NPORT-EX 2 global2.htm
Scharf Global Opportunity Fund
  
Schedule of Investments
  
June 30, 2023 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 93.80%
  
Value
  
   
Aerospace and Defense - 2.00%
      
 
1,142
  
Lockheed Martin Corp.
  
$
525,754
  
     
Beverages - 4.04%
        
 
12,240
  
Heineken Holding N.V. (b)
    
1,063,831
  
     
Capital Markets - 5.32%
        
 
41,635
  
Brookfield Corp.
    
1,401,018
  
     
Chemicals - 2.90%
        
 
20,327
  
Valvoline, Inc.
    
762,466
  
     
Commercial Services & Supplies - 2.21%
        
 
39,300
  
MillerKnoll, Inc.
    
580,854
  
     
Diversified Financial Services - 3.84%
        
 
2,962
  
Berkshire Hathaway, Inc. - Class B (a)
    
1,010,042
  
     
Entertainment - 4.07%
        
 
12,700
  
Activision Blizzard, Inc. (a)
    
1,070,610
  
     
Ground Transportation - 5.40%
        
 
6,028
  
Canadian Pacific Kansas City Ltd. - ADR
    
486,882
  
 
8,102
  
U-Haul Holding Co.
    
410,528
  
 
2,560
  
Union Pacific Corp.
    
523,827
  
           
1,421,237
  
     
Health Care Equipment & Supplies - 3.80%
        
 
62,020
  
Smith & Nephew plc
    
998,747
  
     
Health Care Providers & Services - 12.62%
        
 
15,413
  
Centene Corp. (a)
    
1,039,607
  
 
14,105
  
CVS Health Corp.
    
975,079
  
 
3,056
  
McKesson Corp.
    
1,305,859
  
           
3,320,545
  
     
Household Durables - 2.53%
        
 
7,397
  
Sony Corp. - ADR
    
666,026
  
     
Insurance - 6.38%
        
 
68,290
  
AIA Group, Ltd.
    
689,349
  
 
716
  
Markel Group, Inc. (a)
    
990,357
  
           
1,679,706
  
     
Interactive Media & Services - 6.72%
        
 
7,917
  
Baidu, Inc. - ADR (a)
    
1,083,916
  
 
16,195
  
Tencent Holdings, Ltd. (b)
    
685,332
  
           
1,769,248
  
     
Internet & Direct Marketing Retail - 2.91%
        
 
284
  
Booking Holdings, Inc. (a)
    
766,894
  
     
IT Services - 3.26%
        
 
6,800
  
Fiserv, Inc. (a)
    
857,820
  
     
Media - 4.58%
        
 
28,987
  
Comcast Corp. - Class A
    
1,204,410
  
     
Metals & Mining - 2.94%
        
 
45,705
  
Barrick Gold Corp. - ADR
    
773,786
  
     
Personal Products - 2.64%
        
 
13,341
  
Unilever plc - ADR
    
695,466
  
     
Pharmaceuticals - 6.52%
        
 
3,259
  
Johnson & Johnson
    
539,430
  
 
11,663
  
Novartis AG - ADR
    
1,176,913
  
           
1,716,343
  
     
Software - 7.31%
        
 
1,973
  
Microsoft Corp.
    
671,886
  
 
10,514
  
Oracle Corp.
    
1,252,112
  
           
1,923,998
  
     
Textiles, Apparel & Luxury Goods - 1.81%
        
 
865
  
Kering SA
    
477,231
  
     
TOTAL COMMON STOCKS (Cost $20,252,659)
    
24,686,032
  
               
     
PREFERRED STOCK - 5.39%
        
     
Technology Hardware, Storage & Peripherals - 5.39%
        
 
31,420
  
Samsung Electronics Co., Ltd., 2.15% (b)
    
1,418,806
  
     
TOTAL PREFERRED STOCK (Cost $710,323)
    
1,418,806
  
               
     
MONEY MARKET FUND - 0.89%
        
 
234,474
  
First American Treasury Obligations Fund, Class Z, 5.00% (c)
    
234,474
  
     
TOTAL MONEY MARKET FUND (Cost $234,474)
    
234,474
  
               
     
Total Investments in Securities (Cost $21,197,456) - 100.08%
    
26,339,312
  
     
Liabilities in Excess of Other Assets - (0.08)%
    
(20,163
)
     
TOTAL NET ASSETS - 100.00%
  
$
26,319,149
  
   
ADR
  
American Depository Receipt
        
(a)
  
Non-income producing security.
        
(b)
  
Foreign issuer.
        
(c)
  
Rate shown is the 7-day annualized yield as of June 30, 2023.
        

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
  
55.8%
 
Canada
  
10.1%
 
Cayman Islands
  
6.7%
 
United Kingdom
  
6.5%
 
Republic of Korea
  
5.4%
 
Switzerland
  
4.5%
 
Netherlands
  
4.1%
 
Hong Kong
  
2.6%
 
Japan
  
2.5%
 
France
  
1.8%
     
100.0%
Scharf Global Opportunity Fund
                
Summary of Fair Value Disclosure at June 30, 2023 (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 June 30, 2023:
      

Scharf Global Opportunity Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
                        
Communication Services
  
$
4,044,269
    
$
-
    
$
-
    
$
4,044,269
  
Consumer Discretionary
    
2,672,616
      
-
      
-
      
2,672,616
  
Consumer Staples
    
1,759,297
      
-
      
-
      
1,759,297
  
Financials
    
4,948,586
      
-
      
-
      
4,948,586
  
Health Care
    
6,035,635
      
-
      
-
      
6,035,635
  
Industrials
    
2,527,845
      
-
      
-
      
2,527,845
  
Information Technology
    
1,923,998
      
-
      
-
      
1,923,998
  
Materials
    
773,786
      
-
      
-
      
773,786
  
Total Common Stocks
    
24,686,032
      
-
      
-
      
24,686,032
  
Preferred Stock
                                
Information Technology
    
1,418,806
      
-
      
-
      
1,418,806
  
Total Preferred Stock
    
1,418,806
      
-
      
-
      
1,418,806
  
Money Market Fund
    
234,474
      
-
      
-
      
234,474
  
Total Investments in Securities
  
$
26,339,312
    
$
-
    
$
-
    
$
26,339,312
  
                                 
Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.