Nuance Mutual Funds

Nuance Concentrated Value Fund

Strategy & Objective

Nuance Concentrated Value Fund seeks long term capital appreciation.

Performance 5/31/2011 - 6/30/2023	For the quarter ending 6/30/2023
	QTD	YTD 2023	1 Year	3 Year	5 Year	7 Year	10 Year	Since Inception Return (Inception 05/31/11)	Gross Expense Ratio as of current prospectus	Net Expense ratio as of current prospectus
Nuance Concentrated Value Fund Institutional (NCVLX)	3.95	9.04	11.54	9.58	8.00	8.00	8.90	9.38	1.11%	1.04%
Russell 3000 Value Index	4.03	4.98	11.22	14.38	7.79	8.87	9.09	9.53	-	-
S&P 500 Index	8.74	16.89	19.59	14.60	12.31	13.38	12.86	12.60	-	-

Performance 7/31/2012 - 6/30/2023	For the quarter ending 6/30/2023
	QTD	YTD 2023	1 Year	3 Year	5 Year	7 Year	10 Year	Since Inception Return (Inception 07/31/12)	Gross Expense Ratio as of current prospectus	Net Expense ratio as of current prospectus
Nuance Concentrated Value Fund Investor (NCAVX)	-1.33	3.45	5.71	7.43	6.61	6.92	8.06	9.41	1.36%	1.29%
Russell 3000 Value Index	4.03	4.98	11.22	14.38	7.79	8.87	9.09	10.46	-	-
S&P 500 Index	8.74	16.89	19.59	14.60	12.31	13.38	12.86	13.51	-	-

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance Data for NCAVX shown reflects performance with the maximum sales charge of 5.75% (for periods prior to September 17, 2015) or 5.00% (for period September 17, 2015 and after). Performance data current to the most recent month end may be obtained by calling 1-855-682-6233.

Net Expense Ratio as of current prospectus 1.04% for NCVLX, 1.29% for NCAVX and is net of contractual fee waivers through 8/28/2023. Net Expense Ratios are as of the Fund's most recent prospectus and are applicable to investors.

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About Nuance Investments

Nuance Investments

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

Mutual fund investing involves risk. Principal loss is possible. Investments in small and mid-capitalization companies involve additional risk such as limited liquidity and greater volatility than larger capitalization companies. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

The Primary Benchmark for the Fund is the Russell 3000® Value Index. The Russell 3000® Value Index measures the performance of the 3,000 largest U.S. domiciled companies with lower price-to-book ratios and lower forecasted growth values. The secondary benchmark is the S&P 500 Index. The S&P 500 Index is a market-value weighted index representing the performance of 500 widely held publicly traded large-capitalization stocks. Individuals cannot invest directly in any index. These indices are used for comparison purposes only and are not meant to be indicative of a portfolio’s performance, asset composition, or volatility. The performance of the Fund may differ markedly from that of compared indices due to varying degrees of diversification and/or other facts. Return calculations for the Fund are provided by US Bank. Returns for periods greater than a year have been annualized.

Nuance Investments is the advisor to the Nuance Concentrated Value Fund which is distributed by Quasar Distributors, LLC.