SGI U.S. SMALL CAP EQUITY FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2023 (UNAUDITED)
	NUMBER OF
	SHARES		VALUE
COMMON STOCKS - 98.3%
Agriculture — 0.9%
Fresh Del Monte Produce, Inc.		11,100	$	292,596
Airlines — 3.8%
Alaska Air Group, Inc.		10,635		477,831
Copa Holdings SA, Class A		7,773		816,631
				1,294,462
Auto Parts & Equipment — 0.8%
Standard Motor Products, Inc.		7,461		263,523
Banks — 4.4%
BayCom Corp.		3,500		56,735
CrossFirst Bankshares, Inc.		6,970		67,191
Enterprise Financial Services Corp.		3,022		122,754
First Financial Corp.		4,604		149,354
Independent Bank Corp.		5,300		86,655
Old Second Bancorp, Inc.		18,200		215,488
Peapack-Gladstone Financial Corp.		2,909		76,768
Preferred Bank		4,500		207,540
Unity Bancorp, Inc.		4,200		95,550
Westamerica BanCorp		11,300		427,479
				1,505,514
Biotechnology — 0.7%
Ligand Pharmaceuticals, Inc.		3,312		232,105
Building Materials — 2.8%
Apogee Enterprises, Inc.		6,080		224,413
Eagle Materials, Inc.		2,500		407,325
Louisiana-Pacific Corp.		1,700		99,484
UFP Industries, Inc.		3,100		242,110
				973,332
Chemicals — 3.9%
AdvanSix, Inc.		3,300		108,570
American Vanguard Corp.		5,148		87,825
Balchem Corp.		5,419		669,951
Hawkins, Inc.		7,500		352,050
Koppers Holdings, Inc.		4,700		136,112
				1,354,508
Commercial Services — 8.4%
Barrett Business Services Inc.		4,800		403,200
CorVel Corp.		3,175		620,522
Forrester Research, Inc.		5,300		152,110
Franklin Covey Co.		7,700		284,284
Grand Canyon Education, Inc.		2,500		261,900
Huron Consulting Group, Inc.		4,128		335,524
Insperity, Inc.		2,716		300,715
Laureate Education, Inc.		37,196		450,072
National Research Corp.		1,642		73,726
				2,882,053
Computers — 2.2%
ExlService Holdings, Inc.		5,102		770,096
Distribution/Wholesale — 1.8%
Titan Machinery, Inc.		13,474		340,218
Veritiv Corp.		2,559		270,205
				610,423
Diversified Financial Services — 2.2%
AssetMark Financial Holdings, Inc.		8,400		235,872
PJT Partners, Inc., Class A		7,800		525,720
				761,592
Electric — 4.5%
Clearway Energy, Inc., Class C		17,806		511,566
Hawaiian Electric Industries, Inc.		11,145		400,217
NorthWestern Corp.		4,657		263,540
PNM Resources, Inc.		8,400		385,728
				1,561,051
Engineering & Construction — 1.7%
Sterling Infrastructure, Inc.		13,000		598,910
Environmental Control — 0.8%
Heritage-Crystal Clean, Inc.		8,400		278,544
Food — 10.0%
Ingles Markets, Inc., Class A		6,000		481,620
Lancaster Colony Corp.		2,402		472,185
Post Holdings, Inc.		6,197		526,497
SpartanNash Co.		14,000		320,600
Sprouts Farmers Market, Inc.		25,100		867,456
Tootsie Roll Industries, Inc.		11,315		442,077
Weis Markets, Inc.		5,700		339,378
				3,449,813
Gas — 0.8%
Northwest Natural Holding Co.		6,100		260,470
Healthcare-Products — 2.6%
Atrion Corp.		324		168,597
UFP Technologies, Inc.		4,721		730,008
				898,605
Healthcare-Services — 1.1%
National HealthCare Corp.		6,200		376,340
Home Builders — 0.9%
Beazer Homes USA, Inc.		15,400		312,158
Insurance — 4.8%
Axis Capital Holdings Ltd.		8,022		416,342
CNA Financial Corp.		8,196		302,104
CNO Financial Group, Inc.		26,452		574,273
Hanover Insurance Group Inc., (The)		2,200		245,212
James River Group Holdings Ltd.		3,322		63,583
ProAssurance Corp.		3,663		44,505
				1,646,019
Internet — 1.0%
HealthStream, Inc.		2,986		68,738
Wix.com Ltd.		3,558		271,191
				339,929
Iron/Steel — 0.7%
Commercial Metals Co.		5,912		252,738
Machinery-Diversified — 2.0%
Alamo Group, Inc.		2,925		486,895
Tennant Co.		2,979		217,765
				704,660
Metal Fabricate/Hardware — 1.2%
Mueller Industries, Inc.		5,721		424,841
Oil & Gas — 1.6%
Chord Energy Corp.		2,275		325,416
Kimbell Royalty Partners LP		16,100		237,153
				562,569
Packaging & Containers — 2.3%
Silgan Holdings, Inc.		17,225		774,953
Pharmaceuticals — 7.9%
Amphastar Pharmaceuticals, Inc.		17,463		774,833
Anika Therapeutics, Inc.		2,500		67,725
Collegium Pharmaceutical, Inc.		17,501		386,247
Ironwood Pharmaceuticals Inc., Class A		18,864		205,240
Premier, Inc., Class A		19,403		485,075
Prestige Brands Holdings, Inc.		14,225		814,097
				2,733,217
Real Estate — 1.0%
McGrath RentCorp		2,297		203,997
RMR Group Inc., Class A, (The)		7,000		150,710
				354,707
REITS — 5.1%
CareTrust REIT, Inc.		12,992		252,045
Rexford Industrial Realty, Inc.		14,000		762,160
Ryman Hospitality Properties, Inc.		7,983		732,280
				1,746,485
Retail — 2.6%
Papa John’s International, Inc.		911		63,870
PC Connection, Inc.		3,500		157,395
PriceSmart, Inc.		3,056		221,499
Winmark Corp.		1,360		443,346
				886,110
Savings & Loans — 0.8%
HomeTrust Bancshares, Inc.		7,000		137,130
Southern Missouri Bancorp, Inc.		4,100		152,315
				289,445
Semiconductors — 0.5%
Vishay Precision Group, Inc.		4,863		169,816
Software — 4.4%
CommVault Systems, Inc.		1,147		79,934
CSG Systems International, Inc.		10,500		503,790
NextGen Healthcare, Inc.		4,254		66,235
SPS Commerce, Inc.		2,250		350,550
Teradata Corp.		10,952		513,211
				1,513,720
Telecommunications — 0.7%
A10 Networks, Inc.		15,700		233,773
Transportation — 4.6%
Landstar System, Inc.		4,493		787,982
Werner Enterprises, Inc.		17,830		783,094
				1,571,076
Water — 2.9%
American States Water Co.		3,573		317,354
California Water Service Group		12,245		696,863
				1,014,217
TOTAL COMMON STOCKS
(Cost $33,238,088)				33,894,370
SHORT-TERM INVESTMENTS - 1.5%
U.S. Bank Money Market Deposit Account, 5.00% (a)		510,842		510,842
TOTAL SHORT-TERM INVESTMENTS
(Cost $510,842)				510,842
TOTAL INVESTMENTS - 99.8%
(Cost $33,748,930)				34,405,212
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%				57,912
NET ASSETS - 100.0%			$	34,463,124

*	Non-income producing security.
(a)	The rate shown is as of May 31, 2023.
REIT	Real Estate Investment Trust
The accompanying notes are an integral part of the portfolio of investments.

SGI U.S. SMALL CAP EQUITY 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 U.S. SMALL CAP EQUITY FUND
Common Stocks	$	33,894,370	$	33,894,370	$	-	$	-
Short-Term Investments		510,842		510,842		-		-
Total Investments*	$	34,405,212	$	34,405,212	$	-	$	-

* 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.