N-CSRS 1 scharf-ncsrs.htm SCHARF FUNDS SEMIANNUAL REPORT 3-31-21



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES




Investment Company Act file number 811-07959



Advisors Series Trust
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)


Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, WI 53202
(Name and address of agent for service)



(626) 914-7363
(Registrant's telephone number, including area code)



Date of fiscal year end: September 30, 2021



Date of reporting period: March 31, 2021



Item 1. Reports to Stockholders.

(a) [Insert full text of semi-annual or annual report here]




Scharf Fund
Institutional Class – LOGIX
Retail Class – LOGRX
 

 
Scharf Multi-Asset Opportunity Fund
Institutional Class – LOGOX
Retail Class – LOGBX
 

 
Scharf Global Opportunity Fund
Retail Class – WRLDX
 

 
Scharf Alpha Opportunity Fund
Retail Class – HEDJX

 

 

 
SEMI-ANNUAL REPORT
 
March 31, 2021
 


Scharf Investments, LLC
 






(This Page Intentionally Left Blank.)
 





SCHARF FUNDS

TABLE OF CONTENTS

Letter from the President
  2
     
To Our Shareholders
 
7
     
Expense Examples
 
10
     
Sector Allocation of Portfolio Assets
 
12
     
Schedules of Investments
 
16
     
Statements of Assets and Liabilities
 
32
     
Statements of Operations
 
34
     
Statements of Changes in Net Assets
 
36
     
Statement of Cash Flows
 
42
     
Financial Highlights
 
43
     
Notes to Financial Statements
 
49
     
Notice to Shareholders
 
68
     
Statement Regarding Liquidity Risk Management Program
 
69
     
Householding
 
69
     
Approval of Investment Advisory Agreement
 
70
     
Privacy Notice
 
76


SCHARF FUNDS

Letter from the President
 
 
Dear Fellow Shareholders,
 
It is story time in America. The better the story, the better the stock. Not since the Tech Bubble in 2000 have earnings become so disconnected from stock prices. Since stocks bottomed in March 2020, narrative above all else has stoked the imagination of investors—whether it be the pandemic stay-at-home and open-up stories coalescing around the growth vs. value trade, meme stocks, bitcoin’s mythology or the explicit and unique ability of SPACs to regale with grand financial forecasts. The lingua franca of all these riveting tales is risk.
 

Pent-up economic activity, $12 trillion in fiscal and monetary stimulus, and a market bounce from last year’s 34% decline in the S&P 500 all certainly justify a risk rally the past year. Lower quality stocks typically run for 12-18 months following a major market decline and this time has been no different. Value Line classifies its 1,700 stock universe into normally distributed Safety Ranks, which effectively serve as company quality ratings based on inputs such as financial strength and earnings persistence. Safety Rank 1 is the highest quality category. While quality served investors well during the early thralls of the pandemic in Q1 2020, risk has trounced it in the year since.
   
   

2

SCHARF FUNDS
 
Risk stories have bid up asset prices across nearly all sectors and equity styles—broad markets like the S&P 500, but also growth and value indices like the Russell 1000 Value and Russell 1000 Growth. Looking out to more normalized post-pandemic earnings in 2022, percentile valuation rankings are now not only near historical peaks for growth stocks, but also for value stocks.
 
 

While a broad reflation of the economy will likely make value stocks more attractive than their growth counterparts, we caution investors that now is the time to consider a rotation within value to quality from risk. Given the speed and severity of the last year’s risk rally, quality is trading near historical peak discounts vs. junk. We last witnessed similar discounts in the years following the tech wreck and the Global Financial Crisis.
 
We are finding the best risk-adjusted opportunities in quality companies that have the audacity of neither being the clearest beneficiaries of big secular growth or a reflationary, post-pandemic environment. In the aggregate, these “in-between” high-quality portfolio businesses delivered positive EPS growth in 2020 and we believe they offer attractive EPS growth through 2023 and beyond. They trade at significant discounts to an elevated market and still offer a significant equity risk premium.
 
Tales of boring, quality value stocks might not delight the Zoom cocktail party crowd. However, we believe they should amply capital appreciate and provide port in a storm when risks like rising interest rates, tax rates, sovereign debt levels, geopolitical pressures or a host of other unforeseen conditions invariably arise in a Shangri-La market.
 
The Scharf Investments Difference
 
Many traditional value managers concentrate exclusively on mean reversion of the value of a company’s assets or earnings. Since cyclical businesses tend to present wider earnings variability and higher reversion potential, value managers often over-index to lower quality, or cyclical businesses. In addition, traditional value investors are often attracted to similarly very low multiple “value traps,” or companies facing permanent secular decline. Timing the purchase of a cyclical business correctly is very difficult. Betting against structural competitive forces even more so.
 
Scharf Investments also believes in mean reversion. However, the firm asserts that mean reversion potential improves considerably when limiting stock selection to high quality businesses, or companies with superior earnings sustainability over an economic cycle, superior capital returns, strong balance sheets and
 
3

SCHARF FUNDS

shareholder-oriented management. The firm believes quality value tends to deliver material outperformance in adverse and consolidating markets and result in risk-adjusted outperformance over complete market cycles.
 
History does not repeat itself, but it sometimes rhymes. Pursuing a Hippocratic Oath derivation of investing, Scharf Investments is maniacally focused on first protecting client capital. The investment team generally limits stock selection to companies with top decile to quartile earnings predictability over the last economic cycle and performs deep research on stock and operating performance over decades of history, if available. All businesses change or evolve, most deteriorate. Some, however, have sustainable competitive advantages that the market temporarily misprices. The firm does deep research on a select group of businesses to separate the two.
 
Equity market participants sometimes focus more on forward one-year or less company performance and less on a company’s long-term prospects. Scharf Investments seeks to exploit near-term opportunities by extending the investment time horizon and investing in the continued strong normalized earnings power of a quality business at a reduced valuation. All stocks purchased must have 30% plus upside to assessed base case fair value and as importantly a 10-15% downside to bear case fair value. This 3-to-1 Favorability Ratio is a portfolio requirement and helps ensure the investment team purchases businesses with a sufficient margin of safety while also demanding compelling future returns. A superior earnings predictability requirement—past and future—may help preclude investments in value traps.
 
The Path Forward
 
While we are keeping a careful eye on the many uncertainties that exist today, we remain focused on executing our time-tested investment strategy of investing in attractively priced, quality companies with both predictable earnings and compelling favorability ratios. We believe history has shown that this is a proven way to build wealth over the long term.
 
I sincerely hope that you, your families and those closest to you are healthy and well. We’ve been through a great deal, but things are improving, millions of Americans are vaccinated, restrictions are being lifted, and hope abounds. Thank you for your continued trust and confidence in Scharf Investments and the Scharf Funds. My team and I welcome your comments and the opportunity to respond to your questions. Please don’t hesitate to reach out to us.
 
Best regards,
 


Brian Krawez, CFA
President and Portfolio Manager
May 1, 2021
 
4

SCHARF FUNDS

Mutual fund investing involves risk. Principal loss is possible. The Funds may invest in securities representing equity or debt. These securities may be issued by small- and medium-sized companies, which involve additional risks such as limited liquidity and greater volatility. The Funds may invest in foreign securities which involve greater volatility, political, economic and currency risks, and differences in accounting methods. These risks are greater for emerging markets. The Funds may invest in exchange-traded funds (“ETFs”) or mutual funds, the risks of owning either generally reflecting the risks of owning the underlying securities held by the ETF or mutual fund. The Funds follow an investment style that favors relatively low valuations. Investment in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated, non-rated and distressed securities presents a greater risk of loss to principal and interest than higher-rated securities. The Scharf Alpha Opportunity Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. The Scharf Alpha Opportunity Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the net asset value of the Fund, and money borrowed will be subject to interest costs.
 
Forward earnings and EPS Growth are not measures of the Funds’ future performance.
 
Terms and Definitions:
 
The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.
 
The Russell 1000® Value Index measures the performance of those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth values.
 
The Russell 1000® Growth Index is an unmanaged market capitalization-weighted index of growth-oriented stocks of the largest U.S. domiciled companies that are included in the Russell 1000 Index. Growth-oriented stocks tend to have higher price-to-book ratios and higher forecasted growth values.
 
The Lipper Balanced Funds Index is an index of open-end mutual funds whose primary objective is to conserve principal by maintaining at all times a balanced portfolio of both equities and bonds.
 
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government related and corporate securities.
 
The MSCI All Country World Index (Net) is a broad measure of stock performance throughout the world, with the exception of U.S.-based companies.
 
The HFRX Equity Hedge Index encompasses various equity hedge strategies, also known as long/short equity, that combine core long holdings of equities with short sales of stock, stock indices, related derivatives, or other financial instruments related to the equity markets.
 
5

SCHARF FUNDS

You cannot invest directly in an index.
 
The Value Line Safety Rank measures the total risk of a stock relative to the approximately 1,750 other stocks. It is derived from a stock’s Price Stability score and from the Financial Strength rating of a company. Safety Ranks are also given on a scale from 1 (Highest) to 5 (Lowest). Value Line is an independent investment research and financial publishing firm.
 
Earnings Per Share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock and serves as an indicator of a company’s profitability.
 
Favorability Ratio is a proprietary metric we use in stock selection. To qualify for purchase, securities must offer at least 3-to-1 upside potential compared with downside risk.
 
Price to Earnings Ratio (P/E) is a valuation ratio of a company’s current share price compared to its per-share earnings. Upside to historical median P/E and downside to historical median P/E are terms used to describe the adviser’s estimated reward and risk of an individual security.
 
Margin of Safety is a principle of investing in which an investor only purchases securities when the market price is significantly below its intrinsic value.
 

The information provided herein represents the opinion of the Funds’ manager, is subject to change at any time, is not guaranteed and should not be considered investment advice.
 
The Funds’ holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy and sell any security.  Please refer to the Schedule of Investments in this report for a complete list of Fund holdings.
 
Must be preceded or accompanied by a prospectus.
 
6

SCHARF FUNDS

TO OUR SHAREHOLDERS

PERFORMANCE AS OF 3/31/2021
SCHARF FUND
           
 
       
Since
Since
 
6
One
Three
Five
Inception
Inception
Cumulative:
Months
Year
Year
Year
12/30/11
1/28/15
  Scharf Fund – Institutional Class
17.68%
41.37%
47.94%
  67.32%
195.87%
N/A
  Scharf Fund – Retail Class
17.52%
40.97%
46.64%
  64.97%
N/A
  72.57%
  S&P 500® Index
19.07%
56.35%
59.25%
112.71%
281.60%
124.54%
    (with dividends reinvested)
           
Annualized:
           
  Scharf Fund – Institutional Class
13.95%
  10.84%
  12.44%
N/A
  Scharf Fund – Retail Class
13.61%
  10.53%
N/A
  9.25%
  S&P 500® Index
16.78%
  16.29%
  15.57%
14.01%
    (with dividends reinvested)
           
 
           
SCHARF MULTI-ASSET OPPORTUNITY FUND
           
 
       
Since
Since
 
6
One
Three
Five
Inception
Inception
Cumulative:
Months
Year
Year
Year
12/31/12
1/21/16
  Scharf Multi-Asset Opportunity
           
    Fund – Institutional Class
12.04%
30.62%
37.96%
  53.83%
108.88%
N/A
  Scharf Multi-Asset Opportunity
           
    Fund – Retail Class
11.90%
30.26%
36.92%
  51.85%
N/A
  61.84%
  Lipper Balanced Funds Index
15.48%
37.31%
37.60%
  64.54%
107.10%
  76.06%
    (with dividends reinvested)
           
  Bloomberg Barclays U.S.
           
    Aggregate Bond Index
-2.73%
  0.71%
14.62%
  16.51%
  25.32%
  18.96%
  S&P 500® Index
           
    (with dividends reinvested)
19.07%
56.35%
59.25%
112.71%
228.95%
135.52%
Annualized:
           
  Scharf Multi-Asset Opportunity
           
    Fund – Institutional Class
11.32%
    9.00%
    9.34%
N/A
  Scharf Multi-Asset Opportunity
           
    Fund – Retail Class
11.04%
    8.71%
N/A
    9.72%
  Lipper Balanced Funds Index
11.23%
  10.47%
    9.23%
  11.51%
    (with dividends reinvested)
           
  Bloomberg Barclays U.S.
           
    Aggregate Bond Index
  4.65%
    3.10%
    2.77%
    3.40%
  S&P 500® Index
           
    (with dividends reinvested)
16.78%
  16.29%
  15.53%
  17.94%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-866-572-4273.
 
7

SCHARF FUNDS

SCHARF GLOBAL OPPORTUNITY FUND
         
 
       
Since
 
6
One
Three
Five
Inception
Cumulative:
Months
Year
Year
Year
10/14/14
  Scharf Global Opportunity Fund
21.59%
45.34%
50.96%
84.51%
102.86%
  MSCI All Country World Index (Net)
19.93%
54.60%
40.77%
85.98%
  91.81%
Annualized:
         
  Scharf Global Opportunity Fund
14.72%
13.03%
  11.57%
  MSCI All Country World Index (Net)
12.07%
13.21%
  10.61%
           
SCHARF ALPHA OPPORTUNITY FUND
         
 
       
Since
 
6
One
Three
Five
Inception
Cumulative:
Months
Year
Year
Year
12/31/15
  Scharf Alpha Opportunity Fund
8.64%
10.78%
11.58%
    8.66%
  10.92%
  HFRX Equity Hedge Index
10.63%
23.88%
  6.43%
  22.12%
  18.54%
  Bloomberg Barclays U.S.
         
    Aggregate Bond Index
-2.73%
  0.71%
14.62%
  16.51%
  20.05%
  S&P 500® Index
19.07%
56.35%
59.25%
112.71%
115.58%
    (with dividends reinvested)
         
Annualized:
         
  Scharf Alpha Opportunity Fund
  3.72%
    1.67%
    1.99%
  HFRX Equity Hedge Index
  2.10%
    4.08%
    3.29%
  Bloomberg Barclays U.S.
         
    Aggregate Bond Index
  4.65%
    3.10%
    3.54%
  S&P 500® Index
16.78%
  16.29%
  15.76%
    (with dividends reinvested)
         

The gross expense ratios, as of the Funds’ registration statement dated January 28, 2021, for the Scharf Fund Institutional Class, Scharf Fund Retail Class, Scharf Multi-Asset Opportunity Fund Institutional Class, Scharf Multi-Asset Opportunity Fund Retail Class, Scharf Global Opportunity Fund, and Scharf Alpha Opportunity Fund are 0.98%, 1.23%, 1.51%, 1.76%, 2.13%, and 3.40%, respectively. The net expense ratios, as of the Funds’ registration statement dated January 28, 2021, for the Scharf Fund Institutional Class, Scharf Fund Retail Class, Scharf Multi-Asset Opportunity Fund Institutional Class, Scharf Multi-Asset Opportunity Fund Retail Class, Scharf Global Opportunity Fund, and Scharf Alpha Opportunity Fund represent the percentages paid by investors and are 0.89%, 1.14%, 1.00%, 1.25%, 0.90%, and 1.99%, respectively, after fee waivers and expense reimbursements, including acquired fund fees and expenses, interest, taxes and extraordinary expenses. Scharf Investments, LLC (the “Adviser”), the Funds’ investment adviser, has contractually agreed to waive fees through January 27, 2022 for the Scharf Fund, Scharf Multi-Asset Opportunity Fund, Scharf Global Opportunity Fund, and Scharf Alpha Opportunity Fund. The Scharf Fund charges a 2.00% redemption fee on redemptions or exchanges of fund shares that are made within 60 days of purchase. The Scharf Multi-Asset Opportunity Fund, Scharf Global Opportunity Fund, and Scharf Alpha Opportunity Fund charge a 2.00% redemption fee on redemptions or exchanges of fund shares that are made within 15 days of purchase. Had a redemption fee been included, returns would be lower.
 
8

SCHARF FUNDS

For the fiscal six months ended March 31, 2021, the Scharf Funds mutual funds performed as follows:
 
Scharf Fund Institutional Class and Retail Class returned 17.68% and 17.52%, respectively, compared to the 19.07% return for the S&P 500® Index (“S&P 500”). The key contributors to relative performance for the period were Kansas City Southern, Advance Auto Parts, Inc. and Berkshire Hathaway, Inc. – Class B. The key detractors from relative performance were Roche Holdings AG, Novartis AG – ADR, and Baidu Inc. – ADR.
 
Scharf Multi-Asset Opportunity Fund Institutional Class and Retail Class returned 12.04% and 11.90%, respectively, compared to the 15.48% return for the Lipper Balanced Funds Index, -2.73% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and 19.07% return for the S&P 500. The key contributors to relative performance for the period were Kansas City Southern, Advance Auto Parts, Inc. and Berkshire Hathaway, Inc. – Class B.  The key detractors from relative performance were SPDR Gold Shares, iShares Silver Trust, and Roche Holdings AG.
 
Scharf Global Opportunity Fund returned 21.59% compared to the 19.93% return for the MSCI All Country World Index (Net). The key contributors to relative performance for the period were Grupo Televisa S.A.B., Porsche Automobil Holding SE, and Advance Auto Parts, Inc. The key detractors from relative performance were Baidu Inc. – ADR, Barrick Gold Corp., and Roche Holdings AG.
 
Scharf Alpha Opportunity Fund returned 8.64% compared to the 10.63% return for the HFRX Equity Hedge Index, -2.73% return for the Bloomberg Barclays U.S. Aggregate Bond Index, and 19.07% return for the S&P 500. The key contributors to relative performance for the period were Kansas City Southern, Advance Auto Parts, Inc. and Berkshire Hathaway, Inc. – Class B. The key detractors from relative performance were Short SPDR S&P 500 ETF Trust, Short Invesco QQQ Trust Series 1, and SPDR Gold Shares.
 

9

SCHARF FUNDS

EXPENSE EXAMPLES at March 31, 2021 (Unaudited)
Shareholders in mutual funds generally incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service fees, and other fund expenses. The Scharf Fund, Scharf Multi-Asset Opportunity Fund, Scharf Global Opportunity Fund, and the Scharf Alpha Opportunity Fund are no-load mutual funds. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested in each Fund at the beginning of the period and held for the entire period (10/1/20-3/31/21).
 
Actual Expenses
 
The first line of each table below provides information about actual account values and actual expenses, with actual net expenses being limited.  Although the Funds charge no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent.  The Examples below include, but are not limited to, management fees, fund accounting, custody and transfer agent fees. You may use the information in the first line of the tables, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
 
Hypothetical Example for Comparison Purposes
 
The second line of each table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and will not help you determine the relative total costs of owning different funds, as they may charge transaction costs, such as sales charges (loads), redemption fees, or exchange fees.
 
10

SCHARF FUNDS

EXPENSE EXAMPLES at March 31, 2021 (Unaudited), Continued

 
Beginning
Ending
Expenses Paid
Annualized
 
Account Value
Account Value
During Period*
Expense
Scharf Fund
10/1/20
3/31/21
10/1/20-3/31/21
Ratio*
Institutional Class
       
Actual
$1,000.00
$1,176.80
$4.67
0.85%
Hypothetical (5% return
       
  before expenses)
$1,000.00
$1,020.64
$4.33
0.85%
Retail Class
       
Actual
$1,000.00
$1,175.20
$6.18
1.14%
Hypothetical (5% return
       
  before expenses)
$1,000.00
$1,019.25
$5.74
1.14%
         
 
Beginning
Ending
Expenses Paid
Annualized
Scharf Multi-Asset
Account Value
Account Value
During Period*
Expense
  Opportunity Fund
10/1/20
3/31/21
10/1/20-3/31/21
Ratio*
Institutional Class
       
Actual
$1,000.00
$1,120.40
$5.08
0.96%
Hypothetical (5% return
       
  before expenses)
$1,000.00
$1,020.14
$4.84
0.96%
Retail Class
       
Actual
$1,000.00
$1,119.00
$6.50
1.23%
Hypothetical (5% return
       
  before expenses)
$1,000.00
$1,018.80
$6.19
1.23%
         
 
Beginning
Ending
Expenses Paid
Annualized
Scharf Global
Account Value
Account Value
During Period*
Expense
  Opportunity Fund
10/1/20
3/31/21
10/1/20-3/31/21
Ratio*
Retail Class
       
Actual
$1,000.00
$1,215.90
$4.20
0.76%
Hypothetical (5% return
       
  before expenses)
$1,000.00
$1,021.14
$3.83
0.76%
         
 
Beginning
Ending
Expenses Paid
Annualized
Scharf Alpha
Account Value
Account Value
During Period*
Expense
  Opportunity Fund
10/1/20
3/31/21
10/1/20-3/31/21
Ratio*
Retail Class
       
Actual(1)
$1,000.00
$1,086.40
$10.04
1.93%
Hypothetical (5% return
       
  before expenses)(1)
$1,000.00
$1,015.31
$  9.70
1.93%

(1)
Excluding interest expense and dividends on short positions, your actual expenses would be $5.57 and your hypothetical expenses would be $5.39.
*
Expenses are equal to the Fund’s annualized expense ratio of each class, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year)/365 days to reflect the one-half year expense.

11

SCHARF FUND

SECTOR ALLOCATION OF PORTFOLIO ASSETS at March 31, 2021 (Unaudited)
 


The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC.
 
Percentages represent market value as a percentage of total investments.
12

SCHARF MULTI-ASSET OPPORTUNITY FUND

SECTOR ALLOCATION OF PORTFOLIO ASSETS at March 31, 2021 (Unaudited)
 



The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC.
 
Percentages represent market value as a percentage of total investments.
13

SCHARF GLOBAL OPPORTUNITY FUND

SECTOR ALLOCATION OF PORTFOLIO ASSETS at March 31, 2021 (Unaudited)
 



The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC.
 
Percentages represent market value as a percentage of total investments.
14

SCHARF Alpha OPPORTUNITY FUND

SECTOR ALLOCATION OF PORTFOLIO ASSETS at March 31, 2021 (Unaudited)
 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC.
 
Percentages represent market value as a percentage of total long investments.
15

SCHARF FUND

SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited)
Shares
 
COMMON STOCKS – 93.59%
 
Value
 
           
   
Aerospace and Defense – 4.09%
     
 
42,605
 
Lockheed Martin Corp.
 
$
15,742,548
 
               
     
Beverages – 2.44%
       
 
91,685
 
Heineken N.V. (b)
   
9,420,848
 
               
     
Biotechnology – 2.43%
       
 
61,250
 
Alexion Pharmaceuticals, Inc. (a)
   
9,365,737
 
               
     
Building Products – 1.98%
       
 
127,475
 
Masco Corp.
   
7,635,753
 
               
     
Chemicals – 3.09%
       
 
457,375
 
Valvoline, Inc.
   
11,923,766
 
               
     
Construction & Engineering – 1.37%
       
 
40,730
 
Jacobs Engineering Group, Inc.
   
5,265,167
 
               
     
Diversified Financial Services – 6.04%
       
 
91,109
 
Berkshire Hathaway, Inc. – Class B (a)
   
23,275,616
 
               
     
Food Products – 2.95%
       
 
165,550
 
Danone (b)
   
11,357,258
 
               
     
Health Care Providers & Services – 16.10%
       
 
241,605
 
Centene Corp. (a)
   
15,440,975
 
 
232,562
 
CVS Health Corp.
   
17,495,639
 
 
98,620
 
McKesson Corp.
   
19,234,845
 
 
76,873
 
Quest Diagnostics, Inc.
   
9,865,881
 
           
62,037,340
 
     
Insurance – 7.33%
       
 
15,343
 
Markel Corp. (a)
   
17,485,190
 
 
112,610
 
Progressive Corp.
   
10,766,642
 
           
28,251,832
 
     
Interactive Media & Services – 1.69%
       
 
29,943
 
Baidu, Inc. – ADR (a)
   
6,514,100
 
               
     
IT Services – 3.53%
       
 
174,360
 
Cognizant Technology Solutions Corp. – Class A
   
13,621,003
 
     
Machinery – 0.75%
       
 
42,350
 
Otis Worldwide Corp.
   
2,898,858
 

The accompanying notes are an integral part of these financial statements.
16

SCHARF FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Shares
 
COMMON STOCKS – 93.59%, Continued
 
Value
 
           
   
Media – 8.96%
     
 
369,490
 
Comcast Corp. – Class A
 
$
19,993,104
 
 
96,895
 
Liberty Broadband Corp. (a)
   
14,548,784
 
           
34,541,888
 
     
Personal Products – 2.84%
       
 
195,800
 
Unilever plc – ADR
   
10,931,514
 
               
     
Pharmaceuticals – 6.74%
       
 
86,989
 
Johnson & Johnson
   
14,296,642
 
 
136,488
 
Novartis AG – ADR
   
11,666,994
 
           
25,963,636
 
     
Road & Rail – 4.79%
       
 
69,917
 
Kansas City Southern
   
18,452,495
 
               
     
Software – 11.86%
       
 
122,115
 
Microsoft Corp.
   
28,791,053
 
 
241,080
 
Oracle Corp.
   
16,916,584
 
           
45,707,637
 
     
Specialty Retail – 4.61%
       
 
96,845
 
Advance Auto Parts, Inc.
   
17,770,089
 
     
TOTAL COMMON STOCKS
       
     
  (Cost $247,623,056)
   
360,677,085
 
               
     
PREFERRED STOCK – 4.00%
       
               
     
Technology Hardware,
       
     
  Storage & Peripherals – 4.00%
       
 
238,560
 
Samsung Electronics Co., Ltd., 3.59% (b)
   
15,387,568
 
     
TOTAL PREFERRED STOCK
       
     
  (Cost $3,864,938)
   
15,387,568
 
 
The accompanying notes are an integral part of these financial statements.
17

SCHARF FUND

SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Shares
 
MONEY MARKET FUND – 1.35%
 
Value
 
 
5,213,289
 
First American Treasury Obligations
     
     
  Fund, Class Z, 0.03% (c)
 
$
5,213,289
 
     
TOTAL MONEY MARKET FUND
       
     
  (Cost $5,213,289)
   
5,213,289
 
     
Total Investments in Securities
       
     
  (Cost $256,701,283) – 98.94%
   
381,277,942
 
     
Other Assets in Excess of Liabilities – 1.06%
   
4,099,415
 
     
TOTAL NET ASSETS – 100.00%
 
$
385,377,357
 

ADR
American Depo.sitory Receipt
(a)
Non-income producing security.
(b)
Foreign Issuer.
(c)
Rate shown is the 7-day annualized yield as of March 31, 2021.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC.
 
The accompanying notes are an integral part of these financial statements.

18

SCHARF MULTI-ASSET OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited)
Shares
 
COMMON STOCKS – 68.84%
 
Value
 
           
   
Aerospace and Defense – 3.07%
     
 
4,159
 
Lockheed Martin Corp.
 
$
1,536,750
 
               
     
Beverages – 1.76%
       
 
8,593
 
Heineken N.V. (b)
   
882,951
 
               
     
Biotechnology – 1.81%
       
 
5,914
 
Alexion Pharmaceuticals, Inc. (a)
   
904,310
 
               
     
Building Products – 1.46%
       
 
12,235
 
Masco Corp.
   
732,876
 
               
     
Chemicals – 2.40%
       
 
46,114
 
Valvoline, Inc.
   
1,202,192
 
               
     
Construction & Engineering – 0.92%
       
 
3,549
 
Jacobs Engineering Group, Inc.
   
458,779
 
               
     
Diversified Financial Services – 4.22%
       
 
8,276
 
Berkshire Hathaway, Inc. – Class B (a)
   
2,114,270
 
               
     
Food Products – 2.01%
       
 
14,698
 
Danone (b)
   
1,008,330
 
               
     
Health Care Providers & Services – 11.70%
       
 
23,311
 
Centene Corp. (a)
   
1,489,806
 
 
22,105
 
CVS Health Corp.
   
1,662,959
 
 
9,280
 
McKesson Corp.
   
1,809,971
 
 
7,000
 
Quest Diagnostics, Inc.
   
898,380
 
           
5,861,116
 
     
Hotels, Restaurants & Leisure – 1.38%
       
 
144,900
 
Domino’s Pizza Group plc (b)
   
693,168
 
               
     
Insurance – 5.13%
       
 
1,456
 
Markel Corp. (a)
   
1,659,287
 
 
9,489
 
Progressive Corp.
   
907,243
 
           
2,566,530
 
     
Interactive Media & Services – 1.17%
       
 
2,697
 
Baidu, Inc. – ADR (a)
   
586,732
 
     
IT Services – 2.57%
       
 
16,492
 
Cognizant Technology Solutions Corp. – Class A
   
1,288,355
 
 
The accompanying notes are an integral part of these financial statements.
19

SCHARF MULTI-ASSET OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Shares
 
COMMON STOCKS – 68.84%, Continued
 
Value
 
           
   
Machinery – 0.57%
     
 
4,159
 
Otis Worldwide Corp.
 
$
284,683
 
               
     
Media – 6.44%
       
 
33,676
 
Comcast Corp. – Class A
   
1,822,209
 
 
9,348
 
Liberty Broadband Corp. (a)
   
1,403,602
 
           
3,225,811
 
     
Personal Products – 2.11%
       
 
18,888
 
Unilever plc – ADR
   
1,054,517
 
               
     
Pharmaceuticals – 4.83%
       
 
8,025
 
Johnson & Johnson
   
1,318,909
 
 
12,869
 
Novartis AG – ADR
   
1,100,042
 
           
2,418,951
 
     
Road & Rail – 3.19%
       
 
6,055
 
Kansas City Southern
   
1,598,036
 
               
     
Software – 8.69%
       
 
11,544
 
Microsoft Corp.
   
2,721,729
 
 
23,237
 
Oracle Corp.
   
1,630,540
 
           
4,352,269
 
     
Specialty Retail – 3.41%
       
 
9,304
 
Advance Auto Parts, Inc.
   
1,707,191
 
     
TOTAL COMMON STOCKS
       
     
  (Cost $23,911,284)
   
34,477,817
 
               
     
PREFERRED STOCKS – 5.40%
       
               
     
Closed-End Fund – 2.00%
       
 
38,400
 
Gabelli Equity Trust, Inc. – Series K, 5.00%
   
999,168
 
     
Technology Hardware,
       
     
  Storage & Peripherals – 3.40%
       
 
26,435
 
Samsung Electronics Co., Ltd., 3.59% (b)
   
1,705,107
 
     
TOTAL PREFERRED STOCKS
       
     
  (Cost $1,406,208)
   
2,704,275
 
 
The accompanying notes are an integral part of these financial statements.
20

SCHARF MULTI-ASSET OPPORTUNITY FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Shares
 
EXCHANGE-TRADED FUNDS – 4.54%
 
Value
 
 
46,929
 
iShares Silver Trust (a)
 
$
1,065,288
 
 
7,558
 
SPDR Gold Shares (a)
   
1,208,978
 
     
TOTAL EXCHANGE-TRADED FUNDS
       
     
  (Cost $1,829,815)
   
2,274,266
 
               
Principal
           
Amount
 
CORPORATE BONDS – 6.84%
       
     
Beverages – 0.16%
       
     
Keurig Dr. Pepper, Inc.
       
$
76,000
 
  4.057%, 5/25/2023
   
81,561
 
               
     
Biotechnology – 0.31%
       
     
AbbVie, Inc.
       
 
150,000
 
  2.30%, 11/21/2022 (d)
   
154,373
 
               
     
Capital Markets – 1.55%
       
     
Charles Schwab Corp.
       
 
700,000
 
  5.375%, 5/1/2025
   
777,700
 
               
     
Chemicals – 0.11%
       
     
DuPont de Nemours, Inc.
       
 
50,000
 
  4.205%, 11/15/2023
   
54,325
 
               
     
Computer and Electronic
       
     
  Product Manufacturing – 0.20%
       
     
Digital Equipment Corp.
       
 
89,000
 
  7.75%, 4/1/2023
   
98,344
 
               
     
Entertainment – 0.35%
       
     
Walt Disney Co.
       
 
150,000
 
  8.875%, 4/26/2023
   
175,234
 
               
     
Health Care Providers & Services – 0.31%
       
     
McKesson Corp.
       
 
150,000
 
  2.70%, 12/15/2022
   
154,688
 
               
     
Internet & Direct Marketing Retail – 0.31%
       
     
eBay, Inc.
       
 
150,000
 
  2.60%, 7/15/2022
   
153,616
 
               
     
Petroleum and Coal
       
     
  Products Manufacturing – 1.17%
       
     
Murphy Oil USA, Inc.
       
 
557,000
 
  5.625%, 5/1/2027
   
584,048
 
 
The accompanying notes are an integral part of these financial statements.
21

SCHARF MULTI-ASSET OPPORTUNITY FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Principal
         
Amount
 
CORPORATE BONDS – 6.84%, Continued
 
Value
 
           
   
Road & Rail – 0.15%
     
   
Burlington Northern Santa Fe LLC
     
$
75,000
 
  3.05%, 9/1/2022
 
$
77,379
 
               
     
Securities and Commodity Contracts
       
     
  Intermediation and Brokerage – 1.90%
       
     
Goldman Sachs Group, Inc.
       
 
1,001,000
 
  4.00%, (3 Month LIBOR + 0.7675%), 6/1/2043 (c)
   
952,802
 
               
     
Specialty Retail – 0.32%
       
     
Advance Auto Parts, Inc.
       
 
150,000
 
  4.50%, 12/1/2023
   
162,515
 
     
TOTAL CORPORATE BONDS
       
     
  (Cost $3,134,468)
   
3,426,585
 
               
     
MUNICIPAL BONDS – 5.13%
       
     
California Health Facilities Financing Authority,
       
     
  Revenue Bonds, Chinese Hospital Association
       
 
10,000
 
  3.00%, 6/1/2024, Series 2012
   
10,288
 
     
California Health Facilities Financing Authority,
       
     
  Revenue Bonds, Persons with
       
     
  Developmental Disabilities
       
 
145,000
 
  7.875%, 2/1/2026, Series 2011B
   
145,592
 
     
California State Educational Facilities Authority,
       
     
  Revenue Bonds, Chapman University
       
 
210,000
 
  5.00%, 4/1/2024
   
210,715
 
     
California State, General Obligation,
       
     
  Highway Safety, Traffic Reduction,
       
     
  Air Quality and Port Security Bonds
       
 
90,000
 
  6.509%, 4/1/2039, Series 2009B
   
92,263
 
     
California State, General Obligation, Various Purpose
       
 
370,000
 
  6.65%, 3/1/2022, Series 2010
   
391,674
 
     
City of New York, General Obligation,
       
     
  Build America Bonds
       
 
75,000
 
  5.887%, 12/1/2024
   
89,074
 
 
35,000
 
  5.424%, 3/1/2025
   
40,926
 
 
The accompanying notes are an integral part of these financial statements.
22

SCHARF MULTI-ASSET OPPORTUNITY FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Principal
         
Amount
 
MUNICIPAL BONDS – 5.13%, Continued
 
Value
 
   
Commonwealth of Massachusetts,
     
   
  Build America Bonds
     
$
110,000
 
  4.20%, 12/1/2021
 
$
112,835
 
     
Dana Point California Community
       
     
  Facilities Taxable – Series B
       
 
100,000
 
  0.847%, 9/1/2021
   
100,096
 
 
120,000
 
  1.017%, 9/1/2022
   
120,372
 
     
San Francisco Bay Area Toll Authority,
       
     
  Revenue Bonds
       
 
100,000
 
  2.075%, 4/1/2021
   
100,000
 
 
100,000
 
  2.128%, 4/1/2022
   
101,747
 
 
100,000
 
  2.234%, 4/1/2023
   
103,390
 
 
80,000
 
  6.793%, 4/1/2030, Series S1-Sub
   
95,254
 
     
Santa Clara Valley Transportation Authority,
       
     
  Sales Tax Revenue, Build America Bonds
       
 
75,000
 
  4.899%, 4/1/2022
   
78,337
 
     
State of California, Build America Bonds
       
 
35,000
 
  5.70%, 11/1/2021
   
36,115
 
 
15,000
 
  4.988%, 4/1/2039
   
16,197
 
     
State of Connecticut, Build America Bonds
       
 
240,000
 
  5.20%, 12/1/2022
   
259,330
 
 
25,000
 
  5.30%, 12/1/2023
   
28,214
 
     
State of Georgia, School Construction Bonds
       
 
15,000
 
  4.35%, 2/1/2029
   
15,873
 
     
State of Hawaii, Build America Bonds
       
 
25,000
 
  5.10%, 2/1/2024
   
28,216
 
     
State of Oregon, General Obligation,
       
     
  Board of Higher Education
       
 
10,000
 
  5.742%, 8/1/2024, Series A
   
10,994
 
     
Toledo City School District, General
       
     
  Obligation Bonds
       
 
225,000
 
  5.00%, 12/1/2024
   
257,044
 
     
University of California, Build America Bonds
       
 
100,000
 
  6.296%, 5/15/2050
   
122,912
 
     
TOTAL MUNICIPAL BONDS
       
     
  (Cost $2,537,374)
   
2,567,458
 
 

The accompanying notes are an integral part of these financial statements.
23

SCHARF MULTI-ASSET OPPORTUNITY FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Principal
         
Amount
 
OTHER SECURITIES – 2.04%
 
Value
 
   
Independent Power and Renewable
     
   
  Electricity Producers – 2.04%
     
$
26,310
 
Tennessee Valley Authority, Series A, Power Bond
 
$
664,854
 
     
  2.216%, (reset annually @ CMT 30 year index average
       
     
  + 84 bps if lower than current rate), 5/1/2029 (c)
       
 
13,475
 
Tennessee Valley Authority, Series D,
       
     
  PAARS, Power Bond
   
355,470
 
     
  2.134%, (reset annually @ CMT 30 year index average
       
     
  + 94 bps if lower than current rate), 6/1/2028 (c)
       
     
TOTAL OTHER SECURITIES
       
     
  (Cost $1,028,437)
   
1,020,324
 
               
Shares
 
MONEY MARKET FUND – 6.89%
       
 
3,452,290
 
First American Treasury Obligations
       
     
  Fund, Class Z, 0.03% (e)
   
3,452,290
 
     
TOTAL MONEY MARKET FUND
       
     
  (Cost $3,452,290)
   
3,452,290
 
     
Total Investments in Securities
       
     
  (Cost $37,299,876) – 99.68%
   
49,923,015
 
     
Other Assets in Excess of Liabilities – 0.32%
   
160,275
 
     
TOTAL NET ASSETS – 100.00%
 
$
50,083,290
 

ADR
American Depository Receipt
CMT
Constant Maturity
LIBOR
London Interbank Offered Rate
(a)
Non-income producing security.
(b)
Foreign issuer.
(c)
Variable rate security.  Rate shown reflects the rate in effect as of March 31, 2021.
(d)
Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “qualified institutional buyers.”  As of March 31, 2021, the value of these investments was $154,373 or 0.31% of total net assets.
(e)
Rate shown is the 7-day annualized yield as of March 31, 2021.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC.
 
The accompanying notes are an integral part of these financial statements.
24

SCHARF GLOBAL OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited)
Shares
 
COMMON STOCKS – 90.85%
 
Value
 
           
   
Aerospace and Defense – 4.09%
     
 
2,653
 
Lockheed Martin Corp.
 
$
980,284
 
               
     
Auto Components – 0.18%
       
 
10,108
 
Nexen Corp. (b)
   
42,022
 
               
     
Automobiles – 4.08%
       
 
92,170
 
Porsche Automobil Holding SE (b)
   
979,767
 
               
     
Beverages – 1.69%
       
 
3,958
 
Heineken N.V. (b)
   
406,694
 
               
     
Biotechnology – 1.93%
       
 
3,021
 
Alexion Pharmaceuticals, Inc. (a)
   
461,941
 
               
     
Chemicals – 2.14%
       
 
19,700
 
Valvoline, Inc.
   
513,579
 
               
     
Diversified Financial Services – 3.81%
       
 
3,577
 
Berkshire Hathaway, Inc. – Class B (a)
   
913,816
 
               
     
Food Products – 3.75%
       
 
13,127
 
Danone (b)
   
900,554
 
               
     
Health Care Providers & Services – 13.28%
       
 
15,628
 
Centene Corp. (a)
   
998,785
 
 
16,299
 
CVS Health Corp.
   
1,226,174
 
 
4,928
 
McKesson Corp.
   
961,157
 
           
3,186,116
 
     
Hotels, Restaurants & Leisure – 4.03%
       
 
202,205
 
Domino’s Pizza Group plc (b)
   
967,301
 
               
     
Household Durables – 3.73%
       
 
8,442
 
Sony Corp. – ADR
   
894,937
 
               
     
Insurance – 6.26%
       
 
36,655
 
AIA Group, Ltd. (b)
   
444,626
 
 
929
 
Markel Corp. (a)
   
1,058,707
 
           
1,503,333
 
     
Interactive Media & Services – 4.19%
       
 
4,622
 
Baidu, Inc. – ADR (a)
   
1,005,516
 
               
     
IT Services – 2.52%
       
 
7,750
 
Cognizant Technology Solutions Corp. – Class A
   
605,430
 
 
The accompanying notes are an integral part of these financial statements.
 

 
25

SCHARF GLOBAL OPPORTUNITY FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Shares
 
COMMON STOCKS – 90.85%, Continued
 
Value
 
           
   
Media – 11.95%
     
 
15,637
 
Comcast Corp. – Class A
 
$
846,118
 
 
151,328
 
Grupo Televisa S.A.B. – ADR (a)
   
1,340,766
 
 
4,540
 
Liberty Broadband Corp. (a)
   
681,681
 
           
2,868,565
 
     
Metals & Mining – 3.58%
       
 
43,423
 
Barrick Gold Corp. (b)
   
859,775
 
               
     
Personal Products – 2.97%
       
 
12,744
 
Unilever plc – ADR
   
711,498
 
               
     
Pharmaceuticals – 6.01%
       
 
2,849
 
Johnson & Johnson
   
468,233
 
 
11,402
 
Novartis AG – ADR
   
974,643
 
           
1,442,876
 
     
Software – 6.23%
       
 
2,462
 
Microsoft Corp.
   
580,466
 
 
13,019
 
Oracle Corp.
   
913,543
 
           
1,494,009
 
     
Specialty Retail – 4.43%
       
 
5,790
 
Advance Auto Parts, Inc.
   
1,062,407
 
     
TOTAL COMMON STOCKS
       
     
  (Cost $17,573,229)
   
21,800,420
 
               
     
PREFERRED STOCKS – 8.78%
       
               
     
Auto Components – 0.36%
       
 
14,157
 
Nexen Corp., 3.02% (b)
   
37,277
 
 
19,025
 
Nexen Tire Corp., 3.72% (b)
   
49,758
 
           
87,035
 
     
Capital Markets – 0.43%
       
 
1,800
 
Korea Investment Holdings Co., Ltd., 4.74% (b)
   
102,744
 
               
     
Containers & Packaging – 0.05%
       
 
5,450
 
NPC, 4.53% (b)
   
11,172
 
     
Personal Products – 0.31%
       
 
1,870
 
AMOREPACIFIC Group, 1.07% (b)
   
36,185
 
 
65
 
LG Household & Health Care, Ltd., 1.60% (b)
   
39,342
 
           
75,527
 
 

 
The accompanying notes are an integral part of these financial statements.
26

SCHARF GLOBAL OPPORTUNITY FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Shares
 
PREFERRED STOCKS – 8.78%, Continued
 
Value
 
           
   
Technology Hardware,
     
   
  Storage & Peripherals – 7.63%
     
 
28,375
 
Samsung Electronics Co., Ltd., 3.59% (b)
 
$
1,830,241
 
     
TOTAL PREFERRED STOCKS
       
     
  (Cost $856,164)
   
2,106,719
 
               
     
MONEY MARKET FUND – 1.29%
       
 
310,475
 
First American Treasury Obligations
       
     
  Fund, Class Z, 0.03% (c)
   
310,475
 
     
TOTAL MONEY MARKET FUND
       
     
  (Cost $310,475)
   
310,475
 
     
Total Investments in Securities
       
     
  (Cost $18,739,868) – 100.92%
   
24,217,614
 
     
Liabilities in Excess of Other Assets – (0.92)%
   
(220,647
)
     
TOTAL NET ASSETS – 100.00%
 
$
23,996,967
 

ADR
American Depository Receipt
(a)
Non-income producing security.
(b)
Foreign issuer.
(c)
Rate shown is the 7-day annualized yield as of March 31, 2021.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC.
 
The accompanying notes are an integral part of these financial statements.
27

SCHARF GLOBAL OPPORTUNITY FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
COUNTRY ALLOCATION
 
Country
% of Net Assets
United States
  51.5%
Republic of Korea
    8.9%
United Kingdom
    7.0%
Mexico
    5.6%
China
    4.2%
Switzerland
    4.1%
Germany
    4.1%
France
    3.7%
Japan
    3.7%
Canada
    3.6%
Hong Kong
    1.9%
Netherlands
    1.7%
 
100.0%

The accompanying notes are an integral part of these financial statements.
28

SCHARF ALPHA OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited)
Shares
 
COMMON STOCKS – 96.28%
 
Value
 
           
   
Aerospace and Defense – 4.09%
     
 
757
 
Lockheed Martin Corp.
 
$
279,711
 
               
     
Beverages – 2.13%
       
 
1,423
 
Heineken N.V. (b)
   
146,217
 
               
     
Biotechnology – 2.52%
       
 
1,128
 
Alexion Pharmaceuticals, Inc. (a)
   
172,482
 
               
     
Building Products – 2.10%
       
 
2,395
 
Masco Corp.
   
143,461
 
               
     
Chemicals – 3.13%
       
 
8,223
 
Valvoline, Inc.
   
214,374
 
               
     
Construction & Engineering – 0.98%
       
 
517
 
Jacobs Engineering Group, Inc.
   
66,833
 
               
     
Diversified Financial Services – 6.10%
       
 
1,633
 
Berkshire Hathaway, Inc. – Class B (a) (d)
   
417,183
 
               
     
Food Products – 2.77%
       
 
2,768
 
Danone (b)
   
189,894
 
               
     
Health Care Providers & Services – 15.87%
       
 
4,323
 
Centene Corp. (a)
   
276,283
 
 
4,175
 
CVS Health Corp. (d)
   
314,084
 
 
1,753
 
McKesson Corp. (d)
   
341,906
 
 
1,198
 
Quest Diagnostics, Inc.
   
153,751
 
           
1,086,024
 
     
Insurance – 7.31%
       
 
273
 
Markel Corp. (a)
   
311,116
 
 
1,976
 
Progressive Corp.
   
188,925
 
           
500,041
 
     
Interactive Media & Services – 1.82%
       
 
572
 
Baidu, Inc. – ADR (a)
   
124,439
 
               
     
IT Services – 3.70%
       
 
3,244
 
Cognizant Technology
       
     
  Solutions Corp. – Class A (d)
   
253,421
 
               
     
Machinery – 0.48%
       
 
479
 
Otis Worldwide Corp.
   
32,788
 
 
The accompanying notes are an integral part of these financial statements.
29

SCHARF ALPHA OPPORTUNITY FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Shares
 
COMMON STOCKS – 96.28%, Continued
 
Value
 
           
   
Media – 9.13%
     
 
6,615
 
Comcast Corp. – Class A (d)
 
$
357,937
 
 
1,777
 
Liberty Broadband Corp. (a)
   
266,817
 
           
624,754
 
     
Personal Products – 2.75%
       
 
3,379
 
Unilever plc – ADR
   
188,650
 
               
     
Pharmaceuticals – 6.60%
       
 
1,477
 
Johnson & Johnson
   
242,745
 
 
2,442
 
Novartis AG – ADR (d)
   
208,742
 
           
451,487
 
     
Road & Rail – 4.33%
       
 
1,122
 
Kansas City Southern (d)
   
296,117
 
               
     
Software – 12.02%
       
 
2,212
 
Microsoft Corp. (d)
   
521,523
 
 
4,297
 
Oracle Corp. (d)
   
301,520
 
           
823,043
 
     
Specialty Retail – 4.69%
       
 
1,750
 
Advance Auto Parts, Inc. (d)
   
321,108
 
               
     
Technology Hardware,
       
     
  Storage & Peripherals – 3.76%
       
 
141
 
Samsung Electronics Co., Ltd. (b)
   
257,184
 
     
TOTAL COMMON STOCKS
       
     
  (Cost $4,535,909)
   
6,589,211
 
               
     
EXCHANGE-TRADED FUND – 1.11%
       
 
3,348
 
iShares Silver Trust (a)
   
76,000
 
     
TOTAL EXCHANGE-TRADED FUND
       
     
  (Cost $55,739)
   
76,000
 
 
The accompanying notes are an integral part of these financial statements.
30

SCHARF ALPHA OPPORTUNITY FUND
 
SCHEDULE OF INVESTMENTS at March 31, 2021 (Unaudited), Continued
Shares
 
MONEY MARKET FUND – 1.04%
 
Value
 
 
70,779
 
First American Treasury Obligations
     
     
  Fund, Class Z, 0.03% (c)
 
$
70,779
 
     
TOTAL MONEY MARKET FUND
       
     
  (Cost $70,779)
   
70,779
 
     
Total Investments in Securities
       
     
  (Cost $4,662,427) – 98.43%
   
6,735,990
 
     
Other Assets in Excess of Liabilities – 1.57%
   
107,609
 
     
TOTAL NET ASSETS – 100.00%
 
$
6,843,599
 

ADR
American Depository Receipt
(a)
Non-income producing security.
(b)
Foreign issuer.
(c)
Rate shown is the 7-day annualized yield as of March 31, 2021.
(d)
All or a portion of the security has been segregated for open short positions.


SCHEDULE OF SECURITIES SOLD SHORT at March 31, 2021 (Unaudited)
Shares
 
SECURITIES SOLD SHORT – 37.99%
 
Value
 
           
   
Exchange-Traded Funds – 37.99%
     
 
4,812
 
Invesco QQQ Trust Series 1
 
$
1,535,654
 
 
2,685
 
SPDR S&P 500 ETF Trust
   
1,064,146
 
     
TOTAL SECURITIES SOLD SHORT
       
     
  (Proceeds $1,631,647)
 
$
2,599,800
 

ETF
Exchange-Traded Fund

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC.
 
The accompanying notes are an integral part of these financial statements.
31

SCHARF FUNDS

STATEMENTS OF ASSETS AND LIABILITIES at March 31, 2021 (Unaudited)
         
Scharf Multi-Asset
 
   
Scharf Fund
   
Opportunity Fund
 
ASSETS
           
Investments in securities, at value (identified cost
           
  $256,701,283 and $37,299,876, respectively)
 
$
381,277,942
   
$
49,923,015
 
Receivables:
               
Investments sold
   
3,390,088
     
343,647
 
Fund shares issued
   
332,593
     
 
Dividends and interest
   
479,482
     
123,343
 
Dividend tax reclaim
   
378,405
     
33,424
 
Prepaid expenses
   
31,366
     
21,870
 
Total assets
   
385,889,876
     
50,445,299
 
LIABILITIES
               
Payables:
               
Investments purchased
   
     
292,486
 
Fund shares redeemed
   
130,983
     
 
Advisory fees
   
222,595
     
20,813
 
Administration and fund accounting fees
   
33,446
     
11,197
 
Audit fees
   
11,218
     
11,218
 
12b-1 distribution fees
   
54,267
     
11,988
 
Chief Compliance Officer fee
   
1,301
     
1,300
 
Custody fees
   
5,883
     
2,439
 
Legal fees
   
1,147
     
1,379
 
Shareholder reporting
   
7,886
     
413
 
Shareholder servicing fees
   
37,907
     
6,059
 
Transfer agent fees and expenses
   
5,753
     
2,525
 
Trustee fees and expenses
   
133
     
192
 
Total liabilities
   
512,519
     
362,009
 
NET ASSETS
 
$
385,377,357
   
$
50,083,290
 
CALCULATION OF NET ASSET VALUE PER SHARE
               
Institutional Shares
               
Net assets applicable to shares outstanding
 
$
314,376,694
   
$
42,562,587
 
Shares issued and outstanding [unlimited number of shares
               
  (par value $0.01) authorized]
   
6,019,210
     
1,159,990
 
Net asset value, offering and redemption price per share
 
$
52.23
   
$
36.69
 
Retail Shares
               
Net assets applicable to shares outstanding
 
$
71,000,663
   
$
7,520,703
 
Shares issued and outstanding [unlimited number of shares
               
  (par value $0.01) authorized]
   
1,366,050
     
205,350
 
Net asset value, offering and redemption price per share
 
$
51.98
   
$
36.62
 
COMPOSITION OF NET ASSETS
               
Paid-in capital
 
$
248,719,630
   
$
35,556,601
 
Total distributable earnings
   
136,657,727
     
14,526,689
 
Net assets
 
$
385,377,357
   
$
50,083,290
 

The accompanying notes are an integral part of these financial statements.
32

SCHARF FUNDS

STATEMENTS OF ASSETS AND LIABILITIES at March 31, 2021 (Unaudited)
   
Scharf Global
   
Scharf Alpha
 
   
Opportunity Fund
   
Opportunity Fund
 
ASSETS
           
Investments in securities, at value (identified cost
           
  $18,739,868 and $4,662,427, respectively)
 
$
24,217,614
   
$
6,735,990
 
Cash
   
     
14,435
 
Deposits at broker for short securities
   
     
2,629,433
 
Receivables:
               
Investments sold
   
     
63,769
 
Fund shares issued
   
200,000
     
 
Dividends and interest
   
58,902
     
1,757
 
Dividend tax reclaim
   
16,629
     
10,283
 
Due from Adviser (Note 4)
   
1,520
     
9,070
 
Prepaid expenses
   
11,235
     
13,670
 
Total assets
   
24,505,900
     
9,478,407
 
LIABILITIES
               
Securities sold short (proceeds $0
               
  and $1,631,647, respectively)
   
     
2,599,800
 
Payables:
               
Dividends on short positions
   
     
5,330
 
Investments purchased
   
461,744
     
 
Audit fees
   
10,471
     
10,470
 
Shareholder servicing fees
   
3,922
     
707
 
12b-1 distribution fees
   
19,431
     
2,427
 
Administration and fund accounting fees
   
7,207
     
6,865
 
Legal fees
   
1,353
     
1,379
 
Chief Compliance Officer fee
   
1,301
     
1,300
 
Custody fees
   
1,954
     
3,009
 
Transfer agent fees and expenses
   
1,505
     
1,954
 
Shareholder reporting
   
     
355
 
Trustee fees and expenses
   
45
     
102
 
Accrued other expenses
   
     
1,110
 
Total liabilities
   
508,933
     
2,634,808
 
NET ASSETS
 
$
23,996,967
   
$
6,843,599
 
CALCULATION OF NET ASSET VALUE PER SHARE
               
Retail Shares
               
Net assets applicable to shares outstanding
 
$
23,996,967
   
$
6,843,599
 
Shares issued and outstanding [unlimited number of shares
               
  (par value $0.01) authorized]
   
687,740
     
264,302
 
Net asset value, offering and
               
  redemption price per share
 
$
34.89
   
$
25.89
 
COMPOSITION OF NET ASSETS
               
Paid-in capital
 
$
16,860,715
   
$
5,843,398
 
Total distributable earnings
   
7,136,252
     
1,000,201
 
Net assets
 
$
23,996,967
   
$
6,843,599
 

The accompanying notes are an integral part of these financial statements.
33

SCHARF FUNDS

STATEMENTS OF OPERATIONS For the Six Months Ended March 31, 2021 (Unaudited)
         
Scharf Multi-Asset
 
   
Scharf Fund
   
Opportunity Fund
 
INVESTMENT INCOME
           
Income
           
Dividends (net of foreign tax withheld and issuance
           
  fees of $238,698 and $24,785, respectively)
 
$
3,507,798
   
$
375,036
 
Interest
   
667
     
73,533
 
Total income
   
3,508,465
     
448,569
 
Expenses
               
Advisory fees (Note 4)
   
1,427,148
     
241,748
 
Shareholder servicing fees – Institutional Class (Note 6)
   
96,707
     
17,504
 
Shareholder servicing fees – Retail Class (Note 6)
   
34,002
     
3,616
 
12b-1 distribution fees – Retail Class (Note 5)
   
85,384
     
9,039
 
Administration and fund accounting fees (Note 4)
   
81,426
     
32,114
 
Registration fees
   
18,408
     
15,627
 
Transfer agent fees and expenses (Note 4)
   
18,108
     
7,372
 
Custody fees (Note 4)
   
17,629
     
6,183
 
Audit fees
   
11,219
     
11,219
 
Reports to shareholders
   
9,647
     
2,196
 
Trustee fees and expenses
   
8,916
     
7,374
 
Miscellaneous expenses
   
5,251
     
3,277
 
Chief Compliance Officer fee (Note 4)
   
4,488
     
4,488
 
Legal fees
   
3,916
     
3,540
 
Insurance expense
   
2,772
     
1,247
 
Interest expense
   
388
     
 
Total expenses
   
1,825,409
     
366,544
 
Less: advisory fee waiver (Note 4)
   
(163,873
)
   
(121,498
)
Net expenses
   
1,661,536
     
245,046
 
    Net investment income
   
1,846,929
     
203,523
 
REALIZED AND UNREALIZED GAIN/(LOSS) ON
               
  INVESTMENTS AND FOREIGN CURRENCY
               
Net realized gain on:
               
Investments
   
14,749,128
     
2,056,087
 
Foreign currency
   
2,844
     
316
 
Net change in unrealized appreciation/(depreciation) on:
               
Investments
   
43,019,189
     
3,315,802
 
Foreign currency
   
(14,472
)
   
(1,547
)
Net realized and unrealized gain on
               
  investments and foreign currency
   
57,756,689
     
5,370,658
 
Net Increase in Net Assets
               
  Resulting from Operations
 
$
59,603,618
   
$
5,574,181
 

The accompanying notes are an integral part of these financial statements.
34

SCHARF FUNDS

STATEMENTS OF OPERATIONS For the Six Months Ended March 31, 2021 (Unaudited)
   
Scharf Global
   
Scharf Alpha
 
   
Opportunity Fund
   
Opportunity Fund
 
INVESTMENT INCOME
           
Income
           
Dividends (net of foreign tax withheld and issuance
           
  fees of $27,848 and $2,041, respectively)
 
$
183,288
   
$
58,438
 
Interest
   
26
     
8
 
Total income
   
183,314
     
58,446
 
Expenses
               
Advisory fees (Note 4)
   
106,345
     
35,051
 
Administration and fund accounting fees (Note 4)
   
21,062
     
20,589
 
12b-1 distribution fees – Retail Class (Note 5)
   
16,113
     
5,311
 
Audit fees
   
10,471
     
10,471
 
Registration fees
   
9,692
     
10,084
 
Shareholder servicing fees – Retail Class (Note 6)
   
7,372
     
1,889
 
Trustee fees and expenses
   
7,127
     
7,109
 
Custody fees (Note 4)
   
5,599
     
6,830
 
Chief Compliance Officer fee (Note 4)
   
4,488
     
4,488
 
Miscellaneous expenses
   
4,107
     
6,017
 
Transfer agent fees and expenses (Note 4)
   
4,010
     
3,599
 
Legal fees
   
3,815
     
3,540
 
Reports to shareholders
   
1,809
     
1,757
 
Insurance expense
   
1,122
     
1,113
 
Interest expense
   
97
     
155
 
Total expenses before dividends
               
  on short positions
   
203,229
     
118,003
 
Dividends on short positions
   
     
38,012
 
Total expenses before advisory fee waiver
               
  and expense reimbursement
   
203,229
     
156,015
 
Less: advisory fee waiver and
               
  expense reimbursement (Note 4)
   
(121,739
)
   
(87,790
)
Net expenses
   
81,490
     
68,225
 
    Net investment income/(loss)
   
101,824
     
(9,779
)
REALIZED AND UNREALIZED GAIN/(LOSS)
               
  ON INVESTMENTS, FOREIGN CURRENCY
               
  AND SECURITIES SOLD SHORT
               
Net realized gain/(loss) on:
               
Investments
   
1,530,071
     
1,245,472
 
Foreign currency
   
(80
)
   
(2
)
Securities sold short
   
     
(862,703
)
Net change in unrealized appreciation/(depreciation) on:
               
Investments
   
2,483,239
     
(187,780
)
Foreign currency
   
(1,717
)
   
(110
)
Securities sold short
   
     
368,021
 
Net realized and unrealized gain on investments,
               
  foreign currency and securities sold short
   
4,011,513
     
562,898
 
Net Increase in Net Assets
               
  Resulting from Operations
 
$
4,113,337
   
$
553,119
 

The accompanying notes are an integral part of these financial statements.
35

SCHARF FUND

STATEMENTS OF CHANGES IN NET ASSETS
   
Six Months Ended
       
   
March 31, 2021
   
Year Ended
 
   
(Unaudited)
   
September 30, 2020
 
INCREASE/(DECREASE) IN NET ASSETS FROM:
           
OPERATIONS
           
Net investment income
 
$
1,846,929
   
$
2,491,530
 
Net realized gain/(loss) from:
               
Investments
   
14,749,128
     
14,383,281
 
Foreign currency
   
2,844
     
(4,770
)
Net change in unrealized appreciation/(depreciation) on:
               
Investments
   
43,019,189
     
9,038,828
 
Foreign currency
   
(14,472
)
   
6,248
 
Net increase in net assets resulting from operations
   
59,603,618
     
25,915,117
 
DISTRIBUTIONS TO SHAREHOLDERS
               
Net dividends and distributions to shareholders –
               
  Institutional Class shares
   
(10,685,640
)
   
(23,633,870
)
Net dividends and distributions to shareholders –
               
  Retail Class shares
   
(2,293,886
)
   
(5,863,332
)
Total distributions to shareholders
   
(12,979,526
)
   
(29,497,202
)
CAPITAL SHARE TRANSACTIONS
               
Net decrease in net assets derived
               
  from net change in outstanding shares (a)
   
(10,523,318
)
   
(17,878,968
)
Total increase/(decrease) in net assets
   
36,100,774
     
(21,461,053
)
NET ASSETS
               
Beginning of period
   
349,276,583
     
370,737,636
 
End of period
 
$
385,377,357
   
$
349,276,583
 

The accompanying notes are an integral part of these financial statements.
36

SCHARF FUND

STATEMENTS OF CHANGES IN NET ASSETS, Continued
(a)
A summary of share transactions is as follows:

Institutional Class
                       
     
Six Months Ended
             
     
March 31, 2021
   
Year Ended
 
     
(Unaudited)
   
September 30, 2020
 
     
Shares
   
Paid-in Capital
   
Shares
   
Paid-in Capital
 
 
Shares sold
   
315,793
   
$
15,402,672
     
1,167,709
   
$
49,569,097
 
 
Shares issued on
                               
 
  reinvestments of distributions
   
222,392
     
10,645,906
     
517,328
     
23,455,656
 
 
Shares redeemed*
   
(663,088
)
   
(32,307,629
)
   
(1,990,615
)
   
(86,112,244
)
 
Net decrease
   
(124,903
)
 
$
(6,259,051
)
   
(305,578
)
 
$
(13,087,491
)
 
* Net of redemption fees of
         
$
3,041
           
$
5,833
 
                                   
Retail Class
                               
     
Six Months Ended
                 
     
March 31, 2021
   
Year Ended
 
     
(Unaudited)
   
September 30, 2020
 
     
Shares
   
Paid-in Capital
   
Shares
   
Paid-in Capital
 
 
Shares sold
   
14,038
   
$
687,089
     
62,738
   
$
2,610,158
 
 
Shares issued on
                               
 
  reinvestments of distributions
   
48,096
     
2,293,220
     
129,801
     
5,861,794
 
 
Shares redeemed*
   
(150,727
)
   
(7,244,576
)
   
(320,187
)
   
(13,263,429
)
 
Net decrease
   
(88,593
)
 
$
(4,264,267
)
   
(127,648
)
 
$
(4,791,477
)
 
* Net of redemption fees of
         
$
691
           
$
6,027
 

The accompanying notes are an integral part of these financial statements.
37

SCHARF MULTI-ASSET OPPORTUNITY FUND

STATEMENTS OF CHANGES IN NET ASSETS
   
Six Months Ended
       
   
March 31, 2021
   
Year Ended
 
   
(Unaudited)
   
September 30, 2020
 
INCREASE/(DECREASE) IN NET ASSETS FROM:
           
OPERATIONS
           
Net investment income
 
$
203,523
   
$
442,548
 
Net realized gain/(loss) from:
               
Investments
   
2,056,087
     
2,222,942
 
Foreign currency
   
316
     
(295
)
Net change in unrealized appreciation/(depreciation) on:
               
Investments
   
3,315,802
     
1,393,457
 
Foreign currency
   
(1,547
)
   
591
 
Net increase in net assets resulting from operations