NPORT-EX 2 multi-asset2.htm

Scharf Multi-Asset Opportunity Fund
  
Schedule of Investments
  
December 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 69.9%
Shares
  
Value
 
Aerospace & Defense - 1.6%
      
Lockheed Martin Corp.
    
1,674
    
$
809,664
  
                 
Beverages - 0.9%
          
Heineken N.V.
    
5,128
      
420,282
  
                 
Capital Markets - 5.5%
          
Brookfield Corp.
    
35,846
      
1,644,973
  
CME Group, Inc.
    
4,020
      
1,097,782
  
             
2,742,755
  
                 
Entertainment - 1.9%
          
Walt Disney Co.
    
8,049
      
915,735
  
                 
Financial Services - 6.6%
          
Berkshire Hathaway, Inc. - Class B (a)
    
3,506
      
1,762,291
  
Visa, Inc. - Class A
    
4,340
      
1,522,081
  
             
3,284,372
  
                 
Food Products - 1.9%
          
Hershey Co.
    
5,250
      
955,395
  
                 
Ground Transportation - 4.4%
          
U-Haul Holding Co.
    
16,142
      
754,477
  
Union Pacific Corp.
    
6,246
      
1,444,825
  
             
2,199,302
  
                 
Health Care Equipment & Supplies - 1.5%
          
Smith & Nephew PLC
    
43,050
      
718,690
  
                 
Health Care Providers & Services - 8.5%
          
Centene Corp. (a)
    
17,800
      
732,470
  
CVS Health Corp.
    
7,467
      
592,581
  
McKesson Corp.
    
2,720
      
2,231,189
  
UnitedHealth Group, Inc.
    
1,994
      
658,239
  
             
4,214,479
  
                 
Hotels, Restaurants & Leisure - 2.9%
          
Booking Holdings, Inc.
    
271
      
1,451,294
  
                 
Insurance - 7.8%
          
Aon PLC - Class A
    
2,143
      
756,222
  
Chubb Ltd.
    
2,885
      
900,466
  
Markel Group, Inc. (a)
    
713
      
1,532,700
  
Marsh & McLennan Cos., Inc.
    
3,755
      
696,628
  
             
3,886,016
  
                 
Interactive Media & Services - 2.0%
          
Meta Platforms, Inc. - Class A
    
1,525
      
1,006,637
  
                 
Life Sciences Tools & Services - 3.3%
          
Agilent Technologies, Inc.
    
5,623
      
765,121
  
Thermo Fisher Scientific, Inc.
    
1,495
      
866,278
  
             
1,631,399
  
                 
Machinery - 2.7%
          
Donaldson Co., Inc.
    
3,090
      
273,960
  
Otis Worldwide Corp.
    
12,061
      
1,053,528
  
             
1,327,488
  
                 
Metals & Mining - 2.9%
          
Franco-Nevada Corp.
    
6,995
      
1,449,924
  
                 
Oil, Gas & Consumable Fuels - 2.6%
          
Occidental Petroleum Corp.
    
31,500
      
1,295,280
  
                 
Personal Care Products - 0.0% (b)
          
Kenvue, Inc.
    
1
      
17
  
                 
Pharmaceuticals - 5.6%
          
Novartis AG - ADR
    
10,849
      
1,495,752
  
Zoetis, Inc.
    
10,203
      
1,283,741
  
             
2,779,493
  
                 
Software - 7.3%
          
Adobe, Inc. (a)
    
2,080
      
727,979
  
Microsoft Corp.
    
3,747
      
1,812,124
  
Oracle Corp.
    
5,452
      
1,062,650
  
             
3,602,753
  
TOTAL COMMON STOCKS (Cost $23,347,134)
      
34,690,975
  
                 
EXCHANGE TRADED FUNDS - 10.5%
                
iShares Silver Trust (a)
    
43,245
      
2,785,843
  
SPDR Gold Shares (a)
    
6,143
      
2,434,532
  
TOTAL EXCHANGE TRADED FUNDS (Cost $1,577,578)
      
5,220,375
  
                 
PREFERRED STOCKS - 8.9%
                
Financial Services - 1.6%
          
Federal National Mortgage Association, Series S, 8.25%, Perpetual (a)(c)
    
50,400
      
767,592
  
                 
Independent Power and Renewable Electricity Producers - 3.2%
          
Tennessee Valley Authority
    
–
    
$
–
  
Series A, 2.22% (30 yr. CMT Rate + 0.84%), 05/01/2029 (a)
    
33,100
      
807,640
  
Series D, 2.13% (30 yr. CMT Rate + 0.94%), 06/01/2028 (a)
    
32,700
      
786,435
  
             
1,594,075
  
                 
Open-End Investment Funds - 0.8%
          
The GDL Fund Series G Cumulative PFD, 5.20%, 03/26/2027 (d)
    
40,000
      
400,000
  
                 
Technology Hardware, Storage & Peripherals - 3.3%
          
Samsung Electronics Co. Ltd., 0.00%
    
26,643
      
1,649,756
  
TOTAL PREFERRED STOCKS (Cost $3,171,884)
      
4,411,423
  
                 
MUNICIPAL BONDS - 4.9%
Par
  
Value
 
California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities, 7.88%, 02/01/2026
   $
35,000
      
35,110
  
California Infrastructure & Economic Development Bank, 3.25%, 07/01/2026 (Obligor: Scripps Research Inst)
    
130,000
      
129,714
  
City of San Jose CA, 2.60%, 09/01/2027
    
175,000
      
172,209
  
Los Angeles Unified School District/CA, 5.72%, 05/01/2027
    
230,000
      
235,206
  
San Francisco City & County Airport Comm-San Francisco International Airport, 2.29%, 05/01/2028
    
180,000
      
174,404
  
San Jose Redevelopment Agency Successor Agency, 3.18%, 08/01/2026
    
250,000
      
249,151
  
State of California
  
2.65%, 04/01/2026
    
200,000
      
199,484
  
2.38%, 10/01/2026
    
145,000
      
143,699
  
6.00%, 03/01/2030
    
200,000
      
216,418
  
7.50%, 04/01/2034
    
150,000
      
175,131
  
5.13%, 03/01/2038
    
150,000
      
152,460
  
4.60%, 04/01/2038
    
200,000
      
203,717
  
State of California, Build America Bonds, 4.99%, 04/01/2039
    
15,000
      
14,593
  
State of Georgia, School Construction Bonds, 4.35%, 02/01/2029
    
15,000
      
15,006
  
State of Oregon, 5.05%, 08/01/2043
    
300,000
      
297,827
  
TOTAL MUNICIPAL BONDS (Cost $2,394,837)
      
2,414,129
  
                 
CORPORATE BONDS - 3.7%
                
Beverages-Non-alcoholic - 0.3%
  
Coca-Cola Refreshments USA LLC, 6.75%, 09/15/2028
    
125,000
      
134,546
  
                 
Cosmetics & Toiletries - 0.3%
  
Conopco, Inc., 7.25%, 12/15/2026
    
150,000
      
154,730
  
                 
Finance-Investment Banking-Brokerages - 1.7%
  
Goldman Sachs Group, Inc., 4.82% (3 mo. Term SOFR + 1.03%), Perpetual
    
1,001,000
      
821,621
  
                 
Retail-Petroleum Prod - 1.1%
  
Murphy Oil USA, Inc., 5.63%, 05/01/2027
    
557,000
      
557,987
  
                 
Technology Hardware, Storage & Peripherals - 0.3%
  
Apple, Inc., 0.70%, 02/08/2026
    
145,000
      
144,549
  
TOTAL CORPORATE BONDS (Cost $1,740,059)
      
1,813,433
  
                 
U.S. TREASURY SECURITIES - 1.6%
                
United States Treasury Inflation Indexed Bonds, 1.75%, 01/15/2034
    
550,810
      
548,725
  
United States Treasury Note/Bond, 4.63%, 06/30/2026
    
250,000
      
251,309
  
TOTAL U.S. TREASURY SECURITIES (Cost $786,464)
      
800,034
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.0% (b)
Shares
  
Value
 
Office REITs - 0.0% (b)
          
Orion Properties, Inc.
    
1
      
2
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $18)
      
2
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 0.6%
                
First American Treasury Obligations Fund - Class Z, 3.64% (e)
    
302,183
      
302,183
  
TOTAL MONEY MARKET FUNDS (Cost $302,183)
      
302,183
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $33,320,157)
      
49,652,554
  
Liabilities in Excess of Other Assets - (0.1)%
      
(25,897
)
TOTAL NET ASSETS - 100.0%
          
$
49,626,657
  
           
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
CMT - Constant Maturity Treasury
REIT - Real Estate Investment Trust
SOFR - Secured Overnight Financing Rate

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $400,000 or 0.8% of net assets as of December 31, 2025.
(e)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
 
Scharf Multi-Asset Opportunity Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
34,690,975
    
$
–
    
$
–
    
$
34,690,975
  
  Exchange Traded Funds
    
5,220,375
      
–
      
–
      
5,220,375
  
  Preferred Stocks
    
4,011,423
      
–
      
400,000
      
4,411,423
  
  Municipal Bonds
    
–
      
2,414,129
      
–
      
2,414,129
  
  Corporate Bonds
    
–
      
1,813,433
      
–
      
1,813,433
  
  U.S. Treasury Securities
    
–
      
800,034
      
–
      
800,034
  
  Real Estate Investment Trusts - Common
    
2
      
–
      
–
      
2
  
  Money Market Funds
    
302,183
      
–
      
–
      
302,183
  
Total Investments
  
$
44,224,958
    
$
5,027,596
    
$
400,000
    
$
49,652,554
  


Fair Value Measurement Using Significant Unobservable Inputs
  
Level 3
  
Beginning balance as of September 30, 2025
  
$
 400,000
  
Ending balance as of December 31, 2025
  
$
400,000
  
   
$
 
Change in unrealized appreciation/depreciation still held as of December 31, 2025
  
$
0
  
     
 

Description
  
Fair Value as of
December 31, 2025
    
Valuation Technique
    
Unobservable Inputs
    
Input Values
(Ranges)
  
Preferred Stocks
  
$
400,000
    
Market Transaction Method
    
Prior/Recent Transaction
     $10.00