NPORT-EX 2 cv.htm SOI

Nuance Concentrated Value Fund
  
Schedule of Investments
  
as of January 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.9%
  
Shares
    
Value
  
Consumer Staples - 24.8%
        
Cal-Maine Foods, Inc.
    
72,639
    
$
4,025,653
  
Clorox Co.
    
31,656
      
4,598,034
  
Diageo PLC - ADR
    
28,177
      
4,066,786
  
Henkel AG & Co. KGaA - ADR
    
1,043,606
      
17,856,099
  
Kimberly-Clark Corp.
    
101,529
      
12,281,963
  
McCormick & Co., Inc.
    
15,697
      
1,069,908
  
Mission Produce, Inc.(a)
    
352,225
      
3,518,728
  
Pernod Ricard SA - ADR
    
32,498
      
1,070,809
  
Target Corp.
    
11,260
      
1,566,041
  
             
50,054,021
  
                 
Financials - 12.3%
          
Independent Bank Corp.
    
51,576
      
2,892,898
  
Northern Trust Corp.
    
119,750
      
9,536,890
  
Reinsurance Group of America, Inc.
    
41,782
      
7,265,472
  
TowneBank
    
104,196
      
2,928,950
  
Travelers Companies, Inc.
    
9,973
      
2,107,893
  
             
24,732,103
  
                 
Health Care - 24.0%
          
Dentsply Sirona, Inc.
    
523,959
      
18,207,575
  
Envista Holdings Corp.(a)
    
124,889
      
2,934,892
  
Henry Schein, Inc.(a)
    
68,625
      
5,135,895
  
Illumina, Inc.(a)
    
29,252
      
4,183,329
  
Qiagen NV
    
133,619
      
5,833,825
  
Quest Diagnostics, Inc.
    
31,594
      
4,057,617
  
Thermo Fisher Scientific, Inc.
    
6,492
      
3,499,058
  
Waters Corp.(a)
    
14,416
      
4,580,107
  
             
48,432,298
  
                 
Industrials - 19.7%
          
3M Co.
    
230,395
      
21,737,768
  
Knorr-Bremse AG - ADR
    
327,759
      
5,054,044
  
Lindsay Corp.
    
11,489
      
1,494,834
  
Mueller Water Products, Inc. - Class A
    
466,021
      
6,389,147
  
Northrop Grumman Corp.
    
2,318
      
1,035,590
  
Werner Enterprises, Inc.
    
100,685
      
3,982,092
  
             
39,693,475
  
                 
Real Estate - 6.2%
          
Equity Commonwealth
    
188,963
      
3,611,083
  
Healthcare Realty Trust, Inc.
    
426,918
      
6,877,649
  
Healthpeak Properties, Inc.
    
102,328
      
1,893,068
  
             
12,381,800
  
                 
Utilities - 10.9%
          
California Water Service Group
    
68,230
      
3,088,772
  
Pennon Group PLC - ADR
    
456,994
      
8,129,923
  
United Utilities Group PLC - ADR
    
398,394
      
10,756,638
  
             
21,975,333
  
TOTAL COMMON STOCKS (Cost $193,470,578)
      
197,269,030
  
                 
SHORT-TERM INVESTMENTS - 1.7%
                
Money Market Funds - 1.7%
  
Shares
          
First American Government Obligations Fund - Class X, 5.25% (b)
    
3,424,324
      
3,424,324
  
TOTAL SHORT-TERM INVESTMENTS (Cost $3,424,324)
      
3,424,324
  
                 
TOTAL INVESTMENTS - 99.6% (Cost $196,894,902)
    
$
200,693,354
  
Other Assets in Excess of Liabilities - 0.4%
      
799,951
  
TOTAL NET ASSETS - 100.0%
          
$
201,493,305
  
               
Percentages are stated as a percent of net assets.
          
   
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, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

ADR - American Depositary Receipt
PLC - Public Limited Company
SA - Sociedad Anónima

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day effective yield as of January 31, 2024.


The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
 
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 would be based on the best information available.
 
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2023. See the Schedule of Investments for an industry breakout.

Nuance Concentrated Value Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
197,269,030
    
$
–
    
$
–
    
$
197,269,030
  
  Money Market Funds
    
3,424,324
      
–
      
–
      
3,424,324
  
Total Investments
  
$
200,693,354
    
$
–
    
$
–
    
$
200,693,354
  
                                 
Refer to the Schedule of Investments for industry classifications.