Poplar Forest Cornerstone Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 58.2%
Shares
  
Value
 
Air Freight & Logistics - 2.0%
      
FedEx Corp.
    
2,900
    
$
659,199
  
                 
Banks - 2.9%
          
Citigroup, Inc.
    
11,000
      
936,320
  
                 
Biotechnology - 1.7%
          
United Therapeutics Corp. (a)
    
1,900
      
545,965
  
                 
Capital Markets - 1.3%
          
LPL Financial Holdings, Inc.
    
1,100
      
412,467
  
                 
Consumer Finance - 1.6%
          
Ally Financial, Inc.
    
13,200
      
514,140
  
                 
Consumer Staples Distribution & Retail - 2.2%
          
Dollar Tree, Inc. (a)
    
7,200
      
713,088
  
                 
Distributors - 2.2%
          
Genuine Parts Co.
    
5,900
      
715,729
  
                 
Diversified Telecommunication Services - 2.7%
          
AT&T, Inc.
    
30,000
      
868,200
  
                 
Electrical Equipment - 0.9%
          
Sensata Technologies Holding PLC
    
9,900
      
298,089
  
                 
Electronic Equipment, Instruments & Components - 1.6%
          
Vishay Intertechnology, Inc.
    
31,700
      
503,396
  
                 
Financial Services - 3.6%
          
Equitable Holdings, Inc.
    
15,000
      
841,500
  
Global Payments, Inc.
    
3,900
      
312,156
  
             
1,153,656
  
                 
Food Products - 2.3%
          
Tyson Foods, Inc. - Class A
    
13,500
      
755,190
  
                 
Gas Utilities - 2.8%
          
National Fuel Gas Co.
    
10,500
      
889,455
  
                 
Health Care Providers & Services - 7.4%
          
Cencora, Inc.
    
3,000
      
899,550
  
CVS Health Corp.
    
12,000
      
827,760
  
Humana, Inc.
    
2,700
      
660,096
  
             
2,387,406
  
                 
Hotels, Restaurants & Leisure - 1.5%
          
Las Vegas Sands Corp.
    
11,000
      
478,610
  
                 
Insurance - 1.2%
          
Allstate Corp.
    
2,000
      
402,620
  
                 
IT Services - 3.0%
          
International Business Machines Corp.
    
3,300
      
972,774
  
                 
Machinery - 1.1%
          
Stanley Black & Decker, Inc.
    
5,000
      
338,750
  
                 
Metals & Mining - 2.2%
          
Nucor Corp.
    
5,400
      
699,516
  
                 
Multi-Utilities - 2.5%
          
Dominion Energy, Inc.
    
14,000
      
791,280
  
                 
Oil, Gas & Consumable Fuels - 3.4%
          
Chevron Corp.
    
5,000
      
715,950
  
Murphy Oil Corp.
    
16,500
      
371,250
  
             
1,087,200
  
                 
Pharmaceuticals - 2.9%
          
Merck & Co., Inc.
    
11,600
      
918,256
  
                 
Professional Services - 1.9%
          
CACI International, Inc. - Class A (a)
    
1,250
      
595,875
  
                 
Semiconductors & Semiconductor Equipment - 1.2%
          
Intel Corp.
    
17,600
      
394,240
  
                 
Textiles, Apparel & Luxury Goods - 2.1%
          
Tapestry, Inc.
    
7,600
      
667,356
  
TOTAL COMMON STOCKS (Cost $13,565,917)
      
18,698,777
  
                 
CORPORATE BONDS - 16.4%
Par
  
Value
  
Computer Services - 1.3%
  
Accenture Capital, Inc., 4.25%, 10/04/2031
  
$
200,000
      
198,111
  
Peraton Enterprise Solutions LLC, 7.45%, 10/15/2029
    
200,000
      
217,481
  
             
415,592
  
                 
Electric Utilities - 3.6%
  
Dominion Energy South Carolina, Inc., 4.25%, 08/15/2028
    
300,000
      
298,420
  
DTE Electric Co., 3.00%, 03/01/2032
    
700,000
      
637,013
  
PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055
    
200,000
      
207,880
  
             
1,143,313
  
                 
Food Products - 2.7%
  
Kellanova, 5.75%, 05/16/2054
    
865,000
      
854,146
  
                 
Gas Utilities - 2.4%
  
National Fuel Gas Co., 3.95%, 09/15/2027
    
800,000
      
787,951
  
                 
Oil, Gas & Consumable Fuels - 2.6%
  
Murphy Oil Corp., 6.00%, 10/01/2032
    
875,000
      
835,159
  
                 
Pharmaceuticals - 2.4%
  
Bristol-Myers Squibb Co., 6.13%, 05/01/2038
    
725,000
      
768,536
  
                 
Specialty Retail - 1.4%
  
Dick's Sporting Goods, Inc., 3.15%, 01/15/2032
    
500,000
      
448,407
  
TOTAL CORPORATE BONDS (Cost $5,254,799)
      
5,253,104
  
                 
U.S. TREASURY SECURITIES - 11.2%
Par
  
Value
  
U.S. Treasury Note TIPS, 0.25%, 07/15/2029
    
940,590
      
903,511
  
United States Treasury Note/Bond
  
4.38%, 07/31/2026
    
875,000
      
878,623
  
4.13%, 07/31/2031
    
600,000
      
606,961
  
4.38%, 05/15/2034
    
500,000
      
508,027
  
3.88%, 02/15/2043
    
270,000
      
242,051
  
4.13%, 08/15/2053
    
500,000
      
447,500
  
TOTAL U.S. TREASURY SECURITIES (Cost $3,669,546)
      
3,586,673
  
                 
U.S. GOVERNMENT AGENCY ISSUES - 2.3%
Par
  
Value
  
Federal Farm Credit Banks Funding Corp
  
5.33%, 12/23/2033
    
250,000
      
250,052
  
5.49%, 09/19/2039
    
250,000
      
248,461
  
Federal Home Loan Banks, 5.05%, 07/16/2035
    
250,000
      
250,030
  
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $748,125)
      
748,543
  
                 
PREFERRED STOCKS - 2.1%
Shares
  
Value
 
Consumer Finance - 2.1%
          
Ally Financial, Inc., Series B, 4.70% to 05/15/2026 then 5 yr. CMT Rate + 3.87%, Perpetual
    
700,000
      
676,956
  
TOTAL PREFERRED STOCKS (Cost $713,344)
      
676,956
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.1%
Shares
  
Value
 
Residential REITs - 1.1%
          
Sun Communities, Inc.
    
2,800
      
354,172
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $307,939)
      
354,172
  
                 
MUNICIPAL BONDS - 0.6%
Par
  
Value
  
Idaho Housing & Finance Association, 5.10%, 01/01/2032
  
$
200,000
      
202,951
  
TOTAL MUNICIPAL BONDS (Cost $201,989)
      
202,951
  
                 
SHORT-TERM INVESTMENTS - 8.6%
Shares
  
Value
 
Money Market Funds - 3.7%
                
First American Treasury Obligations Fund - Class X, 4.22% (b)
    
770,048
      
770,048
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Class Institutional, 4.16% (b)
    
410,362
      
410,362
  
             
1,180,410
  
                 
U.S. Treasury Bills - 4.9%
Par
          
4.45%, 08/07/2025 (c)
  
$
180,000
      
179,215
  
4.33%, 09/04/2025 (c)
    
180,000
      
178,619
  
3.93%, 10/02/2025 (c)
    
180,000
      
178,038
  
4.28%, 10/30/2025 (c)
    
180,000
      
177,472
  
4.38%, 11/28/2025 (c)
    
185,000
      
181,823
  
4.25%, 12/26/2025 (c)
    
175,000
      
171,445
  
4.22%, 02/19/2026 (c)
    
185,000
      
180,323
  
4.11%, 03/19/2026 (c)
    
180,000
      
174,919
  
4.10%, 06/11/2026 (c)
    
160,000
      
154,166
  
             
1,576,020
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,756,246)
      
2,756,430
  
                 
TOTAL INVESTMENTS - 100.5% (Cost $27,217,905)
      
32,277,606
  
Liabilities in Excess of Other Assets - (0.5)%
      
(147,541
)
TOTAL NET ASSETS - 100.0%
          
$
32,130,065
  
two
      
–
%
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.
  

CMT - Constant Maturity Treasury
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(c)
The rate shown is the annualized effective yield as of June 30, 2025.
Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Poplar Forest Cornerstone Fund (the "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 June 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    $
18,698,777
      $
–
      $
–
      $
18,698,777
  
  Corporate Bonds
    
–
      
5,253,104
      
–
      
5,253,104
  
  U.S. Treasury Securities
    
–
      
3,586,673
      
–
      
3,586,673
  
  U.S. Government Agency Issues
    
–
      
748,543
      
–
      
748,543
  
  Preferred Stocks
    
–
      
676,956
      
–
      
676,956
  
  Real Estate Investment Trusts - Common
    
354,172
      
–
      
–
      
354,172
  
  Municipal Bonds
    
–
      
202,951
      
–
      
202,951
  
  Money Market Funds
    
1,180,410
      
–
      
–
      
1,180,410
  
  U.S. Treasury Bills
    
–
      
1,576,020
      
–
      
1,576,020
  
Total Investments
    $
20,233,359
      $
12,044,247
      $
–
      $
32,277,606