NPORT-EX 2 vi_balanced.htm BALANCED SOI

Villere Balanced Fund
 
SCHEDULE OF INVESTMENTS at May 31, 2023 (Unaudited)
       
Shares
 
Value
COMMON STOCKS: 72.3%
  
Ambulatory Health Care Services: 2.2%
  
       104,155
  
Option Care Health, Inc. 1
$ 
 2,869,470
       
Amusement, Gambling & Recreation Industries: 1.9%
  
         61,649
  
Caesars Entertainment, Inc. 1
2,528,225
       
Beverage & Tobacco Product Manufacturing: 4.4%
  
         69,390
  
Monster Beverage Corp. 1
4,067,642
           9,000
  
PepsiCo, Inc.
1,641,150
     
5,708,792
Chemical Manufacturing: 5.5%
  
         24,070
  
Colgate-Palmolive Co.
1,790,327
         18,295
  
International Flavors & Fragrances, Inc.
1,414,020
         55,338
  
Ligand Pharmaceuticals, Inc. 1
3,878,087
     
7,082,434
Computer & Electronic Product Manufacturing: 7.1%
  
           5,960
  
IDEXX Laboratories, Inc. 1
2,770,029
         43,710
  
ON Semiconductor Corp. 1,2
3,654,156
           6,260
  
Roper Technologies, Inc.
2,843,417
     
9,267,602
Credit Intermediation: 12.1%
  
         48,230
  
Euronet Worldwide, Inc. 1, 2
5,372,822
         67,237
  
First Hawaiian, Inc. 2
1,108,738
       466,413
  
Kearny Financial Corp. 2
3,185,601
         27,585
  
Visa, Inc. - Class A 2
6,097,112
     
15,764,273
Gasoline Stations: 1.2%
  
         10,610
  
Chevron Corp.
1,598,078
       
Health Care Equipment Manufacturing: 12.9%
  
           9,720
  
Johnson & Johnson
1,507,183
         34,025
  
STERIS PLC
6,803,979
         13,450
  
Stryker Corp.
3,706,551
         19,885
  
Teleflex, Inc. 2
4,668,004
     
16,685,717
Insurance Carriers & Related Activities: 3.9%
  
         92,739
  
Palomar Holdings, Inc. 1
5,069,114
       
Merchant Wholesalers: 3.2%
  
       151,606
  
On Holding AG - Class A 1, 2
4,161,585
       
Mining: 5.5%
  
       206,925
  
Freeport-McMoRan, Inc. 2
7,105,805
       
Professional, Scientific & Technical Services: 3.2%
  
       148,779
  
Ebix, Inc. 2
2,963,678
       271,160
  
OmniAb, Inc. 2
1,171,411
         20,985
  
OmniAb, Inc.
–
         20,985
  
OmniAb, Inc.
–
     
4,135,089
Publishing Industries: 0.7%
  
       656,150
  
Porch Group, Inc. 1, 2
925,172
       
Sporting & Recreation Goods: 3.5%
  
         14,312
  
Pool Corp. 2
4,525,884
       
Telecommunications: 1.2%
  
         43,435
  
Verizon Communications, Inc.
1,547,589
       
Truck Transportation: 3.8%
  
         29,510
  
J.B. Hunt Transport Services, Inc. 2
4,927,285
       
TOTAL COMMON STOCKS
  
(Cost $89,112,983)
93,902,114
       
CONVERTIBLE PREFERRED STOCKS: 1.4%
  
Credit Intermediation: 1.4%
  
           1,500
  
Bank of America Corp., 7.250%
1,750,305
       
TOTAL CONVERTIBLE PREFERRED STOCKS
  
(Cost $1,883,932)
1,750,305
       
PREFERRED STOCKS: 2.0%
  
Diversified Financials: 2.0%
  
   
B Riley Financial, Inc.,
  
         47,800
  
6.750% 2
1,170,144
         72,000
  
6.500%
1,411,200
     
2,581,344
TOTAL PREFERRED STOCKS
  
(Cost $2,995,000)
2,581,344
   
Principal Amount
 
CORPORATE BONDS: 19.1%
  
Administrative & Support Services: 0.5%
  
   
Scotts Miracle-Gro Co.,
  
   
4.500%,
  
       700,000
  
10/15/29 2
597,986
Chemical Manufacturing: 1.8%
  
   
HB Fuller Co.,
  
   
4.000%,
  
    2,418,000
  
2/15/27
2,264,372
   
Kimberly-Clark Corp.,
  
   
3.200%,
  
       100,000
  
4/25/29
94,035
     
2,358,407
Computer & Electronic Product Manufacturing: 0.7%
  
   
Alphabet, Inc.,
  
   
0.800%,
  
    1,000,000
  
8/15/27
878,849
Credit Intermediation: 0.2%
  
   
Visa, Inc.,
  
   
0.750%,
  
       321,000
  
8/15/27
282,289
Fabricated Metal Product Manufacturing: 2.1%
  
   
Emerson Electric Co.,
  
   
0.875%,
  
       950,000
  
10/15/26
844,573
   
Stanley Black & Decker, Inc.,
  
   
2.300%,
  
    2,000,000
  
2/24/25
1,902,277
     
2,746,850
Insurance Carriers & Related Activities: 0.6%
  
   
Reinsurance Group of America, Inc.,
  
   
3.900%,
  
       800,000
  
5/15/29 2
740,984
Machinery Manufacturing: 0.6%
  
   
Brunswick Corp.,
  
   
4.400%,
  
       960,000
  
9/15/32 2
831,497
Merchant Wholesalers & Durable Goods: 1.4%
  
   
Avnet, Inc.,
  
   
3.000%,
  
    1,000,000
  
5/15/31
799,718
   
Hubbell, Inc.,
  
   
3.500%,
  
    1,045,000
  
2/15/28
980,952
     
1,780,670
Nonstore Retailers: 1.0%
  
   
Amazon.com, Inc.,
  
   
1.650%,
  
    1,500,000
  
5/12/28 2
1,324,020
Paper Manufacturing: 0.7%
  
   
Sonoco Products Co.,
  
   
2.250%,
  
       950,000
  
2/1/27
859,388
Primary Metal Manufacturing: 0.3%
  
   
Reliance Steel & Aluminum Co.,
  
   
1.300%,
  
       490,000
  
8/15/25
449,065
Rail Transportation: 1.3%
  
   
Union Pacific Corp.,
  
   
2.800%,
  
    2,000,000
  
2/14/32
1,734,683
Transportation Equipment Manufacturing: 2.9%
  
   
Honda Motor Co. Ltd.,
  
   
2.534%,
  
    1,200,000
  
3/10/27 2
1,118,859
   
Toyota Motor Corp.,
  
   
1.339%,
  
    2,900,000
  
3/25/26
2,651,132
     
3,769,991
Utilities: 5.0%
  
   
Duke Energy Corp.,
  
   
0.900%,
  
    1,000,000
  
9/15/25
910,779
   
NextEra Energy Capital Holdings, Inc.,
  
   
2.940%,
  
    2,000,000
  
3/21/24
1,958,378
   
Pacific Gas & Electric Co.,
  
   
4.200%,
  
       600,000
  
3/1/29
550,355
   
Public Service Enterprise Group, Inc.,
  
   
5.850%,
  
    1,500,000
  
11/15/27
1,549,918
   
The Southern Co.,
  
   
5.113%,
  
    1,500,000
  
8/1/27
1,498,272
     
6,467,702
TOTAL CORPORATE BONDS
  
(Cost $26,963,852)
24,822,381
   
Shares
 
 
 
SHORT-TERM INVESTMENTS: 5.5%
  
Money Market Funds: 5.5%
  
    7,114,248
  
Invesco Government & Agency Portfolio - Institutional Class, 4.045% 3
7,114,248
       
TOTAL SHORT-TERM INVESTMENTS
  
(Cost $7,114,248)
7,114,248
       
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING: 30.8%
  
Private Funds: 30.8%
  
40,015,082
  
Mount Vernon Liquid Assets Portfolio, 5.290% 3
40,015,082
       
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING
  
(Cost $40,015,082)
40,015,082
       
TOTAL INVESTMENTS IN SECURITIES: 131.1%
  
(Cost $168,085,097)
170,185,474
Liabilities in Excess of Other Assets: (31.1)%
(40,339,012)
TOTAL NET ASSETS: 100.0%
$
  129,846,462

 
1 
Non-income producing security.
 
 
2 
All or a portion of this security is out on loan as of May 31, 2023. Total value of securities out on loan is $38,984,837 or 30.0% of net assets.
 
 
3 
Annualized seven-day effective yield as of May 31, 2023.
 


Villere Balanced Fund
Summary of Fair Value Exposure at May 31, 2023 (Unaudited)
 
 
 
 
 
 
The Villere Balanced Fund (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis.  U.S. GAAP 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 May 31, 2023. See Schedule of Investments for industry breakouts:

Description
  
Investments
Measured at Net
Asset Value
    
Level 1
    
Level 2
    
Level 3
    
Total
 
                            
Common Stocks
  
$
-
    
$
93,902,114
    
$
-
    
$
-
    
$
93,902,114
Convertible Preferred Stock
    
-
      
1,750,305
      
-
      
-
      
1,750,305
Preferred Stock
    
-
      
2,581,344
      
-
      
-
      
2,581,344
Corporate Bonds
    
-
      
-
      
24,822,381
      
-
      
24,822,381
Short-Term Investments
    
-
      
7,114,248
      
-
      
-
      
7,114,248
Investments Purchased with Cash Proceeds from Securities Lending 1
    
40,015,082
      
-
      
-
      
-
      
40,015,082
Total Investments in Securities
  
$
40,015,082
    
$
105,348,011
    
$
24,822,381
    
$
-
    
$
170,185,474
 
                                      
1 Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been characterized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.