Scott A. Moore, CFA^®

1. PSN Top Guns ranks products in six proprietary categories in over 50 universes. Top Gun firms are awarded a rating ranging from one to six stars, with the number of stars representing specified performance timeframes and criteria. Criteria descriptions for all categories are provided below. Nuance may receive PSN Top Gun awards across various categories and universes. The awards displayed are unique to the 4 Star, 5 Star and 6 Star Categories in the Mid Cap Value universe for the Nuance Mid Cap Value product and the All Cap Universe for the Nuance Concentrated Value Product. For a full list of awards across all star ratings in all universes and categories, please contact Nuance Investments at 816-743-7080 or client.services@nuanceinvestments.com. Nuance Concentrated Value Composite received PSN Top Gun Award in the All Cap Value Universe for the 4 Star category on 12/31/2013, 06/30/2014, 06/30/2016 and 03/31/2020; the 5 Star category on 12/31/2013, 03/31/2015, 06/30/2015, 09/30/2015, 03/31/2016, 03/31/2020 and 12/31/2020; and the 6 Star category on 12/31/2013, 03/31/2015, 06/30/2015, 09/30/2015, 03/31/2016 and 03/31/2020. Nuance Mid Cap Value Composite received PSN Top Gun Award in the Mid Value Universe for the 4 Star Category on 06/30/2014, 06/30/2016, 09/30/2016, 06/30/2017, 09/30/2017, 12/31/2017, 03/31/2019, 12/31/2019, 03/31/2020, 06/30/2020 and 09/30/2020; the 5 Star Category on 12/31/2013, 09/30/2014, 12/31/2017, 03/31/2019, 12/31/2019, 03/31/2020, 06/30/2020, 09/30/2020 and 12/31/2020; and the 6 Star Category on 12/31/2013, 09/30/2014, 06/30/2015, 09/30/2015, 12/31/2017, 03/31/2019, 12/31/2019, 03/31/2020, 06/30/2020, 09/30/2020 and 12/31/2020. The peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five year period. 4 STAR CATEGORY: Products must have returns greater than the style benchmark for the three latest three-year rolling periods. The top ten returns for the latest three-year period then become the TOP GUNS. 5 STAR CATEGORY: Products must have returns greater than the style benchmark for the three latest three-year rolling periods. After that we select only the products which standard deviation for the five year period is equal or less than the median standard deviation for the peer group. The top ten returns for the latest three-year period then become the TOP GUNS. 6 STAR CATEGORY: Products must have returns greater than the style benchmark for the three latest three-year rolling periods. After that we select only the products which standard deviation for the five year period is equal or less than the median standard deviation for the peer group. The top ten information ratios for the latest five-year period then become the TOP GUNS. Rankings relate to Nuance Investments products, not to Mr. Moore personally.  For all ranked time periods listed, Mr. Moore served as the lead portfolio manager of the referenced product.
2. Nuance Concentrated Value Composite received a PSN Bull & Bear Masters Award in the All Cap Value Universe on 12/31/2013. Nuance Mid Cap Value Composite received a PSN Bull & Bear Masters Award in the Mid Value Universe on 09/30/2013, 12/31/2013, 12/31/2015, 03/31/2016, 06/30/2016, 06/30/2018, 06/30/2019, 09/30/2019, 12/31/2019 and 03/31/2020. ﾠBULL & BEAR MASTERS: The peer groups were created using the information collected through the PSN investment manager questionnaire and uses only gross of fee returns. Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent three year period. Moreover, products must have an Upside Market Capture ratio of 100 or more for the latest three year period, and Downside Market Capture ratio of 100 or less for the latest three year period. The top ten Ratios between Upside Market Capture Ratio and Downside Capture Ratio became the PSN Bull & Bear Masters products. Rankings relate to Nuance Investments products, not to Mr. Moore personally.  For all ranked time periods listed, Mr. Moore served as the lead portfolio manager of the referenced product.
3. Top Guns of The Decade Criteria: Nuance Mid Cap Value Composite received a Manager of the Decade award for the Mid Cap Value Universe on the following dates: 12/31/2018, 12/31/2019, 12/31/2020, 12/31/2021, 12/31/2022.  Nuance Concentrated Value Composite received a Manager of the Decade award for the All Cap Value Universe on the following dates: 12/31/2018, 12/31/2019, 12/31/2020.  The PSN universes were created using the information collected through the PSN investment manager questionnaire and use only gross of fee returns. PSN Top Guns investment managers must claim that they are GIPS compliant. Mutual fund and commingled fund products are not included in the universe. Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the latest ten year period. Moreover, products must have returns greater than the style benchmark for the latest ten year period and also Standard Deviation less than the style benchmark for the latest ten year period. At this point, the top ten performers for the latest 10 year period become the PSN Top Guns of the Decade. Rankings relate to Nuance Investments products, not to Mr. Moore personally.  For all ranked time periods listed, Mr. Moore served as the lead portfolio manager of the referenced product.
4. Nuance Concentrated Value has been recommended by Litman Gregory since April 2013. Criteria for Recommended Strategies: Recommended strategies are evaluated by Litman Gregory based on a combination of qualitative and quantitative measures, including absolute and relative long-term performance metrics when compared to an appropriate benchmark and peer group, manager skill, investment process and the discipline by which the process is applied, quality and tenure of research team, shareholder orientation, assets under management, and fund expenses. Recommended reflects Litman Gregory’s confidence in a strategy’s potential to outperform a relevant benchmark over the long term.
5. The winners were chosen by compiling the votes from a highly-respected pool of industry experts. Individual selections from each judge will remain anonymous, however, each award winner did receive the majority of the votes. We ask that managers do not contact the judges regarding their selections. The award categories are domestic large-cap, smid-cap/mid-cap and small-cap equity, international equity, international small-cap equity, emerging markets equity and domestic fixed-income. Each winner competed with two other finalists in their category. Finalists were selected using a quantitative screening process utilizing data from Informa PSN. In all, 421 products were considered for the awards. To be eligible for the awards, managers must have submitted year-end 2018 data to PSN Informa by Jan. 25, have at least $10 million in product assets and have full-year 2018 performance figures as well as 2018 year-end product asset information. Firm-wide assets for non-minority- and women-owned firms were capped at $2 billion, while MWBE equity managers with up to $10 billion were considered and all MWBE fixed-income managers were considered.
6. From 09/02/2008 to 10/31/2008, Mr. Moore was a consultant, rather than portfolio manager due to an employment agreement with American Century Investments.

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

For additional information regarding Scott’s history, please reach out to client.services@nuanceinvestments.com