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.