Nuance Concentrated Value Long-Short Fund Investor Class Shares NMFQS:NCLIX

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. The advisor 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. The fund's long positions may range from 75% to 100% and its short positions may range from 0% to 100%. The fund is non-diversified.