Scharf Multi-Asset Opportunity Fund
Schedule of Investments
December 31, 2021 (Unaudited)
Shares		COMMON STOCKS - 68.82%	Value
		Aerospace and Defense - 2.55%
	4,256	Lockheed Martin Corp.	$	1,512,625
		Beverages - 3.59%
	4,627	Constellation Brands, Inc. - Class A		1,161,238
	8,651	Heineken N.V. (b)		973,687
				2,134,925
		Building Products - 3.00%
	25,339	Masco Corp.		1,779,305
		Chemicals - 3.32%
	52,865	Valvoline, Inc.		1,971,336
		Commercial Services & Supplies - 2.32%
	35,217	Herman Miller, Inc.		1,380,154
		Diversified Financial Services - 4.28%
	8,495	Berkshire Hathaway, Inc. - Class B (a)		2,540,005
		Health Care Providers & Services - 11.04%
	22,507	Centene Corp. (a)		1,854,577
	22,597	CVS Health Corp.		2,331,106
	9,535	McKesson Corp.		2,370,115
				6,555,798
		Hotels, Restaurants & Leisure - 1.20%
	115,100	Domino's Pizza Group plc (b)		714,779
		Insurance - 4.60%
	1,412	Markel Corp. (a)		1,742,408
	9,668	Progressive Corp.		992,420
				2,734,828
		Interactive Media & Services - 0.88%
	3,521	Baidu, Inc. - ADR (a)		523,890
		IT Services - 4.88%
	17,111	Cognizant Technology Solutions Corp. - Class A		1,518,088
	13,298	Fiserv, Inc. (a)		1,380,199
				2,898,287
		Media - 5.58%
	35,035	Comcast Corp. - Class A		1,763,312
	9,634	Liberty Broadband Corp. (a)		1,552,037
				3,315,349
		Personal Products - 1.69%
	18,667	Unilever plc - ADR		1,004,098
		Pharmaceuticals - 5.89%
	12,941	AstraZeneca plc - ADR		753,813
	8,142	Johnson & Johnson		1,392,852
	15,427	Novartis AG - ADR		1,349,400
				3,496,065
		Road & Rail - 1.51%
	12,497	Canadian Pacific Railway, Ltd. (b)		899,030
		Software - 8.80%
	10,432	Microsoft Corp.		3,508,490
	19,727	Oracle Corp.		1,720,392
				5,228,882
		Specialty Retail - 3.69%
	9,125	Advance Auto Parts, Inc.		2,188,905
		TOTAL COMMON STOCKS (Cost $27,048,397)		40,878,261
		PREFERRED STOCKS - 6.64%
		Capital Markets - 1.29%
$	700,000	Charles Schwab Corp. - Series G, 5.375%		764,750
		Closed-End Funds - 2.35%
	15,000	Gabelli Dividend & Income Trust, Inc. - Series K, 4.25%		378,150
	38,400	Gabelli Equity Trust, Inc. - Series K, 5.00%		1,015,296
				1,393,446
		Technology Hardware, Storage & Peripherals - 3.00%
	29,780	Samsung Electronics Co., Ltd., 1.52% (b)		1,783,669
		TOTAL PREFERRED STOCKS (Cost $2,738,883)		3,941,865
Shares		REITs - 2.42%
		Equity Real Estate Investment Trusts (REITs) - 2.42%
	15,035	Orion Office REIT, Inc. (a)		280,703
	16,115	Realty Income Corp.		1,153,673
		TOTAL REITs (Cost $1,356,102)		1,434,376
		EXCHANGE-TRADED FUNDS - 4.57%
	59,729	iShares Silver Trust (a)		1,284,771
	8,358	SPDR Gold Shares (a)		1,428,884
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,224,216)		2,713,655
Principal
Amount		CORPORATE BONDS - 5.64%
		Beverages - 0.13%
		Keurig Dr. Pepper, Inc.
$	76,000	4.057%, 5/25/2023		79,267
		Biotechnology - 0.26%
		AbbVie, Inc.
	150,000	2.30%, 11/21/2022 (d)		152,138
		Chemicals - 0.09%
		DuPont de Nemours, Inc.
	50,000	4.205%, 11/15/2023		52,898
		Computer and Electronic Product Manufacturing - 0.16%
		Digital Equipment Corp.
	89,000	7.75%, 4/1/2023		94,179
		Entertainment - 0.28%
		Walt Disney Co.
	150,000	8.875%, 4/26/2023		165,595
		Food Products - 0.32%
		Bestfoods, Inc.
	150,000	7.25%, 12/15/2026		189,613
		Health Care Providers & Services - 0.26%
		McKesson Corp.
	150,000	2.70%, 12/15/2022		152,143
		Internet & Direct Marketing Retail - 0.54%
		Amazon.com, Inc.
	150,000	5.20%, 12/3/2025		170,892
		eBay, Inc.
	150,000	2.60%, 7/15/2022		150,905
				321,797
		IT Services - 0.30%
		International Business Machines Corp.
	150,000	7.00%, 10/30/2025		181,258
		Petroleum and Coal Products Manufacturing - 0.98%
		Murphy Oil USA, Inc.
	557,000	5.625%, 5/1/2027		579,882
		Pharmaceutical and Medicine Manufacturing - 0.28%
		Wyeth LLC
	150,000	6.45%, 2/1/2024		166,399
		Road & Rail - 0.13%
		Burlington Northern Santa Fe LLC
	75,000	3.05%, 9/1/2022		75,779
		Securities and Commodity Contracts Intermediation and Brokerage - 1.65%
		Goldman Sachs Group, Inc.
	1,001,000	4.00%, (3 Month LIBOR + 0.7675%), 6/1/2043 (c)		983,482
		Specialty Retail - 0.26%
		Advance Auto Parts, Inc.
	150,000	4.50%, 12/1/2023		157,601
		TOTAL CORPORATE BONDS (Cost $3,076,267)		3,352,031
		MUNICIPAL BONDS - 3.33%
		California Health Facilities Financing Authority, Revenue Bonds, Chinese Hospital Association
	10,000	3.00%, 6/1/2024, Series 2012		10,101
		California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities
	145,000	7.875%, 2/1/2026, Series 2011B		145,712
		California State, General Obligation, Various Purpose
	370,000	6.65%, 3/1/2022, Series 2010		373,780
		City of New York, General Obligation, Build America Bonds
	75,000	5.887%, 12/1/2024		84,845
	35,000	5.424%, 3/1/2025		39,368
		Dana Point California Community Facilities Taxable - Series B
	120,000	1.017%, 9/1/2022		120,040
		Pasadena California Pension Obligation Refunding Taxable - Series B
	100,000	4.625%, 5/1/2038		111,328
		San Francisco Bay Area Toll Authority, Revenue Bonds
	100,000	2.128%, 4/1/2022		100,465
	100,000	2.234%, 4/1/2023		101,946
	75,000	6.793%, 4/1/2030		90,424
		Santa Clara Valley Transportation Authority, Sales Tax Revenue, Build America Bonds
	75,000	4.899%, 4/1/2022		75,832
		State of California, Build America Bonds
	15,000	4.988%, 4/1/2039		15,828
		State of Connecticut, Build America Bonds
	240,000	5.20%, 12/1/2022		250,120
	25,000	5.30%, 12/1/2023		27,069
		State of Georgia, School Construction Bonds
	15,000	4.35%, 2/1/2029		15,521
		State of Hawaii, Build America Bonds, Taxable
	25,000	5.10%, 2/1/2024		27,150
		State of Oregon, General Obligation, Board of Higher Educations - Taxable
	5,000	5.742%, 8/1/2024		5,385
		Toledo City School District, General Obligation Bond, Taxable
	225,000	5.00%, 12/1/2024		249,264
		University of California, Build America Bonds
	100,000	6.296%, 5/15/2050		130,911
		TOTAL MUNICIPAL BONDS (Cost $1,971,484)		1,975,089
		OTHER SECURITIES - 0.59%
		Independent Power and Renewable Electricity Producers - 0.59%
	13,475	Tennessee Valley Authority, Series D, PAARS, Power Bond		352,371
		2.134%, (reset annually @ CMT 30 year index average + 94 bps if lower than current rate), 6/1/2028 (c)
		TOTAL OTHER SECURITIES (Cost $342,130)		352,371
Shares		MONEY MARKET FUND - 8.12%
	4,825,920	First American Treasury Obligations Fund, Class Z, 0.01% (e)		4,825,920
		TOTAL MONEY MARKET FUND (Cost $4,825,920)		4,825,920
		Total Investments in Securities (Cost $43,583,399) - 100.13%		59,473,568
		Liabilities in Excess of Other Assets - (0.13)%		(75,232	)
		TOTAL NET ASSETS - 100.00%	$	59,398,336

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, 2021.
(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, 2021, the value of these invesetments was $152,138 or 0.26% of total net assets.
(e)	Rate shown is the 7-day annualized yield as of December 31, 2021.

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, 2021 (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, 2021:

Scharf Multi-Asset Opportunity Fund	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	3,839,239	$	-	$	-	$	3,839,239
Consumer Discretionary		2,903,684		-		-		2,903,684
Consumer Staples		3,139,023		-		-		3,139,023
Financials		5,274,833		-		-		5,274,833
Health Care		10,051,863		-		-		10,051,863
Industrials		5,571,114		-		-		5,571,114
Information Technology		8,127,169		-		-		8,127,169
Materials		1,971,336		-		-		1,971,336
Total Common Stocks		40,878,261		-		-		40,878,261
Preferred Stocks
Capital Markets		-		764,750		-		764,750
Closed-End Funds		1,393,446		-		-		1,393,446
Information Technology		1,783,669		-		-		1,783,669
Total Preferred Stocks		3,177,115		764,750		-		3,941,865
REIT		1,434,376		-		-		1,434,376
Exchange-Traded Funds		2,713,655		-		-		2,713,655
Fixed Income
Corporate Bonds		-		3,352,031		-		3,352,031
Municipal Bonds		-		1,975,089		-		1,975,089
Total Fixed Income		-		5,327,120		-		5,327,120
Other Securities		352,371		-		-		352,371
Money Market Fund		4,825,920		-		-		4,825,920
Total Investments in Securities	$	53,381,698	$	6,091,870	$	-	$	59,473,568

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