O'Shaughnessy Market Leaders Value Fund
Schedule of Investments
at October 31, 2020 (Unaudited)
Shares			Value
		COMMON STOCKS - 93.21%
		Aerospace & Defense - 1.44%
	120,086	Howmet Aerospace, Inc.	$	2,071,483
		Airlines - 0.28%
	13,367	Delta Air Lines, Inc.		409,565
		Biotechnology - 3.53`%
	6,264	Amgen, Inc.		1,358,912
	14,793	Biogen, Inc. *		3,728,872
				5,087,784
		Building Products - 5.47%
	128,161	Johnson Controls International PLC #		5,409,676
	46,192	Masco Corp.		2,475,891
				7,885,567
		Capital Markets - 7.74%
	35,961	Ameriprise Financial, Inc.		5,783,608
	66,494	Morgan Stanley		3,201,686
	36,852	State Street Corp.		2,170,583
				11,155,877
		Chemicals - 6.98%
	49,925	Celanese Corp.		5,666,987
	26,672	CF Industries Holdings, Inc.		736,414
	18,821	Dow, Inc.		856,167
	40,944	LyondellBasell Industries NV - Class A #		2,802,617
				10,062,185
		Commercial Banks - 11.17%
	144,638	Bank of America Corp.		3,427,921
	24,807	Bank of New York Mellon Corp.		852,369
	56,706	Citigroup, Inc.		2,348,763
	71,520	Fifth Third Bancorp		1,660,694
	31,163	JPMorgan Chase & Co.		3,055,221
	3,673	M&T Bank Corp.		380,449
	25,757	PNC Financial Services Group, Inc.		2,881,693
	113,013	Regions Financial Corp.		1,503,073
				16,110,183
		Computers & Peripherals - 0.91%
	29,890	NetApp, Inc.		1,311,872
		Consumer Finance - 3.61%
	42,058	Ally Financial, Inc.		1,122,107
	163,258	Synchrony Financial		4,084,715
				5,206,822
		Containers & Packaging - 0.74%
	103,997	Amcor PLC #		1,084,689
		Diversified Financial Services - 1.49%
	100,218	Equitable Holdings, Inc.		2,153,685
		Diversified Telecommunication Services - 4.25%
	60,746	AT&T, Inc.		1,641,357
	183,164	CenturyLink, Inc.		1,578,874
	155,653	Liberty Global PLC - Class C *#		2,904,485
				6,124,716
		Electrical Equipment - 0.40%
	5,528	Eaton Corp. PLC #		573,751
		Food & Staples Retailing - 0.69%
	29,041	Walgreens Boots Alliance, Inc.		988,556
		Health Care Providers & Services - 5.12%
	26,630	DaVita, Inc. *		2,296,838
	34,440	McKesson Corp.		5,079,556
				7,376,394
		Hotels, Restaurants & Leisure - 1.82%
	30,144	Starbucks Corp.		2,621,322
		Insurance - 3.53%
	113,957	MetLife, Inc.		4,313,272
	12,033	Prudential Financial, Inc.		770,353
				5,083,625
		Internet & Direct Marketing Retail - 4.12%
	1,059	Booking Holdings, Inc. *		1,718,227
	88,586	eBay, Inc.		4,219,351
				5,937,578
		IT Services - 2.77%
	205,261	Western Union Co.		3,990,274
		Life Sciences Tools & Services - 4.64%
	30,025	Waters Corp. *		6,690,170
		Machinery - 3.99%
	9,015	Caterpillar, Inc.		1,415,806
	19,730	Cummins, Inc.		4,338,430
				5,754,236
		Media - 0.61%
	1,464	Charter Communications, Inc. - Class A *		883,992
		Oil, Gas & Consumable Fuels - 0.22%
	11,265	ConocoPhillips		322,404
		Pharmaceuticals - 3.22%
	25,915	Eli Lilly & Co.		3,380,871
	35,490	Pfizer, Inc.		1,259,185
				4,640,056
		Road & Rail - 0.90%
	16,383	CSX Corp.		1,293,274
		Semiconductors & Semiconductor Equipment - 5.62%
	2,541	Lam Research Corp.		869,225
	44,495	QUALCOMM, Inc.		5,488,903
	19,857	Teradyne, Inc.		1,744,437
				8,102,565
		Software - 1.78%
	45,782	Oracle Corp.		2,568,828
		Technology Hardware, Storage & Peripherals - 3.65%
	10,361	Apple, Inc.		1,127,898
	86,447	Seagate Technology PLC #		4,133,896
				5,261,794
		Tobacco - 2.52%
	100,603	Altria Group, Inc.		3,629,756
		Total Common Stocks (Cost $127,738,022)		134,383,003
		REITs - 5.20%
		Equity Real Estate Investment Trusts - 5.20%
	282,200	Annaly Capital Management, Inc.		2,000,798
	12,620	Boston Properties, Inc.		913,814
	1,651	Essex Property Trust, Inc.		337,778
	269,004	Host Hotels & Resorts, Inc.		2,819,162
	15,363	Regency Centers Corp.		546,769
	28,520	Vornado Realty Trust		876,420
		Total REITs (Cost $9,149,910)		7,494,741
		Total Investments in Securities (Cost $136,887,932) - 98.41%		141,877,744
		Other Assets in Excess of Liabilities - 1.59%		2,289,946
		Net Assets - 100.00%	$	144,167,690

*	Non-income producing security.
#	U.S. traded security of a foreign issuer.
REIT -	Real Estate Investment Trust

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

 

O'Shaughnessy Market Leaders Value Fund

Summary of Fair Value Disclosure at October 31, 2020 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:

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 would be based on the best information available.

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2020:

O'Shaughnessy Market Leaders Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	7,008,708	$	-	$	-	$	7,008,708
Consumer Discretionary		8,558,901		-		-		8,558,901
Consumer Staples		4,618,312		-		-		4,618,312
Energy		322,404		-		-		322,404
Financials		39,710,191		-		-		39,710,191
Health Care		23,794,403		-		-		23,794,403
Industrials		17,987,876		-		-		17,987,876
Information Technology		21,235,334		-		-		21,235,334
Materials		11,146,874		-		-		11,146,874
Total Common Stocks		134,383,003		-		-		134,383,003
REITS		7,494,741		-		-		7,494,741
Total Investments in Securities	$	141,877,744	$	-	$	-	$	141,877,744
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.