NPORT-EX 2 scharfglobal2.htm

Scharf Global Opportunity Fund
  
Schedule of Investments
  
December 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 93.7%
  
Shares
    
Value
 
Aerospace & Defense - 2.2%
        
Airbus SE - ADR
    
15,200
    
$
605,492
  
                 
Beverages - 2.7%
          
Heineken Holding NV
    
12,520
      
750,248
  
                 
Building Products - 2.7%
          
Assa Abloy AB - Class B
    
25,603
      
756,252
  
                 
Capital Markets - 11.5%
          
Brookfield Corp.
    
35,940
      
2,064,753
  
Charles Schwab Corp.
    
4,150
      
307,141
  
CME Group, Inc.
    
3,420
      
794,227
  
             
3,166,121
  
                 
Chemicals - 3.4%
          
Air Products and Chemicals, Inc.
    
3,227
      
935,959
  
                 
Commercial Services & Supplies - 1.1%
          
MillerKnoll, Inc.
    
13,125
      
296,494
  
                 
Entertainment - 1.9%
          
Walt Disney Co.
    
4,639
      
516,553
  
                 
Financial Services - 13.7%
          
Berkshire Hathaway, Inc. - Class B (a)
    
2,556
      
1,158,584
  
Fiserv, Inc. (a)
    
7,556
      
1,552,153
  
Visa, Inc. - Class A
    
3,428
      
1,083,385
  
             
3,794,122
  
                 
GICS~Energy Equipment & Services - 1.9%
          
Schlumberger, Ltd.
    
13,810
      
529,475
  
                 
Ground Transportation - 4.9%
          
U-Haul Holding Co.
    
10,837
      
694,110
  
Union Pacific Corp.
    
2,954
      
673,630
  
             
1,367,740
  
                 
Health Care Equipment & Supplies - 3.2%
          
Smith & Nephew PLC
    
70,835
      
879,152
  
                 
Health Care Providers & Services - 8.9%
          
Centene Corp. (a)
    
15,593
      
944,624
  
CVS Health Corp.
    
12,217
      
548,421
  
McKesson Corp.
    
1,678
      
956,309
  
             
2,449,354
  
                 
Hotels, Restaurants & Leisure - 6.1%
          
Booking Holdings, Inc.
    
117
      
581,305
  
Compass Group PLC
    
33,136
      
1,104,271
  
             
1,685,576
  
                 
Household Durables - 2.2%
          
Sony Corp. - ADR
    
28,310
      
599,040
  
                 
Insurance - 6.7%
          
Aon PLC - Class A
    
1,840
      
660,854
  
Markel Group, Inc. (a)
    
695
      
1,199,730
  
             
1,860,584
  
                 
Interactive Media & Services - 1.9%
          
Tencent Holdings, Ltd.
    
9,910
      
532,079
  
                 
Machinery - 2.0%
          
Donaldson Co., Inc.
    
8,245
      
555,301
  
                 
Media - 3.7%
          
Comcast Corp. - Class A
    
27,052
      
1,015,261
  
                 
Oil, Gas & Consumable Fuels - 3.6%
          
Occidental Petroleum Corp.
    
19,880
      
982,271
  
                 
Pharmaceuticals - 2.9%
          
Novartis AG - ADR
    
8,330
      
810,592
  
                 
Software - 6.5%
          
Microsoft Corp.
    
1,215
      
512,123
  
Oracle Corp.
    
7,769
      
1,294,626
  
             
1,806,749
  
TOTAL COMMON STOCKS (Cost $19,033,634)
      
25,894,415
  
                 
PREFERRED STOCKS - 4.4%
                
Technology Hardware, Storage & Peripherals - 4.4%
          
Samsung Electronics Co. Ltd. 0.00%,
    
40,220
      
1,207,570
  
TOTAL PREFERRED STOCKS (Cost $1,070,154)
      
1,207,570
  
                 
SHORT-TERM INVESTMENTS - 1.9%
                
Money Market Funds - 1.9%
                
First American Treasury Obligations Fund - Class Z, 4.36% (b)
    
527,382
      
527,382
  
TOTAL SHORT-TERM INVESTMENTS (Cost $527,382)
      
527,382
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $20,631,170)
      
27,629,367
  
Other Assets in Excess of Liabilities - 0.0% (c)
      
13,593
  
TOTAL NET ASSETS - 100.0%
          
$
27,642,960
  
two
      
–
%
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 December 31, 2024.
(c)
Represents less than 0.05% of net assets.
Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)
 
Scharf Global Opportunity Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
25,894,415
    
$
–
    
$
–
    
$
25,894,415
  
  Preferred Stocks
    
1,207,570
      
–
      
–
      
1,207,570
  
  Money Market Funds
    
527,382
      
–
      
–
      
527,382
  
Total Investments
  
$
27,629,367
    
$
–
    
$
–
    
$
27,629,367
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   

Allocation of Portfolio Holdings by Country as of December 31, 2024
        
(% of Net Assets)
        
United States
  
$
18,319,918
      
66.3
%
Canada
    
2,064,753
      
7.5
  
United Kingdom
    
1,983,423
      
7.2
  
South Korea
    
1,207,570
      
4.4
  
Switzerland
    
810,592
      
2.9
  
Sweden
    
756,252
      
2.7
  
Netherlands
    
750,248
      
2.7
  
France
    
605,492
      
2.2
  
Japan
    
599,040
      
2.2
  
China
    
532,079
      
1.9
  
Other Assets in Excess of Liabilities
    
13,593
      
0.0
(a) 
   
$
27,642,960
      
100.0
%

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