Edgar Lomax Value Fund |
Schedule of Investments |
as of January 31, 2024 (Unaudited) |
COMMON STOCKS - 94.9% | Shares | Value | |||||
Beverage and Tobacco Product Manufacturing - 3.7% | |||||||
Altria Group, Inc. | 3,850 | $ | 154,462 | ||||
Coca-Cola Co. | 53,200 | 3,164,868 | |||||
3,319,330 | |||||||
Broadcasting (except Internet) - 0.9% | |||||||
Comcast Corp. - Class A | 17,000 | 791,180 | |||||
Building Material and Garden Equipment - 1.8% | |||||||
Home Depot, Inc. | 900 | 317,664 | |||||
Lowe's Cos., Inc. | 6,200 | 1,319,608 | |||||
1,637,272 | |||||||
Chemical Manufacturing - 11.5% | |||||||
AbbVie, Inc. | 3,900 | 641,160 | |||||
Amgen, Inc. | 8,650 | 2,718,349 | |||||
Bristol-Myers Squibb Co. | 11,950 | 583,997 | |||||
Dow, Inc. | 46,200 | 2,476,320 | |||||
Gilead Sciences, Inc. | 7,600 | 594,776 | |||||
Pfizer, Inc. | 88,052 | 2,384,448 | |||||
Procter & Gamble Co. | 6,550 | 1,029,267 | |||||
10,428,317 | |||||||
Computer and Electronic Product Manufacturing - 13.9% | |||||||
Cisco Systems, Inc. | 68,350 | 3,429,803 | |||||
Danaher Corp. | 4,200 | 1,007,622 | |||||
International Business Machines Corp. | 21,800 | 4,003,788 | |||||
Medtronic PLC | 19,100 | 1,672,014 | |||||
Qualcomm, Inc. | 6,600 | 980,166 | |||||
Texas Instruments, Inc. | 9,200 | 1,473,104 | |||||
12,566,497 | |||||||
Couriers and Messengers - 5.3% | |||||||
FedEx Corp. | 17,700 | 4,270,833 | |||||
United Parcel Service, Inc. - Class B | 3,900 | 553,410 | |||||
4,824,243 | |||||||
Credit Intermediation and Related Activities - 10.9% | |||||||
American Express Co. | 7,450 | 1,495,513 | |||||
Bank of New York Mellon Corp. | 38,400 | 2,129,664 | |||||
Capital One Financial Corp. | 5,700 | 771,324 | |||||
Citigroup, Inc. | 38,850 | 2,182,204 | |||||
JPMorgan Chase & Co. | 7,900 | 1,377,444 | |||||
U.S. Bancorp | 14,100 | 585,714 | |||||
Wells Fargo & Co. | 28,200 | 1,415,076 | |||||
9,956,939 | |||||||
Food Manufacturing - 2.9% | |||||||
Kraft Heinz Co. | 42,550 | 1,579,881 | |||||
Mondelez International, Inc. - Class A | 13,300 | 1,001,091 | |||||
2,580,972 | |||||||
General Merchandise Stores - 1.8% | |||||||
Target Corp. | 4,300 | 598,044 | |||||
Walmart, Inc. | 6,100 | 1,008,025 | |||||
1,606,069 | |||||||
Health and Personal Care Retailers - 6.4% | |||||||
CVS Health Corp. | 56,000 | 4,164,720 | |||||
Walgreens Boots Alliance, Inc. | 73,600 | 1,661,152 | |||||
5,825,872 | |||||||
Insurance Carriers and Related Activities - 2.1% | |||||||
American International Group, Inc. | 4,750 | 330,172 | |||||
MetLife, Inc. | 9,200 | 637,744 | |||||
UnitedHealth Group, Inc. | 1,800 | 921,132 | |||||
1,889,048 | |||||||
Machinery Manufacturing - 2.4% | |||||||
Caterpillar, Inc. | 4,700 | 1,411,457 | |||||
General Electric Co. | 5,900 | 781,278 | |||||
2,192,735 | |||||||
Miscellaneous Manufacturing - 2.7% | |||||||
3M Co. | 5,600 | 528,360 | |||||
Johnson & Johnson | 12,250 | 1,946,525 | |||||
2,474,885 | |||||||
Petroleum and Coal Products Manufacturing - 7.1% | |||||||
Chevron Corp. | 22,150 | 3,265,574 | |||||
Exxon Mobil Corp. | 31,000 | 3,187,110 | |||||
6,452,684 | |||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.2% | |||||||
Goldman Sachs Group, Inc. | 5,150 | 1,977,652 | |||||
Morgan Stanley | 10,000 | 872,400 | |||||
2,850,052 | |||||||
Support Activities for Mining - 1.4% | |||||||
ConocoPhillips | 11,500 | 1,286,505 | |||||
Telecommunications - 5.8% | |||||||
AT&T, Inc. | 36,450 | 644,800 | |||||
Verizon Communications, Inc. | 108,650 | 4,601,328 | |||||
5,246,128 | |||||||
Transportation Equipment Manufacturing - 5.5% | |||||||
Ford Motor Co. | 164,050 | 1,922,666 | |||||
General Dynamics Corp. | 7,450 | 1,974,176 | |||||
RTX Corp. | 11,450 | 1,043,324 | |||||
4,940,166 | |||||||
Utilities - 5.6% | |||||||
Duke Energy Corp. | 9,200 | 881,636 | |||||
Exelon Corp. | 70,100 | 2,440,181 | |||||
NextEra Energy, Inc. | 14,600 | 855,998 | |||||
Southern Co. | 12,700 | 882,904 | |||||
5,060,719 | |||||||
TOTAL COMMON STOCKS (Cost $83,879,436) | 85,929,613 | ||||||
REAL ESTATE INVESTMENT TRUST - 2.1% | |||||||
Real Estate - 2.1% | |||||||
Simon Property Group, Inc. | 14,000 | 1,940,540 | |||||
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $1,822,137) | 1,940,540 | ||||||
MONEY MARKET FUND - 2.9% | |||||||
Money Market Fund - 2.9% | |||||||
Invesco STIT-Treasury Portfolio - Institutional Class, 5.24%(a) | 2,624,125 | 2,624,125 | |||||
TOTAL MONEY MARKET FUND (Cost $2,624,125) | 2,624,125 | ||||||
TOTAL INVESTMENTS - 99.9% (Cost $88,325,698) | 90,494,278 | ||||||
Other Assets in Excess of Liabilities - 0.1% | 131,824 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 90,626,102 | |||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
(a) | The rate shown represents the 7-day annualized yield as of January 31, 2024. |
Edgar Lomax Value Fund | ||||||||
Summary of Fair Value Disclosure at January 31, 2024 (Unaudited) | ||||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in | ||||||||
the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||||||
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | ||||||||
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||
These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | ||||||||
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own | ||||||||
assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||||||
The following is a summary of the inputs used to value the Fund's investments as of January 31, 2024: |
Edgar Lomax Value Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 85,929,613 | $ | – | $ | – | $ | 85,929,613 | ||||||||
Real Estate Investment Trust | 1,940,540 | – | – | 1,940,540 | ||||||||||||
Market Fund | 2,624,125 | – | – | 2,624,125 | ||||||||||||
Total Investments | $ | 90,494,278 | $ | – | $ | – | $ | 90,494,278 | ||||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||