CLINTON LONG SHORT EQUITY FUND CLASS A (WKCAX) Exchange: NMFQS

DELISTED - Principal Investment Strategies: The Fund’s adviser delegates execution of the Fund’s investment strategy to the sub-adviser. Under normal market conditions, the Fund invests at least 80% of its assets, defined as net assets plus the amount of any borrowings for investment purposes, in long or short positions in equity securities of U.S. and non-U.S. companies. The Fund defines equity securities as common and preferred stocks as well as equity-related securities such as securities and financial instruments (e.g. derivatives) that derive their value from equity securities. The equity and equity-related securities in which the Fund invests are may be listed or unlisted, of issuers of any size, and may include, but are not limited to, common stocks, preferred stocks, rights and warrants and swap contracts (including equity and asset swaps). Equity swaps may be based on a single name equity or a basket of equities. The sub-adviser will create short exposure for the Fund through the use of swaps. The sub-adviser will use short swap positions for both hedging purposes and for capital appreciation. The Fund establishes its long and short positions based on quantitative and fundamental analysis provided by the Fund’s sub-adviser. The sub-adviser employs proprietary quantitative models, which seek to identify quality companies and statistical measures of risk to assure diversification by issuer and industry. The sub-adviser uses volatility and correlation forecasting to manage the Fund’s investment portfolio. The sub-adviser utilizes quantitative risk models in furtherance of the Fund’s investment objective, which seek to control portfolio level risk. The quantitative models used and fundamental factors considered by the sub-adviser may change over time, when the sub-adviser deems it beneficial to the Fund. The sub-adviser expects, that in most market environments, the Fund’s net equity exposure will be positive but below 100%. The sub-adviser expects that the Fund’s gross equity market exposure, or the value of the Fund’s long positions plus its short positions, will generally be below 175%. The sub-adviser also employs a fundamental bottom-up approach to identify companies that are underperforming, poorly managed, strategically deficient or sub-optimally capitalized. The sub-adviser uses an active ownership approach, seeking to assist portfolio companies to achieve better results and outperform market expectations. In general, the Fund will take long positions in those securities that the sub-adviser believes to be undervalued and short positions in those securities that the sub-adviser believes to be overvalued. The sub-adviser sells a long position when a price target is reached, fundamentals have deteriorated or more attractive investments are available. The sub-adviser covers (buys back) short positions when a price target is reached, fundamentals have improved or more attractive short positions are available. As substitutes for securities and to manage risk, the Fund may also invest in swap contracts (including equity and asset swaps) and currencies (including currency forward contracts).