Poplar Forest Partners Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 95.7%
  
Shares
    
Value
 
Air Freight & Logistics - 2.9%
        
FedEx Corp.
    
38,000
    
$
8,637,780
  
                 
Banks - 4.8%
          
Citigroup, Inc.
    
168,000
      
14,300,160
  
                 
Biotechnology - 3.1%
          
United Therapeutics Corp. (a)
    
32,000
      
9,195,200
  
                 
Capital Markets - 1.2%
          
LPL Financial Holdings, Inc.
    
9,200
      
3,449,724
  
                 
Consumer Finance - 2.4%
          
Ally Financial, Inc.
    
183,000
      
7,127,850
  
                 
Consumer Staples Distribution & Retail - 3.3%
          
Dollar Tree, Inc. (a)
    
100,000
      
9,904,000
  
                 
Distributors - 3.0%
          
Genuine Parts Co.
    
74,000
      
8,976,940
  
                 
Diversified Telecommunication Services - 5.6%
          
AT&T, Inc.
    
582,000
      
16,843,080
  
                 
Electrical Equipment - 1.6%
          
Sensata Technologies Holding PLC
    
157,500
      
4,742,325
  
                 
Electronic Equipment, Instruments & Components - 2.3%
          
Vishay Intertechnology, Inc.
    
430,000
      
6,828,400
  
                 
Financial Services - 5.9%
          
Equitable Holdings, Inc.
    
265,000
      
14,866,500
  
Global Payments, Inc.
    
35,000
      
2,801,400
  
             
17,667,900
  
                 
Food Products - 3.8%
          
Tyson Foods, Inc. - Class A
    
205,500
      
11,495,670
  
                 
Gas Utilities - 5.6%
          
National Fuel Gas Co.
    
199,000
      
16,857,290
  
                 
Health Care Providers & Services - 12.0%
          
Cencora, Inc.
    
47,000
      
14,092,950
  
CVS Health Corp.
    
188,500
      
13,002,730
  
Humana, Inc.
    
36,300
      
8,874,624
  
             
35,970,304
  
                 
Hotels, Restaurants & Leisure - 2.3%
          
Las Vegas Sands Corp.
    
158,000
      
6,874,580
  
                 
Insurance - 5.1%
          
Allstate Corp.
    
76,000
      
15,299,560
  
                 
IT Services - 4.4%
          
International Business Machines Corp.
    
44,500
      
13,117,710
  
                 
Machinery - 1.8%
          
Stanley Black & Decker, Inc.
    
80,000
      
5,420,000
  
                 
Metals & Mining - 3.2%
          
Nucor Corp.
    
73,000
      
9,456,420
  
                 
Multi-Utilities - 4.2%
          
Dominion Energy, Inc.
    
222,000
      
12,547,440
  
                 
Oil, Gas & Consumable Fuels - 6.0%
          
Chevron Corp.
    
83,400
      
11,942,046
  
Murphy Oil Corp.
    
264,000
      
5,940,000
  
             
17,882,046
  
                 
Pharmaceuticals - 4.0%
          
Merck & Co., Inc.
    
151,000
      
11,953,160
  
                 
Professional Services - 2.1%
          
CACI International, Inc. - Class A (a)
    
13,200
      
6,292,440
  
                 
Semiconductors & Semiconductor Equipment - 2.0%
          
Intel Corp.
    
271,000
      
6,070,400
  
                 
Textiles, Apparel & Luxury Goods - 3.1%
          
Tapestry, Inc.
    
104,000
      
9,132,240
  
TOTAL COMMON STOCKS (Cost $203,253,976)
      
286,042,619
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7%
  
Shares
    
Value
 
Residential REITs - 1.7%
          
Sun Communities, Inc.
    
39,300
      
4,971,057
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $4,491,874)
      
4,971,057
  
                 
SHORT-TERM INVESTMENTS - 2.5%
  
Shares
    
Value
 
Money Market Funds - 2.5%
                
First American Treasury Obligations Fund - Class X, 4.24% (b)
    
729,499
      
729,499
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Class Institutional, 4.17% (b)
    
6,813,202
      
6,813,202
  
TOTAL SHORT-TERM INVESTMENTS (Cost $7,542,701)
      
7,542,701
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $215,288,551)
      
298,556,377
  
Other Assets in Excess of Liabilities - 0.1%
      
279,493
  
TOTAL NET ASSETS - 100.0%
          
$
298,835,870
  
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.
  

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.
Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Poplar Forest Partners 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
  
$
286,042,619
    
$
–
    
$
–
    
$
286,042,619
  
  Real Estate Investment Trusts - Common
    
4,971,057
      
–
      
–
      
4,971,057
  
  Money Market Funds
    
7,542,701
      
–
      
–
      
7,542,701
  
Total Investments
  
$
298,556,377
    
$
–
    
$
–
    
$
298,556,377