|
Akre Focus Fund
|
||||||
|
SCHEDULE OF INVESTMENTS at April 30, 2023 (Unaudited)
|
||||||
|
Shares
|
|
Value
|
||||
|
COMMON STOCKS: 94.6%
|
||||||
|
Capital Markets: 24.4%
|
||||||
|
3,600,000
|
Brookfield Asset Management Ltd. - Class A
|
$
|
120,780,000
|
|||
|
17,500,000
|
Brookfield Corp. - Class A
|
568,050,000
|
||||
|
14,526,670
|
KKR & Co., Inc.
|
770,930,377
|
||||
|
5,222,244
|
Moody’s Corp.
|
1,635,189,041
|
||||
|
3,094,949,418
|
||||||
|
Financial Services: 24.0%
|
||||||
|
5,000,000
|
Mastercard, Inc. - Class A
|
1,900,150,000
|
||||
|
4,900,000
|
Visa, Inc. - Class A
|
1,140,377,000
|
||||
|
3,040,527,000
|
||||||
|
Life Sciences Tools & Services: 3.3%
|
||||||
|
1,750,000
|
Danaher Corp.
|
414,592,500
|
||||
|
Professional Services: 4.2%
|
||||||
|
6,850,530
|
CoStar Group, Inc. 1
|
527,148,284
|
||||
|
Software: 22.0%
|
||||||
|
1,100,000
|
Adobe, Inc. 1
|
415,316,000
|
||||
|
628,500
|
Constellation Software, Inc.
|
1,230,150,105
|
||||
|
1,885,741
|
Lumine Group, Inc. 1
|
25,401,167
|
||||
|
1,600,600
|
Roper Technologies, Inc.
|
727,920,868
|
||||
|
6,000,000
|
Topicus.com, Inc. 1
|
399,675,241
|
||||
|
2,798,463,381
|
||||||
|
Specialized REITs: 9.4%
|
||||||
|
5,843,653
|
American Tower Corp. - REIT
|
1,194,384,237
|
||||
|
Specialty Retail: 7.3%
|
||||||
|
2,400,000
|
CarMax, Inc. 1
|
168,072,000
|
||||
|
831,585
|
O’Reilly Automotive, Inc. 1
|
762,821,236
|
||||
|
930,893,236
|
||||||
|
TOTAL COMMON STOCKS
|
||||||
|
(Cost $4,302,852,852)
|
12,000,958,056
|
|||||
|
CONVERTIBLE PREFERRED STOCKS: 0.6%
|
||||||
|
Capital Markets: 0.6%
|
||||||
|
1,100,000
|
KKR & Co., Inc., 6.000%
|
70,257,000
|
||||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
|
||||||
|
(Cost $55,000,000)
|
70,257,000
|
|||||
|
Principal Amount
|
|
|||||
|
SHORT-TERM INVESTMENTS: 2.7%
|
||||||
|
U.S. Treasury Bills: 2.7%
|
||||||
|
United States Treasury Bill
|
||||||
|
$
|
350,000,000
|
4.782%, 06/01/2023 2
|
348,713,823
|
|||
|
TOTAL SHORT-TERM INVESTMENTS
|
||||||
|
(Cost $348,575,937)
|
348,713,823
|
|||||
|
TOTAL INVESTMENTS IN SECURITIES: 97.9%
|
||||||
|
(Cost $4,706,428,789)
|
12,419,928,879
|
|||||
|
Other Assets in Excess of Liabilities: 2.1%
|
271,009,833
|
|||||
|
TOTAL NET ASSETS: 100.0%
|
$
|
12,690,938,712
|
||||
|
REIT - Real Estate Investment Trust
|
||||||
|
1
|
Non-income producing security.
|
|||||
|
2
|
Rate represents the yield to maturity from purchase price.
|
|||||
|
The Global Industry Classification Standard (“GICS®”) sector and industry classifications were developed by and/or are 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 the Akre Focus Fund’s (the “Fund”) administrator, U.S. Bancorp Fund Services, LLC.
|
||||||
|
Affiliates
Common Stocks |
Share Balance
April 30, 2023 |
Value
July 31, 2022 |
Acquisitions
|
Dispositions
|
Realized Gain (Loss)
|
Change in
Unrealized
Appreciation/
Depreciation
|
Value
April 30, 2023 |
Dividend
Income
|
|||||||||||||||||||||||
|
Topicus.com Inc. 1,2
|
6,000,000
|
$
|
336,499,649
|
$
|
6,032,425
|
$
|
-
|
$
|
-
|
$
|
57,143,167
|
$
|
399,675,241
|
$
|
-
|
||||||||||||||||
|
Total
|
$
|
-
|
$
|
57,143,167
|
$
|
399,675,241
|
$
|
-
|
|||||||||||||||||||||||
|
1 Non-income producing security.
|
||||||||
|
2 Security was not considered an affiliate at April 30, 2023, but was considered an affiliate at July
31, 2022.
|
||||||||
|
The Fund did not have investments in majority-owned subsidiaries or controlled companies.
|
||||||||
|
Akre Focus Fund
|
||||||
|
Summary of Fair Value Exposure at April 30, 2023 (Unaudited)
|
||||||
|
|
|
|
|
|
|
|
|
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP (Generally Accepted Accounting Principles) establishes a hierarchy that
prioritizes inputs to valuation methods. The three levels of inputs are:
|
||||||
|
|
|
|
|
|
|
|
|
• 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 spreads, 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 would be based on the best information available. |
||||||
|
|
|
|
|
|
|
|
|
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2023. See the Schedule of Investments for an industry breakout.
|
||||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||
|
Common Stocks
|
$
|
12,000,958,056
|
$
|
-
|
$
|
-
|
$
|
12,000,958,056
|
|||||||
|
Convertible Preferred Stocks
|
70,257,000
|
-
|
-
|
70,257,000
|
|||||||||||
|
Short-Term Investments
|
-
|
348,713,823
|
-
|
348,713,823
|
|||||||||||
|
Total Investments in Securities
|
$
|
12,071,215,056
|
$
|
348,713,823
|
$
|
-
|
$
|
12,419,928,879
|
|||||||