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Fund Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">The Nuance Concentrated Value Fund (the “Fund” or “Concentrated Value Fund”) seeks long-term</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:130.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:89.12pt">capital appreciation.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:183.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">Fund. You may pay other fees, such as brokerage commissions and other fees to financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:196.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:334.52pt">intermediaries, which are not reflected in the tables and example below. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:413.27pt;position:var(--position);text-decoration:none;white-space:pre;width:119.84pt">You may qualify for sales</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:210.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:223.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:32.14pt">Fund.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:110.89pt;position:var(--position);text-decoration:none;white-space:pre;width:422.32pt">Sales loads and waivers may vary by financial intermediary. For more information on specific</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:236.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">financial intermediary sales loads and waivers, see Appendix A to the statutory Prospectus.  More</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:249.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">information about these and other discounts is available from your financial professional and in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:262.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:416.2pt">“Shareholder Information - Class Descriptions” of the Fund’s statutory Prospectus on page 31.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Shareholder Fees (fees paid directly from your investment) 0.0500 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0025 0.0000 0.0015 0.0015 0.0023 0.0023 0.0002 0.0002 0.0150 0.0125 -0.0020 -0.0020 0.0130 0.0105 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Financial Highlights section of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available (but unused) shareholder servicing plan fees and/or acquired fund fees and expenses (“AFFE”). August 28, 2027 Example <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:19.54pt">This</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:98.28999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:434.79pt"> Example is intended to help you compare the costs of investing in the Fund with the cost of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.0799999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:89.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">time periods indicated and then redeem all of your shares at the end of those periods.  The Example</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:102.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">also assumes that your investment has a 5% return each year and that the Fund’s operating expenses</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>remain the same (taking into account the expense limitation for one year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 626 932 1260 2185 107 377 667 1494 Portfolio Turnover <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:236.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:249.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:262.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">reflected in the annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:276.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:325.03pt">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:403.78pt;position:var(--position);text-decoration:none;white-space:pre;width:25.66pt">114%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:429.44pt;position:var(--position);text-decoration:none;white-space:pre;width:103.69pt"> of the average value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:289.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:54.35pt">its portfolio.</span></div> 1.14 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">The Fund invests primarily in equity securities of companies that Nuance Investments, LLC (the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:342.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:310.11pt">“Adviser”) believes are high quality, though temporarily out of favor.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:388.86pt;position:var(--position);text-decoration:none;white-space:pre;width:6.36pt">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:395.22pt;position:var(--position);text-decoration:none;white-space:pre;width:138.03pt">The Fund typically invests in a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:355.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">portfolio of 15 to 35 companies of various market capitalizations and is considered an all-cap strategy.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:368.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:200.53pt">Although the Fund will invest primarily in c</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:279.28pt;position:var(--position);text-decoration:none;white-space:pre;width:185.31pt">ompanies organized or traded in the U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:464.59pt;position:var(--position);text-decoration:none;white-space:pre;width:68.55pt">, the Fund may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:381.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.34pt">invest up to 25% of its assets in non-U.S. companies in countries that are classified as “developed” by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.0899999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:394.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:97.38pt">MSCI Inc. (“MSCI”).</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:176.13pt;position:var(--position);text-decoration:none;white-space:pre;width:357.11pt"> Nuance utilizes FactSet’s country assignments for individual companies. As of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:411.41pt">the date of this prospectus, the following countries were classified as “developed” by MSCI: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:490.16pt;position:var(--position);text-decoration:none;white-space:pre;width:43.04pt">Australia,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:421.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:434.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:447.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:143.52pt">Kingdom, and the United States.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">The Adviser selects securities for the Fund’s investment portfolio by using an extensive quantitative</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:487.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">screening and fundamental research process that aims to identify leading businesses selling at a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:500.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">discount to fair value with the potential to generate above-average rates of returns over time.  The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:513.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">Adviser seeks to identify companies across a range of industries and market sectors that have leading</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:526.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">and sustainable market share positions, above-average financial strength, and are trading at a discount</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">to the Adviser’s internal view of intrinsic value.  The Adviser may sell an investment when it achieves</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:553.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">or surpasses the Adviser’s proprietary view of intrinsic value or when a security’s competitive position</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:566.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">or financial situation erodes beyond the Adviser’s expectations. The Fund’s annual portfolio turnover</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:579.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">rate may be 100% or greater. From time to time, the Fund may focus its investments in securities of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:592.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:177.08pt">companies in the same economic sector.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:619.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:632.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:189.91pt">in a limited number of issuers of securities.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:322.8pt;position:var(--position);text-decoration:none;white-space:pre;width:210.33pt">An investment in the Fund is not a deposit of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:685.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>other governmental agency. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:210.88pt;position:var(--position);text-decoration:none;white-space:pre;width:275.75pt">In addition to possibly not achieving your investment goals, </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:486.63pt;position:var(--position);text-decoration:none;white-space:pre;width:46.56pt">you could</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:428.37pt">lose all or a portion of your investment in the Fund over short or even long periods of time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:507.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:99.5pt">General Market Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.25pt;position:var(--position);text-decoration:none;white-space:pre;width:354.95pt">The Fund’s net asset value (“NAV”) and investment return will fluctuate based</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:74.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:230.5pt">upon changes in the value of its portfolio securities. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:309.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:312.03pt;position:var(--position);text-decoration:none;white-space:pre;width:221.21pt">Certain securities selected for the Fund’s portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:87.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">may be worth less than the price originally paid for them, or less than they were worth at an earlier</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:22.28pt">time.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:89.07pt">Management Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:167.82pt;position:var(--position);text-decoration:none;white-space:pre;width:365.4pt">The Fund may not meet its investment objective or may underperform the market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:140.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">or other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:95.25pt">investment strategies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:141.95pt">Non-Diversified Fund Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:220.7pt;position:var(--position);text-decoration:none;white-space:pre;width:312.43pt">Because the Fund is “non-diversified” and may invest a greater</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:193.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">percentage of its assets in the securities of a single issuer, a decline in the value of an investment in a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:206.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.33pt">single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.0799999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:219.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:116.32pt">more diversified portfolio.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:118.16pt">Value-Style Investing Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:196.91pt;position:var(--position);text-decoration:none;white-space:pre;width:336.21pt">.  The Fund’s value investments are subject to the risk that their intrinsic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:259.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:363.62pt">values may not be recognized by the broad market or that their prices may decline.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:100.14pt">Equity Securities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.89pt;position:var(--position);text-decoration:none;white-space:pre;width:354.29pt">.  The equity securities held in the Fund’s portfolio may experience sudden,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:299.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">unpredictable drops in value or long periods of decline in value.  This may occur because of factors</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">that affect securities markets generally or factors affecting specific industries, sectors, geographic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:325.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:214.98pt">markets, or companies in which the Fund invests</span><div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:293.73pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span></div></div> <div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">S</span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:84.25pt;position:var(--position);text-decoration:none;white-space:pre;width:94.63pt">ector Emphasis Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:181.63pt;position:var(--position);text-decoration:none;white-space:pre;width:351.58pt">  The securities of companies in the same or related businesses (“industry</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:365.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.37pt">sectors”), if comprising a significant portion of the Fund’s portfolio, may in some circumstances react</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">negatively to market conditions, interest rates and economic, regulatory or financial developments and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">adversely affect the value of the Fund’s portfolio to a greater extent than if such securities comprised a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:404.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">lesser portion of the Fund’s portfolio or the Fund’s portfolio was diversified across a greater number of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:413.41pt">industry sectors.  Some industry sectors have particular risks that may not affect other sectors.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:242.54pt">Large-Cap, Mid-Cap and Small-Cap Companies Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.28999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:211.85pt">  The Fund’s investment in larger companies is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:457.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.37pt">subject to the risk that larger companies are sometimes unable to attain the high growth rates of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:470.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">successful, smaller companies, especially during extended periods of economic expansion.  Securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:483.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.35pt">of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:497.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:67.78pt">cap companies.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:108.4pt">Foreign Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:187.15pt;position:var(--position);text-decoration:none;white-space:pre;width:346.05pt">  Investments in securities of foreign companies involve risks not ordinarily</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:536.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">associated with investments in securities and instruments of U.S. companies, including risks relating to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:549.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">political, social and economic developments abroad and differences between U.S. and foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:563.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">regulatory and tax requirements and market practices, including fluctuations in foreign currencies.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">There may be less information publicly available about foreign companies than about a U.S. company,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:589.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">and many foreign companies are not subject to accounting, auditing, and financial reporting standards,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:602.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">regulatory framework and practices comparable to those in the U.S. Unexpected political, regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:615.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">and diplomatic events within the United States and abroad may affect investor and consumer</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:629.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">confidence and may adversely impact global financial markets and the broader economy. Foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">conflicts have caused, and could continue to cause, significant market disruptions and volatility within</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:131.89pt">specific markets and globally.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:69.92pt">Currency Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:148.67000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:384.43pt">When the Fund buys or sells securities on a foreign stock exchange, the transaction is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:62.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.35pt">undertaken in the local currency rather than in U.S. dollars, which carries the risk that the value of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">foreign currency will increase or decrease, which may impact the value of the Fund’s portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:89.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">holdings and your investment.  Non-U.S. countries may adopt economic policies and/or currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:102.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">exchange controls that affect its currency valuations in a disadvantageous manner for U.S. investors</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:115.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">and companies and restrict or prohibit the Fund’s ability to repatriate both investment capital and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:128.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:353pt">income, which could place the Fund’s assets in such country at risk of total loss.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:106.56pt">Portfolio Turnover Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:185.31pt;position:var(--position);text-decoration:none;white-space:pre;width:347.88pt">.  A high portfolio turnover rate (100% or more) has the potential to result in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.37pt">the realization and distribution to shareholders of higher capital gains, which may subject you to a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:181.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:386.54pt">higher tax liability.  A high portfolio turnover rate also leads to higher transaction costs.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">The accompanying bar chart and performance table provide some indication of the risks of investing in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:234.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:359.62pt">the Fund by showing how the Fund’s total returns have varied from year-to-year. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.37pt;position:var(--position);text-decoration:none;white-space:pre;width:94.84pt"> Figures shown in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:247.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">bar chart are for the Fund’s Institutional Class shares.  Next to the bar chart are the Fund’s highest and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:260.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:297.84pt">lowest quarterly returns during the period shown in the bar chart.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:376.59pt;position:var(--position);text-decoration:none;white-space:pre;width:156.54pt">The performance table that follows</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:273.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:378.25pt">shows the Fund’s average annual total returns over time compared with the S&amp;P 500</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:457pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:462.43pt;position:var(--position);text-decoration:none;white-space:pre;width:70.73pt"> Index, a broad-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:287.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">based equity securities market index, and the Russell 3000 Value Index, an additional benchmark</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:354.57pt">index that more closely represents the investment exposure sought by the Fund.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:433.32pt;position:var(--position);text-decoration:none;white-space:pre;width:3.17pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:436.49pt;position:var(--position);text-decoration:none;white-space:pre;width:96.72pt">Investor Class returns</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:313.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:337.01pt">shown in the performance table reflect the maximum sales charge of 5.00%.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:415.76pt;position:var(--position);text-decoration:none;white-space:pre;width:5.88pt">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:421.64pt;position:var(--position);text-decoration:none;white-space:pre;width:111.49pt">Past performance (before</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:326.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:280.49pt">and after taxes) will not necessarily continue in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:359.24pt;position:var(--position);text-decoration:none;white-space:pre;width:173.99pt"> Updated performance information is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:339.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:155.06pt">available on the Fund’s website at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:233.81pt;position:var(--position);text-decoration:none;white-space:pre;width:272.94pt">https://www.nuanceinvestments.com/concentrated-value-fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:506.75pt;position:var(--position);text-decoration:none;white-space:pre;width:26.46pt"> or by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:353.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:119.69pt">calling 1-855-NUANCE3 (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:198.44pt;position:var(--position);text-decoration:none;white-space:pre;width:71.48pt">1-855-682-6233</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.91999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:6.41pt">).</span></div> The accompanying bar chart and performance table provide some indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year-to-year. The performance table that follows shows the Fund’s average annual total returns over time compared with the S&P 500® Index, a broad-based equity securities market index, and the Russell 3000 Value Index, an additional benchmark index that more closely represents the investment exposure sought by the Fund. Investor Class returns shown in the performance table reflect the maximum sales charge of 5.00%. Past performance (before and after taxes) will not necessarily continue in the future. https://www.nuanceinvestments.com/concentrated-value-fund 1-855-682-6233 Calendar Year Total Returns as of December 31: <div style="font-size:0pt;left:200.25pt;position:var(--position);width:211.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:87.75pt"></td><td style="padding:0;width:36pt"></td><td style="padding:0;width:87.75pt"></td></tr><tr style="height:15pt"><td style="border-bottom:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:87.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:87.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:13.19pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:123.75pt;position:var(--position);width:87.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:87.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:8.61pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter</span></div></div></div></td></tr><tr style="height:15pt"><td style="border-top:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:87.75pt"><div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:2.63pt;width:87.75pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:3.7pt;position:var(--position);text-decoration:none;white-space:pre">Q4 2020</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:41.89pt;position:var(--position);white-space:pre">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:50.14pt;position:var(--position);text-decoration:none;white-space:pre">15.21%</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:123.75pt;position:var(--position);top:15pt;width:87.75pt"><div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:2.63pt;width:87.75pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:3.24pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2020</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:41.43pt;position:var(--position);white-space:pre">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:46.93pt;position:var(--position);text-decoration:none;white-space:pre">-20.15%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15pt"><td colspan="3" style="border-bottom:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:211.5pt"><div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:2.63pt;width:211.5pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:29.4pt;position:var(--position);text-decoration:none;white-space:pre">Year-to-Date</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:91.06pt;position:var(--position);white-space:pre"> as of </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:118.25pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:14.25pt"><td colspan="3" style="border-top:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:59.25pt;width:211.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:211.5pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:92.48pt;position:var(--position);text-decoration:none;white-space:pre">9.57%</span></div></div></div></td></tr></tbody></table></div></div> Best Quarter Worst Quarter 2020-12-31 0.1521 2020-03-31 -0.2015 Year-to-Date 2026-06-30 0.0957 Average Annual Total Returns for the periods ended December 31, 2025 2011-05-31 Return Before Taxes 0.0328 0.0471 0.0764 0.0846 Return After Taxes on Distributions 0.0257 0.0261 0.0568 0.0650 Return After Taxes on Distributions and Sale of Fund Shares 0.0222 0.0331 0.0566 0.0635 Return Before Taxes -0.0203 0.0339 0.0680 0.0779 Russell 3000 Value Index (reflects no deduction for fees, expenses or taxes) 0.1571 0.1118 0.1046 0.1037 S&P 500 Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1390 2012-07-31 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">After tax returns are calculated using the historical highest individual federal marginal income tax rates</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:316.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:240.11pt">and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:318.86pt;position:var(--position);text-decoration:none;white-space:pre;width:7.18pt">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:326.03999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:207.16pt">The “Return After Taxes on Distributions and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:329.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">Sale of Fund Shares” may be higher than other return figures because when a capital loss occurs upon</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:342.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:374.88pt">redemption of Fund shares, a tax deduction is provided that benefits the investor.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:453.63pt;position:var(--position);text-decoration:none;white-space:pre;width:79.48pt">  Actual after-tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:355.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:308.1pt">returns depend on your situation and may differ from those shown.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:386.85pt;position:var(--position);text-decoration:none;white-space:pre;width:146.34pt">After-tax returns are shown only</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:382.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:42.45pt">expenses.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:121.2pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:124.87pt;position:var(--position);text-decoration:none;white-space:pre;width:408.27pt">Furthermore, the after-tax returns shown are not relevant to those investors who hold their</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:395.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:43.04pt">(“IRAs”).</span> After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures because when a capital loss occurs upon redemption of Fund shares, a tax deduction is provided that benefits the investor. After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses. Furthermore, the after-tax returns shown are not relevant to those investors who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). Nuance Mid Cap Value Fund Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.37pt">The Nuance Mid Cap Value Fund (the “Fund” or “Mid Cap Value Fund”) seeks long-term capital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:109.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:57.08pt">appreciation.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:161.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">Fund. You may pay other fees, such as brokerage commissions and other fees to financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:175.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:334.52pt">intermediaries, which are not reflected in the tables and example below. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:413.27pt;position:var(--position);text-decoration:none;white-space:pre;width:119.84pt">You may qualify for sales</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:188.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:201.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:32.14pt">Fund.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:110.89pt;position:var(--position);text-decoration:none;white-space:pre;width:422.32pt">Sales loads and waivers may vary by financial intermediary. For more information on specific</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:214.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">financial intermediary sales loads and waivers, see Appendix A to the statutory Prospectus.  More</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:227.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:164.44pt">information about these and other </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:243.19pt;position:var(--position);text-decoration:none;white-space:pre;width:41.54pt">discounts</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:284.73pt;position:var(--position);text-decoration:none;white-space:pre;width:248.43pt"> is available from your financial professional and in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:241.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:435.46pt">“Shareholder Information - Class Descriptions” of the Fund’s statutory Prospectus on page 31. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:514.21pt;position:var(--position);text-decoration:none;white-space:pre;width:13.44pt">Yo</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:527.65pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">u</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:254.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">may be required to pay brokerage commissions on your purchases and sales of Z Class shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:185.93pt">Fund, which are not reflected in this table.</span> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Shareholder Fees (fees paid directly from your investment) 0.0500 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.0025 0.0000 0.0000 0.0015 0.0015 0.0000 0.0016 0.0016 0.0016 0.0001 0.0001 0.0001 0.0132 0.0107 0.0092 -0.0011 -0.0011 -0.0011 0.0121 0.0096 0.0081 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Financial Highlights section of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available (but unused) shareholder servicing plan fees and/or acquired fund fees and expenses (“AFFE”) August 28, 2027 Example <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:36.16pt">This Ex</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:114.91pt;position:var(--position);text-decoration:none;white-space:pre;width:418.17pt">ample is intended to help you compare the costs of investing in the Fund with the cost of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.0799999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:89.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">time periods indicated and then redeem all of your shares at the end of those periods.  The Example</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:102.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">also assumes that your investment has a 5% return each year and that the Fund’s operating expenses</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:115.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">remain the same (taking into account the expense limitation for one year).  You may be required to pay</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:128.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">brokerage commissions on your purchases and sales of Z Class shares of the Fund, which are not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:117.48pt">reflected in the example.</span> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 617 887 1177 2002 98 329 579 1296 83 282 499 1121 Portfolio Turnover <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:277.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:291.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:304.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">reflected in the annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:317.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:325.03pt">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:403.78pt;position:var(--position);text-decoration:none;white-space:pre;width:25.66pt">110%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:429.44pt;position:var(--position);text-decoration:none;white-space:pre;width:103.69pt"> of the average value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:330.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:54.35pt">its portfolio.</span></div> 1.10 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">The Fund invests primarily in equity securities of companies that Nuance Investments, LLC (the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:382.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:351.29pt">“Adviser”) believes are high quality, though temporarily out of favor. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.04pt;position:var(--position);text-decoration:none;white-space:pre;width:103.1pt">Under normal market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:395.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:314.44pt">purposes) in securities issued by mid-capitalization companies.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:393.19pt;position:var(--position);text-decoration:none;white-space:pre;width:8.9pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:402.09pt;position:var(--position);text-decoration:none;white-space:pre;width:131.11pt">The Adviser defines mid-</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">capitalization companies as companies within the range of the capitalization of companies constituting</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:436.701pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:88.01pt">the Russell Midcap</span><span style="font-family:'Times New Roman', serif;font-size:7.800000000000001pt;font-style:normal;font-weight:normal;left:166.76pt;position:var(--position);text-decoration:none;top:-6.063pt;vertical-align:super;white-space:pre;width:5.92pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:172.68pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:32.1pt"> Index.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:204.78pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:4.31pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.09pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:324.02pt">The Adviser intends to manage the Fund so that the average weighted</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:447.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">market capitalization of its portfolio (derived from FactSet and excluding short-term investments) falls</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:460pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:338.3pt">within the range of the smallest and largest members of the Russell Midcap</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:417.05pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:422.48pt;position:var(--position);text-decoration:none;white-space:pre;width:110.64pt"> Index, as determined by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:472.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">averaging the smallest and largest members’ month end market capitalization over the last 12 months.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:485.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:400.43pt">As of June 30, 2026, the trailing twelve-month capitalization range of the Russell Midcap</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:479.18pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:484.61pt;position:var(--position);text-decoration:none;white-space:pre;width:48.6pt"> Index was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:497.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:103.22pt">between approximately</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:181.97pt;position:var(--position);text-decoration:none;white-space:pre;width:138.23pt"> $1.1 billion and $125.9 billion</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:320.2pt;position:var(--position);text-decoration:none;white-space:pre;width:5.84pt">. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:326.03999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:207.18pt">The Fund’s investments may include preferred</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:513.751pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:140.13pt">or convertible preferred stocks. </span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:218.88pt;position:var(--position);text-decoration:none;top:-3.151pt;white-space:pre;width:3pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:221.88pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:280.33pt">The Fund typically invests in a portfolio of 50 to 90 companies.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:502.21pt;position:var(--position);text-decoration:none;top:-2.889pt;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:537.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">Although the Fund will invest primarily in companies organized or traded in the U.S., the Fund may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:550.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.34pt">invest up to 15% of its assets in non-U.S. companies in countries that are classified as “developed” by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.0899999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:102.19pt">MSCI, Inc. (“MSCI”). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:180.94pt;position:var(--position);text-decoration:none;white-space:pre;width:352.31pt"> Nuance utilizes FactSet’s country assignments for individual companies. As of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:577.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:411.41pt">the date of this prospectus, the following countries were classified as “developed” by MSCI: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:490.16pt;position:var(--position);text-decoration:none;white-space:pre;width:43.04pt">Australia,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:590.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:603.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:616.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:143.52pt">Kingdom, and the United States.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:49.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">The Adviser selects securities for the Fund’s investment portfolio by using an extensive quantitative</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:62.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">screening and fundamental research process that aims to identify leading businesses selling at a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">discount to fair value with the potential to generate above-average rates of returns over time.  The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:89.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">Adviser seeks to identify companies across a range of industries and market sectors that have leading</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:102.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">and sustainable market share positions, above-average financial strength, and are trading at a discount</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:115.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">to the Adviser’s internal view of intrinsic value.  The Adviser may sell an investment when it achieves</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:128.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">or surpasses the Adviser’s proprietary view of intrinsic value or when a security’s competitive position</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:141.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">or financial situation erodes beyond the Adviser’s expectations. The Fund’s annual portfolio turnover</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:155.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">rate may be 100% or greater. From time to time, the Fund may focus its investments in securities of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:174.33pt">companies in the same economic sector</span><div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:253.08pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span></div></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.04pt;position:var(--position);text-decoration:none;white-space:pre;width:103.1pt">Under normal market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:395.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:314.44pt">purposes) in securities issued by mid-capitalization companies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:322.8pt;position:var(--position);text-decoration:none;white-space:pre;width:210.33pt">An investment in the Fund is not a deposit of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:219.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>other governmental agency. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:210.88pt;position:var(--position);text-decoration:none;white-space:pre;width:275.75pt">In addition to possibly not achieving your investment goals, </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:486.63pt;position:var(--position);text-decoration:none;white-space:pre;width:46.56pt">you could</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:428.37pt">lose all or a portion of your investment in the Fund over short or even long periods of time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:507.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:99.5pt">General Market Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.25pt;position:var(--position);text-decoration:none;white-space:pre;width:354.95pt">The Fund’s net asset value (“NAV”) and investment return will fluctuate based</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:297.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:230.5pt">upon changes in the value of its portfolio securities. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:309.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:312.03pt;position:var(--position);text-decoration:none;white-space:pre;width:221.21pt">Certain securities selected for the Fund’s portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:311.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:36.95pt">may be </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:115.7pt;position:var(--position);text-decoration:none;white-space:pre;width:417.52pt">worth less than the price originally paid for them, or less than they were worth at an earlier</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:22.28pt">time.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:89.07pt">Management Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:167.82pt;position:var(--position);text-decoration:none;white-space:pre;width:365.4pt">The Fund may not meet its investment objective or may underperform the market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:363.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">or other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:95.25pt">investment strategies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:118.16pt">Value-Style Investing Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:196.91pt;position:var(--position);text-decoration:none;white-space:pre;width:336.21pt">.  The Fund’s value investments are subject to the risk that their intrinsic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:363.62pt">values may not be recognized by the broad market or that their prices may decline.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:100.14pt">Equity Securities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.89pt;position:var(--position);text-decoration:none;white-space:pre;width:354.29pt">.  The equity securities held in the Fund’s portfolio may experience sudden,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">unpredictable drops in value or long periods of decline in value.  This may occur because of factors</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:469.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">that affect securities markets generally or factors affecting specific industries, sectors, geographic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:212.23pt">markets or companies in which the Fund invests</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:290.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span> <div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:6.71pt">P</span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:85.46pt;position:var(--position);text-decoration:none;white-space:pre;width:110.71pt">referred Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:196.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:336.95pt"> Preferred securities may pay fixed or adjustable rates of return and are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">subject to many of the risks associated with debt securities (e.g., interest rate risk, call risk and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:535.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">extension risk). In addition, preferred securities are subject to issuer-specific and market risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:548.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">applicable generally to equity securities. Because many preferred securities allow the issuer to convert</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:561.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">their preferred stock into common stock, preferred securities are often sensitive to declining common</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:56.8pt">stock values.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:122.87pt">Convertible Securities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:201.62pt;position:var(--position);text-decoration:none;white-space:pre;width:331.5pt">.  The market values of convertible securities tend to decline as interest</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:614.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">rates increase and, conversely, to increase as interest rates decline. A convertible security’s market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:627.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">value, however, also tends to reflect the market price of the common stock of the issuing company</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:641.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">when that stock price approaches or is greater than the convertible security’s “conversion price.”  The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">conversion price is defined as the predetermined price at which the convertible security could be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:667.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.35pt">exchanged for the associated stock.  As the market price of the underlying common stock declines, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:680.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:439.94pt">price of the convertible security tends to be influenced more by the yield of the convertible security.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:102.88pt">Sector Emphasis Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:181.63pt;position:var(--position);text-decoration:none;white-space:pre;width:5.18pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:186.81pt;position:var(--position);text-decoration:none;white-space:pre;width:346.4pt"> The securities of companies in the same or related businesses (“industry</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:62.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">sector”), if comprising a significant portion of the Fund’s portfolio, may in some circumstances react</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">negatively to market conditions, interest rates and economic, regulatory or financial developments and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:89.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">adversely affect the value of the Fund’s portfolio to a greater extent than if such securities comprised a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:102.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">lesser portion of the Fund’s portfolio or the Fund’s portfolio was diversified across a greater number of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:410.66pt">industry sectors. Some industry sectors have particular risks that may not affect other sectors.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:117.01pt">Mid-Cap Companies Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:195.76pt;position:var(--position);text-decoration:none;white-space:pre;width:337.39pt">  Securities of mid-cap companies may be more volatile and less liquid than</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:155.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:165.76pt">the securities of large-cap companies.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:108.78pt">Foreign Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:187.53pt;position:var(--position);text-decoration:none;white-space:pre;width:345.69pt">  Investments in securities of foreign companies involve risks not generally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:194.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">associated with investments in the securities of U.S. companies, including risks relating to political,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:207.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">social, and economic developments abroad and differences between U.S. and foreign regulatory and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:221.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">tax requirements, and market practices, including fluctuations in foreign currencies. There may be less</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:234.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">information publicly available about foreign companies than about a U.S. company, and many foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:247.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">companies are not subject to accounting, auditing, and financial reporting standards, regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:260.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">framework and practices comparable to those in the U.S.  Unexpected political, regulatory and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:273.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">diplomatic events within the United States and abroad may affect investor and consumer confidence</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:287.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">and may adversely impact global financial markets and the broader economy. Foreign conflicts have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">caused, and could continue to cause, significant market disruptions and volatility within specific</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:94.96pt">markets and globally.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:69.92pt">Currency Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:148.67000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:384.43pt">When the Fund buys or sells securities on a foreign stock exchange, the transaction is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:353.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.35pt">undertaken in the local currency rather than in U.S. dollars, which carries the risk that the value of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:366.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">foreign currency will increase or decrease, which may impact the value of the Fund’s portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:379.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">holdings and your investment.  Non-U.S. countries may adopt economic policies and/or currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:392.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">exchange controls that affect its currency valuations in a disadvantageous manner for U.S. investors</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:405.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">and companies and restrict or prohibit the Fund’s ability to repatriate both investment capital and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:419.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:353pt">income, which could place the Fund’s assets in such country at risk of total loss.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:106.56pt">Portfolio Turnover Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:185.31pt;position:var(--position);text-decoration:none;white-space:pre;width:347.88pt">.  A high portfolio turnover rate (100% or more) has the potential to result in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:458.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.37pt">the realization and distribution to shareholders of higher capital gains, which may subject you to a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:471.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:386.54pt">higher tax liability.  A high portfolio turnover rate also leads to higher transaction costs.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">The accompanying bar chart and performance table provide some indication of the risks of investing in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:524.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:356.83pt">the Fund by showing how the Fund’s total returns have varied from year-to-year.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:435.58pt;position:var(--position);text-decoration:none;white-space:pre;width:97.63pt">  Figures shown in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:537.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">bar chart are for the Fund’s Institutional Class shares.  Next to the bar chart are the Fund’s highest and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:551.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:297.84pt">lowest quarterly returns during the period shown in the bar chart.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:376.59pt;position:var(--position);text-decoration:none;white-space:pre;width:156.54pt">The performance table that follows</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">shows the Fund’s average annual total returns over time compared with the S&amp;P 500® Index, a broad-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:577.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">based equity securities market index, and the Russell Midcap Value Index, an additional benchmark</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:590.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:357.74pt">index that more closely represents the investment exposure sought by the Fund. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:436.49pt;position:var(--position);text-decoration:none;white-space:pre;width:96.72pt">Investor Class returns</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:603.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:337.01pt">shown in the performance table reflect the maximum sales charge of 5.00%.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:415.76pt;position:var(--position);text-decoration:none;white-space:pre;width:5.88pt">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:421.64pt;position:var(--position);text-decoration:none;white-space:pre;width:111.49pt">Past performance (before</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:617.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:276.89pt">and after taxes) will not necessarily continue in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:355.64pt;position:var(--position);text-decoration:none;white-space:pre;width:177.48pt">  Updated performance information is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:170.18pt">available on the Fund’s website at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:248.93pt;position:var(--position);text-decoration:none;white-space:pre;width:252.8pt">https://www.nuanceinvestments.com/mid-cap-value-fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:501.73pt;position:var(--position);text-decoration:none;white-space:pre;width:31.5pt"> or by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:119.69pt">calling 1-855-NUANCE3 (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:198.44pt;position:var(--position);text-decoration:none;white-space:pre;width:71.48pt">1-855-682-6233</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.91999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:6.41pt">).</span> The accompanying bar chart and performance table provide some indication of the risks of investing in the Fund by showing how the Fund’s total returns have varied from year-to-year. The performance table that follows shows the Fund’s average annual total returns over time compared with the S&P 500® Index, a broad-based equity securities market index, and the Russell Midcap Value Index, an additional benchmark index that more closely represents the investment exposure sought by the Fund. Investor Class returns shown in the performance table reflect the maximum sales charge of 5.00%. Past performance (before and after taxes) will not necessarily continue in the future. https://www.nuanceinvestments.com/mid-cap-value-fund 1-855-682-6233 Calendar Year Total Returns as of December 31: <div style="font-size:0pt;left:200.25pt;position:var(--position);width:211.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:87.75pt"></td><td style="padding:0;width:36pt"></td><td style="padding:0;width:87.75pt"></td></tr><tr style="height:15pt"><td style="border-bottom:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:87.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:87.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:15.94pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:123.75pt;position:var(--position);width:87.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:87.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:12.28pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter</span></div></div></div></td></tr><tr style="height:15pt"><td style="border-top:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:87.75pt"><div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:2.63pt;width:87.75pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:5.07pt;position:var(--position);text-decoration:none;white-space:pre">Q4 2020</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:43.26pt;position:var(--position);white-space:pre">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:48.76pt;position:var(--position);text-decoration:none;white-space:pre">15.31%</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-top:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:123.75pt;position:var(--position);top:15pt;width:87.75pt"><div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:2.63pt;width:87.75pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:3.24pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2020</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:41.43pt;position:var(--position);white-space:pre">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:46.93pt;position:var(--position);text-decoration:none;white-space:pre">-19.25%</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15pt"><td colspan="3" style="border-bottom:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="height:15pt;overflow:hidden;position:var(--position);top:44.25pt;width:211.5pt"><div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:2.63pt;width:211.5pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:32.77pt;position:var(--position);text-decoration:none;white-space:pre">Year-to-Date</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90.75pt;position:var(--position);white-space:pre"> as of </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:117.32pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:59.25pt;width:211.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:211.5pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:92.48pt;position:var(--position);text-decoration:none;white-space:pre">9.82%</span></div></div></div></td></tr></tbody></table></div></div> Best Quarter Worst Quarter 2020-12-31 0.1531 2020-03-31 -0.1925 Year-to-Date 2026-06-30 0.0982 Average Annual Total Returns for the periods ended December 31, 2025 2013-12-31 2013-12-31 Return Before Taxes 0.0404 0.0446 0.0843 0.0784 Return After Taxes on Distributions 0.0327 0.0275 0.0675 0.0612 Return After Taxes on Distributions and Sale of Fund Shares 0.0289 0.0326 0.0641 0.0585 Return Before Taxes -0.0143 0.0310 0.0758 0.0709 Return Before Taxes 0.0428 0.0459 0.0856 0.0795 Russell Midcap Value Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1105 0.0983 0.0978 0.0889 S&P 500 Index (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1354 2017-05-08 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">After tax returns are calculated using the historical highest individual federal marginal income tax rates</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:617.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:233.31pt">and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:312.06pt;position:var(--position);text-decoration:none;white-space:pre;width:221.11pt">  Actual after-tax returns depend on your situation</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:152.55pt">and may differ from those shown. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:231.3pt;position:var(--position);text-decoration:none;white-space:pre;width:301.88pt">After-tax returns are shown only for the Institutional Class; after-tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:643.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">returns for the Investor Class or Z Class will vary to the extent they have different expenses.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:656.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">Furthermore, the after-tax returns shown are not relevant to those investors who hold their shares</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:453.1pt">through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span> After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class or Z Class will vary to the extent they have different expenses. Furthermore, the after-tax returns shown are not relevant to those investors who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Financial Highlights section of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available (but unused) shareholder servicing plan fees and/or acquired fund fees and expenses (“AFFE”). Nuance Investments, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, AFFE, leverage/borrowing, expenses paid with securities lending expense offset credits, interest, interest expense, dividends paid on short sales, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.28% of the average daily net assets of the Investor Class and 1.03% of the average daily net assets of the Institutional Class. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver and payment occurred and at the expense limit in effect at the time of recoupment.  The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated through at least August 28, 2027. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with the consent of the Board. The Institutional Class commenced operations on May 31, 2011 and the Investor Class commenced operations on July 31, 2012.  The “Since Inception” performance shown for the Investor Class prior to its inception on July 31, 2012 is based on the performance of the Institutional Class, adjusted for the higher expenses applicable to the Investor Class. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Financial Highlights section of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available (but unused) shareholder servicing plan fees and/or acquired fund fees and expenses (“AFFE”) Nuance Investments, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, AFFE, leverage/borrowing, expenses paid with securities lending expense offset credits, interest, interest expense, dividends paid on short sales, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.20% of the average daily net assets of the Investor Class, 0.95% of the average daily net assets of the Institutional Class and 0.80% of the average daily net assets of the Z Class.  Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in place at the time of recoupment.  The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated through at least August 28, 2027.  Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with the consent of the Board. The Z Class commenced operations on May 8, 2017 and the Institutional Class and Investor Class commenced operations on December 31, 2013.  The performance shown for the Z Class prior to its inception on May 8, 2017 is based on the performance of the Institutional Class, adjusted for the lower expenses applicable to the Z Class.