1492 SMALL CAP CORE ALPHA FUND (FNTSX) Exchange: NMFQS

DELISTED - Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of small capitalization companies (“small-cap companies”). 1492 Capital Management, LLC, the Fund’s Adviser, defines small-cap companies as those similar in size to companies in the Russell 2000 Index at the time of purchase. As of February 28, 2015, the Russell 2000 Index was composed of companies having market capitalizations of between $18.6 million and $10.3 billion. The Fund may continue to hold securities of companies that fall out of this range after purchase and no longer meet the Adviser’s small-cap company definition.The Fund pursues its investment objective by investing primarily in U.S. small-capitalization companies that the Adviser believes offer the best risk-to-reward metrics at the time of purchase. The Fund’s “core” strategy allows the Adviser to acquire both small-cap growth and value stocks for the Fund’s portfolio and to focus on its best ideas in the small-cap universe. It is anticipated that the Fund’s portfolio will generally consist of between 20-40 stocks, and will be approximately equally divided between growth stocks and value stocks. In choosing investments, the Adviser may consider, among other factors, an issuer’s management, financial strength, valuation, business model, growth potential, dividends and cash flows.Equity securities in which the Fund may invest include common and preferred stocks, rights, warrants, convertibles, and securities issued as part of an initial public offering (“IPO”). The Fund may also invest in exchange traded funds (“ETFs”) that invest primarily in small-cap stocks.