Nuance Mid Cap Value seeks long-term capital appreciation primarily through investments in equity securities of companies organized in the United States that the investment team believes are high quality, though temporarily out of favor. The strategy typically invests in a portfolio of 50 to 90 companies with market capitalizations typically between the range of the smallest and largest members of the Russell Mid Cap Index (defined using a trailing 12 month average of the smallest and largest members on a month to month basis). Although the strategy will invest primarily in the equity securities of U.S. companies, the strategy may invest up to 15% of its assets in equity securities of foreign companies in countries classified as “developed” by MSCI. The primary benchmark for the strategy is the Russell Midcap Value Index. Clients may also be interested in comparing to the S&P MidCap 400 Value Index and the S&P 500 Index.