Scharf Fund
  
Schedule of Investments
  
June 30, 2020 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 89.57%
  
Value
  
   
Banks - 1.95%
      
 
253,309
  
Wells Fargo & Co.
  
$
6,484,710
  
     
Beverages - 2.74%
        
 
98,634
  
Heineken N.V. (b)
    
9,093,459
  
     
Biotechnology - 2.63%
        
 
10,506
  
AbbVie, Inc.
    
1,031,479
  
 
68,480
  
Alexion Pharmaceuticals, Inc. (a)
    
7,686,195
  
           
8,717,674
  
     
Diversified Financial Services - 5.03%
        
 
93,591
  
Berkshire Hathaway, Inc. - Class B (a)
    
16,706,929
  
     
Diversified Telecommunications - 3.57%
        
 
214,980
  
Verizon Communications, Inc.
    
11,851,847
  
     
Food Products - 3.96%
        
 
190,120
  
Danone (b)
    
13,149,141
  
     
Health Care Providers & Services - 11.77%
        
 
208,209
  
CVS Health Corp.
    
13,527,339
  
 
105,212
  
McKesson Corp.
    
16,141,625
  
 
82,718
  
Quest Diagnostics, Inc.
    
9,426,543
  
           
39,095,507
  
     
Insurance - 4.12%
        
 
171,090
  
Progressive Corp.
    
13,706,020
  
     
Interactive Media & Services - 3.85%
        
 
4,055
  
Alphabet, Inc. - Class C (a) (e)
    
5,732,189
  
 
58,870
  
Baidu, Inc. - ADR (a)
    
7,057,924
  
           
12,790,113
  
     
Internet & Direct Marketing Retail - 1.94%
        
 
4,056
  
Booking Holdings, Inc. (a)
    
6,458,531
  
     
IT Services - 1.97%
        
 
115,161
  
Cognizant Technology Solutions Corp. - Class A
    
6,543,448
  
     
Machinery - 0.96%
        
 
56,205
  
Otis Worldwide Corp.
    
3,195,816
  
     
Media - 7.83%
        
 
399,656
  
Comcast Corp. - Class A
    
15,578,591
  
 
83,982
  
Liberty Broadband Corp. (a)
    
10,410,409
  
           
25,989,000
  
     
Personal Products - 3.48%
        
 
216,990
  
Unilever NV - ADR
    
11,559,057
  
     
Pharmaceuticals - 11.87%
        
 
96,444
  
Johnson & Johnson
    
13,562,920
  
 
148,608
  
Novartis AG - ADR
    
12,979,423
  
 
37,200
  
Roche Holdings AG (b)
    
12,892,100
  
           
39,434,443
  
     
Road & Rail - 3.63%
        
 
80,667
  
Kansas City Southern
    
12,042,776
  
     
Software - 13.69%
        
 
152,398
  
Microsoft Corp.
    
31,014,517
  
 
261,322
  
Oracle Corp.
    
14,443,267
  
           
45,457,784
  
     
Specialty Retail - 3.86%
        
 
89,921
  
Advance Auto Parts, Inc.
    
12,809,247
  
     
Trading Companies & Distributors - 0.72%
        
 
13,377
  
Watsco, Inc.
    
2,377,093
  
     
TOTAL COMMON STOCKS (Cost $242,214,440)
    
297,462,595
  
               
     
PREFERRED STOCK - 2.78%
        
     
Technology Hardware, Storage & Peripherals - 2.78%
        
 
238,560
  
Samsung Electronics Co., Ltd., 2.28% (b)
    
9,222,297
  
     
TOTAL PREFERRED STOCK (Cost $3,864,938)
    
9,222,297
  
               
     
SHORT-TERM INVESTMENTS - 6.96%
        
     
Money Market Fund - 3.72%
        
 
12,342,008
  
First American Treasury Obligations Fund, Class Z, 0.06% (c)
    
12,342,008
  
     
TOTAL MONEY MARKET FUND (Cost $12,342,008)
    
12,342,008
  
               
Principal Amount
  
 
        
     
U.S. Treasury Bill - 3.24%
        
$
10,770,000
  
0.15%, 10/8/2020 (d)
    
10,765,706
  
     
TOTAL U.S. TREASURY BILL (Cost $10,763,708)
    
10,765,706
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $23,105,716)
    
23,107,714
  
               
     
Total Investments in Securities (Cost $269,185,094) - 99.31%
    
329,792,606
  
     
Other Assets in Excess of Liabilities - 0.69%
    
2,292,652
  
     
TOTAL NET ASSETS - 100.00%
  
$
332,085,258
  
               
   
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, 2020.
        
(d)
  
Rate shown in the discount rate at June 30, 2020.
        
(e)
  
Non-voting shares.
        
               
               
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.
  
Scharf Fund
                    
Summary of Fair Value Disclosure at June 30, 2020 (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, 2020:
          

Scharf Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
                        
Communication Services
  
$
50,630,960
    
$
-
    
$
-
    
$
50,630,960
  
Consumer Discretionary
    
19,267,777
      
-
      
-
      
19,267,777
  
Consumer Staples
    
33,801,657
      
-
      
-
      
33,801,657
  
Financials
    
36,897,660
      
-
      
-
      
36,897,660
  
Healthcare
    
87,247,623
      
-
      
-
      
87,247,623
  
Industrials
    
17,615,686
      
-
      
-
      
17,615,686
  
Information Technology
    
52,001,232
      
-
      
-
      
52,001,232
  
Total Common Stocks
    
297,462,595
      
-
      
-
      
297,462,595
  
Preferred Stock
                                
Information Technology
    
9,222,297
      
-
      
-
      
9,222,297
  
Total Preferred Stock
    
9,222,297
      
-
      
-
      
9,222,297
  
Money Market Fund
    
12,342,008
      
-
      
-
      
12,342,008
  
U.S. Treasury Bill
    
-
      
10,765,706
      
-
      
10,765,706
  
Total Investments in Securities
  
$
319,026,900
    
$
10,765,706
    
$
-
    
$
329,792,606
  

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.  For the period ended June 30, 2020,
    
 the Fund did not recognize any transfers to or from Level 3.