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

COMMON STOCKS - 90.1%

Shares  

Value  
Consumer Discretionary - 1.2%

NIKE, Inc. - Class B

            11,914

    $        496,933






Consumer Staples - 38.1% (a)

Beiersdorf AG - ADR

            263,809

             4,909,485
Clorox Co.

            45,705

             4,366,199
Henkel AG & Co. KGaA - ADR

            98,334

             2,016,339
Kenvue, Inc.

            104,154

             2,003,923
Kimberly-Clark Corp.

            20,191

             2,207,078
Mission Produce, Inc. (b)

            41,125

             518,586




             16,021,610






Financials - 1.2%

Everest Group Ltd.

            1,374

             514,082






Health Care - 24.7%

Becton Dickinson & Co.

            3,809

             630,847
Bio-Techne Corp.

            14,435

             1,040,619
Danaher Corp.

            3,678

             717,137
Henry Schein, Inc. (b)

            7,203

             617,657
QIAGEN NV

            112,304

             4,649,386
Quest Diagnostics, Inc.

            998

             232,544
Solventum Corp. (b)

            14,857

             1,269,382
Thermo Fisher Scientific, Inc.

            1,758

             1,009,619
Waters Corp. (b)

            559

             210,915




             10,378,106






Industrials - 7.0%

CNH Industrial NV

            29,919

             306,670
Lindsay Corp.

            10,266

             1,137,678
Marten Transport Ltd.

            28,335

             419,075
Spirax Group PLC - ADR

            15,670

             751,846
Werner Enterprises, Inc.

            8,729

             326,639




             2,941,908






Information Technology - 2.5%

Accenture - Class A

            6,221

             1,032,188






Materials - 2.5%

AptarGroup, Inc.

            7,961

             1,066,456






Utilities - 12.9%

Avista Corp.

            14,807

             598,943
California Water Service Group

            48,092

             2,409,890
Middlesex Water Co.

            5,985

             342,940
Portland General Electric Co.

            16,711

             824,354
Severn Trent PLC - ADR

            15,144

             625,599
United Utilities Group PLC - ADR

            17,417

             649,132




             5,450,858
TOTAL COMMON STOCKS (Cost $34,862,164)

             37,902,141






REAL ESTATE INVESTMENT TRUSTS - 0.7%

Shares  

Value  


Real Estate - 0.7%

Alexandria Real Estate Equities, Inc.

            5,990

             308,185
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $276,304)

             308,185






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 8.7%
Shares  

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

            3,648,293

             3,648,293
TOTAL MONEY MARKET FUNDS (Cost $3,648,293)

             3,648,293






TOTAL INVESTMENTS - 99.5% (Cost $38,786,761)

             41,858,619
Other Assets in Excess of Liabilities - 0.5%
0.00542
            228,211
TOTAL NET ASSETS - 100.0%




    $        42,086,830


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
AG - Aktiengesellschaft
KGaA - Kommanditgesellschaft
NV - Naamloze Vennootschap
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)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.
(b)

Non-income producing security.
(c)

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 Concentrated 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
    $        37,902,141

    $        –

    $        –

    $        37,902,141
  Real Estate Investment Trusts
            308,185

            –

            –

            308,185
  Money Market Funds
            3,648,293

            –

            –

            3,648,293
Total Investments
    $        41,858,619

    $        –

    $        –

    $        41,858,619




 

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