Poplar Forest Cornerstone Fund
Schedule of Investments
June 30, 2026 (Unaudited)

COMMON STOCKS - 57.6%

Shares  

Value  
Air Freight & Logistics - 2.4%

FedEx Corp.

            2,900

    $        908,077






Banks - 3.3%

Citigroup, Inc.

            8,900

             1,245,644






Biotechnology - 3.0%

United Therapeutics Corp. (a)

            2,100

             1,137,843






Chemicals - 2.1%

International Flavors & Fragrances, Inc.

            10,000

             792,200






Consumer Finance - 1.6%

Ally Financial, Inc.

            13,400

             615,730






Consumer Staples Distribution & Retail - 1.3%

Dollar Tree, Inc. (a)

            4,000

             483,800






Distributors - 2.5%

Genuine Parts Co.

            8,200

             967,436






Diversified Telecommunication Services - 1.6%

AT&T, Inc.

            30,000

             621,000






Electrical Equipment - 1.2%

Sensata Technologies Holding PLC

            9,900

             472,626






Electronic Equipment, Instruments & Components - 1.3%

Vishay Intertechnology, Inc.

            9,400

             505,532






Financial Services - 3.5%

Equitable Holdings, Inc.

            17,100

             750,348
Global Payments, Inc.

            8,300

             602,248




             1,352,596






Food Products - 2.3%

Tyson Foods, Inc. - Class A

            15,500

             887,375






Gas Utilities - 2.4%

National Fuel Gas Co.

            12,000

             926,520






Health Care Equipment & Supplies - 1.9%

Baxter International, Inc.

            34,000

             724,880






Health Care Providers & Services - 5.0%

CVS Health Corp.

            9,300

             962,085
Humana, Inc.

            2,400

             953,328




             1,915,413








Hotels, Restaurants & Leisure - 1.0%

Las Vegas Sands Corp.

            7,900

             364,901






Insurance - 1.3%

Allstate Corp.

            2,000

             475,880






IT Services - 1.6%

International Business Machines Corp.

            2,100

             590,541






Machinery - 2.1%

Stanley Black & Decker, Inc.

            8,300

             781,196






Metals & Mining - 2.7%

Nucor Corp.

            4,600

             1,024,650






Multi-Utilities - 2.5%

Dominion Energy, Inc.

            14,000

             956,060






Oil, Gas & Consumable Fuels - 1.2%

Murphy Oil Corp.

            14,000

             455,840






Pharmaceuticals - 2.8%

Merck & Co., Inc.

            8,400

             1,079,400






Professional Services - 4.1%

CACI International, Inc. - Class A (a)

            1,200

             555,912
Paychex, Inc.

            10,400

             1,022,632




             1,578,544






Semiconductors & Semiconductor Equipment - 2.9%

Intel Corp. (a)

            8,000

             1,117,040
TOTAL COMMON STOCKS (Cost $13,783,022)

             21,980,724






CORPORATE BONDS - 12.6%
Par  

Value  
Aerospace & Defense - 0.8%
Rockwell Collins, Inc., 3.50%, 03/15/2027

            $300,000

             297,110






Computer Services - 0.6%
Peraton Enterprise Solutions LLC, 7.45%, 10/15/2029

             200,000

             210,558






Electric Utilities - 3.0%
Dominion Energy South Carolina, Inc., 4.25%, 08/15/2028

             300,000

             297,874
DTE Electric Co., 3.00%, 03/01/2032

             700,000

             644,851
PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055

             200,000

             202,184


             1,144,909






Food Products - 1.3%
Kellanova, 5.75%, 05/16/2054

             515,000

             512,075






Gas Utilities - 1.3%
National Fuel Gas Co., 4.75%, 05/15/2029

             500,000

             498,935






Interactive Media & Services - 0.6%
Alphabet, Inc., 3.88%, 11/15/2028

             250,000

             247,888








Oil, Gas & Consumable Fuels - 2.3%
Murphy Oil Corp., 6.00%, 10/01/2032

             875,000

             871,922






Pharmaceuticals - 2.0%
Bristol-Myers Squibb Co., 6.13%, 05/01/2038

             725,000

             771,230






Telephone-Integrated - 0.7%
Frontier Southwest, Inc., 8.50%, 11/15/2031

             250,000

             277,847
TOTAL CORPORATE BONDS (Cost $4,850,214)

             4,832,474






U.S. TREASURY SECURITIES - 8.8%
Par  

Value  
U.S. Treasury Note TIPS, 0.25%, 07/15/2029

             976,433

             932,124
United States Treasury Note/Bond
4.38%, 07/31/2026

             400,000

             400,204
4.13%, 03/31/2031

             250,000

             249,282
4.13%, 07/31/2031

             600,000

             598,066
4.38%, 05/15/2034

             500,000

             501,104
3.88%, 02/15/2043

             270,000

             240,200
4.13%, 08/15/2053

             500,000

             438,867
TOTAL U.S. TREASURY SECURITIES (Cost $3,481,538)

             3,359,847






U.S. GOVERNMENT AGENCY ISSUES - 5.0%
Par  

Value  
Federal Farm Credit Banks Funding Corp
5.00%, 08/25/2033

             350,000

             347,492
5.33%, 12/23/2033

             250,000

             249,643
5.05%, 06/04/2035

             500,000

             499,067
5.19%, 02/23/2044

             250,000

             243,728
Federal Home Loan Banks
5.25%, 07/29/2033

             325,000

             323,523
5.05%, 07/16/2035

             250,000

             248,668
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $1,925,000)

             1,912,121






COLLATERALIZED MORTGAGE OBLIGATIONS - 2.5%
Par  

Value  
Federal Home Loan Mortgage Corp.
Series 5648, Class N, 5.00%, 03/25/2054

             234,856

             233,689
Series 5651, Class CA, 5.00%, 12/25/2048 (b)

             489,339

             484,426
Government National Mortgage Association, Series 2025-1, Class MT, 5.00%, 01/20/2055

             235,570

             232,442
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $959,911)

             950,557






REAL ESTATE INVESTMENT TRUSTS - 1.9%

Shares  

Value  
Health Care REITs - 1.9%

Alexandria Real Estate Equities, Inc.

            13,700

             724,045
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $736,692)

             724,045






MUNICIPAL BONDS - 1.7%
Par  

Value  
City of Brockton MA, 4.66%, 02/01/2032 (b)

             200,000

             201,066
Idaho Housing & Finance Association, 5.10%, 01/01/2032

             135,000

             136,937
Idaho State Building Authority, 3.53%, 09/01/2031

             300,000

             297,728
TOTAL MUNICIPAL BONDS (Cost $636,348)

             635,731






PREFERRED STOCKS - 1.3%

Shares  

Value  
Consumer Finance - 1.3%

Ally Financial, Inc., 4.70% to 05/15/2028 then 7 yr. CMT Rate + 3.48%, Perpetual

            500,000

             484,529
TOTAL PREFERRED STOCKS (Cost $486,000)

             484,529






MORTGAGE-BACKED SECURITIES - 0.6%
Par  

Value  
Federal National Mortgage Association, Pool MA4718, 5.00%, 07/01/2052

             230,094

             224,915


TOTAL MORTGAGE-BACKED SECURITIES (Cost $229,446)

             224,915






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 5.5%
Shares  

Value  
First American Treasury Obligations Fund - Class X, 3.58% (c)

            2,085,323

             2,085,323
TOTAL MONEY MARKET FUNDS (Cost $2,085,323)

             2,085,323






U.S. TREASURY BILLS - 3.6%
Par  

Value  
3.91%, 08/06/2026 (d)

             185,000

             184,332
3.69%, 09/17/2026 (d)

             180,000

             178,580
3.67%, 10/29/2026 (d)

             180,000

             177,747
3.71%, 11/19/2026 (d)

             185,000

             182,279
3.59%, 11/27/2026 (d)

             190,000

             187,041
3.73%, 12/03/2026 (d)

             160,000

             157,393
3.46%, 12/24/2026 (d)

             175,000

             171,723
3.67%, 04/15/2027 (d)

             150,000

             145,492
TOTAL U.S. TREASURY BILLS (Cost $1,385,771)

             1,384,587






TOTAL INVESTMENTS - 101.1% (Cost $30,559,265)

             38,574,853
Liabilities in Excess of Other Assets - (1.1)%
(0.01067)
            (407,400)
TOTAL NET ASSETS - 100.0%




    $        38,167,453


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.




CMT - Constant Maturity Treasury
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.




(a)

Non-income producing security.
(b)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $685,493 or 1.8% of net assets as of June 30, 2026.
(c)

The rate shown represents the 7-day annualized yield as of June 30, 2026.
(d)

The rate shown is the annualized yield as of June 30, 2026.
























Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Poplar Forest Cornerstone 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
    $        21,980,724

    $        –

    $        –

    $        21,980,724
  Corporate Bonds
            –

            4,832,474

            –

            4,832,474
  U.S. Treasury Securities
            –

            3,359,847

            –

            3,359,847
  U.S. Government Agency Issues
            –

            1,912,121

            –

            1,912,121
  Collateralized Mortgage Obligations
            –

            466,130

            484,427

            950,557
  Real Estate Investment Trusts
            724,045

            –

            –

            724,045
  Municipal Bonds
            –

            434,665

            201,066

            635,731
  Preferred Stocks
            –

            484,529

            –

            484,529
  Mortgage-Backed Securities
            –

            224,915

            –

            224,915
  Money Market Funds
            2,085,323

            –

            –

            2,085,323
  U.S. Treasury Bills
            –

            1,384,587

            –

            1,384,587
Total Investments
    $        24,790,092

    $        13,099,268

    $        685,493

    $        38,574,853







Fair Value Measurement Using Significant Unobservable Inputs

Level 3
Beginning balance as of September 30, 2025

    $        0
Purchases

             690,885
Change in unrealized appreciation/depreciation

             (5,391)
Amortization/(Accretion)

             (1)
Ending balance as of June 30, 2026

    $        685,493


$0
Change in unrealized appreciation/depreciation still held as of June 30, 2026

    $        (5,391)


 0



Description

Fair Value as of June 30, 2026

Valuation Technique

Unobservable Inputs

Input Values (Ranges)
Collateralized Mortgage Obligations

    $        484,427

Market Transaction Method

Prior/Recent Transaction

    $        99.00
Municipal Bonds

             201,066

Market Transaction Method

Prior/Recent Transaction

             100.53


    $        685,493