SALIENT INTERNATIONAL SMALL CAP FUND CLASS I2 (FNSMX) Exchange: NMFQS

DELISTED - Under normal conditions, the Fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in equity securities of companies with small market capitalizations located outside the United States. For purposes of the Fund’s investment strategy, small capitalization companies may include any company with a market capitalization equal to or less than any company in the MSCI EAFE SMID Cap Index at the time of purchase. The Fund may invest up to 20% of its net assets plus borrowings for investment purposes, if any, as measured at the time of investment, in medium and large capitalization companies. The Fund normally will invest its assets among at least fifteen but not fewer than eight countries throughout the world including countries considered to be emerging market countries. The Fund may also invest in securities of other investment companies, including exchange-traded funds (“ETFs”), and exchange-traded notes (“ETNs”). Henry James International Management Inc. (“HJIM” or the “Sub-Advisor”) typically focuses its research on companies with market capitalizations equal to or less than any company in the Fund’s primary benchmark, the MSCI EAFE Small Cap Index and secondary benchmark the MSCI EAFE SMID Cap Index. As of March 31, 2019, the market capitalization range of the MSCI EAFE Small Cap and MSCI EAFE SMID Cap indices was $32 million to $24.7 billion. The Sub-Advisor does not apply a strict minimum size test in determining which securities to purchase but rather looks to the liquidity of the security. As a result, the Sub-Advisor normally does not invest in companies with a market capitalization lower than $100 million, although it may do so. The Sub-Advisor uses a “bottom-up” approach to identify 50-70 top investment opportunities using a systematic approach to stock selection and portfolio construction consisting of four stages: It begins with an approximately 1,300 stock universe, which the Sub-Advisor screens based on proprietary methods to identify stocks it believes have a positive Risk-Reward Ratio. Second, it screens the high Risk-Reward equities with its adaptive fundamental model that points to company’s fundamentals that the Sub-Advisor believes may perform better in the current market environment. Third, it reviews the equities the previous step highlighted with proprietary fundamental analysis. Fourth, it models the portfolio with a proprietary top-down country ranking scheme, which seeks a lower turnover portfolio that targets overweight positions in higher ranked and fundamentally strong stocks and countries. While the Fund’s exposure is monitored at the regional, sector and stock level, the Fund may focus its investments in one or more sectors of the economy and/or geographic regions. The Fund may employ leveraged investment techniques to increase the Fund’s exposure to specific investment opportunities, including the use of a credit line and delayed delivery and forward commitment transactions, such as repurchase and reverse repurchase agreements, as well as credit default swaps, currency swaps and interest rate swaps.