Edgar Lomax Value Fund
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Schedule of Investments
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January 31, 2023 (Unaudited)
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Shares
|
COMMON STOCKS - 95.65%
|
Value
|
|||||
Beverage and Tobacco Product Manufacturing - 0.17%
|
|||||||
3,850
|
Altria Group, Inc.
|
$
|
173,404
|
||||
Broadcasting (except Internet) - 0.59%
|
|||||||
15,600
|
Comcast Corp. - Class A
|
613,860
|
|||||
Chemical Manufacturing - 16.69%
|
|||||||
3,400
|
AbbVie, Inc.
|
502,350
|
|||||
14,600
|
Amgen, Inc.
|
3,685,040
|
|||||
7,600
|
Bristol-Myers Squibb Co.
|
552,140
|
|||||
91,950
|
Dow, Inc.
|
5,457,233
|
|||||
6,350
|
Gilead Sciences, Inc.
|
533,019
|
|||||
6,300
|
Johnson & Johnson
|
1,029,546
|
|||||
18,000
|
Merck & Co., Inc.
|
1,933,380
|
|||||
61,652
|
Pfizer, Inc.
|
2,722,552
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|||||
7,400
|
Procter & Gamble Co.
|
1,053,612
|
|||||
17,468,872
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|||||||
Computer and Electronic Product Manufacturing - 10.89%
|
|||||||
70,250
|
Cisco Systems, Inc.
|
3,419,068
|
|||||
171,100
|
Intel Corp.
|
4,835,286
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|||||
21,400
|
Medtronic PLC - ADR
|
1,790,966
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|||||
10,200
|
Qualcomm, Inc.
|
1,358,742
|
|||||
11,404,062
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|||||||
Couriers and Messengers - 5.33%
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|||||||
25,800
|
FedEx Corp.
|
5,001,588
|
|||||
3,100
|
United Parcel Service, Inc. - Class B
|
574,213
|
|||||
5,575,801
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|||||||
Credit Intermediation and Related Activities - 6.93%
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|||||||
11,000
|
American Express Co.
|
1,924,230
|
|||||
11,900
|
Bank of New York Mellon Corp.
|
601,783
|
|||||
12,050
|
Citigroup, Inc.
|
629,251
|
|||||
21,800
|
JPMorgan Chase & Co.
|
3,051,128
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|||||
12,500
|
U.S. Bancorp
|
622,500
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9,100
|
Wells Fargo & Co.
|
426,517
|
|||||
7,255,409
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|||||||
Electrical Equipment, Appliance, and Component Manufacturing - 2.46%
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|||||||
28,550
|
Emerson Electric Co.
|
2,575,781
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|||||
Food Manufacturing - 0.52%
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|||||||
13,350
|
Kraft Heinz Co.
|
541,075
|
|||||
Health and Personal Care Stores - 7.74%
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|||||||
36,100
|
CVS Health Corp.
|
3,184,742
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133,550
|
Walgreens Boots Alliance, Inc.
|
4,922,653
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8,107,395
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|||||||
Insurance Carriers and Related Activities - 2.55%
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|||||||
25,650
|
American International Group, Inc.
|
1,621,593
|
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2,100
|
UnitedHealth Group, Inc.
|
1,048,299
|
|||||
2,669,892
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|||||||
Machinery Manufacturing - 1.64%
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|||||||
6,800
|
Caterpillar, Inc.
|
1,715,572
|
|||||
Miscellaneous Manufacturing - 3.72%
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|||||||
24,400
|
3M Co.
|
2,807,952
|
|||||
5,200
|
Honeywell International, Inc.
|
1,084,096
|
|||||
3,892,048
|
|||||||
Petroleum and Coal Products Manufacturing - 9.08%
|
|||||||
27,400
|
Chevron Corp.
|
4,768,148
|
|||||
16,950
|
ConocoPhillips
|
2,065,696
|
|||||
23,050
|
Exxon Mobil Corp.
|
2,674,031
|
|||||
9,507,875
|
|||||||
Professional, Scientific, and Technical Services - 2.03%
|
|||||||
15,800
|
International Business Machines Corp.
|
2,128,734
|
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Real Estate - 0.57%
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|||||||
4,650
|
Simon Property Group, Inc.
|
597,339
|
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Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.37%
|
|||||||
6,800
|
Goldman Sachs Group, Inc.
|
2,487,508
|
|||||
10,750
|
Morgan Stanley
|
1,046,297
|
|||||
3,533,805
|
|||||||
Semiconductor and Other Electronic Component Manufacturing - 2.63%
|
|||||||
975
|
Broadcom, Inc.
|
570,385
|
|||||
12,300
|
Texas Instruments, Inc.
|
2,179,683
|
|||||
2,750,068
|
|||||||
Telecommunications - 5.62%
|
|||||||
49,900
|
AT&T, Inc.
|
1,016,463
|
|||||
117,050
|
Verizon Communications, Inc.
|
4,865,768
|
|||||
5,882,231
|
|||||||
Transportation Equipment Manufacturing - 5.67%
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|||||||
46,800
|
Ford Motor Co.
|
632,268
|
|||||
18,000
|
General Dynamics Corp.
|
4,195,080
|
|||||
11,100
|
Raytheon Technologies Corp.
|
1,108,335
|
|||||
5,935,683
|
|||||||
Utilities - 7.45%
|
|||||||
31,500
|
Duke Energy Corp.
|
3,227,175
|
|||||
62,300
|
Exelon Corp.
|
2,628,437
|
|||||
28,750
|
Southern Co.
|
1,945,800
|
|||||
7,801,412
|
|||||||
TOTAL COMMON STOCKS (Cost $98,366,316)
|
100,130,318
|
||||||
MONEY MARKET FUND - 4.29%
|
|||||||
4,493,950
|
Invesco STIT-Treasury Portfolio - Institutional Class, 4.30% (a)
|
4,493,950
|
|||||
TOTAL MONEY MARKET FUND (Cost $4,493,950)
|
4,493,950
|
||||||
Total Investments in Securities (Cost $102,860,266) - 99.94%
|
104,624,268
|
||||||
Other Assets in Excess of Liabilities - 0.06%
|
62,013
|
||||||
TOTAL NET ASSETS - 100.00%
|
$
|
104,686,281
|
ADR
|
American Depository Receipt
|
|
PLC
|
Public Limited Company
|
|
(a)
|
Rate shown is the 7-day annualized yield as of January 31, 2023.
|
Edgar Lomax Value Fund
|
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Summary of Fair Value Disclosure at January 31, 2023 (Unaudited)
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The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
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States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
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Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
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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
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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.
|
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Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions
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about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
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The following is a summary of the inputs used to value the Fund's investments as of January 31, 2023:
|
Edgar Lomax Value Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
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||||||||||||
Common Stocks
|
||||||||||||||||
Finance and Insurance
|
$
|
13,459,106
|
$
|
-
|
$
|
-
|
$
|
13,459,106
|
||||||||
Information
|
6,496,091
|
-
|
-
|
6,496,091
|
||||||||||||
Manufacturing
|
51,259,330
|
-
|
-
|
51,259,330
|
||||||||||||
Mining, Quarrying, and Oil and Gas
|
2,065,696
|
-
|
-
|
2,065,696
|
||||||||||||
Extraction
|
||||||||||||||||
Real Estate and Rental and Leasing
|
597,339
|
-
|
-
|
597,339
|
||||||||||||
Retail Trade
|
12,875,543
|
-
|
-
|
12,875,543
|
||||||||||||
Transportation and Warehousing
|
5,575,801
|
-
|
-
|
5,575,801
|
||||||||||||
Utilities
|
7,801,412
|
-
|
-
|
7,801,412
|
||||||||||||
Total Common Stocks
|
100,130,318
|
-
|
-
|
100,130,318
|
||||||||||||
Money Market Fund
|
4,493,950
|
-
|
-
|
4,493,950
|
||||||||||||
Total Investments in Securities
|
$
|
104,624,268
|
$
|
-
|
$
|
-
|
$
|
104,624,268
|
||||||||
Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.
|