Array UDF Returning #VALUE! Error

I have come up with the following array UDF to help me split a large list of values into list of smaller groups.

The function takes the 3rd input argument to to understand how many smaller lists it needs to split the bigger range.
The 2nd argument simply specifies a seperator, either "," or ";"

On using the same on a worksheet I'm getting a #VALUE! error and for the life of me am not able to pinpoint the problem area.

Public Function CBOList(Rng As Range, App As String, OutRng As Range) As Variant

Dim Func As WorksheetFunction, UniqueVals As New Collection
Dim cnt, who
Dim ctr As Long, lst As String
Dim myarr() As Variant

Set Func = Application.WorksheetFunction

CBOList = ""

Application.Volatile...........................