Guided by value.

August 30, 2022

Re: Conversion of MVPFX mutual fund to Kovitz Core Equity ETF (EQTY)

Dear Shareholder,

This communication is being delivered to you because you are a direct shareholder of Marathon Value Portfolio (“MVPFX”). Kovitz Investment Group Partners, LLC (“Kovitz”) serves as advisor to MVPFX and has filed a Form N-14 Registration Statement to the Securities and Exchange Commission (“SEC”) to request approval to convert MVPFX to an Exchange Traded Fund (“ETF”) that will be called the Kovitz Core Equity ETF (ticker: EQTY). If approved by the SEC and shareholders, which we anticipate will happen, the conversion is targeted for November 4, 2022, but may happen at a date shortly thereafter (“conversion date”).

The shares of MVPFX that you hold are currently held at the Fund’s Transfer Agent, Ultimus Fund Solutions, LLC (“Ultimus”). However, because Ultimus is unable to custody ETF securities we are recommending direct shareholders move their MVPFX shares to a brokerage account prior to the conversion date to EQTY.

To transfer your shares in advance of the conversion to EQTY, you can transfer them to an existing brokerage account or open a new account. To transfer to an existing account, you can provide your advisor or brokerage firm a copy of your MVPFX and they can facilitate the transfer. To open a new brokerage account, you have many options, such as Charles Schwab & Co. Inc. (https://www.schwab.com/open-an-account), Fidelity (https://www.fidelity.com/open- account/overview) or E*Trade (https://us.etrade.com/). Most of these custodians allow you to open accounts online and you would simply need to provide a recent MVPFX statement to facilitate the transfer of shares from the Fund to your new account. On the day following the Fund to ETF conversion you will see the position change in your brokerage account from MVPFX to EQTY.

If you do not want to hold the ETF shares or take part in the conversion, you can call MVPFX Shareholder Services at 800-788-6086 and they can assist you with what would be required to liquidate your account. You will need to complete this prior to the conversion date.

You have multiple accounts that hold MVPFX that will be handled differently if they are not transferred prior to the conversion date.

For IRAs:

If you still hold your MVPFX shares at Ultimus two business days prior to the conversion date, your shares will be automatically liquidated. In turn, you will receive a check sent to the address on record for the proceeds from the liquidation minus any fees and expenses. These proceeds may also be subject to tax. As your shares were within an IRA, you will have 60 days to deposit the check into another IRA or retirement account.

Chicago ♦ HQ
71 S WACKER DRIVE
SUITE 1860
CHICAGO, IL 60606 Orange County
30 ENTERPRISE
SUITE 210
ALISO VIEJO, CA 92656 Madison
8000 EXCELSIOR DRIVE
SUITE 201
MADISON, Wl 53717 Family Office Services
2215 SANDERS ROAD
SUITE 1OON
NORTHBROOK, IL 60062 312.334.7300
KOVITZ.COM

For taxable accounts (non-IRAs):

If your shares are not moved prior to the conversion date, your shares of EQTY will be transferred to American Stock Transfer & Trust Company (“AST”). You can contact AST directly at (800)937-5449 or https://www.astfinancial.com. After the conversion, you will only be able to instruct AST to transfer your EQTY shares to a brokerage firm or liquidate your shares. Twelve months after the conversion date, if you are still holding EQTY shares at AST, your shares will be liquidated. In turn, you will receive a check to the address on record for the proceeds from the liquidation minus any fees and expenses. The proceeds may also be subject to tax.

If you have any questions about this, you can contact Kovitz at compliance@kovitz.com or 312-334-7337.

Sincerely,

Kovitz Investment Group Partners, LLC

Chicago ♦ HQ
71 S WACKER DRIVE
SUITE 1860
CHICAGO, IL 60606 Orange County
30 ENTERPRISE
SUITE 210
ALISO VIEJO, CA 92656 Madison
8000 EXCELSIOR DRIVE
SUITE 201
MADISON, Wl 53717 Family Office Services
2215 SANDERS ROAD
SUITE 1OON
NORTHBROOK, IL 60062 312.334.7300
KOVITZ.COM

Guided by value.

August 30, 2022

Re: Conversion of MVPFX mutual fund to Kovitz Core Equity ETF (EQTY)

Dear Shareholder,

This communication is being delivered to you because you are a direct shareholder of Marathon Value Portfolio (“MVPFX”). Kovitz Investment Group Partners, LLC (“Kovitz”) serves as advisor to MVPFX and has filed a Form N-14 Registration Statement to the Securities and Exchange Commission (“SEC”) to request approval to convert MVPFX to an Exchange Traded Fund (“ETF”) that will be called the Kovitz Core Equity ETF (ticker: EQTY). If approved by the SEC and shareholders, which we anticipate will happen, the conversion is targeted for November 4, 2022, but may happen at a date shortly thereafter (“conversion date”).

The shares of MVPFX that you hold are currently held at the Fund’s Transfer Agent, Ultimus Fund Solutions, LLC (“Ultimus”). However, because Ultimus is unable to custody ETF securities we are recommending direct shareholders move their MVPFX shares to a brokerage account prior to the conversion date to EQTY.

To transfer your shares in advance of the conversion to EQTY, you can transfer them to an existing brokerage account or open a new account. To transfer to an existing account, you can provide your advisor or brokerage firm a copy of your MVPFX and they can facilitate the transfer. To open a new brokerage account, you have many options, such as Charles Schwab & Co. Inc. (https://www.schwab.com/open-an-account), Fidelity (https://www.fidelity.com/open- account/overview) or E*Trade (https://us.etrade.com/). Most of these custodians allow you to open accounts online and you would simply need to provide a recent MVPFX statement to facilitate the transfer of shares from the Fund to your new account. On the day following the Fund to ETF conversion you will see the position change in your brokerage account from MVPFX to EQTY.

If you do not want to hold the ETF shares or take part in the conversion, you can call MVPFX Shareholder Services at 800-788-6086 and they can assist you with what would be required to liquidate your account. You will need to complete this prior to the conversion date.

However, if you still hold your MVPFX shares at Ultimus two business days prior to the conversion date, your shares will be automatically liquidated. In turn, you will receive a check sent to the address on record for the proceeds from the liquidation minus any fees and expenses. These proceeds may also be subject to tax. As your shares were within an IRA, you will have 60 days to deposit the check into another IRA or retirement account.

If you have any questions about this, you can contact Kovitz at compliance@kovitz.com or 312-334-7337.

Sincerely,

Kovitz Investment Group Partners, LLC

Chicago ♦ HQ
71 S WACKER DRIVE
SUITE 1860
CHICAGO, IL 60606 Orange County
30 ENTERPRISE
SUITE 210
ALISO VIEJO, CA 92656 Madison
8000 EXCELSIOR DRIVE
SUITE 201
MADISON, Wl 53717 Family Office Services
2215 SANDERS ROAD
SUITE 1OON
NORTHBROOK, IL 60062 312.334.7300
KOVITZ.COM

Guided by value.

August 30, 2022

Re: Conversion of MVPFX mutual fund to Kovitz Core Equity ETF (EQTY)

Dear Shareholder,

This communication is being delivered to you because you are a direct shareholder of Marathon Value Portfolio (“MVPFX”). Kovitz Investment Group Partners, LLC (“Kovitz”) serves as advisor to MVPFX and has filed a Form N-14 Registration Statement to the Securities and Exchange Commission (“SEC”) to request approval to convert MVPFX to an Exchange Traded Fund (“ETF”) that will be called the Kovitz Core Equity ETF (ticker: EQTY). If approved by the SEC and shareholders, which we anticipate will happen, the conversion is targeted for November 4, 2022, but may happen at a date shortly thereafter (“conversion date”).

The shares of MVPFX that you hold are currently held at the Fund’s Transfer Agent, Ultimus Fund Solutions, LLC (“Ultimus”). However, because Ultimus is unable to custody ETF securities we are recommending direct shareholders move their MVPFX shares to a brokerage account prior to the conversion to EQTY. If your shares are not moved prior to the conversion date, your shares of EQTY will be transferred to American Stock Transfer & Trust Company (“AST”). You can contact AST directly at (800)937-5449 or https://www.astfinancial.com. After the conversion, you will only be able to instruct AST to transfer your EQTY shares to a brokerage firm or liquidate your shares. Twelve months after the conversion date, if you are still holding EQTY shares at AST, your shares will be liquidated. In turn, you will receive a check to the address on record for the proceeds from the liquidation minus any fees and expenses. The proceeds may also be subject to tax.

To transfer your shares in advance of the conversion to EQTY, you can transfer them to an existing brokerage account or open a new account. To transfer to an existing account, you can provide your advisor or brokerage firm a copy of your MVPFX statement and they can facilitate the transfer. To open a new brokerage account, you have many options, such as Charles Schwab & Co. Inc. (https://www.schwah.com/open-an-account). Fidelity (https://www.fidelity.com/open- account/overview) or E*Trade (https://us.etrade.com/). Most of these custodians allow you to open accounts online and you would simply need to provide a recent MVPFX statement to facilitate the transfer of shares from the Fund to your new account. On the day following the Fund to ETF conversion, you will see the position change in your brokerage account from MVPFX to EQTY.

If you have any questions about this, you can contact Kovitz at compliance@kovitz.com or 312-334-7337.

Sincerely,

Kovitz Investment Group Partners, LLC

Chicago ♦ HQ
71 S WACKER DRIVE
SUITE 1860
CHICAGO, IL 60606 Orange County
30 ENTERPRISE
SUITE 210
ALISO VIEJO, CA 92656 Madison
8000 EXCELSIOR DRIVE
SUITE 201
MADISON, Wl 53717 Family Office Services
2215 SANDERS ROAD
SUITE 1OON
NORTHBROOK, IL 60062 312.334.7300
KOVITZ.COM