Poplar Forest Cornerstone Fund
     
Schedule of Investments
     
at June 30, 2022 (Unaudited)
     
           
Shares
     
Value
 
   
COMMON STOCKS - 70.9%
     
   
Aerospace & Defense - 2.2%
     
 
5,000
 
Curtiss-Wright Corp.
 
$
660,300
 
               
     
Air Freight & Logistics - 2.5%
       
 
3,350
 
FedEx Corp.
   
759,479
 
               
     
Banks - 3.3%
       
 
10,000
 
Citigroup, Inc.
   
459,900
 
 
14,200
 
Wells Fargo & Co.
   
556,214
 
           
1,016,114
 
     
Biotechnology - 3.1%
       
 
4,000
 
United Therapeutics Corp. (a)
   
942,560
 
               
     
Commercial Services & Supplies - 1.7%
       
 
20,100
 
MillerKnoll, Inc.
   
528,027
 
               
     
Consumer Finance - 2.0%
       
 
18,000
 
Ally Financial, Inc.
   
603,180
 
               
     
Diversified Financial Services - 3.0%
       
 
4,021
 
Apollo Global Management, Inc.
   
194,938
 
 
27,100
 
Equitable Holdings, Inc.
   
706,497
 
           
901,435
 
     
Diversified Telecommunication Services - 2.7%
       
 
39,300
 
AT&T, Inc.
   
823,728
 
               
     
Entertainment - 0.9%
       
 
21,100
 
Warner Bros. Discovery, Inc. (a)
   
283,162
 
               
     
Food Products - 2.5%
       
 
22,300
 
Conagra Brands, Inc.
   
763,552
 
               
     
Gas Utilities - 2.6%
       
 
11,900
 
National Fuel Gas Co.
   
785,995
 
               
     
Health Care Providers & Services - 6.5%
       
 
6,500
 
AmerisourceBergen Corp.
   
919,620
 
 
7,300
 
CVS Health Corp.
   
676,418
 
  800
  Elevance Health, Inc.     386,064
 
           
1,982,102
 
     
Hotels, Restaurants & Leisure - 2.6%
       
 
23,300
 
Las Vegas Sands Corp. (a)
   
782,647
 
               
     
Household Durables - 1.8%
       
 
29,000
 
Newell Brands, Inc.
   
552,160
 
               
     
Insurance - 5.7%
       
 
6,300
 
Allstate Corp.
   
798,399
 
 
12,400
 
American International Group, Inc.
   
634,012
 
 
6,600
 
Lincoln National Corp.
   
308,682
 
           
1,741,093
 
     
IT Services - 4.4%
       
 
19,500
 
DXC Technology Co. (a)
   
591,045
 
 
5,200
 
International Business Machines Corp.
   
734,188
 
           
1,325,233
 
     
Machinery - 1.6%
       
 
39,600
 
CNH Industrial NV (c)
   
458,964
 
 
8,340
 
Iveco Group N.V. (a)(c)
   
43,668
 
           
502,632
 
     
Multi-line Retail - 2.5%
       
 
4,900
 
Dollar Tree, Inc. (a)
   
763,665
 
               
     
Oil, Gas & Consumable Fuels - 4.4%
       
 
4,600
 
Chevron Corp.
   
665,988
 
 
22,100
 
Murphy Oil Corp.
   
667,199
 
           
1,333,187
 
     
Pharmaceuticals - 8.1%
       
 
9,100
 
Merck & Co., Inc.
   
829,647
 
 
23,600
 
Organon & Co.
   
796,500
 
 
20,900
 
Perrigo Co. PLC (c)
   
847,913
 
           
2,474,060
 
     
Software - 0.9%
       
 
2,500
 
VMware, Inc.
   
284,950
 
               
     
Specialty Retail - 1.8%
       
 
3,200
 
Advance Auto Parts, Inc.
   
553,888
 
               
     
Textiles, Apparel & Luxury Goods - 2.0%
       
 
19,700
 
Tapestry, Inc.
   
601,244
 
               
     
Tobacco - 2.1%
       
 
6,500
 
Philip Morris International, Inc.
   
641,810
 
               
     
TOTAL COMMON STOCKS (Cost $17,851,642)
   
21,606,203
 
               
     
PREFERRED STOCK - 1.8%
       
     
Consumer Finance - 1.8%
       
 
700,000
 
Ally Financial, Inc. - Series B, 4.70%
   
557,298
 
     
TOTAL PREFERRED STOCK (Cost $713,347)
   
557,298
 
               
Principal Amount
     
Value
 
     
CORPORATE BONDS - 9.7%
       
     
Banks - 2.3%
       
     
Citizens Financial Group, Inc.
       
$
700,000
 
3.750%, 7/1/24
   
690,434
 
     
Food Products - 2.3%
       
     
McCormick & Company, Inc.
       
 
715,000
 
3.500%, 9/1/23
   
712,135
 
     
Professional Services - 2.5%
       
     
Equifax, Inc.
       
 
750,000
 
3.300%, 12/15/22
   
750,807
 
     
Specialty Retail - 2.6%
       
     
Dick's Sporting Goods, Inc.
       
 
1,000,000
 
3.150%, 1/15/32
   
793,918
 
     
TOTAL CORPORATE BONDS (Cost $3,014,409)
   
2,947,294
 
               
     
U.S. TREASURY NOTES - 11.6%
       
     
U.S. Treasury Floating Rate Note
       
 
650,000
 
1.807%, (USBMMY3M + 0.049%), 1/31/23 (d)
   
651,072
 
     
U.S. Treasury Note TIPS
       
 
852,306
 
0.125%, 7/15/24
   
861,571
 
 
847,680
 
0.250%, 7/15/29
   
825,158
 
     
U.S. Treasury Notes
       
 
310,000
 
0.500%, 11/30/23
   
299,719
 
 
145,000
 
0.750%, 12/31/23
   
140,387
 
 
165,000
 
0.875%, 1/31/24
   
159,799
 
 
165,000
 
1.500%, 2/29/24
   
161,243
 
 
145,000
 
2.250%, 3/31/24
   
143,303
 
 
300,000
 
2.625%, 4/15/25
   
297,070
 
     
TOTAL U.S. TREASURY NOTES (Cost $3,580,493)
   
3,539,322
 
               
     
SHORT-TERM INVESTMENTS - 5.9%
       
     
MONEY MARKET FUND - 1.2%
       
 
362,874
 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 1.342% (b)
   
362,874
 
     
TOTAL MONEY MARKET FUND (cost $362,874)
       
               
     
U.S. TREASURY BILLS - 4.7%
       
$
330,000
 
0.50%, 8/4/22 (e)
   
329,637
 
 
165,000
 
0.67%, 9/1/22 (e)
   
164,570
 
 
175,000
 
0.50%, 10/6/22 (e)
   
174,184
 
 
175,000
 
0.16%, 11/3/22 (e)
   
173,803
 
 
155,000
 
0.24%, 12/1/22 (e)
   
153,552
 
 
145,000
 
0.39%, 12/29/22 (e)
   
143,239
 
 
165,000
 
1.15%, 2/23/23 (e)
   
162,449
 
 
145,000
 
1.59%, 3/23/23 (e)
   
142,514
 
     
TOTAL U.S. TREASURY BILLS (Cost $1,451,131)
   
1,443,948
 
     
TOTAL SHORT-TERM INVESTMENTS (Cost $1,814,005)
   
1,806,822
 
               
     
Total Investments in Securities (Cost $26,973,896) - 99.9%
   
30,456,939
 
     
Other Assets in Excess of Liabilities - 0.1%
   
41,004
 
     
NET ASSETS - 100.0%
 
$
30,497,943
 

   
TIPS - Treasury Inflation Protected Securities
     
   
USBMMY3M - U.S. Treasury 3 Month Bill Money Market Fund
     
(a)
 
Non-income producing security.
     
(b)
 
Rate shown is the 7-day annualized yield at June 30, 2022.
     
(c)
 
U.S. traded security of a foreign issuer.
     
(d)
 
Variable or floating rate security based on a reference index and spread. The rate reported
 
   
is the rate in effect as of June 30, 2022.
     
(e)
 
Rate shown is the discount rate at June 30, 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 Cornerstone Fund
             
Summary of Fair Value Disclosure at June 30, 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 June 30, 2022:
   

   
Level 1
   
Level 2
   
Level 3
   
Total
 
                         
Common Stocks
                       
Communication Services
 
$
1,106,890
   
$
-
   
$
-
   
$
1,106,890
 
Consumer Discretionary
   
3,253,604
     
-
     
-
     
3,253,604
 
Consumer Staples
   
1,405,362
     
-
     
-
     
1,405,362
 
Energy
   
1,333,187
     
-
     
-
     
1,333,187
 
Financials
   
4,261,822
     
-
     
-
     
4,261,822
 
Health Care
   
5,398,722
     
-
     
-
     
5,398,722
 
Industrials
   
2,450,438
     
-
     
-
     
2,450,438
 
Information Technology
   
1,610,183
     
-
     
-
     
1,610,183
 
Utilities
   
785,995
     
-
     
-
     
785,995
 
Total Common Stocks
   
21,606,203
     
-
     
-
     
21,606,203
 
Preferred Stock
   
-
     
557,298
     
-
     
557,298
 
Fixed Income
                               
Corporate Bonds
   
-
     
2,947,294
     
-
     
2,947,294
 
U.S. Treasury Notes
   
-
     
3,539,322
     
-
     
3,539,322
 
Total Fixed Income
   
-
     
6,486,616
     
-
     
6,486,616
 
Short-Term Investments
   
362,874
     
1,443,948
     
-
     
1,806,822
 
Total Investments in Securities
 
$
21,969,077
   
$
8,487,862
   
$
-
   
$
30,456,939
 

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.