NPORT-EX 2 cvls.htm SOI

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.