Mar Vista Strategic Growth Fund | ||||||||
Schedule of Investments | ||||||||
as of January 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 94.1% | Shares | Value | ||||||
COMMUNICATION SERVICES - 7.9% | ||||||||
Entertainment - 3.8% | ||||||||
Walt Disney Co. | 24,302 | 2,334,207 | ||||||
$ | – | |||||||
Interactive Media & Services - 4.1% | ||||||||
Alphabet, Inc. - Class C(a) | 18,102 | 2,566,864 | ||||||
4,901,071 | ||||||||
CONSUMER DISCRETIONARY- 8.9% | ||||||||
Broadline Retail - 4.6% | ||||||||
Amazon.com, Inc.(a) | 18,387 | 2,853,663 | ||||||
$ | – | |||||||
Hotels, Restaurants & Leisure - 1.5% | ||||||||
Starbucks Corp. | 10,077 | 937,463 | ||||||
$ | – | |||||||
Textiles, Apparel & Luxury Goods - 2.8% | ||||||||
NIKE, Inc. - Class B | 16,908 | 1,716,669 | ||||||
5,507,795 | ||||||||
CONSUMER STAPLES- 3.1% | ||||||||
Beverages - 3.1% | ||||||||
PepsiCo, Inc. | 11,345 | 1,911,973 | ||||||
FINANCIALS- 8.7% | ||||||||
Capital Markets - 2.3% | ||||||||
Moody's Corp.(b) | 3,653 | 1,432,122 | ||||||
$ | – | |||||||
Financial Services - 6.4% | ||||||||
Berkshire Hathaway, Inc. - Class B(a) | 4,253 | 1,632,046 | ||||||
Visa, Inc. - Class A(b) | 8,466 | 2,313,420 | ||||||
3,945,466 | ||||||||
5,377,588 | ||||||||
HEALTH CARE- 9.3% | ||||||||
Life Sciences Tools & Services - 5.5% | ||||||||
Danaher Corp. | 8,092 | 1,941,352 | ||||||
Mettler-Toledo International, Inc.(a) | 1,255 | 1,502,473 | ||||||
3,443,825 | ||||||||
Pharmaceuticals - 3.8% | ||||||||
Johnson & Johnson | 14,566 | 2,314,537 | ||||||
5,758,362 | ||||||||
INDUSTRIALS- 15.8% | ||||||||
Aerospace & Defense - 6.9% | ||||||||
HEICO Corp.(b) | 7,163 | 1,286,403 | ||||||
TransDigm Group, Inc.(b) | 2,697 | 2,946,958 | ||||||
4,233,361 | ||||||||
Air Freight & Logistics - 2.9% | ||||||||
GXO Logistics, Inc.(a)(b) | 33,059 | 1,797,749 | ||||||
$ | – | |||||||
Commercial Services & Supplies - 1.0% | ||||||||
Veralto Corp. | 8,041 | 616,664 | ||||||
$ | – | |||||||
Industrial Conglomerates - 2.5% | ||||||||
Honeywell International, Inc. | 7,713 | 1,560,031 | ||||||
$ | – | |||||||
Machinery - 2.5% | ||||||||
Fortive Corp. | 19,959 | 1,560,395 | ||||||
9,768,199 | ||||||||
INFORMATION TECHNOLOGY- 37.5%(c) | ||||||||
Electronic Equipment, Instruments & Components - 3.0% | ||||||||
Amphenol Corp. - Class A | 18,245 | 1,844,570 | ||||||
$ | – | |||||||
Semiconductors & Semiconductor Equipment - 6.6% | ||||||||
Analog Devices, Inc. | 10,596 | 2,038,247 | ||||||
Microchip Technology, Inc. | 23,632 | 2,012,974 | ||||||
4,051,221 | ||||||||
Software - 24.9% | ||||||||
Adobe, Inc.(a) | 4,002 | 2,472,355 | ||||||
Intuit, Inc. | 2,432 | 1,535,395 | ||||||
Microsoft Corp. | 9,601 | 3,817,165 | ||||||
Oracle Corp. | 16,592 | 1,853,326 | ||||||
Roper Technologies, Inc. | 2,297 | 1,233,489 | ||||||
Salesforce, Inc.(a) | 8,084 | 2,272,331 | ||||||
SAP SE - ADR(b) | 12,430 | 2,151,633 | ||||||
15,335,694 | ||||||||
Technology Hardware, Storage & Peripherals - 3.0% | ||||||||
Apple, Inc. | 9,993 | 1,842,709 | ||||||
23,074,194 | ||||||||
MATERIALS- 2.9% | ||||||||
Chemicals - 2.9% | ||||||||
Linde PLC | 4,449 | 1,801,089 | ||||||
TOTAL COMMON STOCKS (Cost $29,114,229) | 58,100,272 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 3.7% | ||||||||
Specialized REITs - 3.7% | ||||||||
American Tower Corp. | 11,635 | 2,276,388 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,894,205) | 2,276,388 | |||||||
SHORT-TERM INVESTMENTS - 18.2% | ||||||||
Investments Purchased with Proceeds from Securities Lending - 16.4% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(c) | 10,105,042 | 10,105,042 | ||||||
Money Market Funds - 1.8% | ||||||||
First American Treasury Obligations Fund - Class X, 5.23%(c) | 1,087,347 | 1,087,347 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $11,192,389) | 11,192,389 | |||||||
TOTAL INVESTMENTS - 116.0% (Cost $42,200,823) | $ | 71,569,049 | ||||||
Liabilities in Excess of Other Assets - (16.0)% | (9,893,390 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 61,675,659 | ||||||
Percentages are stated as a percent of net assets. | ||||||||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
ADR - American Depositary Receipt |
PLC - Public Limited Company |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of January 31, 2024. The total market value of these securities was $9,812,104 which represented 15.9% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of January 31, 2024. |
Summary of Fair Value Measurements at January 31, 2024 (Unaudited) | ||||
The Fund has adopted fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below: | ||||
Level 1 - | Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date of measurement. | ||||||
Level 2 - | Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments | ||||||
model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data). | |||||||
Level 3 - | Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs, are not available, are 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 inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's securities | |||||||
as of January 31, 2024: |
Mar Vista Strategic Growth Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 58,100,272 | $ | – | $ | – | $ | 58,100,272 | ||||||||
Real Estate Investment Trusts | 2,276,388 | – | – | 2,276,388 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending(a) | – | – | – | 10,105,042 | ||||||||||||
Money Market Funds | 1,087,347 | – | – | 1,087,347 | ||||||||||||
Total Assets | $ | 61,464,007 | $ | – | $ | – | $ | 71,569,049 | ||||||||
Refer to the Schedule of Investments for industry classifications. |
(a) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |