Poplar Forest Partners Fund
Schedule of Investments
December 31, 2024 (Unaudited)
COMMON STOCKS - 94.7%	Shares		Value
Air Freight & Logistics - 3.3%
FedEx Corp.		34,000	$	9,565,220
Banks - 4.4%
Citigroup, Inc.		177,500		12,494,225
Biotechnology - 3.9%
United Therapeutics Corp. (a)		32,000		11,290,880
Capital Markets - 1.6%
LPL Financial Holdings, Inc.		14,000		4,571,140
Chemicals - 3.1%
Dow, Inc.		225,000		9,029,250
Consumer Finance - 2.5%
Ally Financial, Inc.		198,000		7,129,980
Consumer Staples Distribution & Retail - 2.5%
Dollar Tree, Inc. (a)		94,000		7,044,360
Distributors - 1.0%
Genuine Parts Co.		25,000		2,919,000
Diversified Telecommunication Services - 5.0%
AT&T, Inc.		627,000		14,276,790
Electrical Equipment - 2.3%
Sensata Technologies Holding PLC		245,500		6,726,700
Electronic Equipment, Instruments & Components - 2.7%
Vishay Intertechnology, Inc.		449,000		7,606,060
Financial Services - 11.0%
Equitable Holdings, Inc.		356,000		16,792,520
Fidelity National Information Services, Inc.		64,000		5,169,280
Global Payments, Inc.		86,000		9,637,160
				31,598,960
Food Products - 8.4%
Kraft Heinz Co.		379,000		11,639,090
Tyson Foods, Inc. - Class A		216,000		12,407,040
				24,046,130
Gas Utilities - 4.8%
National Fuel Gas Co.		228,000		13,835,040
Health Care Providers & Services - 7.0%
Cencora, Inc.		48,500		10,896,980
CVS Health Corp.		207,000		9,292,230
				20,189,210
Hotels, Restaurants & Leisure - 3.0%
Las Vegas Sands Corp.		165,000		8,474,400
Insurance - 5.3%
Allstate Corp.		79,500		15,326,805
IT Services - 4.1%
International Business Machines Corp.		53,100		11,672,973
Multi-Utilities - 4.4%
Dominion Energy, Inc.		234,000		12,603,240
Oil, Gas & Consumable Fuels - 6.1%
Chevron Corp.		82,500		11,949,300
Murphy Oil Corp.		185,000		5,598,100
				17,547,400
Pharmaceuticals - 3.0%
Merck & Co., Inc.		85,000		8,455,800
Semiconductors & Semiconductor Equipment - 2.0%
Intel Corp.		285,000		5,714,250
Textiles, Apparel & Luxury Goods - 3.3%
Tapestry, Inc.		144,000		9,407,520
TOTAL COMMON STOCKS (Cost $211,067,143)				271,525,333
REAL ESTATE INVESTMENT TRUSTS - 1.6%	Shares		Value
Residential REITs - 1.6%
Sun Communities, Inc.		37,500		4,611,375
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,251,548)				4,611,375
SHORT-TERM INVESTMENTS - 3.8%	Shares		Value
Money Market Funds - 3.8%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Class Institutional, 4.24% (b)		11,027,639		11,027,639
TOTAL SHORT-TERM INVESTMENTS (Cost $11,027,639)				11,027,639
TOTAL INVESTMENTS - 100.1% (Cost $226,346,330)				287,164,347
Liabilities in Excess of Other Assets - (0.1)%				(335,044	)
TOTAL NET ASSETS - 100.0%			$	286,829,303
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.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Poplar Forest Partners Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	271,525,333	$	–	$	–	$	271,525,333
Real Estate Investment Trusts		4,611,375		–		–		4,611,375
Money Market Funds		11,027,639		–		–		11,027,639
Total Investments	$	287,164,347	$	–	$	–	$	287,164,347
Refer to the Schedule of Investments for further disaggregation of investment categories.