
|
88,658
|
368,817
|
|||||
Dine Brands Global, Inc.
|
4,182
|
250,209
|
|||||
GMS, Inc.*
|
11,552
|
731,588
|
|||||
La-Z-Boy, Inc.
|
32,510
|
868,667
|
|||||
Macy’s, Inc.
|
16,620
|
225,866
|
|||||
MarineMax, Inc.*
|
2,200
|
62,414
|
|||||
MSC Industrial Direct Co., Inc., Class A
|
500
|
44,960
|
|||||
Noodles & Co.*
|
37,893
|
126,942
|
|||||
PC Connection, Inc.
|
6,200
|
278,814
|
|||||
PriceSmart, Inc.
|
6,328
|
458,653
|
|||||
Wingstop, Inc.
|
1,621
|
323,163
|
|||||
Winmark Corp.
|
3,000
|
977,970
|
|||||
6,147,615
|
|||||||
Savings & Loans — 0.1%
|
|||||||
Home Bancorp, Inc.
|
2,500
|
76,975
|
|||||
Semiconductors — 0.6%
|
|||||||
Allegro MicroSystems, Inc.*
|
7,203
|
283,294
|
|||||
Diodes, Inc.*
|
2,646
|
237,717
|
|||||
521,011
|
|||||||
Software — 5.6%
|
|||||||
CommVault Systems, Inc.*
|
2,764
|
192,623
|
|||||
Computer Programs & Systems, Inc.*
|
10,300
|
245,758
|
|||||
CSG Systems International, Inc.
|
12,500
|
599,750
|
|||||
Doximity, Inc., Class A*
|
5,100
|
156,417
|
|||||
eGain Corp.*
|
8,327
|
60,371
|
|||||
Elastic NV, (Netherlands)*
|
4,934
|
359,294
|
|||||
Evolent Health, Inc., Class A*
|
1,292
|
37,649
|
|||||
Health Catalyst, Inc.*
|
17,800
|
200,428
|
|||||
NextGen Healthcare, Inc.*
|
10,110
|
157,412
|
|||||
PROS Holdings, Inc.*
|
10,100
|
306,232
|
|||||
Smartsheet, Inc., Class A*
|
5,846
|
289,845
|
|||||
Teradata Corp.*
|
20,475
|
959,458
|
|||||
Verra Mobility Corp.*
|
2,537
|
44,727
|
|||||
Zeta Global Holdings Corp., Class A*
|
116,142
|
1,047,601
|
|||||
Zuora, Inc., Class A*
|
33,952
|
366,342
|
|||||
5,023,907
|
|||||||
Telecommunications — 2.1%
|
|||||||
Aviat Networks, Inc.*
|
7,900
|
241,898
|
|||||
Cambium Networks Corp., (Cayman Islands)*
|
8,200
|
128,576
|
|||||
Credo Technology Group Holding Ltd., (Cayman Islands)*
|
59,004
|
791,834
|
|||||
Extreme Networks, Inc.*
|
35,682
|
735,049
|
|||||
1,897,357
|
|||||||
Transportation — 0.8%
|
|||||||
DHT Holdings, Inc., (Marshall Islands)
|
44,349
|
341,044
|
|||||
Landstar System, Inc.
|
1,900
|
333,222
|
|||||
674,266
|
|||||||
Trucking & Leasing — 0.2%
|
|||||||
Greenbrier Cos Inc., (The)
|
6,309
|
171,416
|
|||||
Water — 0.3%
|
|||||||
American States Water Co.
|
3,200
|
284,224
|
|||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $90,502,364)
|
88,165,997
|
||||||
SHORT-TERM INVESTMENTS - 1.6%
|
|||||||
U.S. Bank Money Market Deposit Account, 5.00% (a)
|
1,391,473
|
1,391,473
|
|||||
TOTAL SHORT-TERM INVESTMENTS
|
|||||||
(Cost $1,391,473)
|
1,391,473
|
||||||
TOTAL INVESTMENTS - 100.0%
|
|||||||
(Cost $91,893,837)
|
89,557,470
|
||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%
|
15,762
|
||||||
NET ASSETS - 100.0%
|
$
|
89,573,232
|
|
||||||||||
*
|
Non-income producing security.
|
|||||||||
(a)
|
The rate shown is as of May 31, 2023.
|
|||||||||
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
|
|||||||||
MAY 31, 2023 (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 May 31, 2023, in valuing the Fund’s investments carried at fair value:
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
SGI SMALL CAP CORE FUND
|
|||||||||||||||
Exchange-Traded Funds
|
$
|
88,165,997
|
$
|
88,165,997
|
$
|
-
|
$
|
-
|
|||||||
Short-Term Investments
|
1,391,473
|
1,391,473
|
-
|
-
|
|||||||||||
Total Investments*
|
$
|
89,557,470
|
$
|
89,557,470
|
$
|
-
|
$
|
-
|
* 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.
|