Levin Easterly Value Opportunities Fund Institutional Class (LEPIX) Exchange: NMFQS

DELISTED - Under normal circumstances, the Fund invests primarily in common stocks issued by domestic large-cap companies. The Fund also may invest in common stocks issued by foreign companies, American Depositary Receipts (“ADRs”) and initial public offerings (“IPOs”). The Adviser normally focuses primarily on companies with market capitalizations greater than $8 billion. However, the Fund may invest in companies of any market capitalization, including small- and mid-cap companies. The Fund typically invests in securities of approximately 30 to 45 companies.   In selecting investments for the Fund, the Adviser utilizes a value style of investing and selects stocks of companies that appear to be undervalued at the time of purchase but that demonstrate the potential for capital appreciation. Generally, the Adviser seeks companies that, in the opinion of the Adviser, have the following characteristics:     ● Sustainable proprietary characteristics (e.g., technology, distribution and cost competitiveness);         ● Strong financials as measured by debt ratios and free cash flow generation;         ● Low stock price relative to a company’s underlying asset values with potential events in the near-term that have potential to cause price appreciation;         ● New products or developments that have the potential to unlock value;         ● Established companies with high returns on capital and an advantageous market position over competition;         ● Companies in cyclical industries that the Adviser believes have reached their lowest valuation point but that have favorable prospectus for recovery;         ● Companies that may benefit from being restructured, reorganized, or operated by a new management team; and         ● Companies with above-average historical yield.   In evaluating the potential sale of a security, the Adviser will conduct an analysis of the risk and return characteristics of securities in which the Fund invests. The Adviser will typically sell a company if the Adviser believes that the company’s stock has reached its fair value; if the company has experienced a rapid appreciation in price that, in the opinion of the Adviser, may increase the risk of holding such company’s stock; if the company’s fundamentals deteriorate; if the Adviser identifies a more attractive investment opportunity; or to achieve certain tax efficiencies.