| Villere Equity Fund | ||||||||
| Schedule of Investments | ||||||||
| November 30, 2024 (Unaudited) | ||||||||
| COMMON STOCKS - 84.3% | Shares | Value | ||||||
| Administrative and Support Services - 7.1% | ||||||||
Uber Technologies, Inc. (a) | 19,850 | $ | 1,428,406 | |||||
| Visa, Inc. - Class A | 4,730 | 1,490,328 | ||||||
2,918,734 | ||||||||
| Ambulatory Health Care Services - 2.6% | ||||||||
Option Care Health, Inc. (a) | 45,055 | 1,072,309 | ||||||
| Beverage and Tobacco Product Manufacturing - 1.0% | ||||||||
| PepsiCo, Inc. | 2,475 | 404,539 | ||||||
| Chemical Manufacturing - 5.7% | ||||||||
Abbott Laboratories (b) | 3,600 | 427,572 | ||||||
Colgate-Palmolive Co. (b) | 5,485 | 530,016 | ||||||
Ligand Pharmaceuticals, Inc. (a)(b) | 11,582 | 1,406,865 | ||||||
2,364,453 | ||||||||
| Computer and Electronic Product Manufacturing - 7.6% | ||||||||
| Microchip Technology, Inc. | 5,285 | 360,279 | ||||||
ON Semiconductor Corp. (a)(b) | 17,570 | 1,249,578 | ||||||
| Roper Technologies, Inc. | 2,725 | 1,543,549 | ||||||
3,153,406 | ||||||||
| Credit Intermediation and Related Activities - 5.0% | ||||||||
Euronet Worldwide, Inc. (a) | 12,365 | 1,299,933 | ||||||
| JPMorgan Chase & Co. | 3,110 | 776,629 | ||||||
2,076,562 | ||||||||
| Food Manufacturing - 1.8% | ||||||||
Lamb Weston Holdings, Inc. (b) | 4,985 | 385,041 | ||||||
| Mondelez International, Inc. - Class A | 5,690 | 369,566 | ||||||
754,607 | ||||||||
| Insurance Carriers and Related Activities - 5.1% | ||||||||
Palomar Holdings, Inc. (a) | 15,255 | 1,652,116 | ||||||
| Progressive Corp. | 1,750 | 470,540 | ||||||
2,122,656 | ||||||||
| Management of Companies and Enterprises - 5.6% | ||||||||
| First Interstate BancSystem, Inc. - Class A | 15,725 | 549,903 | ||||||
On Holding AG - Class A (a)(b) | 30,210 | 1,762,150 | ||||||
2,312,053 | ||||||||
| Merchant Wholesalers, Durable Goods - 4.5% | ||||||||
| Pool Corp. | 4,900 | 1,847,741 | ||||||
| Mining (except Oil and Gas) - 3.3% | ||||||||
| Freeport-McMoRan, Inc. | 31,010 | 1,370,642 | ||||||
| Miscellaneous Manufacturing - 8.0% | ||||||||
| Johnson & Johnson | 2,570 | 398,376 | ||||||
| STERIS PLC | 2,005 | 439,215 | ||||||
| Stryker Corp. | 3,675 | 1,441,151 | ||||||
| Teleflex, Inc. | 5,430 | 1,047,176 | ||||||
3,325,918 | ||||||||
| Performing Arts, Spectator Sports, and Related Industries - 2.6% | ||||||||
Caesars Entertainment, Inc. (a) | 28,400 | 1,093,116 | ||||||
| Petroleum and Coal Products Manufacturing - 1.0% | ||||||||
| Chevron Corp. | 2,555 | 413,731 | ||||||
| Plastics and Rubber Products Manufacturing - 1.1% | ||||||||
| Newell Brands, Inc. | 45,160 | 433,084 | ||||||
| Professional, Scientific, and Technical Services - 3.6% | ||||||||
IDEXX Laboratories, Inc. (a) | 2,645 | 1,115,528 | ||||||
OmniAb, Inc. (a)(c) | 7,705 | 0 | ||||||
OmniAb, Inc. (a)(c) | 7,705 | 0 | ||||||
OmniAb, Inc. (a)(b) | 99,569 | 389,315 | ||||||
1,504,843 | ||||||||
| Publishing Industries - 1.2% | ||||||||
| Microsoft Corp. | 1,140 | 482,744 | ||||||
| Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 4.0% | ||||||||
Amazon.com, Inc. (a) | 7,880 | 1,638,173 | ||||||
| Support Activities for Mining - 4.0% | ||||||||
Atlas Energy Solutions, Inc. (b) | 69,845 | 1,646,247 | ||||||
| Support Activities for Transportation - 3.6% | ||||||||
| J.B. Hunt Transport Services, Inc. | 7,920 | 1,497,751 | ||||||
| Telecommunications - 1.1% | ||||||||
| Verizon Communications, Inc. | 10,155 | 450,273 | ||||||
| Transportation Equipment Manufacturing - 1.3% | ||||||||
Lockheed Martin Corp. (b) | 1,000 | 529,410 | ||||||
| Waste Management and Remediation Services - 1.2% | ||||||||
| Republic Services, Inc. | 2,300 | 502,090 | ||||||
| Water Transportation - 2.3% | ||||||||
Tidewater, Inc. (a) | 18,575 | 960,699 | ||||||
TOTAL COMMON STOCKS (Cost $26,217,264) | 34,875,781 | |||||||
| REAL ESTATE INVESTMENT TRUSTS - 2.7% | Shares | Value | ||||||
| Lineage, Inc. | 17,590 | 1,115,558 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,310,078) | 1,115,558 | |||||||
| CONVERTIBLE PREFERRED STOCKS - 1.1% | Shares | Value | ||||||
| Credit Intermediation and Related Activities - 1.1% | ||||||||
| Bank of America Corp. Series L, 7.25%, Perpetual | 360 | 448,020 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $452,144) | 448,020 | |||||||
| SHORT-TERM INVESTMENTS - 30.0% | Value | |||||||
| Investments Purchased with Proceeds from Securities Lending - 18.0% | Units | |||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.71% (d) | 7,428,229 | 7,428,229 | ||||||
| Money Market Funds - 12.0% | Shares | |||||||
Invesco Government & Agency Portfolio - Class Institutional, 4.57% (d) | 4,958,856 | 4,958,856 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $12,387,085) | 12,387,085 | |||||||
TOTAL INVESTMENTS - 118.1% (Cost $40,366,571) | 48,826,444 | |||||||
| Liabilities in Excess of Other Assets - (18.1)% | (7,469,740 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 41,356,704 | ||||||
| two | – | % | ||||||
| Percentages are stated as a percent of net assets. | – | % | ||||||
| AG - Aktiengesellschaft |
| PLC - Public Limited Company |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $7,283,701 which represented 17.6% of net assets. |
| (c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2024. |
| (d) | The rate shown represents the 7-day annualized effective yield as of November 30, 2024. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
| Common Stocks | $ | 34,875,781 | $ | – | $ | – | (a) | $ | 34,875,781 | |||||||
| Real Estate Investment Trusts | 1,115,558 | – | – | 1,115,558 | ||||||||||||
| Convertible Preferred Stocks | 448,020 | – | – | 448,020 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending(b) | – | – | – | 7,428,229 | ||||||||||||
| Money Market Funds | 4,958,856 | – | – | 4,958,856 | ||||||||||||
| Total Investments | $ | 41,398,215 | $ | – | $ | – | (a) | $ | 48,826,444 | |||||||
| Refer to the Schedule of Investments for further disaggregation of investment categories. | ||||||||||||||||
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report. | ||||||||||||||||
| (a) | Amount is less than $0.50. |
| (b) | 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 amount of $7,428,229 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |
| The following is a reconciliation of the Equity Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value: |
Common Stocks | ||||
| Balance as of August 31, 2024 | $ | 0 | ||
| Acquisitions | - | |||
| Dispositions | - | |||
| Accrued discounts/premiums | - | |||
| Realized gain (loss) | - | |||
| Change in unrealized appreciation/depreciation | - | |||
| Transfer in and/or out of Level 3 | - | |||
| Balance as of November 30, 2024 | $ | 0 | ||
| Change in unrealized appreciation/depreciation for Level 3 investments held at November 30, 2024 | $ | - | ||
| Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | |||||
| The Adviser, as the Funds' Valuation Designee, oversees valuation techniques. | |||||
| Type of Security | Fair Value at 11/30/24 | Valuation Techniques | Unobservable Input | Input Value(s) | ||||||
| Common Stock | $ | 0.00 | Issue Price | Market Data | $ | 0.00 | ||||
