TOROSO NEWFOUND TACTICAL ALLOCATION FUND CLASS C SHARES (TNTCX) Exchange: NMFQS

DELISTED - The Fund pursues its investment objective by primarily investing in exchange traded funds (“ETFs”). While the number of its holdings may vary based upon market conditions and other factors, the Fund intends to invest in approximately 15 to 30 ETFs. The Fund invests in ETFs that primarily seek to track benchmark indices in four different asset classes: equities, fixed income instruments, inflation beneficiaries and cash equivalents. The Fund’s sub-advisor, TOROSO Investments, LLC ("Toroso" or the "Sub-Advisor"), considers equities to include common and preferred stocks, convertible securities and rights and warrants. The Sub-Advisor considers fixed income instruments to include bonds, notes and debentures. The Sub-Advisor defines inflation beneficiaries as any security that is more likely to hold its value during times of inflation, and considers these to include alternative and specialty investments such as commodities, real estate, and foreign currencies. The Fund purchases shares of ETFs in the secondary market and not directly from ETFs. An ETF in which the Fund invests may invest in a variety of different securities, primarily in one or a few particular types of securities, in certain industries or sectors, and may be in companies of any market size. The Fund’s investment in ETFs which invest in foreign equity securities may in turn invest in both developed and emerging markets. The Fund’s investment in ETFs which invest in fixed income instruments may in turn invest in fixed income investments of any maturity and credit quality. Liberty Street Advisors, Inc. has engaged Newfound Research LLC as a sub-advisor to act solely as the Fund’s tactical allocation manager (“Newfound” or “TAM”). Newfound uses its proprietary, volatility-adjusted and momentum driven model to determine the tactical asset allocation of the Fund’s portfolio, within which Toroso determines the portfolio’s investment among ETFs. The table below shows the maximum, neutral, and minimum weight allocations to each asset class and the corresponding expected economic condition that would warrant such allocation. The TAM’s signals will specify the Fund’s weightings in a specific asset classes at any point in time, and the Sub-advisor will make investments in ETFs for the Fund’s portfolio based on the tactical allocation signals provided by the TAM. The Fund will be invested in four asset classes at all times; however, at any point in time, any of the asset classes could be underweight or overweight, based on the advice of the TAM. Asset ClassEconomic Condition that Creates an OverweightMaximum AllocationNeutral AllocationMinimum AllocationEquitiesProsperity62.5% of Fund25% of Fund12.5% of FundBondsDeflation62.5% of Fund25% of Fund12.5% of FundInflation BeneficiariesInflation62.5% of Fund25% of Fund12.5% of FundCash EquivalentsRecession62.5% of Fund25% of Fund12.5% of Fund  When selecting specific ETFs, the Sub-Advisor primarily focuses on index construction and portfolio holdings. The Sub-Advisor employs a five-step process when determining ETFs that make up each asset class allocation: 1. select the benchmark for each asset class; 2. seek opportunities to outperform the benchmark; 3. ensure acceptable diversification; 4. select ETFs that meet the criteria; and 5. confirm selections provide better fundamentals than benchmark. ETFs are evaluated based on attributes such as price-to-book ratios, fees, liquidity, and the availability of options on the ETF. Additionally, the Sub-Advisor analyzes the index methodologies of each ETF under consideration and evaluates the extent of any overlapping holdings with those of other ETFs already held within the portfolio.