O'Shaughnessy Market Leaders Value Fund
  
Schedule of Investments
  
April 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.3%
  
Shares
    
Value
 
Aerospace & Defense - 5.2%
        
Lockheed Martin Corp.
    
7,575
    
$
3,618,956
  
RTX Corp.
    
58,102
      
7,328,406
  
             
10,947,362
  
                 
Air Freight & Logistics - 1.0%
          
Expeditors International of Washington, Inc.
    
20,068
      
2,205,674
  
                 
Automobiles - 1.2%
          
General Motors Co.
    
55,501
      
2,510,865
  
                 
Broadline Retail - 2.0%
          
eBay, Inc.
    
61,115
      
4,165,598
  
                 
Building Products - 3.6%
          
Builders FirstSource, Inc. (a)
    
19,031
      
2,276,679
  
Carlisle Companies, Inc.
    
14,034
      
5,325,622
  
             
7,602,301
  
                 
Capital Markets - 5.5%
          
Bank of New York Mellon Corp.
    
69,881
      
5,619,131
  
Goldman Sachs Group, Inc.
    
3,021
      
1,654,149
  
Northern Trust Corp.
    
34,623
      
3,253,869
  
State Street Corp.
    
11,011
      
970,069
  
             
11,497,218
  
                 
Chemicals - 3.7%
          
CF Industries Holdings, Inc.
    
22,804
      
1,787,150
  
DuPont de Nemours, Inc.
    
39,774
      
2,624,686
  
LyondellBasell Industries NV - Class A
    
55,848
      
3,250,912
  
             
7,662,748
  
                 
Commercial Banks - 7.1%
          
Regions Financial Corp.
    
129,378
      
2,640,605
  
Truist Financial Corp.
    
48,485
      
1,858,915
  
Wells Fargo & Co.
    
146,149
      
10,378,040
  
             
14,877,560
  
                 
Construction Materials - 1.5%
          
CRH PLC
    
32,328
      
3,084,738
  
                 
Consumer Finance - 2.8%
          
Synchrony Financial
    
113,459
      
5,894,195
  
                 
Diversified Telecommunication Services - 2.3%
          
Verizon Communications, Inc.
    
110,820
      
4,882,729
  
                 
Electronic Equipment, Instruments & Components - 1.0%
          
Jabil, Inc.
    
14,375
      
2,106,800
  
                 
Financial Services - 2.7%
          
Equitable Holdings, Inc.
    
15,372
      
760,145
  
PayPal Holdings, Inc. (a)
    
73,953
      
4,869,066
  
             
5,629,211
  
                 
Food Products - 2.6%
          
General Mills, Inc.
    
80,592
      
4,572,790
  
Kraft Heinz Co.
    
32,864
      
956,343
  
             
5,529,133
  
                 
Health Care Equipment & Supplies - 3.4%
          
Medtronic PLC
    
83,643
      
7,089,581
  
                 
Health Care Providers & Services - 3.5%
          
Centene Corp. (a)
    
28,506
      
1,706,084
  
Cigna Group
    
3,954
      
1,344,518
  
HCA Holdings, Inc.
    
4,834
      
1,668,117
  
Labcorp Holdings, Inc.
    
10,967
      
2,643,157
  
             
7,361,876
  
                 
Hotels, Restaurants & Leisure - 5.3%
          
Booking Holdings, Inc.
    
1,252
      
6,384,299
  
Expedia Group, Inc.
    
24,868
      
3,902,535
  
Marriott International, Inc. - Class A
    
3,496
      
834,076
  
             
11,120,910
  
                 
Insurance - 8.2%
          
Aflac, Inc.
    
31,272
      
3,398,641
  
American International Group, Inc.
    
54,053
      
4,406,401
  
Hartford Insurance Group, Inc.
    
6,838
      
838,817
  
MetLife, Inc.
    
94,856
      
7,149,297
  
Principal Financial Group, Inc.
    
20,202
      
1,497,978
  
             
17,291,134
  
                 
IT Services - 6.4%
          
Fidelity National Information Services, Inc.
    
104,187
      
8,218,271
  
GoDaddy, Inc. - Class A (a)
    
17,360
      
3,269,409
  
Twilio, Inc. - Class A (a)
    
20,505
      
1,983,038
  
             
13,470,718
  
                 
Machinery - 3.2%
          
Caterpillar, Inc.
    
22,059
      
6,822,187
  
                 
Media - 3.0%
          
Comcast Corp. - Class A
    
121,562
      
4,157,420
  
Fox Corp. - Class A
    
42,968
      
2,139,377
  
             
6,296,797
  
                 
Metals & Mining - 3.6%
          
Nucor Corp.
    
11,870
      
1,416,922
  
Reliance, Inc.
    
8,337
      
2,402,973
  
Steel Dynamics, Inc.
    
28,329
      
3,674,555
  
             
7,494,450
  
                 
Oil, Gas & Consumable Fuels - 8.8%
          
Chevron Corp.
    
36,990
      
5,032,859
  
ConocoPhillips
    
32,162
      
2,866,277
  
Devon Energy Corp.
    
46,565
      
1,416,042
  
EOG Resources, Inc.
    
5,425
      
598,540
  
Marathon Petroleum Corp.
    
28,554
      
3,923,605
  
Valero Energy Corp.
    
40,083
      
4,653,236
  
             
18,490,559
  
                 
Pharmaceuticals - 3.0%
          
Johnson & Johnson
    
29,937
      
4,679,452
  
Pfizer, Inc.
    
63,185
      
1,542,346
  
             
6,221,798
  
                 
Software - 2.8%
          
AppLovin Corp. - Class A (a)
    
21,443
      
5,774,814
  
                 
Technology Hardware, Storage & Peripherals - 0.8%
          
HP, Inc.
    
64,941
      
1,660,541
  
                 
Textiles, Apparel & Luxury Goods - 0.7%
          
Tapestry, Inc.
    
21,383
      
1,510,709
  
                 
Tobacco - 4.4%
          
Altria Group, Inc.
    
155,681
      
9,208,531
  
TOTAL COMMON STOCKS (Cost $188,976,572)
      
208,410,737
  
                 
TOTAL INVESTMENTS - 99.3% (Cost $188,976,572)
      
208,410,737
  
Other Assets in Excess of Liabilities - 0.7%
      
1,402,213
  
TOTAL NET ASSETS - 100.0%
          
$
209,812,950
  

     

Percentages are stated as a percent of net assets.
      

   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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. Bank Global Fund Services.
  

(a)
Non-income producing security.
Summary of Fair Value Disclosure as of April 30, 2025 (Unaudited)
 
O'Shaughnessy Market Leaders Value Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of April 30, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
Common Stocks
  
$
208,410,737
    
$
–
    
$
–
    
$
208,410,737
  
Total Investments
  
$
208,410,737
    
$
–
    
$
–
    
$
208,410,737