Scharf Global Opportunity Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 93.4%
  
Shares
    
Value
 
Aerospace & Defense - 2.6%
        
Airbus SE - ADR
    
14,620
    
$
765,503
  
                 
Beverages - 3.9%
          
Heineken Holding NV
    
15,155
      
1,129,132
  
                 
Building Products - 2.7%
          
Assa Abloy AB - Class B
    
25,603
      
798,868
  
                 
Capital Markets - 8.7%
          
Brookfield Corp.
    
26,530
      
1,640,880
  
CME Group, Inc.
    
3,290
      
906,790
  
             
2,547,670
  
                 
Chemicals - 3.0%
          
Air Products and Chemicals, Inc.
    
3,074
      
867,052
  
                 
Energy Equipment & Services - 1.4%
          
Schlumberger NV
    
11,830
      
399,854
  
                 
Entertainment - 1.9%
          
Walt Disney Co.
    
4,484
      
556,061
  
                 
Financial Services - 11.1%
          
Berkshire Hathaway, Inc. - Class B (a)
    
2,070
      
1,005,544
  
Fiserv, Inc. (a)
    
7,061
      
1,217,387
  
Visa, Inc. - Class A
    
2,811
      
998,046
  
             
3,220,977
  
                 
Ground Transportation - 3.9%
          
U-Haul Holding Co.
    
10,837
      
589,208
  
Union Pacific Corp.
    
2,344
      
539,307
  
             
1,128,515
  
                 
Health Care Equipment & Supplies - 3.4%
          
Smith & Nephew PLC
    
65,200
      
996,096
  
                 
Health Care Providers & Services - 8.5%
          
Centene Corp. (a)
    
5,328
      
289,204
  
CVS Health Corp.
    
6,672
      
460,234
  
McKesson Corp.
    
1,620
      
1,187,104
  
UnitedHealth Group, Inc.
    
1,765
      
550,627
  
             
2,487,169
  
                 
Hotels, Restaurants & Leisure - 4.1%
          
Booking Holdings, Inc.
    
111
      
642,605
  
Compass Group PLC
    
16,461
      
557,422
  
             
1,200,027
  
                 
Household Durables - 2.5%
          
Sony Corp. - ADR
    
28,310
      
736,909
  
                 
Insurance - 6.3%
          
Aon PLC - Class A
    
1,768
      
630,752
  
Markel Group, Inc. (a)
    
601
      
1,200,413
  
             
1,831,165
  
                 
Media - 2.5%
          
Comcast Corp. - Class A
    
20,150
      
719,154
  
                 
Metals & Mining - 4.0%
          
Franco-Nevada Corp.
    
7,160
      
1,173,667
  
                 
Oil, Gas & Consumable Fuels - 3.2%
          
Occidental Petroleum Corp.
    
21,965
      
922,750
  
                 
Pharmaceuticals - 6.2%
          
Haleon PLC - ADR
    
71,675
      
743,270
  
Novartis AG - ADR
    
8,875
      
1,073,964
  
             
1,817,234
  
                 
Software - 12.0%
          
Adobe, Inc. (a)
    
1,692
      
654,601
  
Microsoft Corp.
    
2,775
      
1,380,313
  
Oracle Corp.
    
6,689
      
1,462,416
  
             
3,497,330
  
                 
Technology Hardware, Storage & Peripherals - 1.5%
          
Samsung Electronics Co. Ltd.
    
9,700
      
429,801
  
TOTAL COMMON STOCKS (Cost $18,567,718)
      
27,224,934
  
                 
PREFERRED STOCKS - 3.6%
                
Technology Hardware, Storage & Peripherals - 3.6%
          
Samsung Electronics Co. Ltd., 2.51%
    
28,430
      
1,042,742
  
TOTAL PREFERRED STOCKS (Cost $558,668)
      
1,042,742
  
                 
SHORT-TERM INVESTMENTS - 3.0%
                
Money Market Funds - 3.0%
                
First American Treasury Obligations Fund - Class Z, 4.20% (b)
    
872,069
      
872,069
  
TOTAL SHORT-TERM INVESTMENTS (Cost $872,069)
      
872,069
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $19,998,455)
      
29,139,745
  
Other Assets in Excess of Liabilities - 0.0% (c)
      
9,033
  
TOTAL NET ASSETS - 100.0%
          
$
29,148,778
  

     

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

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(c)
Represents less than 0.05% of net assets.
Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Scharf Global 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
  
$
27,224,934
     $
–
     $
–
    
$
27,224,934
  
  Preferred Stocks
    
1,042,742
      
–
      
–
      
1,042,742
  
  Money Market Funds
    
872,069
      
–
      
–
      
872,069
  
Total Investments
  
$
29,139,745
     $
–
     $
–
    
$
29,139,745
  
   


Allocation of Portfolio Holdings by Country as of June 30, 2025
        
(% of Net Assets)
        
United States
  
$
18,051,491
      
62.1
%
Canada
    
2,814,547
      
9.6
  
United Kingdom
    
2,296,788
      
7.8
  
South Korea
    
1,472,543
      
5.1
  
Netherlands
    
1,129,132
      
3.9
  
Switzerland
    
1,073,964
      
3.7
  
Sweden
    
798,868
      
2.7
  
France
    
765,503
      
2.6
  
Japan
    
736,909
      
2.5
  
Other Assets in Excess of Liabilities
    
9,033
      
0.0
(a) 
   
$
29,148,778
      
100.0
%

(a)
Represents less than 0.05% of net assets.