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.

The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. 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. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Nuance Mid Cap Value Institutional was rated against the following number of U.S.-domiciled Mid-Cap Value funds over the following time periods: 380 in the last three years, 363 in the last five, and 281 in the last ten. With respect to these Mid-Cap Value funds, Nuance Mid Cap Value Institutional received a Morningstar Rating of 2 stars for 3-year rating, 3 stars for 5-year rating, and 4 stars for 10-year rating respectively. Morningstar Rating is for the share class only; other classes may have different performance characteristics.

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The Nuance Funds are distributed by Quasar Distributors, LLC.

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