Villere Equity Fund | ||||
SCHEDULE OF INVESTMENTS at November 30, 2022 (Unaudited) | ||||
Shares | Value | |||
COMMON STOCKS: 93.1% | ||||
Amusement, Gambling & Recreation Industries: 2.9% | ||||
22,925 | Caesars Entertainment, Inc. 1 | $ | 1,164,819 | |
Beverage & Tobacco Product Manufacturing: 3.5% | ||||
9,020 | Monster Beverage Corp. 1 | 927,797 | ||
2,475 | PepsiCo, Inc. | 459,138 | ||
1,386,935 | ||||
Broadcasting: 2.8% | ||||
55,805 | Paramount Global - Class B 2 | 1,120,564 | ||
Chemical Manufacturing: 5.9% | ||||
5,485 | Colgate-Palmolive Co. | 424,978 | ||
4,255 | International Flavors & Fragrances, Inc. 2 | 450,264 | ||
20,320 | Ligand Pharmaceuticals, Inc. 1, 2 | 1,481,328 | ||
2,356,570 | ||||
Computer & Electronic Product Manufacturing: 13.1% | ||||
3,475 | IDEXX Laboratories, Inc. 1 | 1,479,898 | ||
17,965 | ON Semiconductor Corp. 1, 2 | 1,350,968 | ||
5,470 | Roper Technologies, Inc. | 2,400,729 | ||
5,231,595 | ||||
Credit Intermediation: 17.4% | ||||
18,650 | Euronet Worldwide, Inc. 1, 2 | 1,733,517 | ||
16,105 | First Hawaiian, Inc. 2 | 427,588 | ||
128,190 | Kearny Financial Corp. | 1,239,597 | ||
158,135 | Paya Holdings, Inc. - Class A 1 | 1,472,237 | ||
9,435 | Visa, Inc. - Class A 2 | 2,047,395 | ||
6,920,334 | ||||
Gasoline Stations: 1.2% | ||||
2,555 | Chevron Corp. | 468,357 | ||
Health Care Equipment Manufacturing: 14.8% | ||||
10,490 | STERIS PLC | 1,948,413 | ||
9,715 | Stryker Corp. | 2,272,241 | ||
7,060 | Teleflex, Inc. | 1,652,887 | ||
5,873,541 | ||||
Insurance Carriers & Related Activities: 6.1% | ||||
38,950 | Palomar Holdings, Inc. 1 | 2,443,723 | ||
Merchant Wholesalers: 3.0% | ||||
60,925 | On Holding AG - Class A 1, 2 | 1,183,164 | ||
Mining: 7.2% | ||||
72,030 | Freeport-McMoRan, Inc. | 2,866,794 | ||
Professional, Scientific & Technical Services: 3.2% | ||||
48,090 | Ebix, Inc. 2 | 913,229 | ||
99,569 | OmniAb, Inc. | 352,474 | ||
7,706 | OmniAb, Inc. | – | ||
7,706 | OmniAb, Inc. | – | ||
1,265,703 | ||||
Publishing Industries: 1.2% | ||||
227,825 | Porch Group, Inc. 1, 2 | 464,763 | ||
Sporting & Recreation Goods: 4.1% | ||||
4,900 | Pool Corp. 2 | 1,614,109 | ||
Transportation Equipment Manufacturing: 1.2% | ||||
1,000 | Lockheed Martin Corp. | 485,190 | ||
Truck Transportation: 5.5% | ||||
11,845 | J.B. Hunt Transport Services, Inc. 2 | 2,178,177 | ||
TOTAL COMMON STOCKS | ||||
(Cost $33,979,565) | 37,024,338 | |||
Shares | ||||
SHORT-TERM INVESTMENTS: 7.0% | ||||
Money Market Funds: 7.0% | ||||
2,801,699 | Invesco Government & Agency Portfolio - Institutional Class, 3.734% 3 | 2,801,699 | ||
TOTAL SHORT-TERM INVESTMENTS | ||||
(Cost $2,801,699) | 2,801,699 | |||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING: 31.9% | ||||
Private Funds: 31.9% | ||||
12,688,935 | Mount Vernon Liquid Assets Portfolio, 4.560% 3 | 12,688,935 | ||
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING | ||||
(Cost $12,688,935) | 12,688,935 | |||
TOTAL INVESTMENTS IN SECURITIES: 132.0% | ||||
(Cost $49,470,199) | 52,514,972 | |||
Liabilities in Excess of Other Assets: (32.0)% | (12,733,399) | |||
TOTAL NET ASSETS: 100.0% | $ | 39,781,573 |
1 | Non-income producing security. | ||
2 | All or a portion of this security is out on loan as of November 30, 2022. Total value of securities out on loan is $12,784,946 or 32.1% of net assets. | ||
3 | Annualized seven-day effective yield as of November 30, 2022. |
Villere Equity Fund | |||||
Summary of Fair Value Exposure at November 30, 2022 (Unaudited) | |||||
The Villere Equity Fund (the “Equity Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes 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 spreads, 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 November 30, 2022. See Schedule of Investments for industry breakouts: |
Description | Investments Measured at Net Asset Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks | $ | - | $ | 37,024,338 | $ | - | $ | - | 37,024,338 | ||||||||||
Short-Term Investments | - | 2,801,699 | - | - | 2,801,699 | ||||||||||||||
Investments Purchased with Cash Proceeds from Securities Lending 1 | 12,688,935 | - | - | 12,688,935 | |||||||||||||||
Total Investments in Securities | $ | 12,688,935 | $ | 39,826,037 | $ | - | $ | - | $ | 52,514,972 | |||||||||
1 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 presented in the Schedule of Investments. |