HAYS TACTICAL MULTIASSET FUND CLASS C SHARES (HAZCX) Exchange: NMFQS

DELISTED - The Adviser uses its proprietary Multi-Asset Strategy for the Multi-Asset Fund, which focuses on allocating the Multi-Asset Fund’s assets, up to approximately 20% each (determined at the time of investment) to investments within five different “sleeves”: U.S. Equities, International Equities, Commodities, Real Estate and Treasuries (which term refers to U.S. Treasury obligations with maturities in excess of 90 days). Within each sleeve, the Adviser uses a number of different processes and risk management tools to help determine the portion of that sleeve that is allocated at any given time between MA Fund Investments (defined below), on one hand, and Cash and Treasury Positions (defined below), on the other hand.   • “MA Fund Investments” may include direct investments in equity securities of companies of any size, in any sector and investments in exchange traded products (“ETPs”, such as exchange traded funds (“ETFs”)) or other investment companies that invest in equity securities of companies of any size, in any sector. The Adviser expects that MA Fund Investments will primarily consist of broad-based index ETPs.   • “Cash and Treasury Positions” include cash and short-term, highly liquid investments, such as money market instruments, U.S. government obligations, commercial paper, repurchase agreements, and other cash or cash equivalent positions and other long term obligations of the U.S. Treasury.   For example, when the Adviser has a strong conviction that U.S. Equities are undervalued, the Adviser may allocate the full U.S. Equities sleeve (i.e., approximately 20% of the Multi-Asset Fund’s assets) to MA Fund Investments in that asset class. Conversely, when the Adviser believes that U.S. Equities are overvalued, the Adviser may elect to dedicate some or all of the U.S. Equities sleeve to Cash and Treasury Positions. For the Treasuries sleeve, the effect of this process is that the Adviser allocates this sleeve between Treasuries (i.e., U.S. Treasury obligations with maturities in excess of 90 days) and Cash (which includes U.S. Treasury obligations with maturities of 90 days or less). Utilizing these processes and risk management tools may lead the Adviser to maintain some individual sleeves at levels above or below the approximated 20% allocation from time to time.   Methods of Analysis. To allocate the Multi-Asset Fund’s assets within the sleeves, the Adviser uses different types of proprietary strategies designed to calculate risk and opportunity in the markets, and to assist in determining the companies, sectors and markets in which the Multi-Asset Fund will invest.   • Asset Allocation Model. The Adviser uses its Asset Allocation Model to examine market indicators in three major categories: investor psychology, monetary conditions and market valuations. The Adviser has developed a method of scoring and ranking the identified indicators within those three categories according to their historical utility and historical correlation to market performance. Once the indicators have been scored and ranked, the Model assists the Adviser to measure the approximate level of risk in the market by comparing the current scores and rankings to the historical scores and rankings of these indicators across different market conditions.   • Market Trend Analyzer. The Adviser uses its Market Trend Analyzer to identify risk and increase the allocation to Cash and Treasury Positions when market price trends have turned negative.   • Bond Momentum Gauge. The Adviser uses a momentum formula applied to U.S. Treasury Bond yield data to analyze momentum and trends in U.S. treasuries in an effort to identify favorable market conditions for buying and selling treasury bonds.   Application of Analysis Methods to Sleeves. The Adviser primarily uses the Asset Allocation Model and Market Trend Analyzer to determine allocations between MA Fund Investments and Cash and Treasury Positions within the U.S. Equities and the International Equities sleeves. The Adviser primarily uses the Market Trend Analyzer to determine allocations between MA Fund Investments and Cash and Treasury Positions within the Real Estate and Commodities sleeves. The Adviser primarily uses the Bond Momentum Gauge to determine allocations between MA Fund Investments and Cash and Treasury Positions (i.e., between long-term and short-term maturity Treasuries).   In general, the Multi-Asset Fund will increase its exposure to MA Fund Investments within a particular sleeve when the Adviser’s Asset Allocation Model, Market Trend Analyzer and/or Bond Momentum Gauge indicates that the applicable asset class market is at low risk of losing value or presents opportunities for growth and appreciation. The Multi-Asset Fund will generally sell or reduce investment exposure to MA Fund Investments in a particular sleeve in favor of Cash and Treasury Positions when the Adviser’s Asset Allocation Model, Market Trend Analyzer and/or Bond Momentum Gauge indicate that the applicable asset class market has become or is becoming risky.   Selection of MA Fund Investments. After the Adviser determines the relative allocation between MA Fund Investments and Cash and Treasury Positions within a particular sleeve, the Adviser then selects the particular securities that become MA Fund Investments. Generally, the Adviser will select one or more broad-based index ETPs that will give the Fund exposure to the respective sleeve.