NPORT-EX 2 conerstone2.htm NPORT-EX
Poplar Forest Cornerstone Fund
      
Schedule of Investments
      
at December 31, 2021 (Unaudited)
      
       
Shares
      
Value
  
   
COMMON STOCKS - 73.1%
      
   
Aerospace & Defense - 2.3%
      
 
5,000
  
Curtiss-Wright Corp.
  
$
693,350
  
               
     
Banks - 5.0%
        
 
10,000
  
Citigroup, Inc.
    
603,900
  
 
19,500
  
Wells Fargo & Co.
    
935,610
  
           
1,539,510
  
     
Biotechnology - 3.0%
        
 
4,200
  
United Therapeutics Corp. (a)
    
907,536
  
               
     
Commercial Services & Supplies - 1.9%
        
 
14,700
  
Herman Miller, Inc.
    
576,093
  
               
     
Consumer Finance - 2.4%
        
 
15,200
  
Ally Financial, Inc.
    
723,672
  
               
     
Diversified Financial Services - 2.7%
        
 
25,100
  
Equitable Holdings, Inc.
    
823,029
  
               
     
Diversified Telecommunication Services - 2.2%
        
 
27,000
  
AT&T, Inc.
    
664,200
  
               
     
Food Products - 2.2%
        
 
20,100
  
Conagra Brands, Inc.
    
686,415
  
               
     
Gas Utilities - 3.1%
        
 
14,700
  
National Fuel Gas Co.
    
939,918
  
               
     
Health Care Providers & Services - 7.3%
        
 
6,500
  
AmerisourceBergen Corp.
    
863,785
  
 
800
  
Anthem, Inc.
    
370,832
  
 
9,600
  
CVS Health Corp.
    
990,336
  
           
2,224,953
  
     
Hotels, Restaurants & Leisure - 2.1%
        
 
17,300
  
Las Vegas Sands Corp. (a)
    
651,172
  
               
     
Household Durables - 1.8%
        
 
25,700
  
Newell Brands, Inc.
    
561,288
  
               
     
Insurance - 7.9%
        
 
7,200
  
Allstate Corp.
    
847,080
  
 
12,400
  
American International Group, Inc.
    
705,064
  
 
3,500
  
Athene Holding Ltd. (c)
    
291,655
  
 
8,500
  
Lincoln National Corp.
    
580,210
  
           
2,424,009
  
     
IT Services - 4.4%
        
 
19,500
  
DXC Technology Co. (a)
    
627,705
  
 
5,200
  
International Business Machines Corp.
    
695,032
  
 
1,040
  
Kyndryl Holdings, Inc. (a)
    
18,824
  
           
1,341,561
  
     
Machinery - 2.6%
        
 
41,700
  
CNH Industrial NV (c)
    
810,231
  
               
     
Media - 1.0%
        
 
12,900
  
Discovery, Inc. - Class A (a)
    
303,666
  
               
     
Metals & Mining - 1.7%
        
 
3,300
  
Reliance Steel & Aluminum Co.
    
535,326
  
               
     
Multi-Line Retail - 3.2%
        
 
6,900
  
Dollar Tree, Inc. (a)
    
969,588
  
               
     
Oil, Gas & Consumable Fuels - 5.4%
        
 
7,900
  
Chevron Corp.
    
927,065
  
 
28,300
  
Murphy Oil Corp.
    
738,913
  
           
1,665,978
  
     
Pharmaceuticals - 4.6%
        
 
9,100
  
Merck & Co., Inc.
    
697,424
  
 
23,600
  
Organon & Co.
    
718,620
  
           
1,416,044
  
     
Specialty Retail - 3.5%
        
 
4,500
  
Advance Auto Parts, Inc.
    
1,079,460
  
               
     
Textiles, Apparel & Luxury Goods - 1.8%
        
 
13,700
  
Tapestry, Inc.
    
556,220
  
               
     
Tobacco - 1.0%
        
 
3,300
  
Philip Morris International, Inc.
    
313,500
  
               
     
Total Common Stocks (Cost $15,926,561)
    
22,406,719
  
               
Principal Amount
      
Value
  
     
CORPORATE BONDS - 4.9%
        
     
Banks - 2.4%
        
     
Citizens Financial Group, Inc.
        
$
700,000
  
3.750%, 7/1/24
    
732,428
  
               
     
Professional Services - 2.5%
        
     
Equifax, Inc.
        
 
750,000
  
3.300%, 12/15/22
    
763,407
  
     
Total Corporate Bonds (Cost $1,463,772)
    
1,495,835
  
               
     
U.S. TREASURY NOTES - 12.1%
        
     
U.S. Treasury Floating Rate Note
        
 
650,000
  
   0.134%, (USBMMY3M + 0.049%), 1/31/23 (d)
    
650,286
  
     
U.S. Treasury Note TIPS
        
 
806,547
  
0.125%, 1/15/22
    
808,217
  
 
310,000
  
0.500%, 11/30/23
    
308,874
  
 
145,000
  
0.750%, 12/31/23
    
145,057
  
 
815,395
  
0.125%, 7/15/24
    
869,494
  
 
810,975
  
0.250%, 7/15/29
    
909,673
  
     
Total U.S. Treasury Notes (Cost $3,540,033)
    
3,691,601
  
               
     
PREFERRED STOCK - 2.4%
        
     
Consumer Finance - 2.4%
        
 
700,000
  
Ally Financial, Inc. - Series B, 4.70%
    
728,438
  
     
Total Preferred Stock (Cost $713,347)
    
728,438
  
               
     
SHORT-TERM INVESTMENTS - 7.5%
        
     
MONEY MARKET FUND - 1.5%
        
 
462,193
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 0.01% (b)
    
462,193
  
     
Total Money Market Fund (cost $462,193)
        
               
     
U.S. TREASURY BILLS - 6.0% (e)
        
$
225,000
  
0.04%, 1/6/22
    
225,000
  
 
175,000
  
0.05%, 2/3/22
    
174,996
  
 
155,000
  
0.05%, 3/3/22
    
154,989
  
 
175,000
  
0.065%, 5/5/22
    
174,956
  
 
155,000
  
0.09%, 6/2/22
    
154,935
  
 
145,000
  
0.21%, 6/30/22
    
144,871
  
 
175,000
  
0.09%, 10/6/22
    
174,663
  
 
175,000
  
0.09%, 10/6/22
    
174,969
  
 
175,000
  
0.055%, 11/3/22
    
174,617
  
 
155,000
  
0.24%, 12/1/22
    
154,601
  
 
145,000
  
0.39%, 12/29/22
    
144,461
  
     
Total U.S. Treasury Bills (Cost $1,853,428)
    
1,853,058
  
     
Total Short-Term Investments (cost $2,315,621)
    
2,315,251
  
               
     
Total Investments in Securities (Cost $23,959,334) - 100.0%
    
30,637,844
  
     
Liabilities in Excess of Other Assets - 0.0%
    
(4,012
)
     
NET ASSETS - 100.0%
  
$
30,633,832
  
   
               
     
TIPS - Treasury Inflation Protected Securities
        
     
USBMMY3M - U.S. Treasury 3 Month Bill Money Market Fund
        
(a)
  
Non-income producing security.
        
(b)
  
Rate shown is the 7-day annualized yield at December 31, 2021.
        
(c)
  
U.S. traded security of a foreign issuer.
        
(d)
  
Variable or floating rate security based on a reference index and spread. The rate reported
  
     
is the rate in effect as of December 31, 2021.
        
(e)
  
Rate shown is the discount rate at December 31, 2021.
        

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.
Poplar Forest Cornerstone Fund
                
Summary of Fair Value Disclosure at December 31, 2021 (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 December 31, 2021:
      

   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
                        
Communication Services
  
$
967,866
    
$
-
    
$
-
    
$
967,866
  
Consumer Discretionary
    
3,817,728
      
-
      
-
      
3,817,728
  
Consumer Staples
    
999,915
      
-
      
-
      
999,915
  
Energy
    
1,665,978
      
-
      
-
      
1,665,978
  
Financials
    
5,510,220
      
-
      
-
      
5,510,220
  
Health Care
    
4,548,533
      
-
      
-
      
4,548,533
  
Industrials
    
2,079,674
      
-
      
-
      
2,079,674
  
Information Technology
    
1,341,561
      
-
      
-
      
1,341,561
  
Materials
    
535,326
      
-
      
-
      
535,326
  
Utilities
    
939,918
      
-
      
-
      
939,918
  
Total Common Stocks
    
22,406,719
      
-
      
-
      
22,406,719
  
Fixed Income
                                
Corporate Bonds
    
-
      
1,495,835
      
-
      
1,495,835
  
U.S. Treasury Notes
    
-
      
3,691,601
      
-
      
3,691,601
  
Total Fixed Income
    
-
      
5,187,436
      
-
      
5,187,436
  
Preferred Stock
    
-
      
728,438
      
-
      
728,438
  
Short-Term Investments
    
462,193
      
1,853,058
      
-
      
2,315,251
  
Total Investments in Securities
  
$
22,868,912
    
$
7,768,932
    
$
-
    
$
30,637,844
  

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.