WORTHINGTON VALUE LINE DYNAMIC OPPORTUNITY FUND INSTITUTIONAL (WVLDX) Exchange: NMFQS

DELISTED - The Fund obtains exposure to the equity and fixed income asset classes primarily by investing in a diversified basket of closed-end funds, which the Adviser believes offer opportunities for growth, current income or both. The Fund seeks to achieve its investment objectives by following an asset allocation strategy that periodically shifts the assets of the Fund among three different broad asset classes – equity securities, fixed income securities, and cash – based on the Manager’s and the Adviser’s views on the market. To a lesser extent, the Fund invests in exchange traded funds or “ETFs” and preferred stocks.  Because the Fund invests primarily in closed-end funds and to a lesser extent ETFs, the Fund is similar in nature to a fund of funds. The Adviser actively manages the Fund’s portfolio first by determining the allocation of the Fund’s assets among equity securities, fixed income securities and cash as asset classes based upon the Manager’s and the Adviser’s view of the relative attractiveness and outlook of each asset class, and subsequently by investing the Fund’s assets among underlying closed-end funds in the equity and fixed income asset classes pursuant to the proprietary models discussed below and research and analysis of the market and the investment merit of the underlying closed-end funds themselves. A closed-end fund is an investment company that has a fixed number of shares which, unlike mutual funds, are not redeemable from the fund. Instead shares of closed-end funds can be purchased and sold only in the securities markets. Similar to mutual funds, closed-end funds can invest in a variety of stocks, bonds and other financial instruments, and closed-end funds often focus their investments on particular sectors, markets, regions and industries. An ETF is an investment company that seeks to track the performance of a specific market index. These indices include broad-market indices (such as the S&P 500 Index or the Barclays Capital Aggregate Index) and narrow market indices, including those relating to particular sectors, markets, regions and industries. The Fund may also invest in actively managed ETFs and ETFs utilizing leverage to attempt to outperform a stated benchmark. The Adviser selects ETFs based on their ability to offer specific asset class, sector and style exposure in a cost- and tax-efficient manner. The Fund allocates its investments between closed-end funds that primarily invest in equity securities and closed-end funds that primarily invest in fixed income (such as debt) securities. When the Adviser’s view regarding the relative attractiveness of equity securities becomes more favorable, the Adviser will generally increase the percentage of the Fund’s total assets invested in closed-end funds and ETFs holding equity securities and, concurrently, the Adviser will generally decrease the percentage of the Fund’s total assets invested in cash and/or closed-end funds and ETFs holding fixed income securities. Similarly, if the Adviser’s view regarding the relative attractiveness of fixed income securities becomes more favorable, the Adviser will generally increase the percentage of the Fund’s total assets invested in closed-end funds and ETFs holding fixed income securities and, concurrently, the Adviser will generally decrease the percentage of the Fund’s total assets invested in cash and/or closed-end funds and ETFs holding equity securities. Under normal circumstances, the Fund expects to invest 50% to 70% of its net assets (plus the amount of any borrowings for investment purposes) in closed-end funds and ETFs that hold equity securities. However, there are no limits on the percentage of the Fund’s assets that can be invested in closed-end funds and ETFs that invest in fixed income securities. The Adviser uses the following multi-step process, in combination with the asset allocation decision, to build and manage the portfolio. The portfolio construction process begins with proprietary models developed by Value Line, Inc. (“Value Line”) and the Manager. These models rank closed-end funds that invest in equity securities, or fixed income securities, according to a number of factors, including both technical and valuation-driven criteria. The models also filter out the closed-end funds which have extreme or excessive values with respect to characteristics that the Manager and/or the Adviser identifies as relevant in selecting a universe of potential buying opportunities with unique investment value. For example, closed-end funds that trade at a premium or have leverage ratios that the Adviser identifies as excessive will be screened out during the quantitative selection process. The models also consider, among other factors, the turnover of a closed-end fund’s portfolio to avoid investment in funds that engage in excessive trading as well as the trading volume of the shares of the closed-end fund to ensure there is an appropriate level of liquidity. After the initial screening process, the Adviser then qualitatively analyzes the closed-end funds remaining on the list generated by the proprietary models, including, but not limited to, reviewing each fund’s management, portfolio allocation, and holdings. In addition, the Adviser attempts to identify potential tactical opportunities. The Adviser may from time to time select closed-end funds that have been pared from the list if the Adviser believes they offer attractive investment opportunities for growth or income not adequately reflected in their ranking by the applicable proprietary model. The Fund also may invest directly in equities and equity-related securities, such as ETFs and preferred stocks, that are not covered by Value Line’s proprietary models but meet the Fund’s investment objectives. The Fund’s investment in any one underlying fund is not expected to exceed, under normal position, 10% of the Fund’s total assets. The Fund’s underlying closed-end funds and ETFs may invest in the equity and debt securities of companies of any market capitalization and, directly or indirectly, in securities of issuers located outside of the United States, including emerging markets. The Adviser anticipates that generally the Fund’s underlying closed-end funds and ETFs will invest primarily in the equity and debt securities of U.S. companies and securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or state and local municipalities. Certain of these government securities may provide income free from federal, state or local personal income taxes. The closed-end funds and ETFs in which the Fund invests may engage in a variety of investment techniques, such as selling securities short and leveraging their portfolios to magnify the effect of changes in the value of their investments, and/or to benefit from (or protect against) an anticipated decline in the value of their investments. The Investment Company Act of 1940 (the “1940 Act”) restricts investments by registered investment companies, such as the Fund, in the securities of other investment companies, including closed-end funds and ETFs. However, pursuant to exemptive orders issued by the Securities and Exchange Commission to various ETF sponsors, the Fund is permitted to invest in these ETFs beyond the limits set forth in the 1940 Act subject to certain terms and conditions set forth in the applicable exemptive order, including a condition that the Fund enter into an agreement with the relevant ETF sponsor prior to investing beyond the 1940 Act’s limits. The Adviser may sell a security when it is no longer highly ranked by the models or when the Adviser believes the security is approaching the value that no longer warrants continued investment, changing circumstances affect the original reasons for its purchase or more attractive opportunities are identified.