ADVISORS SER TR

Ticker: KAT CUSIP: 00770X220 Class: SCHARF ETF

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (6)

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management

Value ($000) $6,559 Shares 119,254

Pinnacle Bancorp, Inc.

Value ($000) $126 Shares 2,296

CITADEL ADVISORS LLC

Value ($000) $3,429 Shares 62,344

WELLS FARGO & COMPANY/MN

Value ($000) $741 Shares 13,467

TUCKER ASSET MANAGEMENT LLC

Value ($000) $1 Shares 22

Thrivent Financial for Lutherans

Value ($000) $0 Shares 6,990

Institution	Shares	Value ($000)
Empirical Financial Services, LLC d.b.a. Empirical Wealth Management	119,254	$6,559
Pinnacle Bancorp, Inc.	2,296	$126
CITADEL ADVISORS LLC	62,344	$3,429
WELLS FARGO & COMPANY/MN	13,467	$741
TUCKER ASSET MANAGEMENT LLC	22	$1
Thrivent Financial for Lutherans	6,990	$0

Increased Positions (7)

Focus Partners Wealth

Value ($000) $146,014 (+22.5%) Shares 2,654,763 (+25.3%)

ASHTON THOMAS SECURITIES, LLC

Value ($000) $749 (+23.8%) Shares 13,622 (+26.6%)

Mariner, LLC

Value ($000) $3,009 (+1001.6%) Shares 54,717 (+1027.0%)

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $1,384 (+578.5%) Shares 25,170 (+594.2%)

Corient Private Wealth LLC

Value ($000) $3,145 (+5.3%) Shares 57,171 (+7.7%)

RAYMOND JAMES FINANCIAL INC

Value ($000) $2,644 (+6.8%) Shares 48,081 (+9.3%)

LPL Financial LLC

Value ($000) $815 (+2.1%) Shares 14,811 (+4.4%)

Institution	Prev Shares	Curr Shares	Change
Focus Partners Wealth	2,118,196	2,654,763	+536,567 (+25.3%)
ASHTON THOMAS SECURITIES, LLC	10,756	13,622	+2,866 (+26.6%)
Mariner, LLC	4,855	54,717	+49,862 (+1027.0%)
SUSQUEHANNA INTERNATIONAL GROUP, LLP	3,626	25,170	+21,544 (+594.2%)
Corient Private Wealth LLC	53,064	57,171	+4,107 (+7.7%)
RAYMOND JAMES FINANCIAL INC	43,988	48,081	+4,093 (+9.3%)
LPL Financial LLC	14,184	14,811	+627 (+4.4%)

Decreased Positions (11)

SCHARF INVESTMENTS, LLC

Value ($000) $258,562 (-9.9%) Shares 4,701,050 (-7.8%)

Intellectus Partners, LLC

Value ($000) $12,250 (-9.8%) Shares 222,719 (-7.7%)

MORGAN STANLEY

Value ($000) $62,201 (-11.5%) Shares 1,130,916 (-9.5%)

JANE STREET GROUP, LLC

Value ($000) $1,605 (-69.1%) Shares 29,179 (-68.4%)

UBS Group AG

Value ($000) $18 (-99.5%) Shares 328 (-99.5%)

MGO ONE SEVEN LLC

Value ($000) $511 (-13.8%) Shares 9,298 (-11.8%)

Summit Financial, LLC

Value ($000) $547 (-14.2%) Shares 9,952 (-12.3%)

MERCER GLOBAL ADVISORS INC /ADV

Value ($000) $1,021 (-7.8%) Shares 18,560 (-5.6%)

Abound Wealth Management

Value ($000) $207 (-6.0%) Shares 3,761 (-3.8%)

ASSETMARK, INC

Value ($000) $9 (-36.0%) Shares 161 (-34.6%)

Cambridge Investment Research Advisors, Inc.

Value ($000) $10 (-6.2%) Shares 187,362 (-4.1%)

Institution	Prev Shares	Curr Shares	Change
SCHARF INVESTMENTS, LLC	5,097,717	4,701,050	-396,667 (-7.8%)
Intellectus Partners, LLC	241,255	222,719	-18,536 (-7.7%)
MORGAN STANLEY	1,248,984	1,130,916	-118,068 (-9.5%)
JANE STREET GROUP, LLC	92,225	29,179	-63,046 (-68.4%)
UBS Group AG	61,667	328	-61,339 (-99.5%)
MGO ONE SEVEN LLC	10,547	9,298	-1,249 (-11.8%)
Summit Financial, LLC	11,344	9,952	-1,392 (-12.3%)
MERCER GLOBAL ADVISORS INC /ADV	19,666	18,560	-1,106 (-5.6%)
Abound Wealth Management	3,911	3,761	-150 (-3.8%)
ASSETMARK, INC	246	161	-85 (-34.6%)
Cambridge Investment Research Advisors, Inc.	195,274	187,362	-7,912 (-4.1%)

Exited Positions (2)

Sanctuary Advisors, LLC

Value ($000) $4,801 Shares 85,316

ENVESTNET ASSET MANAGEMENT INC

Value ($000) $240 Shares 4,272

Institution	Prev Shares	Prev Value ($000)
Sanctuary Advisors, LLC	85,316	$4,801
ENVESTNET ASSET MANAGEMENT INC	4,272	$240