Edgar Lomax Value Fund
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Schedule of Investments
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July 31, 2022 (Unaudited)
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Shares
|
COMMON STOCKS - 95.42%
|
Value
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|||||
Beverage and Tobacco Product Manufacturing - 5.13%
|
|||||||
3,850
|
Altria Group, Inc.
|
$
|
168,861
|
||||
69,650
|
Coca-Cola Co.
|
4,469,440
|
|||||
3,300
|
PepsiCo, Inc.
|
577,368
|
|||||
5,215,669
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|||||||
Broadcasting (except Internet) - 0.09%
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|||||||
5,757
|
Warner Bros Discovery, Inc.(a)
|
86,355
|
|||||
Building Material and Garden Equipment - 0.68%
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|||||||
3,600
|
Lowe's Cos., Inc.
|
689,508
|
|||||
Chemical Manufacturing - 18.93%
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|||||||
4,300
|
AbbVie, Inc.
|
617,093
|
|||||
13,300
|
Amgen, Inc.
|
3,291,351
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|||||
9,400
|
Bristol-Myers Squibb Co.
|
693,532
|
|||||
52,850
|
Dow, Inc.
|
2,812,148
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|||||
13,650
|
Gilead Sciences, Inc.
|
815,588
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|||||
10,500
|
Johnson & Johnson
|
1,832,460
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|||||
54,900
|
Merck & Co., Inc.
|
4,904,766
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|||||
65,752
|
Pfizer, Inc.
|
3,321,134
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|||||
6,900
|
Procter & Gamble Co.
|
958,479
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|||||
19,246,551
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|||||||
Computer and Electronic Product Manufacturing - 5.85%
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|||||||
27,550
|
Cisco Systems, Inc.
|
1,249,943
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|||||
99,500
|
Intel Corp.
|
3,612,845
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|||||
11,700
|
Medtronic PLC - ADR
|
1,082,484
|
|||||
5,945,272
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|||||||
Credit Intermediation and Related Activities - 6.51%
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|||||||
2,500
|
American Express Co.
|
385,050
|
|||||
39,200
|
Bank of America Corp.
|
1,325,352
|
|||||
30,000
|
Bank of New York Mellon Corp.
|
1,303,800
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|||||
12,050
|
Capital One Financial Corp.
|
1,323,451
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|||||
9,650
|
Citigroup, Inc.
|
500,835
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3,700
|
JPMorgan Chase & Co.
|
426,832
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|||||
10,400
|
U.S. Bancorp
|
490,880
|
|||||
19,600
|
Wells Fargo & Co.
|
859,852
|
|||||
6,616,052
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|||||||
Electrical Equipment, Appliance, and Component Manufacturing - 1.15%
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|||||||
12,950
|
Emerson Electric Co.
|
1,166,407
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Food Manufacturing - 2.90%
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|||||||
48,850
|
Kraft Heinz Co.
|
1,799,146
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17,900
|
Mondelez International, Inc. - Class A
|
1,146,316
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|||||
2,945,462
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|||||||
General Merchandise Stores - 1.13%
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|||||||
7,000
|
Target Corp.
|
1,143,660
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Health and Personal Care Stores - 8.73%
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|||||||
50,800
|
CVS Health Corp.
|
4,860,544
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101,350
|
Walgreens Boots Alliance, Inc.
|
4,015,487
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|||||
8,876,031
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|||||||
Insurance Carriers and Related Activities - 4.74%
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|||||||
30,650
|
American International Group, Inc.
|
1,586,750
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30,550
|
MetLife, Inc.
|
1,932,288
|
|||||
2,400
|
UnitedHealth Group, Inc.
|
1,301,616
|
|||||
4,820,654
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|||||||
Merchant Wholesalers, Durable Goods - 2.38%
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|||||||
16,900
|
3M Co.
|
2,420,756
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Petroleum and Coal Products Manufacturing - 8.89%
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|||||||
26,400
|
Chevron Corp.
|
4,323,792
|
|||||
11,350
|
ConocoPhillips
|
1,105,831
|
|||||
37,250
|
Exxon Mobil Corp.
|
3,610,642
|
|||||
9,040,265
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Professional, Scientific, and Technical Services - 2.88%
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|||||||
22,400
|
International Business Machines Corp.
|
2,929,696
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|||||
Rail Transportation - 1.06%
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|||||||
4,750
|
Union Pacific Corp.
|
1,079,675
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Real Estate - 0.39%
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|||||||
3,650
|
Simon Property Group, Inc.
|
396,536
|
|||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.77%
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|||||||
450
|
BlackRock, Inc.
|
301,131
|
|||||
4,600
|
Goldman Sachs Group, Inc.
|
1,533,594
|
|||||
23,750
|
Morgan Stanley
|
2,002,125
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|||||
3,836,850
|
|||||||
Semiconductor and Other Electronic Component Manufacturing - 1.60%
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|||||||
900
|
Broadcom, Inc.
|
481,932
|
|||||
6,400
|
Texas Instruments, Inc.
|
1,144,896
|
|||||
1,626,828
|
|||||||
Telecommunications - 4.89%
|
|||||||
23,800
|
AT&T, Inc.
|
446,964
|
|||||
97,850
|
Verizon Communications, Inc.
|
4,519,692
|
|||||
4,966,656
|
|||||||
Transportation Equipment Manufacturing - 6.40%
|
|||||||
20,000
|
General Dynamics Corp.
|
4,533,400
|
|||||
1,600
|
Lockheed Martin Corp.
|
662,096
|
|||||
14,000
|
Raytheon Technologies Corp.
|
1,304,940
|
|||||
6,500,436
|
|||||||
Utilities - 7.32%
|
|||||||
16,900
|
Constellation Energy Corp.
|
1,117,090
|
|||||
12,500
|
Duke Energy Corp.
|
1,374,125
|
|||||
53,400
|
Exelon Corp.
|
2,482,566
|
|||||
32,050
|
Southern Co.
|
2,464,324
|
|||||
7,438,105
|
|||||||
TOTAL COMMON STOCKS (Cost $93,228,209)
|
96,987,424
|
||||||
|
MONEY MARKET FUND - 4.44%
|
|
|||||
4,513,974
|
Invesco Treasury - Institutional Class, 1.83% (b)
|
4,513,974
|
|||||
TOTAL MONEY MARKET FUND (Cost $4,513,974)
|
4,513,974
|
||||||
Total Investments in Securities (Cost $97,742,183) - 99.86%
|
101,501,398
|
||||||
Other Assets in Excess of Liabilities - 0.14%
|
145,982
|
||||||
TOTAL NET ASSETS - 100.00%
|
$
|
101,647,380
|
ADR
|
American Depository Receipt
|
|||
PLC
|
Public Limited Company
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(a)
|
Non-income producing security.
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|||
(b)
|
Rate shown is the 7-day annualized yield as of July 31, 2022.
|
Edgar Lomax Value Fund
|
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Summary of Fair Value Disclosure at July 31, 2022 (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
|
|||||||||
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 July 31, 2022:
|
Edgar Lomax Value Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
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||||||||||||
Common Stocks
|
||||||||||||||||
Finance and Insurance
|
$
|
13,950,105
|
$
|
-
|
$
|
-
|
$
|
13,950,105
|
||||||||
Information
|
5,053,011
|
-
|
-
|
5,053,011
|
||||||||||||
Management of Companies and Enterprises
|
1,323,451
|
-
|
-
|
1,323,451
|
||||||||||||
Manufacturing
|
51,607,719
|
-
|
-
|
51,607,719
|
||||||||||||
Mining, Quarrying, and Oil and Gas Extraction
|
1,105,831
|
-
|
-
|
1,105,831
|
||||||||||||
Real Estate and Rental and Leasing
|
396,536
|
-
|
-
|
396,536
|
||||||||||||
Retail Trade
|
15,032,991
|
-
|
-
|
15,032,991
|
||||||||||||
Transportation and Warehousing
|
1,079,675
|
-
|
-
|
1,079,675
|
||||||||||||
Utilities
|
7,438,105
|
-
|
-
|
7,438,105
|
||||||||||||
Total Common Stocks
|
96,987,424
|
-
|
-
|
96,987,424
|
||||||||||||
Money Market Fund
|
4,513,974
|
-
|
-
|
4,513,974
|
||||||||||||
Total Investments in Securities
|
$
|
101,501,398
|
$
|
-
|
$
|
-
|
$
|
101,501,398
|
||||||||
Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.
|