Channing
Intrinsic
Value
Small-Cap
Fund
Schedule
of
Investments
April
30,
2026
-
(Unaudited)
COMMON
STOCKS
—
98.00%
Shares
Fair
Value
Communication
Services
—
4.81%
Madison
Square
Garden
Entertainment
Corp.
(a)
3,783
$
253,158
Nexstar
Media
Group,
Inc.
1,327
276,202
529,360
Consumer
Discretionary
—
12.55%
Asbury
Automotive
Group,
Inc.
(a)
820
167,026
Boyd
Gaming
Corp.
2,475
215,201
Brunswick
Corp.
3,141
249,552
Dorman
Products,
Inc.
(a)
407
45,792
Installed
Building
Products,
Inc.
371
107,052
OneSpaWorld
Holdings
Ltd.
11,811
291,260
Valvoline,
Inc.
(a)
9,179
305,018
1,380,901
Energy
—
1.64%
California
Resources
Corp.
2,640
180,206
Financials
—
21.45%
Affiliated
Managers
Group,
Inc.
881
259,604
Artisan
Partners
Asset
Management,
Inc.,
Class
A
5,959
223,105
Columbia
Banking
System,
Inc.
9,365
277,204
First
American
Financial
Corp.
4,100
287,533
Hancock
Whitney
Corp.
4,049
273,348
Independent
Bank
Corp.
2,924
228,043
Moelis
&
Co.,
Class
A
4,074
265,299
Renasant
Corp.
6,758
269,577
Wintrust
Financial
Corp.
1,837
276,597
2,360,310
Industrials
—
28.04%
Atmus
Filtration
Technologies,
Inc.
4,328
274,395
Brink's
Co.
(The)
2,202
235,064
Centuri
Holdings,
Inc.
(a)
6,260
235,376
CSW
Industrials,
Inc.
856
249,267
Gates
Industrial
Corp.
PLC
(a)
11,343
290,494
Herc
Holdings,
Inc.
2,022
256,632
Hexcel
Corp.
3,049
286,210
McGrath
RentCorp
2,534
280,134
Modine
Manufacturing
Co.
(a)
700
178,241
MSA
Safety,
Inc.
1,696
282,197
Parsons
Corp.
(a)
4,553
229,517
Timken
Co.
(The)
2,585
286,650
3,084,177
Information
Technology
—
13.25%
Advanced
Energy
Industries,
Inc.
446
171,224
Belden,
Inc.
2,291
257,692
Crane
NXT,
Inc.
6,138
274,246
Littelfuse
,
Inc.
831
335,865
Onto
Innovation,
Inc.
(a)
591
174,380
Channing
Intrinsic
Value
Small-Cap
Fund
Schedule
of
Investments
(continued)
April
30,
2026
-
(Unaudited)
COMMON
STOCKS
—
98.00%
-
(continued)
Shares
Fair
Value
Information
Technology
—
13.25%
-
continued
OSI
Systems,
Inc.
(a)
854
$
245,030
1,458,437
Materials
—
6.60%
Avient
Corp.
6,341
235,124
Axalta
Coating
Systems
Ltd.
(a)
9,074
258,065
Louisiana-Pacific
Corp.
3,223
232,668
725,857
Real
Estate
—
7.03%
Corporate
Office
Properties
Trust
8,459
264,344
Cushman
&
Wakefield
Ltd.
(a)
17,033
239,143
STAG
Industrial,
Inc.
7,010
270,446
773,933
Utilities
—
2.63%
Southwest
Gas
Holdings,
Inc.
3,079
289,580
Total
Common
Stocks
(Cost $9,079,325)
10,782,761
MONEY
MARKET
FUNDS
-
2.08%
First
American
Treasury
Obligations
Fund,
Class
X,
3.59%
(b)
228,872
228,872
Total
Money
Market
Funds
(Cost
$228,872)
228,872
Total
Investments
—
100.08%
(Cost
$9,308,197)
11,011,633
Liabilities
in
Excess
of
Other
Assets — (0.08)%
(8,572)
NET
ASSETS
—
100.00%
$
11,003,061
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
April
30,
2026.
The
sectors
shown
on
the
schedule
of
investments
are
based
on
the
Global
Industry
Classification
Standard,
or GICS®
(“GICS”).
The
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
Ultimus
Fund
Solutions,
LLC.