Nuance Mid Cap Value Fund
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 87.2%

Shares  

Value  
Consumer Discretionary - 1.2%

NIKE, Inc. - Class B

            84,986

    $        3,544,766






Consumer Staples - 20.5%

Beiersdorf AG - ADR

            902,947

             16,803,844
Cal-Maine Foods, Inc.

            7,865

             690,390
Clorox Co.

            162,731

             15,545,692
Estee Lauder Cos., Inc. - Class A

            9,266

             777,417
Henkel AG & Co. KGaA - ADR

            399,773

             8,197,345
Kenvue, Inc.

            533,890

             10,272,044
Kimberly-Clark Corp.

            53,850

             5,886,344
Mission Produce, Inc. (a)

            170,235

             2,146,663




             60,319,739






Financials - 4.0%

American International Group, Inc.

            19,032

             1,495,535
Everest Group Ltd.

            9,907

             3,706,704
Globe Life, Inc.

            4,041

             736,472
MarketAxess Holdings, Inc.

            9,009

             1,462,161
Reinsurance Group of America, Inc.

            6,204

             1,469,417
Safety Insurance Group, Inc.

            14,223

             1,470,516
TowneBank

            40,996

             1,554,158




             11,894,963






Health Care - 24.6%

Agilent Technologies, Inc.

            10,617

             1,469,074
Alcon AG

            53,205

             3,667,953
Becton Dickinson & Co.

            32,783

             5,429,521
Bio-Techne Corp.

            121,859

             8,784,815
Danaher Corp.

            25,879

             5,045,887
Henry Schein, Inc. (a)

            50,130

             4,298,648
QIAGEN NV

            511,672

             21,183,221
Quest Diagnostics, Inc.

            10,766

             2,508,586
Solventum Corp. (a)

            103,860

             8,873,798
STERIS PLC

            12,798

             2,923,063
Thermo Fisher Scientific, Inc.

            10,429

             5,989,375
Waters Corp. (a)

            5,912

             2,230,655




             72,404,596






Industrials - 13.6%

3M Co.

            4,153

             732,091
Alamo Group, Inc.

            9,010

             1,433,311
Arcosa, Inc.

            50,230

             7,293,396
CNH Industrial NV

            204,695

             2,098,124
Graco Inc.

            49,029

             3,891,922
IDEX Corp.

            3,261

             751,498
Legrand SA - ADR

            25,281

             763,486
Lindsay Corp.

            72,345

             8,017,273
Marten Transport Ltd.

            198,465

             2,935,297
Mueller Water Products, Inc. - Class A

            29,397

             741,980
Northrop Grumman Corp.

            4,142

             2,246,952
Spirax Group PLC - ADR

            113,331

             5,437,621
Werner Enterprises, Inc.

            81,516

             3,050,329


Xylem, Inc.

            6,554

             766,621




             40,159,901






Information Technology - 4.2%

Accenture - Class A

            43,545

             7,224,986
Badger Meter, Inc.

            5,937

             797,636
LiveRamp Holdings, Inc. (a)

            116,281

             4,403,562




             12,426,184






Materials - 2.6%

AptarGroup, Inc.

            55,969

             7,497,607






Utilities - 16.5%

American Water Works Co., Inc.

            21,408

             2,872,312
Avista Corp.

            103,603

             4,190,741
California Water Service Group

            342,360

             17,155,660
Consolidated Edison, Inc.

            6,732

             732,778
Essential Utilities, Inc.

            115,260

             4,593,111
H2O America

            57,793

             3,544,445
Middlesex Water Co.

            27,557

             1,579,016
Portland General Electric Co.

            117,001

             5,771,659
Severn Trent PLC - ADR

            88,368

             3,650,482
United Utilities Group PLC - ADR

            121,743

             4,537,362




             48,627,566
TOTAL COMMON STOCKS (Cost $234,136,502)

             256,875,322






PREFERRED STOCKS - 5.0%

Shares  

Value  
Financials - 5.0%

Charles Schwab Corp.

–

$–
Series D, 5.95%, Perpetual

            412,920

             9,938,984
Series J, 4.45%, Perpetual

            193,699

             3,356,804
M&T Bank Corp., Series J, 7.50%, Perpetual

            28,307

             740,228
Northern Trust Corp., Series E, 4.70%, Perpetual

            39,655

             734,411
TOTAL PREFERRED STOCKS (Cost $14,866,691)

             14,770,427






REAL ESTATE INVESTMENT TRUSTS - 1.1%

Shares  

Value  
Real Estate - 1.1%

Alexandria Real Estate Equities, Inc.

            46,599

             2,397,518
Healthpeak Properties, Inc.

            33,301

             726,961
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,181,763)

             3,124,479






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 6.6%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.58% (b)

            19,461,686

             19,461,686
TOTAL MONEY MARKET FUNDS (Cost $19,461,686)

             19,461,686






TOTAL INVESTMENTS - 99.9% (Cost $271,646,642)

             294,231,914
Other Assets in Excess of Liabilities - 0.1%
0.00122
            359,193
TOTAL NET ASSETS - 100.0%




    $        294,591,107


Percentages are stated as a percent of net assets.






ADR - American Depositary Receipt
AG – Aktiengesellschaft
KGaA - Kommanditgesellschaft
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Société Anonyme

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 July 31, 2026.




Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)

Nuance Mid Cap Value 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 July 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        256,875,322

    $        –

    $        –

    $        256,875,322
  Preferred Stocks
            14,770,427

            –

            –

            14,770,427
  Real Estate Investment Trusts
            3,124,479

            –

            –

            3,124,479
  Money Market Funds
            19,461,686

            –

            –

            19,461,686
Total Investments
    $        294,231,914

    $        –

    $        –

    $        294,231,914




 

Refer to the Schedule of Investments for further disaggregation of investment categories.