Poplar Forest Partners Fund
     
Schedule of Investments
     
at June 30, 2022 (Unaudited)
     
           
Shares
     
Value
 
   
COMMON STOCKS - 97.1%
     
   
Aerospace & Defense - 2.1%
     
 
53,500
 
Curtiss-Wright Corp.
 
$
7,065,210
 
               
     
Air Freight & Logistics - 3.0%
       
 
44,200
 
FedEx Corp.
   
10,020,582
 
               
     
Banks - 5.9%
       
 
143,000
 
Citigroup, Inc.
   
6,576,570
 
 
327,000
 
Wells Fargo & Co.
   
12,808,590
 
           
19,385,160
 
     
Biotechnology - 4.6%
       
 
65,000
 
United Therapeutics Corp. (b)
   
15,316,600
 
               
     
Commercial Services & Supplies - 2.0%
       
 
247,000
  MillerKnoll, Inc.    
6,488,690
 
               
     
Consumer Finance - 3.0%
       
 
296,000
 
Ally Financial, Inc.
   
9,918,960
 
               
     
Diversified Financial Services - 3.9%
       
 
490,000
 
Equitable Holdings, Inc.
   
12,774,300
 
               
     
Diversified Telecommunication Services - 4.3%
       
 
685,000
 
AT&T, Inc.
   
14,357,600
 
               
     
Entertainment - 0.9%
       
 
228,500
 
Warner Bros. Discovery, Inc. (b)
   
3,066,470
 
               
     
Food Products - 2.8%
       
 
266,500
 
Conagra Brands, Inc.
   
9,124,960
 
               
     
Gas Utilities - 4.2%
       
 
212,000
 
National Fuel Gas Co.
   
14,002,600
 
               
     
Health Care Providers & Services - 8.3%
       
 
105,000
 
AmerisourceBergen Corp.
   
14,855,400
 
 
137,500
 
CVS Health Corp.
   
12,740,750
 
           
27,596,150
 
     
Hotels, Restaurants & Leisure - 3.2%
       
 
311,500
 
Las Vegas Sands Corp. (b)
   
10,463,285
 
               
     
Household Durables - 2.1%
       
 
360,000
 
Newell Brands, Inc.
   
6,854,400
 
               
     
Insurance - 9.2%
       
 
112,000
 
Allstate Corp.
   
14,193,760
 
 
250,500
 
American International Group, Inc.
   
12,808,065
 
 
71,500
 
Lincoln National Corp.
   
3,344,055
 
           
30,345,880
 
     
IT Services - 6.8%
       
 
303,000
 
DXC Technology Co. (b)
   
9,183,930
 
 
95,000
 
International Business Machines Corp.
   
13,413,050
 
           
22,596,980
 
     
Machinery - 1.9%
       
 
468,000
 
CNH Industrial NV (a)
   
5,424,120
 
 
144,000
 
Iveco Group N.V. (a) (b)
   
753,984
 
           
6,178,104
 
     
Multi-line Retail - 4.2%
       
 
88,500
 
Dollar Tree, Inc. (b)
   
13,792,725
 
               
     
Oil, Gas & Consumable Fuels - 7.0%
       
 
105,000
 
Chevron Corp.
   
15,201,900
 
 
260,000
 
Murphy Oil Corp.
   
7,849,400
 
           
23,051,300
 
     
Pharmaceuticals - 10.4%
       
 
135,000
 
Merck & Co., Inc.
   
12,307,950
 
 
316,500
 
Organon & Co.
   
10,681,875
 
 
276,000
 
Perrigo Co. PLC (a)
   
11,197,320
 
           
34,187,145
 
     
Specialty Retail - 3.0%
       
 
57,500
 
Advance Auto Parts, Inc.
   
9,952,675
 
               
     
Textiles, Apparel & Luxury Goods - 2.0%
       
 
215,000
 
Tapestry, Inc.
   
6,561,800
 
               
     
Tobacco - 2.3%
       
 
78,000
 
Philip Morris International, Inc.
   
7,701,720
 
               
     
TOTAL COMMON STOCKS (Cost $253,772,419)
   
320,803,296
 
               
     
MONEY MARKET FUND - 2.8%
       
 
9,080,235
 
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 1.342% (c)
   
9,080,235
 
     
TOTAL MONEY MARKET FUND (Cost $9,080,235)
   
9,080,235
 
               
     
Total Investments in Securities (Cost $262,852,654) - 99.9%
   
329,883,531
 
     
Other Assets in Excess of Liabilities - 0.1%
   
423,595
 
     
NET ASSETS - 100.0%
 
$
330,307,126
 
               
               
(a)
 
U.S. traded security of a foreign issuer.
       
(b)
 
Non-income producing security.
       
(c)
 
Rate shown is the 7-day annualized yield 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 Partners 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
 
$
17,424,070
   
$
-
   
$
-
   
$
17,424,070
 
Consumer Discretionary
   
47,624,885
     
-
     
-
     
47,624,885
 
Consumer Staples
   
16,826,680
     
-
     
-
     
16,826,680
 
Energy
   
23,051,300
     
-
     
-
     
23,051,300
 
Financials
   
72,424,300
     
-
     
-
     
72,424,300
 
Health Care
   
77,099,895
     
-
     
-
     
77,099,895
 
Industrials
   
29,752,586
     
-
     
-
     
29,752,586
 
Information Technology
   
22,596,980
     
-
     
-
     
22,596,980
 
Utilities
   
14,002,600
     
-
     
-
     
14,002,600
 
Total Common Stocks
   
320,803,296
     
-
     
-
     
320,803,296
 
Money Market Fund
   
9,080,235
     
-
     
-
     
9,080,235
 
Total Investments in Securities
 
$
329,883,531
   
$
-
   
$
-
   
$
329,883,531
 

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