NPORT-EX 2 osam.htm

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.