Villere Equity Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 84.2%
  
Shares
    
Value
 
Administrative and Support Services - 9.3%
        
Uber Technologies, Inc. (a)
    
19,850
    
$
1,670,576
  
Visa, Inc. - Class A
    
4,730
      
1,727,349
  
             
3,397,925
  
                 
Ambulatory Health Care Services - 3.0%
          
Option Care Health, Inc. (a)
    
33,750
      
1,102,950
  
                 
Beverage and Tobacco Product Manufacturing - 0.9%
          
PepsiCo, Inc.
    
2,475
      
325,339
  
                 
Chemical Manufacturing - 6.0%
          
Abbott Laboratories
    
3,600
      
480,888
  
Colgate-Palmolive Co.
    
5,485
      
509,776
  
Ligand Pharmaceuticals, Inc. (a)
    
11,582
      
1,183,564
  
             
2,174,228
  
                 
Computer and Electronic Product Manufacturing - 7.1%
          
Microchip Technology, Inc.
    
5,285
      
306,741
  
ON Semiconductor Corp. (a)
    
17,570
      
738,292
  
Roper Technologies, Inc.
    
2,725
      
1,553,986
  
             
2,599,019
  
                 
Credit Intermediation and Related Activities - 5.9%
          
Euronet Worldwide, Inc. (a)(b)
    
12,365
      
1,338,882
  
JPMorgan Chase & Co.
    
3,110
      
821,040
  
             
2,159,922
  
                 
Food Manufacturing - 1.1%
          
Mondelez International, Inc. - Class A
    
5,690
      
384,018
  
                 
Insurance Carriers and Related Activities - 6.0%
          
Palomar Holdings, Inc. (a)
    
9,905
      
1,698,410
  
Progressive Corp.
    
1,750
      
498,628
  
             
2,197,038
  
                 
Life Sciences Tools & Services - 0.0%(c)
          
OmniAb, Inc. (a)(d)
    
7,705
      
0
  
OmniAb, Inc. (a)(d)
    
7,705
      
0
  
             
0
  
                 
Management of Companies and Enterprises - 6.1%
          
First Interstate BancSystem, Inc. - Class A
    
15,725
      
426,934
  
On Holding AG - Class A (a)(b)
    
30,210
      
1,794,172
  
             
2,221,106
  
                 
Merchant Wholesalers, Durable Goods - 4.1%
          
Pool Corp. (b)
    
4,900
      
1,472,891
  
                 
Mining (except Oil and Gas) - 3.3%
          
Freeport-McMoRan, Inc.
    
31,010
      
1,193,265
  
                 
Miscellaneous Manufacturing - 6.3%
          
Johnson & Johnson
    
2,570
      
398,890
  
STERIS PLC
    
2,005
      
491,646
  
Stryker Corp.
    
3,675
      
1,406,202
  
             
2,296,738
  
                 
Performing Arts, Spectator Sports, and Related Industries - 2.6%
          
Caesars Entertainment, Inc. (a)(b)
    
34,780
      
934,886
  
                 
Petroleum and Coal Products Manufacturing - 1.0%
          
Chevron Corp.
    
2,555
      
349,269
  
                 
Professional, Scientific, and Technical Services - 3.7%
          
IDEXX Laboratories, Inc. (a)
    
2,645
      
1,357,837
  
                 
Publishing Industries - 1.5%
          
Microsoft Corp.
    
1,140
      
524,810
  
                 
Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 4.4%
          
Amazon.com, Inc. (a)
    
7,880
      
1,615,479
  
                 
Support Activities for Mining - 2.8%
          
Atlas Energy Solutions, Inc. (b)
    
83,430
      
1,013,674
  
                 
Support Activities for Transportation - 3.0%
          
J.B. Hunt Transport Services, Inc.
    
7,920
      
1,099,692
  
                 
Telecommunications - 1.2%
          
Verizon Communications, Inc.
    
10,155
      
446,414
  
                 
Transportation Equipment Manufacturing - 1.3%
          
Lockheed Martin Corp.
    
1,000
      
482,380
  
                 
Waste Management and Remediation Services - 1.6%
          
Republic Services, Inc.
    
2,300
      
591,767
  
                 
Water Transportation - 2.0%
          
Tidewater, Inc. (a)(b)
    
18,575
      
737,613
  
TOTAL COMMON STOCKS (Cost $22,787,077)
      
30,678,260
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.0%
  
Shares
    
Value
 
Warehousing and Storage - 3.0%
          
Lineage, Inc. (b)
    
25,450
      
1,086,461
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $1,665,112)
      
1,086,461
  
                 
CONVERTIBLE PREFERRED STOCKS - 1.2%
  
Shares
    
Value
 
Credit Intermediation and Related Activities - 1.2%
          
Bank of America Corp., Series L, 7.25%, Perpetual
    
360
      
417,960
  
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $452,144)
      
417,960
  
                 
SHORT-TERM INVESTMENTS - 32.8%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 21.5%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% (e)
    
7,849,949
      
7,849,949
  
                 
Money Market Funds - 11.3%
  
Shares
          
Invesco Government & Agency Portfolio - Class Institutional, 4.24% (e)
    
4,108,832
      
4,108,832
  
TOTAL SHORT-TERM INVESTMENTS (Cost $11,958,781)
      
11,958,781
  
                 
TOTAL INVESTMENTS - 121.2% (Cost $36,863,114)
      
44,141,462
  
Liabilities in Excess of Other Assets - (21.2)%
      
(7,723,022
)
TOTAL NET ASSETS - 100.0%
          
$
36,418,440
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

LLC - Limited Liability Company
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $7,597,064.
(c)
Represents less than 0.05% of net assets.
(d)
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 May 31, 2025.
(e)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Villere Equity Fund (the "Fund") has adopted fair value accounting standards which establish a 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. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
30,678,260
    
$
–
    
$
0
    
$
30,678,260
  
  Real Estate Investment Trusts - Common
    
1,086,461
      
–
      
–
      
1,086,461
  
  Convertible Preferred Stocks
    
417,960
      
–
      
–
      
417,960
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
7,849,949
  
  Money Market Funds
    
4,108,832
      
–
      
–
      
4,108,832
  
Total Investments
  
$
36,291,513
    
$
–
    
$
0
    
$
44,141,462
  
   
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)
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 $7,849,949 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 May 31, 2025
  
$
0
  
Change in unrealized appreciation/depreciation for Level 3 investments held at May 31, 2025
  
$
-
  

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
5/31/25
Valuation
Techniques
Unobservable
Input
Input
Value(s)
Common Stock
$0.00
Issue Price
Market Data
$0.00