Scharf Alpha Opportunity Fund
      
Schedule of Investments
      
December 31, 2020 (Unaudited)
      
           
Shares
  
COMMON STOCKS - 96.82%
  
Value
  
   
Aerospace and Defense - 3.99%
      
 
759
  
Lockheed Martin Corp.
  
$
269,430
  
     
Beverages - 2.45%
        
 
1,484
  
Heineken N.V. (b)
    
165,374
  
     
Biotechnology - 2.65%
        
 
1,144
  
Alexion Pharmaceuticals, Inc. (a)
    
178,739
  
     
Chemicals - 2.19%
        
 
6,383
  
Valvoline, Inc.
    
147,703
  
     
Construction & Engineering - 1.08%
        
 
668
  
Jacobs Engineering Group, Inc.
    
72,785
  
     
Diversified Financial Services - 5.80%
        
 
1,690
  
Berkshire Hathaway, Inc. - Class B (a) (d)
    
391,860
  
     
Food Products - 3.18%
        
 
3,276
  
Danone (b)
    
215,153
  
     
Health Care Providers & Services - 15.62%
        
 
4,579
  
Centene Corp. (a)
    
274,877
  
 
4,398
  
CVS Health Corp. (d)
    
300,384
  
 
1,846
  
McKesson Corp. (d)
    
321,056
  
 
1,332
  
Quest Diagnostics, Inc.
    
158,734
  
           
1,055,051
  
     
Insurance - 7.68%
        
 
272
  
Markel Corp. (a)
    
281,058
  
 
2,407
  
Progressive Corp.
    
238,004
  
           
519,062
  
     
Interactive Media & Services - 2.87%
        
 
897
  
Baidu, Inc. - ADR (a)
    
193,967
  
     
Internet & Direct Marketing Retail - 0.26%
        
 
8
  
Booking Holdings, Inc. (a) (d)
    
17,818
  
     
IT Services - 2.05%
        
 
1,693
  
Cognizant Technology Solutions Corp. - Class A (d)
    
138,741
  
     
Machinery - 0.53%
        
 
530
  
Otis Worldwide Corp.
    
35,802
  
     
Media - 9.23%
        
 
6,747
  
Comcast Corp. - Class A (d)
    
353,543
  
 
1,703
  
Liberty Broadband Corp. (a)
    
269,704
  
           
623,247
  
     
Personal Products - 3.10%
        
 
3,475
  
Unilever plc - ADR
    
209,751
  
     
Pharmaceuticals - 10.21%
        
 
1,518
  
Johnson & Johnson
    
238,903
  
 
2,466
  
Novartis AG - ADR (d)
    
232,864
  
 
624
  
Roche Holdings AG (b)
    
217,797
  
           
689,564
  
     
Road & Rail - 3.72%
        
 
1,231
  
Kansas City Southern (d)
    
251,284
  
     
Software - 12.30%
        
 
2,469
  
Microsoft Corp. (d)
    
549,155
  
 
4,351
  
Oracle Corp. (d)
    
281,466
  
           
830,621
  
     
Specialty Retail - 4.10%
        
 
1,758
  
Advance Auto Parts, Inc. (d)
    
276,903
  
     
Technology Hardware, Storage & Peripherals - 3.81%
        
 
141
  
Samsung Electronics Co., Ltd. (b)
    
257,325
  
     
TOTAL COMMON STOCKS (Cost $4,596,184)
    
6,540,180
  
               
     
EXCHANGE-TRADED FUNDS - 3.30%
        
 
3,637
  
iShares Silver Trust (a)
    
89,361
  
 
749
  
SPDR Gold Shares (a)
    
133,592
  
     
TOTAL EXCHANGE-TRADED FUNDS (Cost $174,698)
    
222,953
  
               
     
MONEY MARKET FUND - 0.38%
        
 
25,194
  
First American Treasury Obligations Fund, Class Z, 0.03% (c)
    
25,194
  
     
TOTAL MONEY MARKET FUND (Cost $25,194)
    
25,194
  
               
     
Total Investments in Securities (Cost $4,796,076) - 100.50%
    
6,788,327
  
     
Liabilities in Excess of Other Assets - (0.50)%
    
(33,469
)
     
TOTAL NET ASSETS - 100.00%
  
$
6,754,858
  
               
ADR
  
American Depository Receipt
        
(a)
  
Non-income producing security.
        
(b)
  
Foreign issuer.
        
(c)
  
Rate shown is the 7-day annualized yield as of December 31, 2020.
  
(d)
  
All or a portion of the security has been segregated for open short positions.
  
               
SCHEDULE OF SECURITIES SOLD SHORT at December 31, 2020 (Unaudited)
  
Shares
  
SECURITIES SOLD SHORT - 42.45%
  
Value
  
     
Exchange-Traded Funds - 42.45%
        
 
5,377
  
Invesco QQQ Trust Series 1
  
$
1,686,980
  
 
3,157
  
SPDR S&P 500 ETF Trust
    
1,180,339
  
     
TOTAL SECURITIES SOLD SHORT (Proceeds $1,858,301)
  
$
2,867,319
  
               
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 December 31, 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 December 31, 2020:
      

Scharf Alpha Opportunity Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
                       
Assets:
                      
Common Stocks
                      
Communication Services
  
$
817,214
    
$
-
    
$
-
    
$
817,214
Consumer Discretionary
    
294,721
      
-
      
-
      
294,721
Consumer Staples
    
590,278
      
-
      
-
      
590,278
Financials
    
910,922
      
-
      
-
      
910,922
Health Care
    
1,923,355
      
-
      
-
      
1,923,355
Industrials
    
629,300
      
-
      
-
      
629,300
Information Technology
    
1,226,687
      
-
      
-
      
1,226,687
Materials
    
147,703
      
-
      
-
      
147,703
Total Common Stocks
    
6,540,180
      
-
      
-
      
6,540,180
Exchange-Traded Funds
    
222,953
      
-
      
-
      
222,953
Money Market Fund
    
25,194
      
-
      
-
      
25,194
Total Investments in Securities
  
$
6,788,327
    
$
-
    
$
-
    
$
6,788,327
                               
Liabilities:
                              
Securities Sold Short
                              
Exchange-Traded Funds
  
$
(2,867,319
)
  
$
-
    
$
-
    
$
(2,867,319)
Total Securities Sold Short
  
$
(2,867,319
)
  
$
-
    
$
-
    
$
(2,867,319)

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.