SECOND NATURE THEMATIC GROWTH FUND CLASS I (CEGYX) Exchange: NMFQS

DELISTED - The Fund’s investment portfolio is constructed around a theme of selecting companies that sell products and services that consumers buy to raise their children. The Fund seeks to achieve its investment objective by investing in domestic common stocks of any market capitalization of growth companies that benefit from consumers’ expenditures for products and services to protect, feed, transport, clothe, educate and provide for the physical, mental and emotional health of their children under the age of 26. These companies are primarily in the financial, for-profit education, real estate (homebuilding, publicly traded mortgage real estate investment trusts (“mortgage REITs”), and publicly traded apartment real estate investment trusts (“apartment REITs”)), retail and telecommunications services sectors.   The adviser delegates execution of the Fund’s investment strategy to a sub-adviser. Under normal market conditions, the sub-adviser selects 30-50 companies from the Russell 3000 Index. The sub-adviser evaluates each security in the four distinct stages of the U.S. business cycle, i.e., economic recovery cycle, mid-economic cycle slowdown, mid-economic cycle acceleration and contraction. The sub-adviser uses its judgment, based on its expertise, to rank these stocks on specific, quantitative characteristics. The sub-adviser holds stocks that rank in the 25th percentile or higher of the sub-adviser’s ranking system for the current business cycle because the sub-adviser expects those stocks to continue outperforming the broader market during that business cycle. A stock’s ranking will vary depending on the business cycle. The sub-adviser cannot guarantee that the stocks will perform according to the sub-adviser’s expectations. The sub-adviser sells securities in each business cycle when they fall below the 25th percentile of the sub-adviser’s ranking system. The Fund may also invest up to 10% of its assets in for-profit education companies.