Poplar Forest Partners Fund
Schedule of Investments
June 30, 2026 (Unaudited)
COMMON STOCKS - 95.6%									Shares						Value
Air Freight & Logistics - 3.1%
FedEx Corp.									38,000						$        11,898,940
Banks - 5.7%
Citigroup, Inc.									157,000						21,973,720
Biotechnology - 4.9%
United Therapeutics Corp. (a)									34,400						18,638,952
Chemicals - 3.0%
International Flavors & Fragrances, Inc.									147,000						11,645,340
Consumer Finance - 2.8%
Ally Financial, Inc.									230,000						10,568,500
Consumer Staples Distribution & Retail - 2.4%
Dollar Tree, Inc. (a)									77,500						9,373,625
Distributors - 4.2%
Genuine Parts Co.									135,000						15,927,300
Diversified Telecommunication Services - 3.0%
AT&T, Inc.									565,000						11,695,500
Electrical Equipment - 1.9%
Sensata Technologies Holding PLC									153,000						7,304,220
Electronic Equipment, Instruments & Components - 2.6%
Vishay Intertechnology, Inc.									187,000						10,056,860
Financial Services - 6.1%
Equitable Holdings, Inc.									305,000						13,383,400
Global Payments, Inc.									141,000						10,230,960
															23,614,360
Food Products - 3.8%
Tyson Foods, Inc. - Class A									255,000						14,598,750
Gas Utilities - 3.9%
National Fuel Gas Co.									195,000						15,055,950
Health Care Equipment & Supplies - 3.2%
Baxter International, Inc.									577,000						12,301,640
Health Care Providers & Services - 8.9%
CVS Health Corp.									175,500						18,155,475
Humana, Inc.									40,000						15,888,800
															34,044,275

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Hotels, Restaurants & Leisure - 1.1%
Las Vegas Sands Corp.									91,500						4,226,385
Insurance - 4.5%
Allstate Corp.									72,500						17,250,650
IT Services - 2.5%
International Business Machines Corp.									34,100						9,589,261
Machinery - 3.4%
Stanley Black & Decker, Inc.									138,000						12,988,560
Metals & Mining - 3.8%
Nucor Corp.									66,000						14,701,500
Multi-Utilities - 3.8%
Dominion Energy, Inc.									214,000						14,614,060
Oil, Gas & Consumable Fuels - 1.8%
Murphy Oil Corp.									215,000						7,000,400
Pharmaceuticals - 4.1%
Merck & Co., Inc.									123,500						15,869,750
Professional Services - 6.1%
CACI International, Inc. - Class A (a)									18,000						8,338,680
Paychex, Inc.									152,000						14,946,160
															23,284,840
Semiconductors & Semiconductor Equipment - 5.0%
Intel Corp. (a)									137,500						19,199,125
TOTAL COMMON STOCKS (Cost $231,988,103)															367,422,463
REAL ESTATE INVESTMENT TRUSTS - 2.8%									Shares						Value
Health Care REITs - 2.8%
Alexandria Real Estate Equities, Inc.									204,000						10,781,400
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $11,125,927)															10,781,400
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 1.5%									Shares						Value
First American Treasury Obligations Fund - Class X, 3.58% (b)									5,679,834						5,679,834
TOTAL MONEY MARKET FUNDS (Cost $5,679,834)															5,679,834
TOTAL INVESTMENTS - 99.9% (Cost $248,793,864)															383,883,697
Other Assets in Excess of Liabilities - 0.1%												0.00133			512,456
TOTAL NET ASSETS - 100.0%															$        384,396,153
Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust
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.

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(a)						Non-income producing security.
(b)						The rate shown represents the 7-day annualized yield as of June 30, 2026.

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Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)

 

Poplar Forest Partners 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, 2026:

Level 1

Level 2

Level 3

Total

Investments:

Common Stocks

$        367,422,463

$        –

$        –

$        367,422,463

Real Estate Investment Trusts

10,781,400

–

–

10,781,400

Money Market Funds

5,679,834

–

–

5,679,834

Total Investments

$        383,883,697

$        –

$        –

$        383,883,697