Scharf Multi-Asset Opportunity Fund

Schedule of Investments

December 31, 2020 (Unaudited)

Shares

COMMON STOCKS - 69.71%

Value

Aerospace and Defense - 2.79%

3,955

Lockheed Martin Corp.

$

1,403,946

Beverages - 2.01%

9,055

Heineken N.V. (b)

1,009,073

Biotechnology - 1.84%

5,914

Alexion Pharmaceuticals, Inc. (a)

924,003

Chemicals - 1.69%

36,784

Valvoline, Inc.

851,182

Construction & Engineering - 1.00%

4,624

Jacobs Engineering Group, Inc.

503,831

Diversified Financial Services - 4.05%

8,777

Berkshire Hathaway, Inc. - Class B (a)

2,035,123

Diversified Telecommunication - 0.37%

3,126

Verizon Communications, Inc.

183,653

Food Products - 2.13%

16,253

Danone (b)

1,067,424

Health Care Providers & Services - 11.27%

23,281

Centene Corp. (a)

1,397,558

24,470

CVS Health Corp.

1,671,301

9,706

McKesson Corp.

1,688,068

7,605

Quest Diagnostics, Inc.

906,288

5,663,215

Hotels, Restaurants & Leisure - 1.34%

156,150

Domino's Pizza Group plc (b)

674,772

Insurance - 5.44%

1,402

Markel Corp. (a)

1,448,687

12,983

Progressive Corp.

1,283,759

2,732,446

Interactive Media & Services - 2.30%

5,344

Baidu, Inc. - ADR (a)

1,155,587

Internet & Direct Marketing Retail - 0.43%

97

Booking Holdings, Inc. (a)

216,045

IT Services - 1.64%

10,032

Cognizant Technology Solutions Corp. - Class A

822,122

Machinery - 0.61%

4,553

Otis Worldwide Corp.

307,555

Media - 6.51%

35,090

Comcast Corp. - Class A

1,838,716

9,048

Liberty Broadband Corp. (a)

1,432,932

3,271,648

Personal Products - 2.37%

19,723

Unilever plc - ADR

1,190,480

Pharmaceuticals - 7.63%

8,648

Johnson & Johnson

1,361,022

13,391

Novartis AG - ADR

1,264,512

3,468

Roche Holdings AG (b)

1,210,451

3,835,985

Road & Rail - 2.75%

6,770

Kansas City Southern

1,381,960

Software - 8.67%

12,819

Microsoft Corp.

2,851,202

23,237

Oracle Corp.

1,503,202

4,354,404

Specialty Retail - 2.87%

9,159

Advance Auto Parts, Inc.

1,442,634

TOTAL COMMON STOCKS (Cost $25,460,310)

35,027,088

PREFERRED STOCKS - 5.65%

Closed-End Fund - 2.09%

38,400

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

1,047,648

Technology Hardware, Storage & Peripherals - 3.56%

26,435

Samsung Electronics Co., Ltd., 1.44% (b)

1,791,048

TOTAL PREFERRED STOCKS (Cost $1,406,208)

2,838,696

EXCHANGE-TRADED FUNDS - 4.98%

46,929

iShares Silver Trust (a)

1,153,045

7,558

SPDR Gold Shares (a)

1,348,045

TOTAL EXCHANGE-TRADED FUNDS (Cost $1,829,815)

2,501,090

Principal

 

Amount

CORPORATE BONDS - 7.08%

Beverages - 0.32%

Keurig Dr Pepper, Inc.

$

150,000

4.057%, 5/25/2023

163,086

Biotechnology - 0.31%

AbbVie, Inc. (d)

150,000

2.30%, 11/21/2022

155,517

Capital Markets - 1.55%

Charles Schwab Corp.

700,000

5.375%, 6/1/2025

781,375

Chemicals - 0.11%

DuPont de Nemours, Inc.

50,000

4.205%, 11/15/2023

55,177

Computer and Electronic Product Manufacturing - 0.20%

Digital Equipment Corp.

89,000

7.75%, 4/1/2023

98,545

Entertainment - 0.35%

Walt Disney Co.

150,000

8.875%, 4/26/2023

178,063

Health Care Providers & Services - 0.31%

McKesson Corp.

150,000

2.70%, 12/15/2022

155,873

Internet & Direct Marketing Retail - 0.31%

eBay, Inc.

150,000

2.60%, 7/15/2022

154,438

Petroleum and Coal Products Manufacturing - 1.18%

Murphy Oil USA, Inc.

557,000

5.625%, 5/1/2027

591,011

Road & Rail - 0.16%

Burlington Northern Santa Fe LLC

75,000

3.05%, 9/1/2022

77,951

Securities and Commodity Contracts Intermediation and Brokerage - 1.96%

Goldman Sachs Group, Inc.

1,001,000

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

985,985

Specialty Retail - 0.32%

Advance Auto Parts, Inc.

150,000

4.50%, 12/1/2023

162,899

TOTAL CORPORATE BONDS (Cost $3,219,128)

3,559,920

 

MUNICIPAL BONDS - 5.47%

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

10,000

3.00%, 6/1/2024, Series 2012

10,368

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

40,000

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

40,164

145,000

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

145,642

California State Educational Facilities Authority, Revenue Bonds, Chapman University

210,000

5.00%, 4/1/2024

212,270

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

90,000

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

93,930

California State, General Obligation, Various Purpose

745,000

6.65%, 3/1/2022, Series 2010

775,769

City of New York, General Obligation, Build America Bonds

75,000

5.887%, 12/1/2024

89,776

35,000

5.424%, 3/1/2025

41,457

Commonwealth of Massachusetts, Build America Bonds

110,000

4.20%, 12/1/2021

113,929

Dana Point California Community Facilities Taxable - Series B

100,000

0.847%, 9/1/2021

100,091

120,000

1.017%, 9/1/2022

120,262

San Francisco Bay Area Toll Authority, Revenue Bonds

100,000

2.075%, 4/1/2021

100,421

100,000

2.128%, 4/1/2022

102,123

100,000

2.234%, 4/1/2023

103,845

80,000

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

98,972

Santa Clara Valley Transportation Authority

75,000

4.899%, 4/1/2022

79,128

State of California, Build America Bonds

35,000

5.70%, 11/1/2021

36,582

15,000

4.988%, 4/1/2039

16,031

State of Connecticut, Build America Bonds

240,000

5.20%, 12/1/2022

260,851

25,000

5.30%, 12/1/2023

28,517

State of Georgia, School Construction Bonds

15,000

4.35%, 2/1/2029

16,209

State of Maryland, Build America Bonds

20,000

4.20%, 3/1/2021

20,127

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

10,000

5.742%, 8/1/2024, Series A

11,135

University of California, Build America Bonds

100,000

6.296%, 5/15/2050

130,931

TOTAL MUNICIPAL BONDS (Cost $2,712,023)

2,748,530

OTHER SECURITIES - 2.02%

Independent Power and Renewable Electricity Producers - 2.02%

26,310

Tennessee Valley Authority, Series A, Power Bond

672,221

2.216%, (reset annually @ CMT 30 year index average + 84 bps if lower than current rate), 5/1/2029 (c)

13,475

344,286

2.134%, (reset annually @ CMT 30 year index average + 94 bps if lower than current rate), 6/1/2028 (c)

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

1,016,507

Shares

MONEY MARKET FUND - 5.38%

2,702,974

First American Treasury Obligations Fund, Class Z, 0.03% (e)

2,702,974

TOTAL MONEY MARKET FUND (Cost $2,702,974)

2,702,974

Total Investments in Securities (Cost $38,358,895) - 100.29%

50,394,805

Liabilities in Excess of Other Assets - (0.29)%

(147,675

)

TOTAL NET ASSETS - 100.00%

$

50,247,130

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 December 31, 2020.

(d)

Security purchased within the terms of a private placement memorandum, exempt 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 December

31, 2020, the value of these invesetments was $155,517 or 0.31% of total net assets.

(e)

Rate shown is the 7-day annualized yield as of December 31, 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.

Scharf Multi-Asset 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 Multi-Asset Opportunity Fund

Level 1

Level 2

Level 3

Total

Common Stocks

Communication Services

$

4,610,887

$

-

$

-

$

4,610,887

Consumer Discretionary

2,333,452

-

-

2,333,452

Consumer Staples

3,266,977

-

-

3,266,977

Financials

4,767,569

-

-

4,767,569

Health Care

10,423,203

-

-

10,423,203

Industrials

3,597,292

-

-

3,597,292

Information Technology

5,176,526

-

-

5,176,526

Materials

851,182

-

-

851,182

Total Common Stocks

35,027,088

-

-

35,027,088

Preferred Stocks

Closed-End Fund

1,047,648

-

-

1,047,648

Information Technology

1,791,048

-

-

1,791,048

Total Preferred Stocks

2,838,696

-

-

2,838,696

Exchange-Traded Funds

2,501,090

-

-

2,501,090

Fixed Income

Corporate Bonds

-

3,559,920

-

3,559,920

Municipal Bonds

-

2,748,530

-

2,748,530

Total Fixed Income

-

6,308,450

-

6,308,450

Other Securities

1,016,507

-

-

1,016,507

Money Market Fund

2,702,974

-

-

2,702,974

Total Investments in Securities

$

44,086,355

$

6,308,450

$

-

$

50,394,805

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