O'Shaughnessy Market Leaders Value Fund
Schedule of Investments - October 31, 2023 (Unaudited)
Shares			Value
		Common Stocks —95.8%
		Aerospace & Defense — 1.5%
	7,406	Lockheed Martin Corp.	$	3,367,064
		Air Freight & Logistics — 4.4%
	69,936	C.H. Robinson Worldwide, Inc.		5,722,863
	34,637	Expeditors International of Washington, Inc.		3,784,092
				9,506,955
		Biotechnology — 0.8%
	6,889	Amgen, Inc.		1,761,517
		Broadline Retail — 0.6%
	34,711	eBay, Inc.		1,361,713
		Building Products — 4.2%
	63,600	Builders FirstSource, Inc. (a)		6,901,871
	28,106	Masco Corp.		1,464,042
	7,642	Owens Corning		866,374
				9,232,287
		Capital Markets — 2.7%
	34,382	Bank of New York Mellon Corp.		1,461,235
	759	Goldman Sachs Group, Inc.		230,440
	8,757	Morgan Stanley		620,171
	54,652	State Street Corp.		3,532,158
				5,844,004
		Chemicals — 6.0%
	19,882	CF Industries Holdings, Inc.		1,586,186
	103,419	Dow, Inc.		4,999,274
	54,660	DuPont de Nemours, Inc.		3,983,621
	21,459	Eastman Chemical Co.		1,603,631
	27,689	Mosaic Co.		899,339
				13,072,051
		Commercial Banks — 0.9%
	12,783	PNC Financial Services Group, Inc. ﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳		1,463,270
	12,686	Wells Fargo & Co. ﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳﮳		504,522
				1,967,792
		Consumer Finance — 4.1%
	7,782	Capital One Financial Corp.		788,239
	43,414	Discover Financial Services		3,563,421
	159,250	Synchrony Financial		4,466,962
				8,818,622
		Containers & Packaging — 1.2%
	76,307	International Paper Co.		2,573,835
		Distributors — 0.7%
	36,255	LKQ Corp.		1,592,320
		Diversified Telecommunication Services — 1.0%
	59,666	Verizon Communications, Inc.		2,096,067
		Financial Services — 3.9%
	169,695	Equitable Holdings, Inc.		4,508,796
	37,330	Global Payments, Inc.		3,965,193
				8,473,989
		Health Care Providers & Services — 7.3%
	71,378	Cardinal Health, Inc.		6,495,398
	14,690	Cigna Group		4,542,148
	6,293	HCA Holdings, Inc.		1,423,099
	3,072	McKesson Corp.		1,398,866
	15,730	Quest Diagnostics, Inc.		2,046,473
				15,905,984
		Hotels, Restaurants & Leisure — 3.7%
	1,417	Booking Holdings, Inc. (a)		3,952,806
	13,146	Darden Restaurants, Inc.		1,913,137
	6,066	Expedia, Inc. (a)		578,029
	8,319	Marriott International, Inc. - Class A		1,568,631
				8,012,603
		Household Durables — 1.8%
	308	NVR, Inc. (a)		1,667,087
	29,935	PulteGroup, Inc.		2,202,917
				3,870,004
		Industrial Conglomerates — 3.1%
	74,136	3M Co.		6,742,669
		Insurance — 7.4%
	24,277	Aflac, Inc.		1,896,276
	115,301	American International Group, Inc.		7,069,105
	66,591	Hartford Financial Services Group, Inc.		4,891,110
	33,137	Principal Financial Group, Inc.		2,242,712
				16,099,203
		Machinery — 0.6%
	15,097	Stanley Black & Decker, Inc.		1,284,000
		Media — 4.9%
	4,965	Charter Communications, Inc. - Class A (a)		1,999,902
	154,712	Comcast Corp. – Class A		6,388,058
	71,963	Fox Corp. – Class A		2,186,956
				10,574,916
		Metals & Mining — 4.0%
	21,648	Nucor Corp.		3,199,358
	51,251	Steel Dynamics, Inc.		5,458,744
				8,658,102
		Oil, Gas & Consumable Fuels — 11.9%
	230,264	Cabot Oil & Gas Corp.		6,332,260
	27,323	ConocoPhillips		3,245,972
	61,260	Marathon Oil Corp.		1,673,011
	62,989	Marathon Petroleum Corp.		9,527,086
	40,020	Valero Energy Corp.		5,082,540
				25,860,869
		Pharmaceuticals — 0.1%
	4,757	Bristol-Myers Squibb Co.		245,128
		Professional Services — 2.4%
	22,781	Verisk Analytics, Inc.		5,179,488
		Semiconductors & Semiconductor — 3.0%
	13,778	KLA Corp.		6,471,527
		Software — 1.3%
	3,201	Fair Isaac Corp. (a)		2,707,630
		Specialty Retail — 3.6%
	53,310	Best Buy Co., Inc.		3,562,174
	22,933	Lowe's Cos., Inc.		4,370,342
				7,932,516
		Technology Hardware, Storage & Peripherals — 3.2%
	28,368	Dell Technologies, Inc. - Class C		1,898,103
	106,459	HP, Inc.		2,803,065
	31,741	Seagate Technology Holdings PLC		2,166,324
				6,867,492
		Textiles, Apparel & Luxury Goods — 0.3%
	26,218	Tapestry, Inc.		722,568
		Tobacco — 4.5%
	243,677	Altria Group, Inc.		9,788,505
		Trading Companies & Distributors — 0.5%
	7,427	Ferguson PLC		1,115,535
		Wireless Telecommunication Services — 0.2%
	2,598	T-Mobile U.S., Inc.		373,748
		Total Common Stocks (Cost $200,357,881)		208,080,703
		REITs —3.6%
		Hotel & Resort REITs — 1.1%
	157,307	Host Hotels & Resorts, Inc.		2,435,112
		Retail REITs — 1.3%
	25,661	Simon Property Group, Inc.		2,819,887
		Specialized REITs — 1.2%
	90,050	Weyerhaeuser Co.		2,583,535
		Total REITs (Cost $8,446,411)		7,838,534
		Total Investments (Cost $208,804,292) — 99.4%		215,919,237
		Other Assets in Excess of Liabilities — 0.6%		1,266,113
		Total Net Assets — 100.00%	$	217,185,350

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.

REIT - Real Estate Investment Trust

(a) Non-income producing security.

O'Shaughnessy Market Leaders Value Fund

Summary of Fair Value Disclosure at October 31, 2023 (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, 2023:

O'Shaughnessy Market Leaders Value Fund
Summary of Fair Value Disclosure at October 31, 2023 (Unaudited)
	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	13,044,731	$	–	$	–	$	13,044,731
Consumer Discretionary		23,491,724		–		–		23,491,724
Consumer Staples		9,788,505		–		–		9,788,505
Energy		25,860,869		–		–		25,860,869
Financials		41,203,610		–		–		41,203,610
Health Care		17,912,629		–		–		17,912,629
Industrials		36,427,999		–		–		36,427,999
Information Technology		16,046,648		–		–		16,046,648
Materials		24,303,988		–		–		24,303,988
Total Common Stocks		208,080,703		–		–		208,080,703
REITs		7,838,534		–		–		7,838,534
Total Investments	$	215,919,237	$	–	$	–	$	215,919,237
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.