Nuance Concentrated Value Long-Short Fund

Schedule of Investments

July 31, 2021 (Unaudited)

Shares

Value

COMMON STOCKS - 83.8%

Consumer Staples - 19.9%

Beiersdorf AG - ADR (a)

504,658

$

12,010,860

Cal-Maine Foods, Inc. (a)

111,255

3,881,687

Diageo PLC - ADR (a)

7,616

1,509,567

Henkel AG & Co. KGaA - ADR (a)

30,442

695,904

Kimberly-Clark Corp. (a)

28,527

3,871,685

Sanderson Farms, Inc. (a)

34,453

6,437,199

28,406,902

Financials - 17.0%

Chubb Ltd. - ADR (a)

25,407

4,287,177

Everest Re Group, Ltd. - ADR (a)

17,602

4,450,314

MetLife, Inc. (a)

24,545

1,416,246

Northern Trust Corp. (a)

50,709

5,722,511

Travelers Companies, Inc. (a)

55,584

8,277,569

24,153,817

Healthcare⁺ - 25.7%

Baxter International, Inc. (a)

91,999

7,116,123

Becton, Dickinson & Co. (a)

14,422

3,688,426

Dentsply Sirona, Inc. (a)

45,323

2,993,131

ICU Medical, Inc. (a)*

32,314

6,569,113

Johnson & Johnson (a)

16,423

2,828,040

Smith & Nephew - ADR (a)

222,916

9,123,952

Zimmer Biomet Holdings, Inc. (a)

26,335

4,303,666

36,622,451

Industrials - 4.0%

3M Co. (a)

10,569

2,092,028

Northrop Grumman Corp. (a)

9,788

3,553,240

5,645,268

Real Estate - 5.0%

Equity Commonwealth (a)

270,850

7,120,646

Utilities - 12.2%

Essential Utilities, Inc. (a)

22,480

1,104,218

Pennon Group PLC - ADR (a)

43,347

1,560,046

SJW Group (a)

72,735

5,013,624

United Utilities Group PLC - ADR (a)

319,858

9,702,892

17,380,780

Total Common Stocks

(Cost $106,789,070)

119,329,864

SHORT-TERM INVESTMENT - 13.1%

First American Government Obligations Fund, , Class X, 0.03% (a)^

(Cost $18,625,917)

18,625,917

18,625,917

Total Investments - 96.9%

(Cost $125,414,987)

137,955,781

Other Assets and Liabilities, Net - 3.1%

4,361,089

Total Net Assets - 100.0%

$

142,316,870

(a) 

All or a portion of this security is designated as collateral for securities sold short.  As of January 31, 2021, the value of the collateral was $137,955,781.

+ 

The Fund is significantly invested in this sector and therefore is subject to additional risks. Companies in this sector are subject to litigation, intellectual property issues, competition, government regulation, product approval or rejection, and product obsolescence.

* 

Non-income producing security.

^ 

The rate shown is the annualized seven day effective yield as of July 31, 2021.

ADR - 

American Depositary Receipt

Summary of Fair Value Exposure

The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 in 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:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities 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.

As of July 31, 2021, the Fund's investments in securities were classified as follows:

Level 1

Level 2

Level 3

Total

Common Stocks

$

119,329,864

$

–

$

–

$

119,329,864

Short-Term Investment

18,625,917

-

–

18,625,917

Total Investments

$

137,955,781

$

–

$

–

$

137,955,781

 

Securities Sold Short

Common Stocks

$

140,419,115

$

–

$

–

$

140,419,115

Total Securities Sold Short

$

140,419,115

$

–

$

–

$

140,419,115