Value. Delivered.

*Derived from a weighted average of the Fund’s three-, five- and ten-year risk adjusted return measure, if applicable.

You should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. For a statutory and summary prospectus that contains this and other important information about the Fund’s call 1-855- NUANCE3 (855-682-6233) or visit our website at www.nuanceinvestments.com. Please read the prospectus carefully before investing.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-,five- and 10-year (if applicable) Morningstar Rating metrics. As of 12/31/2018, Nuance Concentrated Value Long-Short Institutional was rated 5 stars against the following numbers of U.S.-domiciled Long-Short Equity funds over the following time periods: 199 funds in the last three years. Ratings for other share classes may differ.

© 2018 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results .

Mutual fund investing involves risk; Principal loss is possible.

The Nuance Funds are distributed by Quasar Distributors, LLC.

Nuance may pay a licensing fee for the right to use and display third party rankings and awards. The ratings may not be representative of any one client’s experience and are not indicative of nuance’s future performance.