Scharf Multi-Asset Opportunity Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 67.7%
  
Shares
    
Value
 
Aerospace & Defense - 1.7%
        
Lockheed Martin Corp.
    
1,779
    
$
823,926
  
                 
Beverages - 2.4%
          
Heineken N.V.
    
13,676
      
1,192,439
  
                 
Capital Markets - 5.6%
          
Brookfield Corp.
    
26,004
      
1,608,347
  
CME Group, Inc.
    
4,275
      
1,178,276
  
             
2,786,623
  
                 
Chemicals - 2.8%
          
Air Products and Chemicals, Inc.
    
4,964
      
1,400,146
  
                 
Electric Utilities - 0.6%
          
Portland General Electric Co.
    
7,969
      
323,780
  
                 
Energy Equipment & Services - 0.5%
          
Schlumberger NV
    
7,010
      
236,938
  
                 
Entertainment - 2.0%
          
Walt Disney Co.
    
8,049
      
998,157
  
                 
Financial Services - 10.8%
          
Berkshire Hathaway, Inc. - Class B (a)
    
4,106
      
1,994,572
  
Fiserv, Inc. (a)
    
10,832
      
1,867,545
  
Visa, Inc. - Class A
    
4,340
      
1,540,917
  
             
5,403,034
  
                 
Food Products - 1.8%
          
Hershey Co.
    
5,520
      
916,044
  
                 
Ground Transportation - 3.4%
          
U-Haul Holding Co.
    
17,092
      
929,292
  
Union Pacific Corp.
    
3,331
      
766,397
  
             
1,695,689
  
                 
Health Care Equipment & Supplies - 1.4%
          
Smith & Nephew PLC
    
46,400
      
708,878
  
                 
Health Care Providers & Services - 8.5%
          
Centene Corp. (a)
    
22,639
      
1,228,845
  
CVS Health Corp.
    
8,207
      
566,119
  
McKesson Corp.
    
3,335
      
2,443,821
  
             
4,238,785
  
                 
Hotels, Restaurants & Leisure - 1.6%
          
Booking Holdings, Inc.
    
139
      
804,704
  
                 
Insurance - 5.0%
          
Aon PLC - Class A
    
2,338
      
834,105
  
Markel Group, Inc. (a)
    
820
      
1,637,835
  
             
2,471,940
  
                 
Machinery - 1.1%
          
Donaldson Co., Inc.
    
7,655
      
530,874
  
                 
Media - 1.7%
          
Comcast Corp. - Class A
    
23,937
      
854,312
  
                 
Metals & Mining - 1.4%
          
Franco-Nevada Corp.
    
4,361
      
714,855
  
                 
Oil, Gas & Consumable Fuels - 2.9%
          
Occidental Petroleum Corp.
    
33,965
      
1,426,870
  
                 
Personal Care Products - 0.0%(b)
          
Kenvue, Inc.
    
1
      
21
  
                 
Pharmaceuticals - 2.9%
          
Novartis AG - ADR
    
11,926
      
1,443,165
  
                 
Software - 9.6%
          
Adobe, Inc. (a)
    
2,220
      
858,874
  
Microsoft Corp.
    
4,149
      
2,063,754
  
Oracle Corp.
    
8,570
      
1,873,659
  
             
4,796,287
  
TOTAL COMMON STOCKS (Cost $21,472,966)
      
33,767,467
  
                 
PREFERRED STOCKS - 6.9%
                
Financial Services - 1.0%
          
Federal National Mortgage Association, Series S, 8.25%, Perpetual (c)
    
34,500
      
517,500
  
                 
Independent Power and Renewable Electricity Producers - 3.1%
          
Tennessee Valley Authority
    
–
    
$
–
  
Series A, 2.22% (30 yr. CMT Rate + 0.84%), 05/01/2029
    
33,100
      
771,230
  
Series D, 2.13% (30 yr. CMT Rate + 0.94%), 06/01/2028
    
32,700
      
765,180
  
             
1,536,410
  
                 
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 - 2.0%
          
Samsung Electronics Co. Ltd., 2.51%
    
26,643
      
977,199
  
TOTAL PREFERRED STOCKS (Cost $2,928,483)
      
3,431,109
  
                 
EXCHANGE TRADED FUNDS - 6.6%
                
iShares Silver Trust (a)
    
43,245
      
1,418,868
  
SPDR Gold Shares (a)
    
6,143
      
1,872,571
  
TOTAL EXCHANGE TRADED FUNDS (Cost $1,577,578)
      
3,291,439
  
                 
CORPORATE BONDS - 4.8%
  
Par
    
Value
  
Beverages - 0.3%
  
Coca-Cola Consolidated, Inc., 3.80%, 11/25/2025
  
$
150,000
      
149,443
  
                 
Beverages-Non-alcoholic - 0.3%
  
Coca-Cola Refreshments USA LLC, 6.75%, 09/15/2028
    
125,000
      
134,565
  
                 
Broadline Retail - 0.3%
  
Amazon.com, Inc., 5.20%, 12/03/2025
    
150,000
      
150,210
  
                 
Cosmetics & Toiletries - 0.3%
  
Conopco, Inc., 7.25%, 12/15/2026
    
150,000
      
156,035
  
                 
Diversified Banking Instruments - 1.7%
  
Goldman Sachs Group, Inc., 5.36% (3 mo. Term SOFR + 1.03%), Perpetual
    
1,001,000
      
866,552
  
                 
Finance-Investment Banking-Brokerages - 0.2%
  
JPMorgan Chase Financial Co. LLC, 5.00%, 09/16/2027
    
100,000
      
100,092
  
                 
IT Services - 0.3%
  
International Business Machines Corp., 7.00%, 10/30/2025
    
150,000
      
151,275
  
                 
Retail-Petroleum Prod - 1.1%
  
Murphy Oil USA, Inc., 5.63%, 05/01/2027
    
557,000
      
557,663
  
                 
Technology Hardware, Storage & Peripherals - 0.3%
  
Apple, Inc., 0.70%, 02/08/2026
    
145,000
      
141,901
  
TOTAL CORPORATE BONDS (Cost $2,296,212)
      
2,407,736
  
                 
MUNICIPAL BONDS - 4.7%
                
California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities, 7.88%, 02/01/2026
    
35,000
      
35,105
  
California Infrastructure & Economic Development Bank, 3.25%, 07/01/2026 (Obligor: Scripps Research Inst)
    
130,000
      
128,812
  
City of San Jose CA, 2.60%, 09/01/2027
    
175,000
      
170,342
  
Lake of Elsinore California Improvement Bond Act 1915, 1.15%, 09/02/2025
    
150,000
      
149,161
  
Los Angeles Unified School District/CA, 5.72%, 05/01/2027
    
230,000
      
236,256
  
San Francisco City & County Airport Comm-San Francisco International Airport, 2.29%, 05/01/2028
    
180,000
      
171,882
  
San Jose Redevelopment Agency Successor Agency, 3.18%, 08/01/2026
    
250,000
      
247,443
  
State of California
  
2.65%, 04/01/2026
    
200,000
      
197,753
  
2.38%, 10/01/2026
    
145,000
      
141,904
  
6.00%, 03/01/2030
    
200,000
      
215,319
  
7.50%, 04/01/2034
    
150,000
      
174,181
  
5.13%, 03/01/2038
    
150,000
      
149,138
  
State of California, Build America Bonds, 4.99%, 04/01/2039
    
15,000
      
14,300
  
State of Georgia, School Construction Bonds, 4.35%, 02/01/2029
    
15,000
      
15,004
  
State of Oregon, 5.05%, 08/01/2043
    
300,000
      
292,184
  
TOTAL MUNICIPAL BONDS (Cost $2,338,753)
      
2,338,784
  
                 
U.S. TREASURY SECURITIES - 4.4%
                
United States Treasury Inflation Indexed Bonds, 1.75%, 01/15/2034
    
542,677
      
538,696
  
United States Treasury Note/Bond
  
5.00%, 10/31/2025
    
960,000
      
962,048
  
4.63%, 06/30/2026
    
700,000
      
704,149
  
TOTAL U.S. TREASURY SECURITIES (Cost $2,190,921)
      
2,204,893
  
                 
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 - 4.9%
                
Money Market Funds - 2.1%
                
First American Treasury Obligations Fund - Class Z, 4.20% (e)
    
1,042,450
      
1,042,450
  
                 
U.S. Treasury Bills - 2.8%
  
Par
          
4.28%, 08/07/2025 (f)
  
$
1,225,000
      
1,219,659
  
4.04%, 01/22/2026 (f)
    
175,000
      
171,025
  
             
1,390,684
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,433,274)
      
2,433,134
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $35,238,205)
      
49,874,564
  
Other Assets in Excess of Liabilities - 0.0% (b)
      
17,178
  
TOTAL NET ASSETS - 100.0%
          
$
49,891,742
  

     

Percentages are stated as a percent of net assets.
      

   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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
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 June 30, 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 June 30, 2025.
(e)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(f)
The rate shown is the annualized effective yield as of June 30, 2025.
Summary of Fair Value Disclosure as of June 30, 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 June 30, 2025:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
33,767,467
     $
–
     $
–
    
$
33,767,467
  
  Preferred Stocks
    
3,031,109
      
–
    
400,000
      
3,431,109
  
  Exchange Traded Funds
    
3,291,439
      
–
      
–
      
3,291,439
  
  Corporate Bonds
    
–
    
2,407,736
      
–
      
2,407,736
  
  Municipal Bonds
    
–
      
2,338,784
      
–
      
2,338,784
  
  U.S. Treasury Securities
    
–
      
2,204,893
      
–
      
2,204,893
  
  Real Estate Investment Trusts - Common
    
2
      
–
      
–
      
2
  
  Money Market Funds
    
1,042,450
      
–
      
–
      
1,042,450
  
  U.S. Treasury Bills
    
–
      
1,390,684
      
–
      
1,390,684
  
Total Investments
  
$
41,132,467
    
$
8,342,097
    
$
400,000
    
$
49,874,564
  
   

 
Preferred Stock
  
Beginning balance as of September 30, 2024
  
$
-
  
Purchases
    
400,000
  
Transfers in at June 30, 2025
    
-
  
Ending balance as of June 30, 2025
  
$
400,000
  
         
Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at June 30, 2025
  
 
$
-