Nuance Mid Cap Value Fund
  
Schedule of Investments
  
January 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 86.3%
  
Shares
    
Value
 
Consumer Discretionary - 0.7%
        
NIKE, Inc. - Class B
    
44,488
    
$
2,749,803
  
                 
Consumer Staples - 20.3%
          
Beiersdorf AG - ADR
    
445,189
      
10,613,306
  
Calavo Growers, Inc.
    
150,295
      
3,823,505
  
Cal-Maine Foods, Inc.
    
12,157
      
1,015,474
  
Clorox Co.
    
211,332
      
23,836,136
  
Henkel AG & Co. KGaA - ADR
    
758,251
      
15,627,553
  
Kenvue, Inc.
    
662,154
      
11,521,480
  
Kimberly-Clark Corp.
    
105,148
      
10,513,748
  
Mission Produce, Inc. (a)
    
149,282
      
2,009,336
  
             
78,960,538
  
                 
Financials - 10.8%
          
American International Group, Inc.
    
12,561
      
940,568
  
Aspen Insurance Holdings Ltd. - Class A (a)
    
542,319
      
20,244,768
  
Everest Group Ltd.
    
21,322
      
7,063,552
  
FactSet Research Systems, Inc.
    
3,320
      
844,475
  
Globe Life, Inc.
    
70,173
      
9,839,658
  
Reinsurance Group of America, Inc.
    
14,249
      
2,888,985
  
             
41,822,006
  
                 
Health Care - 15.7%
          
Abbott Laboratories
    
8,727
      
953,861
  
Becton Dickinson & Co.
    
37,766
      
7,684,626
  
Exact Sciences Corp. (a)
    
47,541
      
4,865,346
  
Henry Schein, Inc. (a)
    
74,331
      
5,610,504
  
Hologic, Inc. (a)
    
104,039
      
7,795,642
  
QIAGEN NV
    
233,931
      
12,555,077
  
Quest Diagnostics, Inc.
    
26,409
      
4,939,275
  
Solventum Corp. (a)
    
214,003
      
16,471,811
  
             
60,876,142
  
                 
Industrials - 17.3%
          
3M Co.
    
6,159
      
943,312
  
CNH Industrial NV
    
264,007
      
2,840,715
  
Daikin Industries Ltd. - ADR
    
158,205
      
1,893,714
  
Graco Inc.
    
11,169
      
975,389
  
IDEX Corp.
    
19,724
      
3,916,200
  
Knight-Swift Transportation Holdings, Inc.
    
16,713
      
920,886
  
Lindsay Corp.
    
54,295
      
6,801,535
  
Marten Transport Ltd.
    
2,053,702
      
25,260,535
  
Spirax Group PLC - ADR
    
80,752
      
4,012,163
  
Toro Co.
    
21,681
      
1,983,812
  
Werner Enterprises, Inc.
    
519,792
      
17,802,876
  
             
67,351,137
  
                 
Information Technology - 1.3%
          
SEMrush Holdings, Inc. - Class A (a)
    
409,203
      
4,865,424
  
                 
Materials - 2.5%
          
AptarGroup, Inc.
    
79,025
      
9,874,174
  
                 
Utilities - 17.7%
          
American States Water Co.
    
13,093
      
955,265
  
American Water Works Co., Inc.
    
14,784
      
1,909,058
  
Avista Corp.
    
120,615
      
4,980,193
  
California Water Service Group
    
583,965
      
26,103,236
  
Consolidated Edison, Inc.
    
18,953
      
2,020,958
  
Essential Utilities, Inc.
    
49,441
      
1,917,816
  
H2O America
    
242,375
      
12,613,195
  
Pennon Group PLC - ADR
    
331,202
      
4,984,590
  
Portland General Electric Co.
    
96,994
      
4,873,949
  
Severn Trent PLC - ADR
    
25,303
      
1,025,151
  
United Utilities Group PLC - ADR
    
209,926
      
7,189,966
  
             
68,573,377
  
TOTAL COMMON STOCKS (Cost $312,796,138)
      
335,072,601
  
                 
PREFERRED STOCKS - 4.3%
  
Shares
    
Value
 
Financials - 4.3%
          
Charles Schwab Corp.
    
–
    
$
–
  
Series D, 5.95%, Perpetual
    
465,204
      
11,783,617
  
Series J, 4.45%, Perpetual
    
203,953
      
3,891,423
  
M&T Bank Corp., Series J, 7.50%, Perpetual
    
36,456
      
979,573
  
TOTAL PREFERRED STOCKS (Cost $15,897,746)
      
16,654,613
  
                 
REAL ESTATE INVESTMENT TRUSTS - 1.2%
  
Shares
    
Value
 
Real Estate - 1.2%
          
Alexandria Real Estate Equities, Inc.
    
50,504
      
2,759,539
  
Healthpeak Properties, Inc.
    
108,997
      
1,879,108
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,063,595)
      
4,638,647
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 7.4%
  
Shares
    
Value
 
First American Government Obligations Fund - Class X, 3.61% (b)
    
28,798,838
      
28,798,838
  
TOTAL MONEY MARKET FUNDS (Cost $28,798,838)
      
28,798,838
  
                 
TOTAL INVESTMENTS - 99.2% (Cost $362,556,317)
      
385,164,699
  
Other Assets in Excess of Liabilities - 0.8%
      
2,949,195
  
TOTAL NET ASSETS - 100.0%
          
$
388,113,894
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
PLC - Public Limited Company
 
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) 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. Bank Global Fund Services.

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized yield as of January 31, 2026.


Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
 
Nuance Mid Cap Value Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of January 31, 2026:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
335,072,601
    
$
–
    
$
–
    
$
335,072,601
  
  Preferred Stocks
    
16,654,613
      
–
      
–
      
16,654,613
  
  Real Estate Investment Trusts
    
4,638,647
      
–
      
–
      
4,638,647
  
  Money Market Funds
    
28,798,838
      
–
      
–
      
28,798,838
  
Total Investments
  
$
385,164,699
    
$
–
    
$
–
    
$
385,164,699
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.