Scharf Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 93.2%
  
Shares
    
Value
 
Aerospace & Defense - 2.4%
        
Lockheed Martin Corp.
    
22,301
    
$
10,328,485
  
                 
Beverages - 3.5%
          
Heineken N.V.
    
171,914
      
14,989,545
  
                 
Capital Markets - 8.0%
          
Brookfield Corp.
    
328,342
      
20,307,953
  
CME Group, Inc.
    
50,325
      
13,870,576
  
             
34,178,529
  
                 
Chemicals - 3.9%
          
Air Products and Chemicals, Inc.
    
59,046
      
16,654,515
  
                 
Entertainment - 2.8%
          
Walt Disney Co.
    
97,956
      
12,147,524
  
                 
Financial Services - 15.1%
          
Berkshire Hathaway, Inc. - Class B (a)
    
50,552
      
24,556,645
  
Fiserv, Inc. (a)
    
126,290
      
21,773,659
  
Visa, Inc. - Class A
    
51,499
      
18,284,720
  
             
64,615,024
  
                 
Food Products - 2.6%
          
Hershey Co.
    
66,325
      
11,006,634
  
                 
Ground Transportation - 4.6%
          
U-Haul Holding Co.
    
194,285
      
10,563,275
  
Union Pacific Corp.
    
39,346
      
9,052,728
  
             
19,616,003
  
                 
Health Care Equipment & Supplies - 1.9%
          
Smith & Nephew PLC
    
533,645
      
8,152,788
  
                 
Health Care Providers & Services - 10.6%
          
Centene Corp. (a)
    
123,558
      
6,706,728
  
McKesson Corp.
    
40,792
      
29,891,562
  
UnitedHealth Group, Inc.
    
27,700
      
8,641,569
  
             
45,239,859
  
                 
Hotels, Restaurants & Leisure - 2.4%
          
Booking Holdings, Inc.
    
1,753
      
10,148,538
  
                 
Insurance - 6.8%
          
Aon PLC - Class A
    
26,655
      
9,509,438
  
Markel Group, Inc. (a)
    
9,746
      
19,466,270
  
             
28,975,708
  
                 
Machinery - 1.0%
          
Donaldson Co., Inc.
    
65,186
      
4,520,649
  
                 
Media - 2.6%
          
Comcast Corp. - Class A
    
309,713
      
11,053,657
  
                 
Metals & Mining - 2.0%
          
Franco-Nevada Corp.
    
53,612
      
8,788,079
  
                 
Oil, Gas & Consumable Fuels - 4.8%
          
Occidental Petroleum Corp.
    
491,823
      
20,661,484
  
                 
Personal Care Products - 0.0%(b)
          
Kenvue, Inc.
    
1
      
21
  
                 
Pharmaceuticals - 4.2%
          
Novartis AG - ADR
    
149,237
      
18,059,169
  
                 
Software - 13.3%
          
Adobe, Inc. (a)
    
27,700
      
10,716,576
  
Microsoft Corp.
    
50,577
      
25,157,505
  
Oracle Corp.
    
96,084
      
21,006,845
  
             
56,880,926
  
                 
Technology Hardware, Storage & Peripherals - 0.7%
          
Samsung Electronics Co. Ltd.
    
64,000
      
2,835,803
  
TOTAL COMMON STOCKS (Cost $254,690,502)
      
398,852,940
  
                 
PREFERRED STOCKS - 1.9%
                
Technology Hardware, Storage & Peripherals - 1.9%
          
Samsung Electronics Co. Ltd., 2.51%
    
228,560
      
8,383,017
  
TOTAL PREFERRED STOCKS (Cost $3,697,316)
      
8,383,017
  
                 
SHORT-TERM INVESTMENTS - 4.9%
                
Money Market Funds - 1.3%
                
First American Treasury Obligations Fund - Class Z, 4.20% (c)
    
5,756,362
      
5,756,362
  
                 
U.S. Treasury Bills - 3.6%
  
Par
          
4.24%, 08/07/2025 (d)
   $
15,050,000
      
14,984,385
  
TOTAL SHORT-TERM INVESTMENTS (Cost $20,741,851)
      
20,740,747
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $279,129,669)
      
427,976,704
  
Other Assets in Excess of Liabilities - 0.0% (b)
      
109,923
  
TOTAL NET ASSETS - 100.0%
          
$
428,086,627
  

     

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)
Represents less than 0.05% of net assets.
(c)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(d)
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 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
  
$
398,852,940
     $
–
     $
–
    
$
398,852,940
  
  Preferred Stocks
    
8,383,017
      
–
      
–
      
8,383,017
  
  Money Market Funds
    
5,756,362
      
–
      
–
      
5,756,362
  
  U.S. Treasury Bills
    
–
      
14,984,385
      
–
      
14,984,385
  
Total Investments
  
$
412,992,319
     $
14,984,385
     $
–
    
$
427,976,704