NPORT-EX 2 scharfglobal.htm NPORT-EX
Scharf Global Opportunity Fund
  
Schedule of Investments
  
December 31, 2021 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 93.44%
  
Value
  
   
Aerospace and Defense - 3.43%
      
 
2,653
  
Lockheed Martin Corp.
  
$
942,903
  
     
Automobiles - 3.39%
        
 
99,030
  
Porsche Automobil Holding SE - ADR
    
929,892
  
     
Beverages - 1.62%
        
 
3,958
  
Heineken N.V. (b)
    
445,480
  
     
Building Products - 2.31%
        
 
9,026
  
Masco Corp.
    
633,806
  
     
Chemicals - 2.05%
        
 
15,120
  
Valvoline, Inc.
    
563,825
  
     
Commercial Services & Supplies - 3.78%
        
 
26,485
  
Herman Miller, Inc.
    
1,037,947
  
     
Diversified Financial Services - 3.89%
        
 
3,577
  
Berkshire Hathaway, Inc. - Class B (a)
    
1,069,523
  
     
Health Care Providers & Services - 13.75%
        
 
13,178
  
Centene Corp. (a)
    
1,085,867
  
 
15,934
  
CVS Health Corp.
    
1,643,751
  
 
4,200
  
McKesson Corp.
    
1,043,994
  
           
3,773,612
  
     
Hotels, Restaurants & Leisure - 2.03%
        
 
89,655
  
Domino's Pizza Group plc (b)
    
556,764
  
     
Household Durables - 3.73%
        
 
8,094
  
Sony Corp. - ADR (a)
    
1,023,081
  
     
Insurance - 7.20%
        
 
84,890
  
AIA Group, Ltd. (b)
    
855,699
  
 
908
  
Markel Corp. (a)
    
1,120,472
  
           
1,976,171
  
     
Interactive Media & Services - 6.39%
        
 
7,243
  
Baidu, Inc. - ADR (a)
    
1,077,686
  
 
11,560
  
Tencent Holdings, Ltd. (b)
    
677,214
  
           
1,754,900
  
     
IT Services - 4.58%
        
 
6,204
  
Cognizant Technology Solutions Corp. - Class A
    
550,419
  
 
6,800
  
Fiserv, Inc. (a)
    
705,772
  
           
1,256,191
  
     
Media - 10.48%
        
 
15,637
  
Comcast Corp. - Class A
    
787,010
  
 
142,214
  
Grupo Televisa S.A.B. - ADR
    
1,332,545
  
 
4,703
  
Liberty Broadband Corp. - Class C (a)
    
757,654
  
           
2,877,209
  
     
Metals & Mining - 3.38%
        
 
48,780
  
Barrick Gold Corp. (b)
    
926,820
  
     
Personal Products - 2.75%
        
 
14,025
  
Unilever plc - ADR
    
754,405
  
     
Pharmaceuticals - 7.82%
        
 
9,488
  
AstraZeneca plc - ADR
    
552,676
  
 
2,849
  
Johnson & Johnson
    
487,378
  
 
12,655
  
Novartis AG - ADR
    
1,106,933
  
           
2,146,987
  
     
Road & Rail - 2.00%
        
 
7,630
  
Canadian Pacific Railway, Ltd. - ADR
    
548,902
  
     
Software - 4.83%
        
 
1,637
  
Microsoft Corp.
    
550,556
  
 
8,894
  
Oracle Corp.
    
775,645
  
           
1,326,201
  
     
Specialty Retail - 4.03%
        
 
4,609
  
Advance Auto Parts, Inc.
    
1,105,607
  
     
TOTAL COMMON STOCKS (Cost $20,290,958)
    
25,650,226
  
               
     
PREFERRED STOCKS - 6.32%
        
     
Auto Components - 0.08%
        
 
8,033
  
Nexen Corp., 2.70% (b)
    
22,536
  
     
Capital Markets - 0.36%
        
 
1,800
  
Korea Investment Holdings Co., Ltd., 4.71% (b)
    
98,423
  
     
Personal Products - 0.12%
        
 
65
  
LG Household & Health Care, Ltd., 1.79% (b)
    
33,682
  
     
Technology Hardware, Storage & Peripherals - 5.76%
        
 
26,375
  
Samsung Electronics Co., Ltd., 1.52% (b)
    
1,579,727
  
     
TOTAL PREFERRED STOCKS (Cost $624,385)
    
1,734,368
  
               
     
MONEY MARKET FUND - 0.79%
        
 
217,115
  
First American Treasury Obligations Fund, Class Z, 0.01% (c)
    
217,115
  
     
TOTAL MONEY MARKET FUND (Cost $217,115)
    
217,115
  
               
     
Total Investments in Securities (Cost $21,132,458) - 100.55%
    
27,601,709
  
     
Liabilities in Excess of Other Assets - (0.55)%
    
(151,229
)
     
TOTAL NET ASSETS - 100.00%
  
$
27,450,480
  

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

 
Country Allocation
 
 
                                    
     
% of Net
                                    
 
Country
  
Assets
                                    
 
United States
  
54.3%
                                    
 
United Kingdom
  
6.8%
                                    
 
China
  
6.4%
                                    
 
Republic of Korea
  
6.3%
                                    
 
Canada
  
5.4%
                                    
 
Mexico
  
4.9%
                                    
 
Switzerland
  
4.0%
                                    
 
Japan
  
3.8%
                                    
 
Germany
  
3.4%
                                    
 
Hong Kong
  
3.1%
                                    
 
Netherlands
  
1.6%
                                    
     
100%
                                    
Scharf Global Opportunity Fund
                
Summary of Fair Value Disclosure at December 31, 2021 (Unaudited)
          
                   
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
  
                   
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 would be based on the best information available.
  
                   
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:
      

Scharf Global Opportunity Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
                        
Communication Services
  
$
4,632,108
    
$
-
    
$
-
    
$
4,632,108
  
Consumer Discretionary
    
3,615,344
      
-
      
-
      
3,615,344
  
Consumer Staples
    
1,199,885
      
-
      
-
      
1,199,885
  
Financials
    
3,045,694
      
-
      
-
      
3,045,694
  
Health Care
    
5,920,600
      
-
      
-
      
5,920,600
  
Industrials
    
3,163,558
      
-
      
-
      
3,163,558
  
Information Technology
    
2,582,392
      
-
      
-
      
2,582,392
  
Materials
    
1,490,645
      
-
      
-
      
1,490,645
  
Total Common Stocks
    
25,650,226
      
-
      
-
      
25,650,226
  
Preferred Stocks
                                
Consumer Discretionary
    
22,536
      
-
      
-
      
22,536
  
Consumer Staples
    
33,682
      
-
      
-
      
33,682
  
Financials
    
98,423
      
-
      
-
      
98,423
  
Information Technology
    
1,579,727
      
-
      
-
      
1,579,727
  
Total Preferred Stocks
    
1,734,368
      
-
      
-
      
1,734,368
  
Money Market Fund
    
217,115
      
-
      
-
      
217,115
  
Total Investments in Securities
  
$
27,601,709
    
$
-
    
$
-
    
$
27,601,709
  

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.