THE PURISIMA TOTAL RETURN FUND (PURIX) Exchange: NMFQS

DELISTED - The Fund seeks to achieve its objective by investing in a portfolio allocated between domestic and foreign common stocks and other equity-like securities or equity-linked derivatives, e.g., preferred stock, warrants, rights, depositary receipts and exchange-traded notes linked to an equity index.  The Fund’s investments in different types of securities may vary significantly.  The Fund’s investments in derivatives (such as notes linked to a securities index) will normally serve as a substitute for investing directly in a basket of securities represented by the index. ● Domestic Stock Selection Strategy. Style selection is a high priority, and the Adviser evaluates various criteria, such as large-capitalization stocks versus small-capitalization stocks and growth versus value stocks. The Adviser believes that a significant portion of the return on an investment in a stock is derived from a weighted exposure to the market’s styles.  Style is defined as the combination of market capitalization size (i.e., large-, mid-, and small-cap) and valuation (low/“value” or high/“growth”).  The resulting six styles are:   M A R K E T     C A P   LARGE-CAP VALUE   LARGE-CAP GROWTH   MID-CAP VALUE   MID-CAP GROWTH   SMALL-CAP VALUE   SMALL-CAP GROWTH     VALUATION The Adviser believes that, for extended periods, the market favors certain styles over others.  This favoritism rotates, with all styles leading (and lagging) at various times.  The Adviser also believes that this selection is more important in achieving investment returns than individual stock or manager selection.  The Adviser’s domestic strategy attempts to identify which style the investment cycle will favor and then seeks to purchase superior stocks within it. The Adviser will consider, among other things, the potential for favorable total return, the sector-, industry-, or style-specific risks of the stock, level of liquidity, issuer-specific fundamentals such as strategic advantages relative to peers, management execution of issuer strategy, and relative valuation and financial condition of the issuer, the existence of any significant known adverse uncertainty, and other operational risks when determining which domestic securities to purchase.  In determining which securities to sell, the Adviser will consider, among other things, whether an overall outlook for equity markets prompts a defensive portfolio allocation, whether strategic shifts in a sector or style allocation require such a sale to achieve the desired portfolio composition, or whether company specific fundamentals cause securities to no longer match the strategic attributes for which they were originally purchased.  The Adviser may also sell securities based upon the need for a complete sale or reduction of a position for risk control or diversification purposes. ● Foreign Stock Selection Strategy. The Fund’s non-U.S. investments largely consist of common stocks of foreign issuers.  The Fund also invests in foreign securities through American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs).  In addition, the Fund may invest in the securities of issuers located in emerging markets.  Like its domestic stock selection strategy, the Adviser uses style selection to make investment decisions regarding foreign stocks for the Fund.  Country selection also is a high priority, and the Adviser generally evaluates countries on a contrarian basis by avoiding those considered to be too popular or “overbought” by investors. After eliminating or reducing the Fund’s exposure to those countries, the Adviser tries to identify foreign countries with strong underlying economic fundamentals, such as expected growth rates and earning yields, and with stable political and financial infrastructure.  Once these markets are isolated, the Adviser searches for top tier companies within them.  The foreign portfolio is constructed by favoring stocks from countries with positive economic factors.  The Adviser believes that by using this top-down approach of considering broadly the desirability of investing in a certain market first, and then the desirability of investing in specific companies within that market, value is added by controlling risk. When determining which foreign securities to purchase, the Adviser will consider country-   and region-specific factors (including such factors as economic condition, political climate, and investor sentiment), in addition to those factors that are considered when determining which domestic securities to purchase.  The Adviser will decide which foreign securities to sell based upon the same factors that would be considered when determining which domestic securities to sell.