Nuance Investments, LLC (“Nuance,” “Adviser”, “we” or “us”) is an Investment Adviser registered with the SEC since November 2008. Nuance is a limited liability company organized under the laws of Kansas. Nuance is 100% employee owned; its principal owner is the S.A. Moore Family Corporation. The Nuance Investment Team (“Investment Team”) consists of Portfolio Managers Scott Moore, CFA®, Chad Baumler, CFA®, Darren Schryer, CFA®, CPA, Jack Meurer, CFA® and a team of Nuance’s Analysts. Nuance is an Investment Adviser providing investment management services and investment products and services to individuals, trusts, estates, charitable organizations, corporations, retirement plans and business entities through separate accounts and mutual funds. Prior to engaging us, a client, or their wealth management firm, is required to enter into one or more written agreements setting forth the terms, conditions and objectives under which we render services (the “Agreement”). Additionally, we will only implement investment recommendations after the client has arranged for and furnished all information and authorization regarding accounts with appropriate financial institutions. Investment guidelines and restrictions must be provided to us in writing. We reserve the right to deny acceptance of a client account based upon the client limiting our discretion. Not all client investment guidelines and restrictions can be met. Separate Account Strategies Nuance Mid Cap Value Separate Account Product Nuance Mid Cap Value seeks long-term capital appreciation primarily through investments that the Investment Team believes are high quality, though temporarily out of favor, U.S. equity securities. The strategy typically invests in a portfolio of 50 to 90 companies. Under normal market conditions, the product invests at least 80% of its assets in securities issued by mid-capitalization companies. The Adviser defines mid-capitalization companies as companies within the range of capitalization of companies constituting the Russell Midcap® Index (defined using a trailing 12- month average of the smallest and largest members on a month to month basis). Although the product will invest primarily in the equity securities of U.S. companies, the product may invest up to 15% of its assets in securities of foreign companies that are classified as “developed” by MSCI1. At the discretion of the Adviser, the strategy may invest its assets in cash, cash equivalents, high quality short term debt and money market instruments in response to adverse market, economic or political conditions and to retain flexibility in meeting redemptions and paying expenses. Cash and cash equivalents positions will generally not exceed 10% of the portfolio. The strategy may also invest its assets in preferred securities containing a convertible feature, whereby the security may be exchanged for common equity in the underlying company. Convertible and preferred securities will generally not exceed 10% of the portfolio. 1 For a current list of developed countries, please visit: https://www.msci.com/our-solutions/indexes/developed-markets. The primary index used for performance considerations is the Russell Midcap® Value Index. Clients may also be interested in comparing the product to the secondary benchmarks, the S&P Midcap 400® Value Index and the S&P 500® Index. Nuance Concentrated Value Separate Account Product Nuance Concentrated Value seeks long-term capital appreciation primarily through investments that the Investment Team believes are high quality, though temporarily out of favor, U.S. equity securities. The product typically invests in a portfolio of 15 to 35 companies of various market capitalizations and is considered an all-capitalization strategy. Although the product will invest primarily in the equity securities of U.S. companies, the product may invest up to 25% of its assets in equity securities of foreign companies that are classified as “developed” by MSCI2. At the discretion of the Adviser, the strategy may invest its assets in cash, cash equivalents, high quality short term debt and money market instruments in response to adverse market, economic or political conditions and to retain flexibility in meeting redemptions and paying expenses. Cash and cash equivalents positions will generally not exceed 25% of the portfolio. The primary index used for performance considerations is the Russell 3000® Value Index. It should be noted that the Russell Midcap® Value Index was considered the primary index and the Russell 3000® Value Index was considered the secondary index until June 30, 2010. The change in index was due to further study surrounding the market for all-capitalization strategies and the appropriate index for these strategies. Clients may also be interested in comparing the product to the secondary benchmark, the S&P 500® Index. Adviser to Mutual Funds Nuance is the adviser to the Nuance Mid-Cap Value Fund, the Nuance Concentrated Value Fund, and the Nuance Concentrated Value Long-Short Fund, which are distributed by Quasar Distributors, LLC. The Custodian for the Funds is U.S. Bank N.A. and the Fund Administrator is U.S. Bancorp Fund Services, LLC. Nuance Mid Cap Value Fund Nuance Mid Cap Value Fund seeks long-term capital appreciation primarily through investments that the Investment Team believes are high quality, though temporarily out of favor, U.S. equity securities. The Fund typically invests in a portfolio of 50 to 90 companies. Under normal market conditions, the Fund invests at least 80% of its net assets in securities issued by mid-capitalization companies. The Adviser defines mid-capitalization companies as companies within the range of the capitalization of companies constituting the Russell Midcap® Index (defined using a trailing 2 For a current list of developed countries, please visit: https://www.msci.com/our-solutions/indexes/developed-markets. 12-month average of the smallest and largest members on a month to month basis). The Adviser intends to manage the Fund so that the average weighted market capitalization of its portfolio (excluding short-term investments) falls within the range of the smallest and largest members of the Russell Midcap® Index as determined by averaging the smallest and largest members’ month end market capitalization over a trailing 12-month period. Although the Fund will invest primarily in the equity securities of U.S. companies, the Fund may invest up to 15% of its assets in securities of foreign companies that are classified as “developed” by MSCI3. At the discretion of the Adviser, the strategy may invest its assets in cash, cash equivalents, high quality short term debt and money market instruments in response to adverse market, economic or political conditions and to retain flexibility in meeting redemptions and paying expenses. Cash and cash equivalents positions will generally not exceed 10% of the portfolio. The strategy may also invest its assets in preferred securities containing a convertible feature, whereby the security may be exchanged for common equity in the underlying company. Convertible and preferred securities will generally not exceed 10% of the portfolio. The primary index used for performance considerations is the Russell Midcap® Value Index. Clients may also be interested in comparing the product to the secondary benchmarks, the S&P Midcap 400® Value Index and the S&P 500® Index. The institutional class ticker for the Fund is NMVLX, the investor class ticker for the Fund is NMAVX, and the Z class ticker is NMVZX. The Nuance Mid Cap Value Fund commenced operations on December 31, 2013. Nuance Concentrated Value Mutual Fund Nuance Concentrated Value Fund seeks long-term capital appreciation primarily through investments that the Investment Team believes are high quality, though temporarily out of favor, U.S. equity securities. The Fund typically invests in a portfolio of 15 to 35 companies of various market capitalizations and is considered an all-capitalization strategy. Although the Fund will invest primarily in the equity securities of U.S. companies, the Fund may invest up to 25% of its assets in equity securities of foreign companies that are classified as “developed” by MSCI3. At the discretion of the Adviser, the strategy may invest its assets in cash, cash equivalents, high quality short term debt and money market instruments in response to adverse market, economic or political conditions and to retain flexibility in meeting redemptions and paying expenses. Cash and cash equivalents positions will generally not exceed 25% of the portfolio. 3 For a current list of developed countries, please visit: https://www.msci.com/our-solutions/indexes/developed-markets. The primary benchmark for the Fund is the Russell 3000® Value Index. Clients may also be interested in comparing the product to the secondary index, the S&P 500® Index. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The institutional class ticker for the Fund is NCVLX and the investor class ticker for the Fund is NCAVX. The Nuance Concentrated Value Fund commenced operations May 31, 2011. Nuance Concentrated Value Long-Short Mutual Fund Nuance Concentrated Value Long-Short Fund seeks long-term capital appreciation primarily by taking long positions in securities priced below, and short positions in securities priced above, their estimated intrinsic value as determined by the Investment Team. Under normal market conditions, the Fund will take long positions in 15-35 companies and will take short positions in up to 50 companies, with both the long and short positions consisting primarily of common stocks of any capitalization of companies organized in the United States. When the Fund takes a long position, it purchases a stock outright. When the Fund takes a short position, it sells, at the current

market price, a stock it does not own but has borrowed in anticipation that the market price of the stock will decline. To complete, or close out, the short sale transaction, the Fund subsequently is obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. Until the security is replaced, the proceeds of the short sale are retained by the broker, and the Fund is required to pay to the broker a negotiated portion of any dividends or interest which accrue during the period of the loan. The Fund makes money when the market price of the borrowed stock goes down and the Fund is able to replace it for less than it realized by selling it earlier. Conversely, if the price of the stock goes up after the short sale, the Fund will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short. Although the Fund will invest primarily in the equity securities of U.S. companies, the Fund may invest up to 25% of its assets on the long side in equity securities of foreign companies that are classified as “developed” by MSCI4. The Fund intends to maintain net exposure (the market value of long positions minus the market value of short positions) of between 100% net long and 25% net short. Under normal market conditions, the Fund’s long positions may range from 75% to 100% and its short positions may range from 0% to 100%. At the discretion of the Adviser, the strategy may invest its assets in cash, cash equivalents, high quality short term debt and money market instruments in response to adverse market, economic or political conditions and to retain flexibility in meeting redemptions and paying expenses. Cash and cash equivalents positions will generally not exceed 25% of the portfolio. 4 For a current list of developed countries, please visit: https://www.msci.com/our-solutions/indexes/developed-markets. The primary benchmark for the Fund is the S&P 500® Index. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The institutional class ticker for the Fund is NCLSX and the investor class ticker for the Fund is NCLIX. The Nuance Concentrated Value Long-Short Fund commenced operations December 31, 2015. You should consider the fund’s investment objectives, risks, charges and expenses carefully before investing. For a prospectus, that contains this and other information about the Funds, call 1-855- NUANCE3 (855-682-6233) or visit our website at www.nuanceinvestments.com/funds. Please read the prospectus carefully before investing. Mutual fund investing involves risk. Principal loss is possible. Investments in small and mid-capitalization companies involve additional risk such as limited liquidity and greater volatility than larger capitalization companies. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. Short sale of securities involves unlimited risk including the possibility that losses may exceed the original amount invested. However, a mutual fund investor’s risk is limited to one’s amount of investment in a mutual fund. Sub-Advisor to Mutual Funds iMGP Global Select Fund (formerly PartnerSelect Equity Fund): Nuance began sub-advising a portion of the iMGP Global Select Fund (formerly PartnerSelect Equity Fund) (Ticker Symbols: MSEFX, MSENX) on January 31, 2014. The Firm manages approximately 30% of this Fund. For more information, please refer to the prospectus for this Fund which can be obtained by visiting https://imgpfunds.com/global-select-fund/ or by calling 1-800- 960-0188. Morgan Stanley Small-Mid Cap Equity Fund Nuance began sub-advising a portion of the Morgan Stanley Small-Mid Cap Equity Fund (Ticker Symbol: TSGUX) on May 20, 2019. The Firm manages approximately 12% of this Fund. For more information, please refer to the prospectus for this Fund which can be obtained by visiting https://www.morganstanley.com/wealth-investmentsolutions/cgcm or by calling 1-888-454-3965. JNL Multi-Manager Mid Cap Fund Nuance began sub-advising a portion of the JNL Multi-Manager Mid Cap Fund on April 27, 2020. For more information, please refer to the prospectus for this Fund which can be obtained by visiting https://www.jackson.com/fund-literature.html or by calling 1-800-644-4565. Sub-Advisor to a Collective Investment Trust Nuance began sub-advising the Nuance Mid Cap Value Collective Investment Trust on January 21, 2021. The CIT Fund is available to eligible plan participants only and is not available for purchase to other retail or institutional investors. The CIT Fund is a bank collective trust fund for which Reliance Trust Company serves as trustee and investment manager. Reliance has retained Nuance to assist with management of the CIT Fund. The CIT Fund is not registered with the Securities and Exchange Commission and is exempt from the investment company registration under the Investment Act of 1940. To obtain an Offering Statement containing this and other disclosure information, contact [email protected]. Participation in Wrap or Managed Account Programs Nuance provides investment advisory services as a participant in wrap and/or managed account programs offered by other registered investment advisers. A client in a wrap program typically receives professional investment management of account assets through one or more investment advisers (including Nuance) participating in the program, and trade execution, custodial, performance monitoring & reporting, and other services through the Program Sponsor, for a single, all-inclusive (or “wrap”) fee charged by the Program Sponsor based on the value of the client's account assets. Nuance does not act as a Program Sponsor for any wrap or managed account programs. Nuance participates in the following types of wrap programs:
• “Single contract” in which Nuance enters into a contract with a Program Sponsor to provide discretionary advisory services to the Program Sponsor’s clients;
• “Dual contract” in which Nuance enters into a contract directly with the client to provide discretionary advisory services to the client, and the client enters into a separate contract with the Program Sponsor, custodian and other wealth service providers; and
• “Unified Managed Account (“UMA”)” or similar model programs in which Nuance provides a model portfolio of recommendations to the Program Sponsor or Overlay Manager of the UMA program, who typically retains ultimate authority to execute the portfolio transactions for client accounts. In most UMA Programs, Nuance treats the Program Sponsor or Overlay Manager as its client and does not consider the Program Sponsor’s clients to be clients of Nuance. Due to lower account minimums, certain wrap accounts may not receive or be able to fully implement all of Nuance’s investment recommendations, depending on portfolio model weight, the price of securities, and the size of the account. Nuance may also be restricted from investing in certain securities due to operational constraints or limitations set by the Program Sponsor. Nuance typically receives a portion of the wrap fee or managed account fee that clients pay for management of such accounts. Nuance pays certain platform or data analytics fees where contractually agreed upon with the Program Sponsor. If a client receives investment management services from Nuance through a wrap or managed account program, the client should refer to the wrap brochure provided by the Program Sponsor for important information concerning the program and its fees. Nuance does not offer separate products or strategies to wrap or managed account programs. A full list of the wrap programs in which Nuance participates as a manager are listed in Section 5.I.2 of Nuance’s Form ADV Part 1, a copy of which is available on the SEC’s website or upon request. Unified Managed Account Programs As discussed above, Nuance also participates in UMA or similar model programs. In such arrangements, Nuance provides its strategy model portfolio to the Program Sponsor of the UMA program. Typically, the Program Sponsor, or its designee, has discretion to accept, modify, or reject Nuance’s recommendations, and maintains the responsibility to implement transactions at their discretion. The Program Sponsor typically assists the client in defining the client’s investment objectives based on information provided by the client, aids in the selection of one or more investment managers to manage the client’s account, monitors the client account, and periodically contacts the client to ascertain whether there have been any changes in the client's financial circumstances or objectives that warrant a change in the arrangement or the manner in which the client’s assets are managed. Nuance provides strategy model portfolio updates to the Program Sponsor through either static or dynamic model delivery, as determined by the applicable program agreement. Nuance does not provide individualized investment advice or recommendations to UMA program participants and no model portfolio is customized or in any way tailored by Nuance to reflect the personal financial circumstances or investment objectives of any participant. The Program Sponsor determines the fee to charge the UMA program clients. Nuance is paid a portion of the UMA fee by the Program Sponsor at a pre-determined rate based on client assets in the program. Nuance pays certain platform or data analytics fees where contractually agreed upon with the Program Sponsor. Clients of the Program Sponsor should refer to the Program Sponsor’s disclosures for additional information regarding their account. As of December 31, 2023, Nuance Investments had $4.999 billion in discretionary assets under management and $1.193 billion in UMA assets under advisement, which consists of accounts for which we provide model portfolios, as discussed above. The inclusion of UMA assets will result in a different total asset number than the number included in Item 5.F of Form ADV Part 1A due to specific calculation instructions.