|
Nuance Concentrated Value Long-Short Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
as of January 31, 2024 (Unaudited)
|
||||||||
|
COMMON STOCKS - 96.3%
|
Shares
|
Value
|
||||||
|
Consumer Staples - 24.6%
|
||||||||
|
Cal-Maine Foods, Inc.
|
44,829
|
$
|
2,484,423
|
|||||
|
Clorox Co.
|
20,132
|
2,924,173
|
||||||
|
Diageo PLC - ADR
|
17,538
|
2,531,259
|
||||||
|
Henkel AG & Co. KGaA - ADR
|
658,549
|
11,267,773
|
||||||
|
Kimberly-Clark Corp.
|
62,734
|
7,588,932
|
||||||
|
McCormick & Co., Inc.
|
10,036
|
684,054
|
||||||
|
Mission Produce, Inc.(a)
|
220,026
|
2,198,060
|
||||||
|
Pernod Ricard SA - ADR
|
20,689
|
681,703
|
||||||
|
Target Corp.
|
7,119
|
990,111
|
||||||
|
31,350,488
|
||||||||
|
Financials - 12.0%
|
||||||||
|
Independent Bank Corp.
|
32,430
|
1,818,999
|
||||||
|
Northern Trust Corp.
|
74,423
|
5,927,047
|
||||||
|
Reinsurance Group of America, Inc.
|
25,835
|
4,492,447
|
||||||
|
TowneBank
|
66,024
|
1,855,935
|
||||||
|
Travelers Companies, Inc.
|
5,961
|
1,259,917
|
||||||
|
15,354,345
|
||||||||
|
Health Care - 23.4%
|
||||||||
|
Dentsply Sirona, Inc.
|
325,018
|
11,294,376
|
||||||
|
Envista Holdings Corp.(a)
|
79,536
|
1,869,096
|
||||||
|
Henry Schein, Inc.(a)
|
43,233
|
3,235,557
|
||||||
|
Illumina, Inc.(a)
|
17,207
|
2,460,773
|
||||||
|
Qiagen NV
|
84,169
|
3,674,812
|
||||||
|
Quest Diagnostics, Inc.
|
19,938
|
2,560,638
|
||||||
|
Thermo Fisher Scientific, Inc.
|
3,913
|
2,109,029
|
||||||
|
Waters Corp.(a)
|
8,667
|
2,753,593
|
||||||
|
29,957,874
|
||||||||
|
Industrials - 19.4%
|
||||||||
|
3M Co.
|
142,872
|
13,479,974
|
||||||
|
Knorr-Bremse AG - ADR
|
203,784
|
3,142,349
|
||||||
|
Lindsay Corp.
|
7,223
|
939,785
|
||||||
|
Mueller Water Products, Inc. - Class A
|
294,108
|
4,032,220
|
||||||
|
Northrop Grumman Corp.
|
1,464
|
654,057
|
||||||
|
Werner Enterprises, Inc.
|
62,772
|
2,482,633
|
||||||
|
24,731,018
|
||||||||
|
Real Estate - 6.1%
|
||||||||
|
Equity Commonwealth
|
114,563
|
2,189,299
|
||||||
|
Healthcare Realty Trust, Inc.
|
271,158
|
4,368,355
|
||||||
|
Healthpeak Properties, Inc.
|
64,854
|
1,199,799
|
||||||
|
7,757,453
|
||||||||
|
Utilities - 10.8%
|
||||||||
|
California Water Service Group
|
43,044
|
1,948,602
|
||||||
|
Pennon Group PLC - ADR
|
289,224
|
5,145,295
|
||||||
|
United Utilities Group PLC - ADR
|
248,612
|
6,712,524
|
||||||
|
13,806,421
|
||||||||
|
TOTAL COMMON STOCKS (Cost $116,503,288)
|
122,957,599
|
|||||||
|
SHORT-TERM INVESTMENTS - 4.8%
|
||||||||
|
Money Market Funds - 4.8%
|
Shares
|
|||||||
|
First American Government Obligations Fund - Class X, 5.25%(b)
|
6,181,233
|
6,181,233
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,181,233)
|
6,181,233
|
|||||||
|
TOTAL INVESTMENTS - 101.1% (Cost
$122,684,521)
|
$
|
129,138,832
|
||||||
|
Liabilities in Excess of Other Assets - (1.1)%
|
(1,451,034
|
)
|
||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
127,687,798
|
||||||
|
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.
|
|
Nuance Concentrated Value Long-Short Fund
|
||||||||
|
Schedule of Securities Sold Short
|
||||||||
|
as of January 31, 2024 (Unaudited)
|
||||||||
|
COMMON STOCKS - (86.3)%
|
Shares
|
Value
|
||||||
|
Consumer Discretionary - (18.4)%
|
||||||||
|
AutoZone, Inc.(a)
|
(882
|
)
|
$
|
(2,436,199
|
)
|
|||
|
D.R. Horton, Inc.
|
(14,659
|
)
|
(2,094,918
|
)
|
||||
|
Home Depot, Inc.
|
(14,151
|
)
|
(4,994,737
|
)
|
||||
|
Lennar Corp. - Class A
|
(6,715
|
)
|
(1,006,243
|
)
|
||||
|
Lowe's Companies, Inc.
|
(4,435
|
)
|
(943,945
|
)
|
||||
|
McDonald's Corp.
|
(3,406
|
)
|
(997,004
|
)
|
||||
|
O'Reilly Automotive, Inc. (a)
|
(5,177
|
)
|
(5,296,330
|
)
|
||||
|
Royal Caribbean Cruises Ltd.
|
(18,578
|
)
|
(2,368,695
|
)
|
||||
|
TJX Companies, Inc.
|
(25,377
|
)
|
(2,408,531
|
)
|
||||
|
Yum Brands, Inc.
|
(7,618
|
)
|
(986,455
|
)
|
||||
|
(23,533,057
|
)
|
|||||||
|
Consumer Staples - (4.3)%
|
||||||||
|
Coca-Cola Co.
|
(17,094
|
)
|
(1,016,922
|
)
|
||||
|
Costco Wholesale Corp.
|
(1,494
|
)
|
(1,038,151
|
)
|
||||
|
Mondelez International, Inc. - Class A
|
(33,023
|
)
|
(2,485,641
|
)
|
||||
|
PepsiCo, Inc.
|
(5,962
|
)
|
(1,004,776
|
)
|
||||
|
(5,545,490
|
)
|
|||||||
|
Energy - (12.2)%
|
||||||||
|
Canadian Natural Resources Ltd.
|
(35,911
|
)
|
(2,297,945
|
)
|
||||
|
Chevron Corp.
|
(15,392
|
)
|
(2,269,243
|
)
|
||||
|
ConocoPhillips
|
(19,910
|
)
|
(2,227,332
|
)
|
||||
|
Marathon Petroleum Corp.
|
(32,285
|
)
|
(5,346,395
|
)
|
||||
|
Phillips 66
|
(7,374
|
)
|
(1,064,142
|
)
|
||||
|
Valero Energy Corp.
|
(17,412
|
)
|
(2,418,527
|
)
|
||||
|
(15,623,584
|
)
|
|||||||
|
Financials - (9.0)%
|
||||||||
|
Allstate Corp.
|
(17,073
|
)
|
(2,650,583
|
)
|
||||
|
Arch Capital Group Ltd. (a)
|
(13,445
|
)
|
(1,108,271
|
)
|
||||
|
JPMorgan Chase & Co.
|
(5,930
|
)
|
(1,033,955
|
)
|
||||
|
Marsh & McLennan Companies, Inc.
|
(5,323
|
)
|
(1,031,810
|
)
|
||||
|
Progressive Corp.
|
(31,816
|
)
|
(5,671,202
|
)
|
||||
|
(11,495,821
|
)
|
|||||||
|
Health Care - (1.8)%
|
||||||||
|
HCA Healthcare, Inc.
|
(7,375
|
)
|
(2,248,638
|
)
|
||||
|
Industrials - (33.1)%
|
||||||||
|
Automatic Data Processing, Inc.
|
(10,095
|
)
|
(2,481,149
|
)
|
||||
|
Carrier Global Corp.
|
(17,553
|
)
|
(960,325
|
)
|
||||
|
Caterpillar, Inc.
|
(8,032
|
)
|
(2,412,090
|
)
|
||||
|
Cintas Corp.
|
(8,462
|
)
|
(5,115,871
|
)
|
||||
|
CSX Corp.
|
(67,188
|
)
|
(2,398,612
|
)
|
||||
|
Cummins, Inc.
|
(4,082
|
)
|
(976,823
|
)
|
||||
|
Eaton Corporation PLC
|
(4,199
|
)
|
(1,033,290
|
)
|
||||
|
Ferguson PLC
|
(12,257
|
)
|
(2,302,600
|
)
|
||||
|
Illinois Tool Works, Inc.
|
(8,922
|
)
|
(2,327,750
|
)
|
||||
|
Otis Worldwide Corp.
|
(11,170
|
)
|
(987,875
|
)
|
||||
|
Parker-Hannifin Corp.
|
(2,184
|
)
|
(1,014,468
|
)
|
||||
|
Paychex, Inc.
|
(19,119
|
)
|
(2,327,356
|
)
|
||||
|
Republic Services, Inc.
|
(30,358
|
)
|
(5,194,861
|
)
|
||||
|
Trane Technologies
|
(20,555
|
)
|
(5,180,888
|
)
|
||||
|
Union Pacific Corp.
|
(9,681
|
)
|
(2,361,486
|
)
|
||||
|
Waste Management, Inc.
|
(28,021
|
)
|
(5,201,538
|
)
|
||||
|
(42,276,982
|
)
|
|||||||
|
Materials - (2.5)%
|
||||||||
|
PPG Industries, Inc.
|
(6,709
|
)
|
(946,237
|
)
|
||||
|
Sherwin-Williams Co.
|
(7,542
|
)
|
(2,295,634
|
)
|
||||
|
(3,241,871
|
)
|
|||||||
|
Real Estate - (5.0)%
|
||||||||
|
Extra Space Storage, Inc.
|
(6,304
|
)
|
(910,550
|
)
|
||||
|
Prologis, Inc.
|
(17,683
|
)
|
(2,240,259
|
)
|
||||
|
Welltower Inc.
|
(25,935
|
)
|
(2,243,637
|
)
|
||||
|
Weyerhaeuser Co.
|
(28,917
|
)
|
(947,610
|
)
|
||||
|
(6,342,056
|
)
|
|||||||
|
TOTAL COMMON STOCKS (Proceeds $96,987,954)
|
(110,307,499
|
)
|
||||||
|
TOTAL SECURITIES SOLD SHORT (Proceeds $96,987,954)
|
(110,307,499
|
)
|
||||||
|
(a)
|
Non-income producing security.
|
|
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 Long-Short Fund
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Common Stocks
|
$
|
122,957,597
|
$
|
–
|
$
|
–
|
$
|
122,957,597
|
||||||||
|
Money Market Funds
|
6,181,233
|
–
|
–
|
6,181,233
|
||||||||||||
|
Total Investments
|
$
|
129,138,830
|
$
|
–
|
$
|
–
|
$
|
129,138,830
|
||||||||
|
Investments Sold Short:
|
||||||||||||||||
|
Common Stocks
|
(110,307,498
|
)
|
–
|
–
|
(110,307,498
|
)
|
||||||||||
|
Total Investments Sold Short
|
$
|
(110,307,498
|
)
|
$
|
–
|
$
|
–
|
$
|
(110,307,498
|
)
|
||||||
|
Refer to the Schedule of Investments for industry classifications.
|
||||||||||||||||