Form N-CSR ADVISORS SERIES TRUST For: Sep 30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07959

Advisors Series Trust
(Exact name of registrant as specified in charter)

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Jeffrey T. Rauman, President/Chief Executive Officer

Advisors Series Trust

c/o U.S. Bancorp Fund Services, LLC

777 East Wisconsin Avenue, 5^th Floor

Milwaukee, WI 53202
(Name and address of agent for service)

Registrant's telephone number, including area code

Date of fiscal year end: September 30, 2021

Date of reporting period: September 30, 2021

(a) [Insert full text of semi-annual or annual report here]

Scharf Fund

Institutional Class – LOGIX

Retail Class – LOGRX

 

 

Scharf Multi-Asset Opportunity Fund

Institutional Class – LOGOX

Retail Class – LOGBX

 

 

Scharf Global Opportunity Fund

Retail Class – WRLDX

 

 

Scharf Alpha Opportunity Fund

Retail Class – HEDJX

 

 

 

ANNUAL REPORT

 

September 30, 2021

 

Scharf Investments, LLC

 

(This Page Intentionally Left Blank.)

 

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Letter from the President

 

Dear Fellow Shareholders,

 

We have believed since early spring that the speed and magnitude of the economic recovery places us further along the market cycle than most investors appreciate. Historically, when the economic recovery growth rate peaks, stock leadership transfers from cyclicals who benefit early in the cycle to more defensive stocks who offer superior earning sustainability throughout the cycle. Leading economic indicators like the 10-year treasury yield, the ISM Manufacturing PMI index and upwards earnings estimates revisions all peaked in April. If past is prologue, the rotation into quality stocks is just beginning this cycle and likely to last for a while.

 

Meanwhile, U.S. equity markets continue to set new highs, powered by an increasingly narrow group of stocks. Currently, just 30% of S&P 500 stocks are trading above their 50-day moving averages. This is highly unusual. Setting aside the cognitive dissonance-inducing earnings impacts from the pandemic and subsequent recovery, stocks continue to look expensive vs. their long-term earnings power. The cyclically-adjusted price earnings (CAPE) ratio averages the trailing 10 years of S&P 500 earnings, adjusted for inflation, and compares it to current market levels. The S&P 500’s CAPE ratio is currently 36x, a figure near its historical peak of 44x in December 1999, and well over twice the long-term average of 17x. S&P 500 margins may also be peaking. Labor, materials, transportation and even tax rate inflationary pressures pose risks to current margin levels.

 

So, against the backdrop of a peaking U.S. market with peak corporate profit margins and a potential rotation into defensive stocks, we have high conviction in our portfolio’s positioning. Our exacting investment discipline, one we have followed since inception, emphasizes high quality companies trading at compelling discounts to fair value. We seek to buy stocks with 30%+ plus upside to our price targets and limited downside if our investment thesis proves incorrect. We use this upside vs. downside calculus to create a stock’s Favorability Ratio. Leaving our own projections aside and using consensus earnings and the historical median high and low P/Es for

 

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stocks, the Scharf portfolio Favorability Ratio is 3.34 vs. 0.45 for the S&P 500. The Scharf portfolio also sports a top quartile Earnings Predictability, a figure that measures the volatility of a company’s earnings for the prior 32 quarters against 1,700 stocks in the Value Line universe. The higher the earnings predictability, the better a company can be expected to perform when the economy slows.

 

Despite expensive market indices, we are finding attractive opportunities within defensive areas like health care (e.g., CVS and Centene), communication services (e.g., broadband providers Charter and Comcast), insurance (e.g., strong underwriters and capital allocators Berkshire Hathaway and Markel) and business services/software (e.g., Cognizant and Fiserv). All of these examples have multiples that are several turns less than relevant peers, the market or fair value, yet generally have superior earnings quality, prospects and capital returns.

 

Higher Inflation

 

As we have mentioned elsewhere, the threat of extended inflation is not factored into U.S. equity prices. That’s not a good setup for many risk assets either. With the Producer Price Index (PPI) at 8.3% and the Consumer Price Index (CPI) at 5.3% vs. a 10-Year TIPS/Treasury breakeven rate of 2.37%, investors clearly believe inflation is transitory. However, the Fed has been surprised at the extended nature of elevated prices. At first, Fed Chairman Powell cited base effect issues as the cause, but since the Fed’s Jackson Hole meeting, he has admitted that supply chain issues are driving prices and these constraints are likely to last into 2022.

 

There are several companies in the Scharf Portfolio that we believe should fare well should inflation take root. These include companies with pricing power or who own long-term, irreplaceable fixed assets. Software companies like Microsoft and Oracle offer deeply integrated and mission critical software solutions, increasingly via cloud subscriptions with annual fee increases to corporate clients around the world. Kansas City Southern owns 6,700 miles of railroad track in the U.S. and Mexico. CVS Health and Centene reprice health insurance annually. Unilever and Heineken, owners of strong brands such as Ben & Jerry’s and the namesake beer brand, can navigate inflation via price increases. Insurance companies Berkshire Hathaway and Markel will benefit should higher inflation bring on high interest rates since they will be able to invest consumer premiums in bonds with higher yields. A well-diversified, high-quality portfolio of companies should help mitigate the threat of inflation.

 

The Path Forward

 

If one thing is certain, it’s that the markets do not like uncertainty. Market headwinds include questions around Federal Reserve policy and interest rates, uncertainty in Washington D.C. over the infrastructure bill, inflation, and ongoing concerns over COVID-19 and potential variants. We believe it’s best to stay the course and keep focused on company fundamentals. We remain focused on executing our time-tested

 

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investment strategy of investing in attractively priced, quality companies with both predictable earnings and compelling favorability ratios. We believe history has shown that this is a proven way to build wealth over the long term.

 

I sincerely hope that you, your families and those closest to you are healthy and well. Thank you for your continued trust and confidence in Scharf Investments and the Scharf Funds. My team and I welcome your comments and the opportunity to respond to your questions. Please don’t hesitate to reach out to us.

 

Best regards,

 

Brian Krawez, CFA

President and Portfolio Manager

November 1, 2021

 

Active investing has higher management fees because of the manager’s increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.

 

Mutual fund investing involves risk. Principal loss is possible. The Funds may invest in securities representing equity or debt. These securities may be issued by small- and medium-sized companies, which involve additional risks such as limited liquidity and greater volatility. The Funds may invest in foreign securities which involve greater volatility, political, economic and currency risks, and differences in accounting methods. These risks are greater for emerging markets. The Funds may invest in exchange-traded funds (“ETFs”) or mutual funds, the risks of owning either generally reflecting the risks of owning the underlying securities held by the ETF or mutual fund. The Funds follow an investment style that favors relatively low valuations. Investment in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated, non-rated and distressed securities presents a greater risk of loss to principal and interest than higher-rated securities. The Scharf Alpha Opportunity Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. The Scharf Alpha Opportunity Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the net asset value of the Fund, and money borrowed will be subject to interest costs.

 

Forward earnings and EPS Growth are not measures of the Funds’ future performance.

 

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Terms and Definitions:

 

The S&P 500^® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

 

The S&P 500^® Growth Index is a market-capitalization-weighted index developed by Standard and Poor’s consisting of those stocks within the S&P 500 Index that exhibit strong growth characteristics.

 

The S&P 500^® Value Index is a market-capitalization-weighted index developed by Standard and Poor’s consisting of those stocks within the S&P 500 Index that exhibit strong value characteristics.

 

The Lipper Balanced Funds Index is an index of open-end mutual funds whose primary objective is to conserve principal by maintaining at all times a balanced portfolio of both equities and bonds.

 

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government related and corporate securities.

 

The MSCI All Country World Index (Net) is a broad measure of stock performance throughout the world, with the exception of U.S. based companies.

 

The HFRX Equity Hedge Index encompasses various equity hedge strategies, also known as long/short equity, that combine core long holdings of equities with short sales of stock, stock indices, related derivatives, or other financial instruments related to the equity markets.

 

Price to Earnings Ratio (P/E) is a valuation of a company’s current share price compared to its per-share earnings.

 

Producer Price Index (PPI) measures the average changes in prices received by domestic producers for their output.

 

Consumer Price Index (CPI) measures the weighted average market basket of consumer goods and services purchased by households.

 

Treasury Inflation-Protected Securities (TIPS) is a bond that offsets the effects of rising prices by adjusting its principal value as inflation rises.

 

You cannot invest directly in an index.

 

The information provided herein represents the opinion of the Funds’ manager, is subject to change at any time, is not guaranteed and should not be considered investment advice.

 

The Funds’ holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy and sell any security.  Please refer to the Schedule of Investments in this report for a complete list of Fund holdings.

 

Must be preceded or accompanied by a prospectus.

 

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Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-866-572-4273.

 

The gross expense ratios, as of the Funds’ registration statement dated January 28, 2021, for the Scharf Fund Institutional Class, Scharf Fund Retail Class, Scharf Multi-Asset Opportunity Fund Institutional Class, Scharf Multi-Asset Opportunity Fund Retail Class, Scharf Global Opportunity Fund, and Scharf Alpha Opportunity Fund are 0.98%, 1.23%, 1.51%, 1.76%, 2.13%, and 3.40%, respectively. The net expense ratios, as of the Funds’ registration statement dated January 28, 2021, for the Scharf Fund Institutional Class, Scharf Fund Retail Class, Scharf Multi-Asset Opportunity Fund Institutional Class, Scharf Multi-Asset Opportunity Fund Retail Class, Scharf Global Opportunity Fund, and Scharf Alpha Opportunity Fund represent the percentages paid by investors and are 0.89%, 1.14%, 1.00%, 1.25%, 0.90%, and 1.99%, respectively, after fee waivers and expense reimbursements, including acquired fund fees and expenses, interest, taxes and extraordinary expenses. Scharf Investments, LLC (the “Adviser”), the Funds’ investment adviser, has contractually agreed to waive fees through January 27, 2022 for the Scharf Fund, Scharf Multi-Asset Opportunity Fund, Scharf Global Opportunity Fund, and Scharf Alpha Opportunity Fund. The Scharf Fund charges a 2.00% redemption fee on redemptions or exchanges of fund shares that are made within 60 days of

 

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purchase. The Scharf Multi-Asset Opportunity Fund, Scharf Global Opportunity Fund, and Scharf Alpha Opportunity Fund charge a 2.00% redemption fee on redemptions or exchanges of fund shares that are made within 15 days of purchase. Had a redemption fee been included, returns would be lower.

 

For the fiscal year ended September 30, 2021, the Scharf Funds mutual funds performed as follows:

 

Scharf Fund Institutional Class and Retail Class returned 23.43% and 23.08%, respectively, compared to the 30.00% return for the S&P 500^® Index (“S&P 500”). The key contributors to relative performance for the period were Valvoline, Inc., CVS Health Corp., and Baidu, Inc. – ADR. The key detractors from relative performance were Progressive Corp., Berkshire Hathaway, Inc. – Class B, and Lockheed Martin Corp.

 

Scharf Multi-Asset Opportunity Fund Institutional Class and Retail Class returned 16.46% and 16.18%, respectively, compared to the 18.69% return for the Lipper Balanced Funds Index, -0.90% return for the Bloomberg U.S. Aggregate Bond Index, and 30.00% return for the S&P 500. The key contributors to relative performance for the period were CVS Health Corp., Valvoline, Inc., and Baidu, Inc. – ADR. The key detractors from relative performance were Progressive Corp., Berkshire Hathaway, Inc. – Class B, and Lockheed Martin Corp.

 

Scharf Global Opportunity Fund returned 26.33% compared to the 27.44% return for the MSCI All Country World Index (Net). The key contributors to relative performance for the period were Grupo Televisa S.A.B. – ADR, Baidu Inc. – ADR, and Porsche Automobil Holding SE. The key detractors from relative performance were Barrick Gold Corp., Lockheed Martin Corp., and Novartis AG – ADR.

 

Scharf Alpha Opportunity Fund returned 8.56% compared to the 17.74% return for the HFRX Equity Hedge Index, -0.90% return for the Bloomberg U.S. Aggregate Bond Index, and 30.00% return for the S&P 500. The key contributors to relative performance for the period were Valvoline, Inc., CVS Health Corp., and Baidu, Inc. – ADR. The key detractors from relative performance were Progressive Corp., Berkshire Hathaway, Inc. – Class B, and Lockheed Martin Corp.

 

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Comparison of the change in value of a hypothetical $1,000,000 investment

in the Scharf Fund – Institutional Class vs. the S&P 500^® Index

 

Average Annual Total Return for the Periods Ended 9/30/2021:

 

Performance data quoted on this page represents past performance and does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1–866–572–4273 (1–866–5SCHARF).

 

Returns reflect reinvestment of dividends and capital gains distributions.  Fee waivers are in effect.  In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. The performance data and graph do not reflect the 2.00% redemption fee imposed on shares held 60 days or less. Indices do not incur expenses and are not available for investment.

 

The S&P 500^® Index is an unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic economy.

 

SCHARF MULTI-ASSET OPPORTUNITY FUND

Comparison of the change in value of a hypothetical $5,000,000 investment in

the Scharf Multi-Asset Opportunity Fund – Institutional Class vs.

the Lipper Balanced Funds Index, the S&P 500^® Index,

and the Bloomberg U.S. Aggregate Bond Index

 

Average Annual Total Return for the Periods Ended 9/30/2021:

 

Performance data quoted on this page represents past performance and does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1–866–572–4273 (1–866–5SCHARF).

 

Returns reflect reinvestment of dividends and capital gains distributions.  Fee waivers are in effect.  In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder

 

SCHARF MULTI-ASSET OPPORTUNITY FUND

would pay on dividends, capital gains distributions, or redemption of Fund shares. The performance data and graph do not reflect the 2.00% redemption fee imposed on shares held 15 days or less. Indices do not incur expenses and are not available for investment.

 

The S&P 500^® Index is an unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic economy.

 

The Lipper Balanced Funds Index is an equally weighted index of the 30 largest U.S. balanced funds.

 

The Bloomberg U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government related and corporate securities.

 

SCHARF GLOBAL OPPORTUNITY FUND

Comparison of the change in value of a hypothetical $10,000 investment in the

Scharf Global Opportunity Fund vs. the MSCI World All Country Index (Net).

 

Average Annual Total Return for the Periods Ended 9/30/2021:

 

Performance data quoted on this page represents past performance and does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1–866–572–4273 (1–866–5SCHARF).

 

Returns reflect reinvestment of dividends and capital gains distributions.  Fee waivers are in effect.  In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. The performance data and graph do not reflect the 2.00% redemption fee imposed on shares held 15 days or less. Indices do not incur expenses and are not available for investment.

 

The MSCI World All Country Index (Net) captures large and mid cap representation across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries.  Net total return indexes reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non–resident institutional investors who do not benefit from double taxation treaties.

 

SCHARF Alpha OPPORTUNITY FUND

Comparison of the change in value of a hypothetical $10,000 investment in

the Scharf Alpha Opportunity Fund vs. the HFRX Equity Hedge Index,

S&P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index.

 

Average Annual Total Return for the Periods Ended 9/30/2021:

 

Performance data quoted on this page represents past performance and does not guarantee future results.  The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1–866–572–4273 (1–866–5SCHARF).

 

Returns reflect reinvestment of dividends and capital gains distributions.  Fee waivers are in effect.  In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. The performance data and graph do not reflect the 2.00% redemption fee imposed on shares held 15 days or less. Indices do not incur expenses and are not available for investment.

 

The HFRX Equity Hedge Index encompasses various equity hedge strategies, also known as long/short equity, that combine core long holdings of equities with short

 

SCHARF Alpha OPPORTUNITY FUND

sales of stock, stock indices, related derivatives, or other financial instruments related to the equity markets.

 

The S&P 500^® Index is an unmanaged capitalization–weighted index of 500 stocks designed to represent the broad domestic economy.

 

The Bloomberg U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar–denominated, fixed–rate taxable bond market, including Treasuries, government related and corporate securities.

 

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EXPENSE EXAMPLES at September 30, 2021 (Unaudited)

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Shareholders in mutual funds generally incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service fees, and other fund expenses. The Scharf Fund, Scharf Multi–Asset Opportunity Fund, Scharf Global Opportunity Fund, and the Scharf Alpha Opportunity Fund are no–load mutual funds. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested in each Fund at the beginning of the period and held for the entire period (4/1/21-9/30/21).

 

Actual Expenses

 

The first line of each table below provides information about actual account values and actual expenses, with actual net expenses being limited.  Although the Funds charge no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent.  The Examples below include, but are not limited to, management fees, fund accounting, custody and transfer agent fees. You may use the information in the first line of the tables, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

 

Hypothetical Example for Comparison Purposes

 

The second line of each table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and will not help you determine the relative total costs of owning different funds, as they may charge transaction costs, such as sales charges (loads), redemption fees, or exchange fees.

 

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EXPENSE EXAMPLES at September 30, 2021 (Unaudited), Continued

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SECTOR ALLOCATION OF PORTFOLIO ASSETS at September 30, 2021 (Unaudited)

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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 MULTI-ASSET OPPORTUNITY FUND

SECTOR ALLOCATION OF PORTFOLIO ASSETS at September 30, 2021 (Unaudited)

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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 GLOBAL OPPORTUNITY FUND

SECTOR ALLOCATION OF PORTFOLIO ASSETS at September 30, 2021 (Unaudited)

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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 Alpha OPPORTUNITY FUND

SECTOR ALLOCATION OF PORTFOLIO ASSETS at September 30, 2021 (Unaudited)

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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.

 

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SCHEDULE OF INVESTMENTS at September 30, 2021

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The accompanying notes are an integral part of these financial statements.

SCHARF FUND

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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The accompanying notes are an integral part of these financial statements.

SCHARF FUND

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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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.

 

The accompanying notes are an integral part of these financial statements.

SCHARF MULTI-ASSET OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at September 30, 2021

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The accompanying notes are an integral part of these financial statements.

SCHARF MULTI-ASSET OPPORTUNITY FUND

 

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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The accompanying notes are an integral part of these financial statements.

SCHARF MULTI-ASSET OPPORTUNITY FUND

 

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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The accompanying notes are an integral part of these financial statements.

SCHARF MULTI-ASSET OPPORTUNITY FUND

 

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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The accompanying notes are an integral part of these financial statements.

SCHARF MULTI-ASSET OPPORTUNITY FUND

 

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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The accompanying notes are an integral part of these financial statements.

SCHARF MULTI-ASSET OPPORTUNITY FUND

 

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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The accompanying notes are an integral part of these financial statements.

SCHARF MULTI-ASSET OPPORTUNITY FUND

 

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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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.

 

 

 

The accompanying notes are an integral part of these financial statements.

SCHARF GLOBAL OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at September 30, 2021

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The accompanying notes are an integral part of these financial statements.

SCHARF GLOBAL OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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The accompanying notes are an integral part of these financial statements.

SCHARF GLOBAL OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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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.

 

The accompanying notes are an integral part of these financial statements.

SCHARF GLOBAL OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at September 30, 2021, Continued

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The accompanying notes are an integral part of these financial statements.

SCHARF ALPHA OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS at September 30, 2021

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