Scharf Multi-Asset Opportunity Fund

Schedule of Investments

June 30, 2020 (Unaudited)

Shares

COMMON STOCKS - 63.37%

Value

Banks - 1.39%

23,980

Wells Fargo & Co.

$

613,888

Beverages - 1.89%

9,055

Heineken N.V. (b)

834,816

Biotechnology - 1.79%

1,130

AbbVie, Inc.

110,943

6,024

Alexion Pharmaceuticals, Inc. (a)

676,134

787,077

Diversified Financial Services - 3.49%

8,626

Berkshire Hathaway, Inc. - Class B (a)

1,539,827

Diversified Telecommunication - 2.50%

19,999

Verizon Communications, Inc.

1,102,545

Food Products - 2.76%

17,623

Danone (b)

1,218,848

Health Care Providers & Services - 8.27%

20,042

CVS Health Corp.

1,302,129

9,716

McKesson Corp.

1,490,629

7,474

Quest Diagnostics, Inc.

851,737

3,644,495

Hotels, Restaurants & Leisure - 1.51%

172,750

Domino's Pizza Group plc (b)

663,995

Insurance - 2.90%

15,980

Progressive Corp.

1,280,158

Interactive Media & Services - 2.69%

395

Alphabet, Inc. - Class C (a) (f)

558,376

5,224

Baidu, Inc. - ADR (a)

626,305

1,184,681

Internet & Direct Marketing Retail - 1.43%

396

Booking Holdings, Inc. (a)

630,567

IT Services - 1.48%

11,463

Cognizant Technology Solutions Corp. - Class A

651,328

Machinery - 0.74%

5,710

Otis Worldwide Corp.

324,670

Media - 5.40%

37,710

Comcast Corp. - Class A

1,469,936

7,368

Liberty Broadband Corp. (a)

913,337

2,383,273

Personal Products - 2.29%

18,918

Unilever N.V. - ADR

1,007,762

Pharmaceuticals - 8.14%

8,673

Johnson & Johnson

1,219,684

13,391

Novartis AG - ADR

1,169,570

3,468

Roche Holdings AG (b)

1,201,876

3,591,130

Road & Rail - 2.56%

7,565

Kansas City Southern

1,129,379

Software - 9.37%

13,979

Microsoft Corp.

2,844,866

23,277

Oracle Corp.

1,286,520

4,131,386

Specialty Retail - 2.77%

8,574

Advance Auto Parts, Inc.

1,221,366

TOTAL COMMON STOCKS (Cost $22,287,887)

27,941,191

PREFERRED STOCKS - 4.44%

Closed-End Fund - 2.22%

38,400

Gabelli Equity Trust, Inc. - Series K, 5.00%

979,584

Technology Hardware, Storage & Peripherals - 2.22%

25,280

Samsung Electronics Co., Ltd., 2.28% (b)

977,279

TOTAL PREFERRED STOCKS (Cost $1,360,344)

1,956,863

EXCHANGE-TRADED FUNDS - 4.16%

33,530

iShares Silver Trust (a)

570,345

7,558

SPDR Gold Shares (a)

1,264,983

TOTAL EXCHANGE-TRADED FUNDS (Cost $1,524,246)

1,835,328

Principal

Amount

CORPORATE BONDS - 7.07%

Beverages - 0.37%

Keurig Dr Pepper, Inc.

$

150,000

4.057%, 5/25/2023

163,603

Biotechnology - 0.35%

AbbVie, Inc.

150,000

2.30%, 11/21/2022 (d)

155,229

Chemicals - 0.12%

DuPont de Nemours, Inc.

50,000

4.205%, 11/15/2023

54,839

Computer and Electronic Product Manufacturing - 0.23%

Digital Equipment Corp.

89,000

7.75%, 4/1/2023

99,567

Consumer Finance - 0.57%

Ford Motor Credit Co. LLC

250,000

3.157%, 8/4/2020

249,269

Health Care Providers & Services - 0.36%

McKesson Corp.

150,000

2.70%, 12/15/2022

156,365

Hotels, Restaurants & Leisure - 0.45%

Carnival Corp.

200,000

3.95%, 10/15/2020

197,723

Internet & Direct Marketing Retail - 0.64%

eBay, Inc.

125,000

2.875%, 8/1/2021

127,879

150,000

2.60%, 7/15/2022

155,047

282,926

Petroleum and Coal Products Manufacturing - 1.31%

Murphy Oil USA, Inc.

557,000

5.625%, 5/1/2027

577,085

Road & Rail - 0.18%

Burlington Northern Santa Fe LLC

75,000

3.05%, 9/1/2022

78,722

Securities and Commodity Contracts Intermediation and Brokerage - 1.91%

Goldman Sachs Group, Inc.

1,001,000

4.00%, (3 Month LIBOR + 0.7675%), 6/1/2043 (c)

844,098

Specialty Retail - 0.58%

Advance Auto Parts, Inc.

150,000

4.50%, 12/1/2023

162,830

L Brands, Inc.

90,000

6.625%, 4/1/2021

93,026

255,856

TOTAL CORPORATE BONDS (Cost $2,936,155)

3,115,282

MUNICIPAL BONDS - 7.15%

California Health Facilities Financing Authority, Revenue Bonds, Chinese Hospital Association

10,000

3.00%, 6/1/2024, Series 2012

10,436

California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities

40,000

7.11%, 2/1/2021, Series 2011B

41,292

145,000

7.875%, 2/1/2026, Series 2011B

150,021

California State Educational Facilities Authority, Revenue Bonds, Chapman University

210,000

5.00%, 4/1/2024

216,176

California State, General Obligation, Highway Safety, Traffic Reduction, Air Quality and Port Security Bonds

90,000

6.509%, 4/1/2039, Series 2009B

95,030

California State, General Obligation, Various Purpose

405,000

5.60%, 11/1/2020

411,812

745,000

6.65%, 3/1/2022, Series 2010

797,187

103

7.95%, 3/1/2036, Series 2010

99

City of New York, General Obligation, Build America Bonds

75,000

5.887%, 12/1/2024

90,765

35,000

5.424%, 3/1/2025

41,768

Clark County Nevada, Sales & Excise Tax Revenue, Build America Bonds

15,000

5.50%, 7/1/2023, Series C

15,056

Commonwealth of Massachusetts, Build America Bonds

200,000

4.20%, 12/1/2021

205,132

San Francisco Bay Area Toll Authority, Revenue Bonds

100,000

2.075%, 4/1/2021

100,773

100,000

2.128%, 4/1/2022

101,789

100,000

2.234%, 4/1/2023

102,889

80,000

6.793%, 4/1/2030, Series S1-Sub

102,229

Santa Clara Valley Transportation Authority, Sales Tax Revenue, Build America Bonds

75,000

4.899%, 4/1/2022

79,996

State of California, Build America Bonds

35,000

5.70%, 11/1/2021

37,395

10,000

7.70%, 11/1/2030

10,233

15,000

4.988%, 4/1/2039

16,197

State of Connecticut, Build America Bonds

240,000

5.20%, 12/1/2022

264,689

25,000

5.30%, 12/1/2023

28,396

State of Georgia, Economic Development Bonds

10,000

3.24%, 10/1/2020

10,057

State of Georgia, School Construction Bonds

15,000

4.35%, 2/1/2029

16,222

State of Maryland, Build America Bonds

20,000

4.20%, 3/1/2021

20,442

State of Michigan, General Obligation, School Loan and Refunding Bonds

40,000

6.95%, 11/1/2020, Series 2009A

40,817

State of Oregon, General Obligation, Board of Higher Education - Taxable

15,000

5.742%, 8/1/2024, Series A

16,581

University of California, Build America Bonds

100,000

6.296%, 5/15/2050

131,256

TOTAL MUNICIPAL BONDS (Cost $3,107,212)

3,154,735

OTHER SECURITIES - 2.32%

Independent Power and Renewable Electricity Producers - 2.32%

26,310

Tennessee Valley Authority, Series A, Power Bond 3.36%, (reset annually @ CMT 30 year index average + 84 bps if lower than current rate), 5/1/2029 (c)

682,481

13,475

Tennessee Valley Authority, Series D, PAARS, Power Bond, 3.55%, (reset annually @ CMT 30 year index average + 94 bps if lower than current rate), 6/1/2028 (c)

340,244

TOTAL OTHER SECURITIES (Cost $1,028,437)

1,022,725

Shares

SHORT-TERM INVESTMENTS - 11.26%

Money Market Fund - 7.18%

3,163,608

First American Treasury Obligations Fund, Class Z, 0.06% (e)

3,163,608

TOTAL MONEY MARKET FUND (Cost $3,163,608)

3,163,608

Principal

Amount

 

U.S. Treasury Bill - 4.08%

$

1,800,000

0.15%, 10/8/2020 (g)

1,799,282

TOTAL U.S. TREASURY BILL (Cost $1,798,948)

1,799,282

TOTAL SHORT-TERM INVESTMENTS (Cost $4,962,556)

4,962,890

Total Investments in Securities (Cost $37,206,837) - 99.77%

43,989,014

Other Assets in Excess of Liabilities - 0.23%

103,294

TOTAL NET ASSETS - 100.00%

$

44,092,308

ADR

American Depository Receipt

CMT

Constant Maturity

LIBOR

London Interbank Offered Rate

(a)

Non-income producing security.

(b)

Foreign issuer.

(c)

Variable rate security.  Rate shown reflects the rate in effect as of June 30, 2020.

(d)

Security purchased within the terms of a private placement memorandum, except from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers."   As of June 30, 2020, the value of these investments was $155,229 or 0.35% of total net assets.

(e)

Rate shown is the 7-day annualized yield as of June 30, 2020.

(f)

Non-voting shares.

(g)

Rate shown in the discount rate at June 30, 2020.

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.