NPORT-EX 2 multiassetopp2.htm

Scharf Multi-Asset Opportunity Fund
  
Schedule of Investments - December 31, 2023 (Unaudited)
  
Shares
        
Value
  
   
Common Stocks —66.6%
        
   
Aerospace & Defense — 1.5%
        
1,682
  
Lockheed Martin Corp. 
   $
 762,350
  
             
   
Beverages — 3.2%
        
15,656
  
Heineken N.V. (a) 
    
 1,589,036
  
             
   
Capital Markets — 3.5%
        
42,714
  
Brookfield Corp. 
    
 1,713,686
  
             
   
Commercial Services & Supplies — 2.2%
        
39,976
  
MillerKnoll, Inc. 
    
 1,066,560
  
             
   
Electric Utilities — 0.7%
        
7,969
  
Portland General Electric Co. 
    
 345,376
  
             
   
Financial Services — 10.3%
        
5,564
  
Berkshire Hathaway, Inc. - Class B  (b) 
    
 1,984,456
  
12,644
  
Fiserv, Inc. (b) 
    
 1,679,629
  
5,547
  
Visa, Inc. - Class A 
    
 1,444,162
  
         
 5,108,247
  
             
   
Ground Transportation — 6.6%
        
8,865
  
Canadian Pacific Kansas City Ltd. 
    
 700,867
  
17,005
  
U-Haul Holding Co. 
    
 1,197,832
  
5,541
  
Union Pacific Corp. 
    
 1,360,981
  
         
 3,259,680
  
             
   
Health Care Equipment & Supplies — 2.0%
        
71,675
  
Smith & Nephew PLC (a) 
    
 985,322
  
             
   
Health Care Providers & Services — 10.6%
        
20,564
  
Centene Corp. (b) 
    
 1,526,054
  
18,825
  
CVS Health Corp. 
    
 1,486,422
  
4,771
  
McKesson Corp. 
    
 2,208,878
  
         
 5,221,354
  
             
   
Hotels, Restaurants & Leisure — 3.4%
        
273
  
Booking Holdings, Inc. (b) 
    
 968,391
  
26,207
  
Compass Group PLC (a) 
    
 716,865
  
         
 1,685,256
  
             
   
Insurance — 3.2%
        
1,098
  
Markel Group, Inc. (b) 
    
 1,559,050
  
             
   
Interactive Media & Services — 0.7%
        
9,504
  
Match Group, Inc. (b) 
    
 346,896
  
             
   
Media — 5.9%
        
47,672
  
Comcast Corp. - Class A 
    
 2,090,417
  
9,311
  
Walt Disney Co. 
    
 840,690
  
         
 2,931,107
  
             
   
Personal Care Products — 2.4%
        
1
  
Kenvue, Inc. 
    
   21
  
24,676
  
Unilever PLC - ADR 
    
 1,196,292
  
         
 1,196,313
  
             
   
Pharmaceuticals — 2.4%
        
11,849
  
Novartis AG - ADR 
    
 1,196,394
  
             
   
Software — 6.1%
        
4,457
  
Microsoft Corp. 
    
 1,676,010
  
12,899
  
Oracle Corp. 
    
 1,359,942
  
         
 3,035,952
  
             
   
Specialty Retail — 1.9%
        
24,433
  
Valvoline, Inc. (b) 
    
 918,192
  
   
Total Common Stocks (Cost $23,135,795) 
    
 32,920,771
  
             
   
Preferred Stocks —3.3%
        
   
Closed-end Funds — 0.7%
        
6,900
  
GDL Fund - Series C, 4.00% 
    
 340,515
  
             
   
Technology Hardware, Storage & Peripherals — 2.6%
        
26,435
  
Samsung Electronics Co. Ltd. 
    
 1,278,749
  
   
Total Preferred Stocks (Cost $793,166) 
    
 1,619,264
  
             
   
REITs —3.1%
        
   
Office REITs — 0.0%
        
1
  
Orion Office REIT, Inc. 
    
   6
  
             
   
Retail REITs — 3.1%
        
26,320
  
Realty Income Corp. 
    
 1,511,294
  
   
Total REITs (Cost $1,547,391) 
    
 1,511,300
  
             
   
Exchange-Traded Funds — 3.9%
        
35,295
  
iShares Silver Trust (b) 
    
 768,725
  
6,143
  
SPDR Gold Shares (b) 
    
 1,174,357
  
   
Total Exchange-Traded Funds (Cost $1,344,878) 
    
 1,943,082
  
             
Principal Amount
        
 
   
Corporate Bonds — 5.8%
        
   
Beverages — 0.6%
        
   
Coca-Cola Consolidated, Inc.
        
$150,000
  
3.800%, 11/25/2025 
    
 147,117
  
   
Coca-Cola Refreshments USA LLC
        
125,000
  
6.750%, 9/15/2028 
    
 138,010
  
         
 285,127
  
   
Capital Markets — 2.6%
        
   
Charles Schwab Corp.
        
350,000
  
5.375% (5 Year CMT Rate + 4.971%), 5/1/2025 (c) 
    
 346,170
  
   
Goldman Sachs Group, Inc.
        
1,001,000
  
6.406% (CME Term SOFR 3 Month + 1.029%), 6/1/2043 (c) 
    
 838,057
  
   
JPMorgan Chase Financial Co. LLC
        
100,000
  
5.000%, 9/16/2027 
    
   98,362
  
         
 1,282,589
  
   
Consumer Discretionary — 0.3%
        
   
Amazon.com, Inc.
        
150,000
  
5.200%, 12/3/2025 
    
 151,851
  
         
 
  
   
Food Products — 0.3%
        
   
Conopco, Inc.
        
150,000
  
7.250%, 12/15/2026 
    
 160,893
  
         
 
  
   
Petroleum and Coal Products Manufacturing — 1.1%
        
   
Murphy Oil USA, Inc.
        
557,000
  
5.625%, 5/1/2027 
    
 553,044
  
         
 
  
   
Pharmaceuticals — 0.3%
        
   
Wyeth LLC
        
150,000
  
6.450%, 2/1/2024 
    
 150,062
  
         
 
  
   
Technology Hardware, Storage & Peripherals — 0.6%
        
   
Apple, Inc.
        
145,000
  
0.700%, 2/8/2026 
    
 134,400
  
   
International Business Machines Corp.
        
150,000
  
7.000%, 10/30/2025 
    
 156,313
  
   
Total Corporate Bonds (Cost $2,824,653) 
    
 2,874,279
  
             
   
Municipal Bonds — 6.5%
        
   
California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities
        
95,000
  
7.875%, 2/1/2026 
    
   95,211
  
   
California Infrastructure & Economic Development Bank
        
130,000
  
3.250%, 7/1/2026 
    
 125,561
  
   
City of New York, General Obligation, Build America Bonds
        
175,000
  
5.887%, 12/1/2024 
    
 176,156
  
35,000
  
5.424%, 3/1/2025 
    
   35,137
  
   
City of Pasadena CA
        
100,000
  
Series B, 4.625%, 5/1/2038 
    
   99,900
  
   
City of San Jose CA
        
175,000
  
2.600%, 9/1/2027 
    
 164,946
  
   
City of Seattle WA Drainage & Wastewater Revenue
        
150,000
  
5.550%, 11/1/2039 
    
 159,278
  
   
Lake of Elsinore California Improvement Bond Act 1915
        
150,000
  
1.153%, 9/2/2025 
    
 140,499
  
   
Los Angeles Department of Water & Power Water System Revenue
        
85,000
  
5.381%, 7/1/2024 
    
   85,102
  
   
Los Angeles Unified School District/CA
        
230,000
  
5.720%, 5/1/2027 
    
 236,079
  
   
San Francisco Bay Area Toll Authority, Revenue Bonds
        
55,000
  
6.793%, 4/1/2030 
    
   57,799
  
   
San Francisco City & County Airport Comm-San Francisco International Airport
        
180,000
  
2.293%, 5/1/2028 
    
 164,278
  
   
San Jose Redevelopment Agency Successor Agency
        
250,000
  
3.176%, 8/1/2026 
    
 241,121
  
   
State of California
        
100,000
  
3.375%, 4/1/2025 
    
   98,313
  
200,000
  
2.650%, 4/1/2026 
    
 192,140
  
150,000
  
7.500%, 4/1/2034 
    
 182,298
  
150,000
  
5.125%, 3/1/2038 
    
 151,806
  
   
State of California, Build America Bonds
        
15,000
  
4.988%, 4/1/2039 
    
   14,921
  
   
State of Georgia, School Construction Bonds
        
15,000
  
4.350%, 2/1/2029 
    
   15,001
  
   
State of Hawaii, Build America Bonds, Taxable
        
25,000
  
5.100%, 2/1/2024 
    
   24,999
  
   
State of Mississippi
        
100,000
  
4.511%, 11/1/2024 
    
   99,762
  
   
State of Oregon
        
300,000
  
5.052%, 8/1/2043 
    
 299,460
  
   
Toledo City School District, General Obligation Bond, Taxable
        
225,000
  
5.000%, 12/1/2024 
    
 224,812
  
   
University of California, Build America Bonds
        
100,000
  
6.296%, 5/15/2050 
    
 105,343
  
   
Total Municipal Bonds (Cost $3,244,284) 
    
 3,189,922
  
             
   
Other Securities — 3.1%
        
   
Independent Power & Renewable Elec Producers — 3.1%
        
   
Tennessee Valley Authority
        
32,700
  
Series D, 2.134% (30 Year CMT Rate + 0.940%), 6/1/2028 (c) 
    
 753,408
  
33,100
  
Series A, 2.216% (30 Year CMT Rate + 0.840%), 5/1/2029 (c) 
    
 756,004
  
   
Total Other Securities (Cost $1,573,651) 
    
 1,509,412
  
             
   
U.S. Government Notes/Bonds — 2.0%
        
   
United States Treasury Note/Bond
        
960,000
  
5.000%, 10/31/2025 
    
 971,213
  
   
Total U.S. Government Notes/Bonds (Cost $961,184) 
    
 971,213
  
Shares/Principal Amount
            
   
Short-Term Investments — 6.0%
        
   
 Money Market Fund — 1.1%
        
535,483
  
First American Treasury Obligations Fund, Class Z, 5.25% (d) 
    
 535,483
  
   
 U.S. Treasury Bills — 4.9%
        
$760,000
  
5.383%, 2/15/2024 (e) 
    
 755,137
  
625,000
  
5.221%, 2/22/2024 (e) 
    
 620,358
  
350,000
  
5.462%, 3/21/2024 (e) 
    
 346,016
  
705,000
  
5.362%, 5/16/2024 (e) 
    
 691,496
  
         
 2,413,007
  
   
Total Short-Term Investments (Cost $2,947,917) 
    
 2,948,490
  
   
Total Investments (Cost $38,372,919) — 100.3%
    
   49,487,733
  
   
 Liabilities in Excess of Other Assets — (0.3)% 
    
(81,199)
  
   
Total Net Assets — 100.00% 
    $
49,406,534
  
             

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. Bank Global Fund Services.

ADR - American Depositary Receipt
AG - Aktiengesellschaft
CMT - Constant Maturity Treasury
N.V.- Naamloze Vennootschap
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SPDR - Standard & Poor's Depositary Receipt
SOFR - Secured Overnight Financing Rate

(a)
Foreign issued security.
(b)
Non-income producing security.
(c)
Variable or floating rate security based on a reference index and spread. The rate reported is the rate in effect as of December 31, 2023.
(d)
Rate shown represents the 7-day annualized yield as of December 31, 2023.
(e)
Rate shown is the discount rate at December 31, 2023.
Scharf Multi-Asset Opportunity Fund
Summary of Fair Value Disclosure at December 31, 2023 (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, 2023:
 
Scharf Multi-Asset Opportunity Fund
  
Summary of Fair Value Disclosure at December 31, 2023 (Unaudited)
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
32,920,771
    
$
–
    
$
–
    
$
32,920,771
  
  Municipal Bonds
    
–
      
3,189,922
      
–
      
3,189,922
  
  Corporate Bonds
    
–
      
2,874,279
      
–
      
2,874,279
  
  Exchange-Traded Funds
    
1,943,082
      
–
      
–
      
1,943,082
  
  Preferred Stocks
    
1,619,264
      
–
      
–
      
1,619,264
  
  Other Securities
    
1,509,412
      
–
      
–
      
1,509,412
  
  REITs
    
1,511,300
      
–
      
–
      
1,511,300
  
  U.S. Government Notes/Bonds
    
–
      
971,213
      
–
      
971,213
  
  Money Market Fund
    
535,483
      
–
      
–
      
535,483
  
  U.S. Treasury Bills
    
–
      
2,413,007
      
–
      
2,413,007
  
Total Investments
  
$
40,039,312
    
$
9,448,421
    
$
–
    
$
49,487,733
  
                                 
   
Refer to the Schedule of Investments for industry classifications.