Scharf Fund
          
Schedule of Investments
      
December 31, 2020 (Unaudited)
      
           
Shares
  
COMMON STOCKS - 95.59%
  
Value
  
   
Aerospace and Defense - 3.96%
      
 
41,822
  
Lockheed Martin Corp.
  
$
14,845,974
  
     
Beverages - 2.83%
        
 
95,009
  
Heineken N.V. (b)
    
10,587,636
  
     
Biotechnology - 2.65%
        
 
63,605
  
Alexion Pharmaceuticals, Inc. (a)
    
9,937,645
  
     
Chemicals - 2.63%
        
 
425,699
  
Valvoline, Inc.
    
9,850,675
  
     
Construction & Engineering - 1.29%
        
 
44,230
  
Jacobs Engineering Group, Inc.
    
4,819,301
  
     
Diversified Financial Services - 5.84%
        
 
94,284
  
Berkshire Hathaway, Inc. - Class B (a)
    
21,861,631
  
     
Food Products - 3.10%
        
 
176,750
  
Danone (b)
    
11,608,146
  
     
Health Care Providers & Services - 15.26%
        
 
223,052
  
Centene Corp. (a)
    
13,389,811
  
 
240,109
  
CVS Health Corp.
    
16,399,445
  
 
101,741
  
McKesson Corp.
    
17,694,795
  
 
81,378
  
Quest Diagnostics, Inc.
    
9,697,816
  
           
57,181,867
  
     
Insurance - 7.65%
        
 
14,600
  
Markel Corp. (a)
    
15,086,180
  
 
137,475
  
Progressive Corp.
    
13,593,528
  
           
28,679,708
  
     
Interactive Media & Services - 3.19%
        
 
55,235
  
Baidu, Inc. - ADR (a)
    
11,944,016
  
     
Internet & Direct Marketing Retail - 0.45%
        
 
757
  
Booking Holdings, Inc. (a)
    
1,686,043
  
     
IT Services - 2.31%
        
 
105,551
  
Cognizant Technology Solutions Corp. - Class A
    
8,649,904
  
     
Machinery - 0.81%
        
 
45,165
  
Otis Worldwide Corp.
    
3,050,896
  
     
Media - 9.33%
        
 
380,375
  
Comcast Corp. - Class A
    
19,931,650
  
 
94,911
  
Liberty Broadband Corp. (a)
    
15,031,055
  
           
34,962,705
  
     
Personal Products - 3.31%
        
 
205,355
  
Unilever plc - ADR
    
12,395,228
  
     
Pharmaceuticals - 10.61%
        
 
89,234
  
Johnson & Johnson
    
14,043,647
  
 
142,538
  
Novartis AG - ADR
    
13,459,864
  
 
35,100
  
Roche Holdings AG (b)
    
12,251,101
  
           
39,754,612
  
     
Road & Rail - 3.86%
        
 
70,832
  
Kansas City Southern
    
14,458,936
  
     
Software - 12.45%
        
 
136,373
  
Microsoft Corp.
    
30,332,083
  
 
252,457
  
Oracle Corp.
    
16,331,443
  
           
46,663,526
  
     
Specialty Retail - 4.06%
        
 
96,671
  
Advance Auto Parts, Inc.
    
15,226,649
  
     
TOTAL COMMON STOCKS (Cost $256,281,243)
    
358,165,098
  
               
     
PREFERRED STOCK - 4.31%
        
     
Technology Hardware, Storage & Peripherals - 4.31%
        
 
238,560
  
Samsung Electronics Co., Ltd., 1.44% (b)
    
16,163,137
  
     
TOTAL PREFERRED STOCK (Cost $3,864,938)
    
16,163,137
  
               
     
MONEY MARKET FUND - 0.31%
        
 
1,149,113
  
First American Treasury Obligations Fund, Class Z, 0.03% (c)
    
1,149,113
  
     
TOTAL MONEY MARKET FUND (Cost $1,149,113)
    
1,149,113
  
               
     
Total Investments in Securities (Cost $261,295,294) - 100.21%
    
375,477,348
  
     
Liabilities in Excess of Other Assets - (0.21)%
    
(769,997
)
     
TOTAL NET ASSETS - 100.00%
  
$
374,707,351
  
               
               
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, 2020.
  
               
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 December 31, 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 December 31, 2020:

Scharf Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
                       
Common Stocks
                      
Communication Services
  
$
46,906,721
    
$
-
    
$
-
    
$
46,906,721
Consumer Discretionary
    
16,912,693
      
-
      
-
      
16,912,693
Consumer Staples
    
34,591,009
      
-
      
-
      
34,591,009
Financials
    
50,541,339
      
-
      
-
      
50,541,339
Health Care
    
106,874,124
      
-
      
-
      
106,874,124
Industrials
    
37,175,106
      
-
      
-
      
37,175,106
Information Technology
    
55,313,431
      
-
      
-
      
55,313,431
Materials
    
9,850,675
      
-
      
-
      
9,850,675
Total Common Stocks
    
358,165,098
      
-
      
-
      
358,165,098
Preferred Stock
                              
Information Technology
    
16,163,137
      
-
      
-
      
16,163,137
Total Preferred Stock
    
16,163,137
      
-
      
-
      
16,163,137
Money Market Fund
    
1,149,113
      
-
      
-
      
1,149,113
Total Investments in Securities
  
$
375,477,348
    
$
-
    
$
-
    
$
375,477,348

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