Poplar Forest Partners Fund
 
Schedule of Investments
 
at December 31, 2022 (Unaudited)
 
       
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
               
Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)
         
                   
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.