Scharf Alpha Opportunity Fund
  
Schedule of Investments
  
June 30, 2020 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 93.60%
  
Value
  
   
Banks - 2.06%
      
 
8,025
  
Wells Fargo & Co.
  
$
205,440
  
     
Beverages - 2.76%
        
 
2,983
  
Heineken N.V. (b)
    
275,015
  
     
Biotechnology - 2.72%
        
 
366
  
AbbVie, Inc. (d)
    
35,934
  
 
2,090
  
Alexion Pharmaceuticals, Inc. (a)
    
234,581
  
           
270,515
  
     
Diversified Financial Services - 4.90%
        
 
2,731
  
Berkshire Hathaway, Inc. - Class B (a) (d)
    
487,511
  
     
Diversified Telecommunication - 3.45%
        
 
6,229
  
Verizon Communications, Inc.
    
343,404
  
     
Food Products - 4.10%
        
 
5,894
  
Danone (b)
    
407,643
  
     
Health Care Providers & Services - 11.65%
        
 
6,810
  
CVS Health Corp. (d)
    
442,445
  
 
2,991
  
McKesson Corp. (d)
    
458,879
  
 
2,268
  
Quest Diagnostics, Inc.
    
258,461
  
           
1,159,785
  
     
Insurance - 4.04%
        
 
5,020
  
Progressive Corp.
    
402,152
  
     
Interactive Media & Services - 4.26%
        
 
123
  
Alphabet, Inc. - Class C (a) (e)
    
173,874
  
 
2,086
  
Baidu, Inc. - ADR (a)
    
250,091
  
           
423,965
  
     
Internet & Direct Marketing Retail - 2.24%
        
 
140
  
Booking Holdings, Inc. (a) (d)
    
222,928
  
     
IT Services - 2.44%
        
 
4,270
  
Cognizant Technology Solutions Corp. - Class A (d)
    
242,621
  
     
Machinery - 1.18%
        
 
2,061
  
Otis Worldwide Corp.
    
117,188
  
     
Media - 8.17%
        
 
11,912
  
Comcast Corp. - Class A (d)
    
464,330
  
 
2,817
  
Liberty Broadband Corp. (a)
    
349,195
  
           
813,525
  
     
Personal Products - 3.64%
        
 
6,799
  
Unilever NV - ADR
    
362,183
  
     
Pharmaceuticals - 11.67%
        
 
2,950
  
Johnson & Johnson
    
414,859
  
 
4,522
  
Novartis AG - ADR (d)
    
394,952
  
 
1,013
  
Roche Holdings AG (b)
    
351,068
  
           
1,160,879
  
     
Road & Rail - 3.78%
        
 
2,517
  
Kansas City Southern (d)
    
375,763
  
     
Software - 14.24%
        
 
4,983
  
Microsoft Corp. (d)
    
1,014,090
  
 
7,289
  
Oracle Corp. (d)
    
402,863
  
           
1,416,953
  
     
Specialty Retail - 4.02%
        
 
2,811
  
Advance Auto Parts, Inc. (d)
    
400,427
  
     
Technology Hardware, Storage & Peripherals - 2.28%
        
 
206
  
Samsung Electronics Co., Ltd. (b)
    
227,218
  
     
TOTAL COMMON STOCKS (Cost $7,529,724)
    
9,315,115
  
               
     
EXCHANGE-TRADED FUNDS - 3.62%
        
 
6,010
  
iShares Silver Trust (a)
    
102,230
  
 
1,543
  
SPDR Gold Shares (a)
    
258,252
  
     
TOTAL EXCHANGE-TRADED FUNDS (Cost $339,779)
    
360,482
  
               
     
MONEY MARKET FUND - 2.68%
        
 
266,749
  
First American Treasury Obligations Fund, Class Z, 0.06% (c)
    
266,749
  
     
TOTAL MONEY MARKET FUND (Cost $266,749)
    
266,749
  
               
     
Total Investments in Securities (Cost $8,136,252) - 99.90%
    
9,942,346
  
     
Other Assets in Excess of Liabilities - 0.10%
    
9,812
  
     
TOTAL NET ASSETS - 100.00%
  
$
9,952,158
  
   
               
ADR
  
American Depository Receipt
        
(a)
  
Non-income producing security.
        
(b)
  
Foreign issuer.
        
(c)
  
Rate shown is the 7-day annualized yield as of June 30, 2020.
        
(d)
  
All or a portion of the security has been segregated for open short positions.
        
(e)
  
Non-voting shares.
        
               
               
SCHEDULE OF SECURITIES SOLD SHORT at June 30, 2020 (Unaudited)
  
Shares
  
SECURITIES SOLD SHORT - 52.72%
  
Value
  
     
Exchange-Traded Funds - 52.72%
        
 
11,851
  
Invesco QQQ Trust Series 1
  
$
2,934,307
  
 
7,499
  
SPDR S&P 500 ETF Trust
    
2,312,392
  
     
TOTAL SECURITIES SOLD SHORT (Proceeds $4,122,853)
  
$
5,246,699
  
               
ETF
  
Exchange-Traded Fund
        
               
               
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.
  
Scharf Alpha Opportunity Fund
                    
Summary of Fair Value Disclosure at June 30, 2020 (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 June 30, 2020:
          

Scharf Alpha Opportunity Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Assets:
                        
Common Stocks
                        
Communication Services
  
$
1,580,894
    
$
-
    
$
-
    
$
1,580,894
  
Consumer Discretionary
    
623,355
      
-
      
-
      
623,355
  
Consumer Staples
    
1,044,840
      
-
      
-
      
1,044,840
  
Financials
    
1,095,103
      
-
      
-
      
1,095,103
  
Healthcare
    
2,591,179
      
-
      
-
      
2,591,179
  
Industrials
    
492,951
      
-
      
-
      
492,951
  
Information Technology
    
1,886,793
      
-
      
-
      
1,886,793
  
Total Common Stocks
    
9,315,115
      
-
      
-
      
9,315,115
  
Exchange-Traded Funds
    
360,482
      
-
      
-
      
360,482
  
Money Market Fund
    
266,749
      
-
      
-
      
266,749
  
Total Investments in Securities
  
$
9,942,346
    
$
-
    
$
-
    
$
9,942,346
  
                                 
Liabilities:
                                
Securities Sold Short
                                
Exchange-Traded Funds
  
$
(5,246,699
)
  
$
-
    
$
-
    
$
(5,246,699
)
Total Securities Sold Short
  
$
(5,246,699
)
  
$
-
    
$
-
    
$
(5,246,699
)

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.  For the period ended June 30, 2020,
    
 the Fund did not recognize any transfers to or from Level 3.