Scharf Global Opportunity Fund
      
Schedule of Investments
      
December 31, 2020 (Unaudited)
      
           
Shares
  
COMMON STOCKS - 89.66%
  
Value
  
   
Aerospace and Defense - 3.33%
      
 
2,093
  
Lockheed Martin Corp.
  
$
742,973
  
     
Auto Components - 0.19%
        
 
10,108
  
Nexen Corp. (b)
    
43,082
  
     
Beverages - 1.98%
        
 
3,958
  
Heineken N.V. (b)
    
441,073
  
     
Biotechnology - 2.11%
        
 
3,021
  
Alexion Pharmaceuticals, Inc. (a)
    
472,001
  
     
Diversified Financial Services - 3.72%
        
 
3,577
  
Berkshire Hathaway, Inc. - Class B (a)
    
829,399
  
     
Food Products - 3.86%
        
 
13,127
  
Danone (b)
    
862,122
  
     
Health Care Providers & Services - 14.52%
        
 
15,628
  
Centene Corp. (a)
    
938,149
  
 
16,299
  
CVS Health Corp.
    
1,113,222
  
 
4,928
  
McKesson Corp.
    
857,078
  
 
2,773
  
Quest Diagnostics, Inc.
    
330,458
  
           
3,238,907
  
     
Hotels, Restaurants & Leisure - 2.96%
        
 
152,605
  
Domino's Pizza Group plc (b)
    
659,453
  
     
Household Durables - 3.91%
        
 
8,640
  
Sony Corp. - ADR
    
873,504
  
     
Insurance - 8.12%
        
 
79,815
  
AIA Group Ltd. (b)
    
978,068
  
 
806
  
Markel Corp. (a)
    
832,840
  
           
1,810,908
  
     
Interactive Media & Services - 6.15%
        
 
6,343
  
Baidu, Inc. - ADR (a)
    
1,371,610
  
     
Media - 8.60%
        
 
15,637
  
Comcast Corp. - Class A
    
819,379
  
 
133,478
  
Grupo Televisa S.A.B. - ADR (a)
    
1,099,859
  
           
1,919,238
  
     
Metals & Mining - 3.78%
        
 
37,073
  
Barrick Gold Corp. (b)
    
844,523
  
     
Personal Products - 3.45%
        
 
12,744
  
Unilever plc - ADR
    
769,228
  
     
Pharmaceuticals - 10.42%
        
 
4,864
  
Johnson & Johnson
    
765,496
  
 
9,444
  
Novartis AG - ADR
    
891,797
  
 
15,220
  
Roche Holding AG - ADR
    
667,245
  
           
2,324,538
  
     
Road & Rail - 1.68%
        
 
1,841
  
Kansas City Southern
    
375,803
  
     
Software - 6.75%
        
 
2,983
  
Microsoft Corp.
    
663,479
  
 
13,019
  
Oracle Corp.
    
842,199
  
           
1,505,678
  
     
Specialty Retail - 4.13%
        
 
5,855
  
Advance Auto Parts, Inc.
    
922,221
  
     
TOTAL COMMON STOCKS (Cost $16,063,381)
    
20,006,261
  
               
     
PREFERRED STOCKS - 10.38%
        
     
Auto Components - 0.40%
        
 
14,157
  
Nexen Corp., 2.67% (b)
    
41,508
  
 
19,025
  
Nexen Tire Corp., 4.16% (b)
    
46,323
  
           
87,831
  
     
Capital Markets - 0.47%
        
 
1,800
  
Korea Investment Holdings Co., Ltd., 4.66% (b)
    
105,220
  
     
Containers & Packaging - 0.05%
        
 
5,450
  
NPC, 4.60% (b)
    
11,464
  
     
Personal Products - 0.35%
        
 
1,870
  
AMOREPACIFIC Group., 1.51% (b)
    
34,773
  
 
65
  
LG Household & Health Care Ltd., 1.54% (b)
    
42,962
  
           
77,735
  
     
Technology Hardware, Storage & Peripherals - 9.11%
        
 
30,005
  
Samsung Electronics Co., Ltd., 1.44% (b)
    
2,032,927
  
     
TOTAL PREFERRED STOCKS (Cost $895,246)
    
2,315,177
  
               
     
MONEY MARKET FUND - 0.94%
        
 
210,323
  
First American Treasury Obligations Fund, Class Z, 0.03% (c)
    
210,323
  
     
TOTAL MONEY MARKET FUND (Cost $210,323)
    
210,323
  
               
     
Total Investments in Securities (Cost $17,168,950) - 100.98%
    
22,531,761
  
     
Liabilities in Excess of Other Assets - (0.98)%
    
(218,896
)
     
TOTAL NET ASSETS - 100.00%
  
$
22,312,865
  
               
               
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.
  

 
Country Allocation
                
     
% of Net
            
 
Country
  
Assets
            
 
United States
  
47.1%
            
 
Republic of Korea
  
10.5%
            
 
Switzerland
  
7.0%
            
 
United Kingdom
  
6.4%
            
 
China
  
6.1%
            
 
Mexico
  
4.9%
            
 
Hong Kong
  
4.4%
            
 
Japan
  
3.9%
            
 
France
  
3.9%
            
 
Canada
  
3.8%
            
 
Netherlands
  
2.0%
            
     
100.0%
            
Scharf Global Opportunity 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 Global Opportunity Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
                       
Common Stocks
                      
Communication Services
  
$
3,290,848
    
$
-
    
$
-
    
$
3,290,848
Consumer Discretionary
    
2,498,260
      
-
      
-
      
2,498,260
Consumer Staples
    
2,072,423
      
-
      
-
      
2,072,423
Financials
    
2,640,307
      
-
      
-
      
2,640,307
Health Care
    
6,035,446
      
-
      
-
      
6,035,446
Industrials
    
1,118,776
      
-
      
-
      
1,118,776
Information Technology
    
1,505,678
      
-
      
-
      
1,505,678
Materials
    
844,523
      
-
      
-
      
844,523
Total Common Stocks
    
20,006,261
      
-
      
-
      
20,006,261
Preferred Stocks
                              
Consumer Discretionary
    
87,831
      
-
      
-
      
87,831
Consumer Staples
    
77,735
      
-
      
-
      
77,735
Financials
    
105,220
      
-
      
-
      
105,220
Information Technology
    
2,032,927
      
-
      
-
      
2,032,927
Materials
    
11,464
      
-
      
-
      
11,464
Total Preferred Stocks
    
2,315,177
      
-
      
-
      
2,315,177
Money Market Fund
    
210,323
      
-
      
-
      
210,323
Total Investments in Securities
  
$
22,531,761
    
$
-
    
$
-
    
$
22,531,761

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