Poplar Forest Partners Fund
|
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Schedule of Investments
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at December 31, 2022 (Unaudited)
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Shares
|
Value
|
||||||
COMMON STOCKS - 96.5%
|
|||||||
Aerospace & Defense - 2.6%
|
|||||||
53,500
|
Curtiss-Wright Corp.
|
$
|
8,933,965
|
||||
Air Freight & Logistics - 0.8%
|
|||||||
16,800
|
FedEx Corp.
|
2,909,760
|
|||||
Banks - 6.7%
|
|||||||
214,000
|
Citigroup, Inc.
|
9,679,220
|
|||||
327,000
|
Wells Fargo & Co.
|
13,501,830
|
|||||
23,181,050
|
|||||||
Biotechnology - 5.0%
|
|||||||
62,000
|
United Therapeutics Corp. (b)
|
17,241,580
|
|||||
Chemicals - 4.2%
|
|||||||
284,500
|
Dow Inc.
|
14,335,955
|
|||||
Commercial Services & Supplies - 1.4%
|
|||||||
221,500
|
MillerKnoll, Inc.
|
4,653,715
|
|||||
Consumer Finance - 2.1%
|
|||||||
299,000
|
Ally Financial, Inc.
|
7,310,550
|
|||||
Diversified Financial Services - 3.9%
|
|||||||
473,500
|
Equitable Holdings, Inc.
|
13,589,450
|
|||||
Diversified Telecommunication Services - 4.1%
|
|||||||
762,000
|
AT&T, Inc.
|
14,028,420
|
|||||
Entertainment - 1.5%
|
|||||||
563,000
|
Warner Bros. Discovery, Inc. (b)
|
5,337,240
|
|||||
Gas Utilities - 4.0%
|
|||||||
216,500
|
National Fuel Gas Co.
|
13,704,450
|
|||||
Health Care Providers & Services - 8.5%
|
|||||||
98,500
|
AmerisourceBergen Corp.
|
16,322,435
|
|||||
137,500
|
CVS Health Corp.
|
12,813,625
|
|||||
29,136,060
|
|||||||
Hotels, Restaurants & Leisure - 3.6%
|
|||||||
260,000
|
Las Vegas Sands Corp. (b)
|
12,498,200
|
|||||
Insurance - 9.0%
|
|||||||
112,000
|
Allstate Corp.
|
15,187,200
|
|||||
250,500
|
American International Group, Inc.
|
15,841,620
|
|||||
31,028,820
|
|||||||
IT Services - 7.2%
|
|||||||
270,000
|
DXC Technology Co. (b)
|
7,155,000
|
|||||
54,000
|
Fidelity National Information Services, Inc.
|
3,663,900
|
|||||
99,000
|
International Business Machines Corp.
|
13,948,110
|
|||||
24,767,010
|
|||||||
Machinery - 2.2%
|
|||||||
463,000
|
CNH Industrial NV (a)
|
7,435,780
|
|||||
Multi-line Retail - 3.6%
|
|||||||
88,500
|
Dollar Tree, Inc. (b)
|
12,517,440
|
|||||
Oil, Gas & Consumable Fuels - 6.4%
|
|||||||
83,000
|
Chevron Corp.
|
14,897,670
|
|||||
169,000
|
Murphy Oil Corp.
|
7,268,690
|
|||||
22,166,360
|
|||||||
Pharmaceuticals - 7.1%
|
|||||||
135,000
|
Merck & Co., Inc.
|
14,978,250
|
|||||
276,000
|
Perrigo Co. plc (a)
|
9,408,840
|
|||||
24,387,090
|
|||||||
Semiconductors & Semiconductor Equipment - 2.3%
|
|||||||
294,000
|
Intel Corp.
|
7,770,420
|
|||||
Specialty Retail - 3.1%
|
|||||||
71,500
|
Advance Auto Parts, Inc.
|
10,512,645
|
|||||
Textiles, Apparel & Luxury Goods - 2.7%
|
|||||||
245,000
|
Tapestry, Inc.
|
9,329,600
|
|||||
Tobacco - 4.5%
|
|||||||
153,000
|
Philip Morris International, Inc.
|
15,485,130
|
|||||
TOTAL COMMON STOCKS (Cost $255,114,107)
|
332,260,690
|
||||||
SHORT-TERM INVESTMENTS - 3.6%
|
|||||||
MONEY MARKET FUND - 1.0%
|
|||||||
3,378,691
|
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 4.093% (c)
|
3,378,691
|
|||||
TOTAL MONEY MARKET FUND (cost $3,378,691)
|
|||||||
U.S. TREASURY BILLS - 2.6%
|
|||||||
$
|
3,000,000
|
4.120%, 1/24/23 (d)
|
2,993,287
|
||||
3,000,000
|
4.128%, 2/23/23 (d)
|
2,981,967
|
|||||
3,000,000
|
4.350%, 3/30/23 (d)
|
2,969,304
|
|||||
TOTAL U.S. TREASURY BILLS (Cost $8,941,970)
|
8,944,558
|
||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $12,320,661)
|
12,323,249
|
||||||
Total Investments in Securities (Cost $267,434,768) - 100.1%
|
344,583,939
|
||||||
Liabilities in Excess of Other Assets - (0.1)%
|
(394,543
|
)
|
|||||
NET ASSETS - 100.0%
|
$
|
344,189,396
|
|||||
(a)
|
U.S. traded security of a foreign issuer.
|
||||||
(b)
|
Non-income producing security.
|
||||||
(c)
|
Rate shown is the 7-day annualized yield at December 31, 2022.
|
||||||
(d)
|
Rate shown is the discount rate at December 31, 2022.
|
The Global Industry Classification Standard (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 and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
|
Poplar Forest Partners Fund
|
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Summary of Fair Value Disclosure at December 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
|
|||||||||
States of America ("U.S. GAAP") establish 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 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 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 December 31, 2022:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
||||||||||||||||
Communication Services
|
$
|
19,365,660
|
$
|
-
|
$
|
-
|
$
|
19,365,660
|
||||||||
Consumer Discretionary
|
44,857,885
|
-
|
-
|
44,857,885
|
||||||||||||
Consumer Staples
|
15,485,130
|
-
|
-
|
15,485,130
|
||||||||||||
Energy
|
22,166,360
|
-
|
-
|
22,166,360
|
||||||||||||
Financials
|
75,109,870
|
-
|
-
|
75,109,870
|
||||||||||||
Health Care
|
70,764,730
|
-
|
-
|
70,764,730
|
||||||||||||
Industrials
|
23,933,220
|
-
|
-
|
23,933,220
|
||||||||||||
Information Technology
|
32,537,430
|
-
|
-
|
32,537,430
|
||||||||||||
Materials
|
14,335,955
|
14,335,955
|
||||||||||||||
Utilities
|
13,704,450
|
-
|
-
|
13,704,450
|
||||||||||||
Total Common Stocks
|
332,260,690
|
-
|
-
|
332,260,690
|
||||||||||||
U.S. Treasury Bills
|
-
|
8,944,558
|
8,944,558
|
|||||||||||||
Money Market Fund
|
3,378,691
|
-
|
-
|
3,378,691
|
||||||||||||
Total Investments in Securities
|
$
|
335,639,381
|
$
|
8,944,558
|
$
|
-
|
$
|
344,583,939
|
||||||||
Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.
|