NPORT-EX 2 partners2.htm NPORT-EX

Poplar Forest Partners Fund
  
Schedule of Investments - December 31, 2023 (Unaudited)
  
Shares
        
Value
  
   
Common Stocks —93.8%
        
   
Air Freight & Logistics — 3.0%
        
37,500
  
FedEx Corp. 
   $
 9,486,375
  
             
   
Banks — 6.0%
        
135,000
  
Citigroup, Inc. 
    
 6,944,400
  
237,000
  
Wells Fargo & Co. 
    
 11,665,140
  
         
 18,609,540
  
             
   
Biotechnology — 3.5%
        
49,500
  
United Therapeutics Corp. (a) 
    
 10,884,555
  
             
   
Capital Markets — 1.0%
        
45,000
  
Stifel Financial Corp. 
    
 3,111,750
  
             
   
Chemicals — 4.0%
        
224,000
  
Dow, Inc. 
    
 12,284,160
  
             
   
Consumer Finance — 2.6%
        
232,000
  
Ally Financial, Inc. 
    
 8,101,440
  
             
   
Consumer Staples Distribution & Retail — 3.6%
        
78,500
  
Dollar Tree, Inc. (a) 
    
 11,150,925
  
             
   
Diversified Telecommunication Services — 3.9%
        
715,000
  
AT&T, Inc. 
    
 11,997,700
  
             
   
Electrical Equipment — 1.9%
        
158,500
  
Sensata Technologies Holding plc 
    
 5,954,845
  
             
   
Entertainment — 1.5%
        
410,000
  
Warner Bros. Discovery, Inc. (a) 
    
 4,665,800
  
             
   
Financial Services — 8.1%
        
473,000
  
Equitable Holdings, Inc. 
    
 15,750,900
  
156,500
  
Fidelity National Information Services, Inc. 
    
 9,400,955
  
         
 25,151,855
  
             
   
Food Products — 4.3%
        
249,000
  
Tyson Foods, Inc. - Class A 
    
 13,383,750
  
             
   
Gas Utilities — 3.7%
        
226,000
  
National Fuel Gas Co. 
    
 11,338,420
  
             
   
Health Care Providers & Services — 8.1%
        
58,500
  
Cencora, Inc. 
    
 12,014,730
  
164,500
  
CVS Health Corp. 
    
 12,988,920
  
         
 25,003,650
  
             
   
Hotels, Restaurants & Leisure — 3.0%
        
190,000
  
Las Vegas Sands Corp. 
    
 9,349,900
  
             
   
Insurance — 6.3%
        
103,000
  
Allstate Corp. 
    
 14,417,940
  
75,000
  
American International Group, Inc. 
    
 5,081,250
  
         
 19,499,190
  
             
   
IT Services — 4.8%
        
91,000
  
International Business Machines Corp. 
    
 14,883,050
  
             
   
Machinery — 3.1%
        
87,500
  
Oshkosh Corp. 
    
 9,485,875
  
             
   
Multi-Utilities — 1.3%
        
84,500
  
Dominion Energy, Inc. 
    
 3,971,500
  
             
   
Oil, Gas & Consumable Fuels — 5.7%
        
77,000
  
Chevron Corp. 
    
 11,485,320
  
147,500
  
Murphy Oil Corp. 
    
 6,292,350
  
         
 17,777,670
  
             
   
Pharmaceuticals — 3.7%
        
104,000
  
Merck & Co., Inc. 
    
 11,338,080
  
             
   
Semiconductors & Semiconductor Equipment — 4.8%
        
294,000
  
Intel Corp. 
    
 14,773,500
  
             
   
Textiles, Apparel & Luxury Goods — 2.3%
        
196,000
  
Tapestry, Inc. 
    
 7,214,760
  
             
   
Tobacco — 3.6%
        
119,000
  
Philip Morris International, Inc. 
    
 11,195,520
  
   
Total Common Stocks (Cost $216,066,372) 
    
 290,613,810
  
             
   
REITs —1.1%
        
   
Residential REITs — 1.1%
        
25,500
  
Sun Communities, Inc. 
    
 3,408,075
  
   
Total REITs (Cost $2,770,473) 
    
 3,408,075
  
             
Shares/Principal
Amount
            
   
Short-Term Investments — 4.4%
        
   
 Money Market Fund — 1.4%
        
4,431,768
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 5.21% (b)
    
 4,431,768
  
   
 U.S. Treasury Bills — 3.0%
        
$3,130,000
  
5.331%, 3/28/2024 (c) 
    
 3,091,180
  
3,165,000
  
5.214%, 6/27/2024 (c) 
    
 3,086,598
  
3,240,000
  
4.819%, 12/26/2024 (c) 
    
 3,093,598
  
         
 9,271,376
  
   
Total Short-Term Investments (Cost $13,698,605) 
    
 13,703,144
  
   
Total Investments (Cost $232,535,450) — 99.3%
    
 307,725,029
  
   
Other Assets in Excess of Liabilities — 0.7% 
    
2,018,374
  
   
Total Net Assets — 100.00% 
    $
309,743,403
  
             

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. Bank Global Fund Services.
  
   

REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
Rate shown represents the 7-day annualized yield as of December 31, 2023.
(c)
Rate shown is the discount rate at December 31, 2023.
Poplar Forest Partners Fund
Summary of Fair Value Disclosure at December 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 December 31, 2023:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Communication Services
  
$
16,663,500
    
$
–
    
$
–
    
$
16,663,500
  
Consumer Discretionary
    
16,564,660
      
–
      
–
      
16,564,660
  
Consumer Staples
    
35,730,195
      
–
      
–
      
35,730,195
  
Energy
    
17,777,670
      
–
      
–
      
17,777,670
  
Financials
    
74,473,775
      
–
      
–
      
74,473,775
  
Health Care
    
47,226,285
      
–
      
–
      
47,226,285
  
Industrials
    
24,927,095
      
–
      
–
      
24,927,095
  
Information Technology
    
29,656,550
      
–
      
–
      
29,656,550
  
Materials
    
12,284,160
      
–
      
–
      
12,284,160
  
Utilities
    
15,309,920
      
–
      
–
      
15,309,920
  
Total Common Stocks
    
290,613,810
      
–
      
–
      
290,613,810
  
REITs
    
3,408,075
      
–
      
–
      
3,408,075
  
Money Market Fund
    
4,431,768
      
–
      
–
      
4,431,768
  
U.S. Treasury Bills
    
–
      
9,271,376
      
–
      
9,271,376
  
Total Investments
  
$
298,453,653
    
$
9,271,376
    
$
–
    
$
307,725,029
  
   
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.