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. |