ADALTA INTERNATIONAL FUND (ADAQX) Exchange: NMFQS

DELISTED - The Fund invests primarily in the equity securities of non- U.S. companies of any size, including those located in emerging markets. The location of companies in which the Fund invests will be determined by a company's country of incorporation, the location of the securities exchange on which a company is principally traded, or the location from which a company derives the majority of its revenues. For purposes of the primary investment policy, equity securities include common stock, sponsored American Depositary Receipts ("ADRs") and securities convertible into common stock. The Adviser focuses on those equity securities that the Adviser believes have above average earnings or revenue growth and/or potential price appreciation. The Fund also invests in companies that the Adviser believes are experiencing growth that has not been recognized by the market.   The Fund limits its investments in any one country to 25% of its total assets. The Fund may also invest in pooled investment vehicles, including private equity funds and investment companies, which the Adviser believes provide similar earnings, revenue or growth potential as the equity securities in which the Fund primarily invests. The Fund may invest up to 10% of its total assets in limited liability companies ("LLCs") and limited partnerships ("LPs") that are not exchange traded.   The Fund may hedge its foreign currency exposure versus the U.S. dollar by employing forward foreign currency contracts when the Adviser believes the Fund's exposure to a foreign currency will detract from the value of an investment, as measured in U.S. dollars.   The Adviser relies primarily on fundamental analyses to identify companies, sectors and industries that, in its judgment, are undervalued relative to their potential or whose growth should exceed that anticipated by the market. The Adviser also studies political and economic developments in foreign countries in order to determine which countries may offer the best investment opportunities. The Adviser seeks to purchase the securities of well-managed companies at prices that are below intrinsic value. The Adviser may sell a security if, in its judgment, an issuer experiences a decline in its financial condition, an erosion in profits, earnings or cash flow, or becomes overvalued. The Adviser may also consider the issuer's weighting in the portfolio and any trends in inflation or interest rates. The Fund may invest a significant portion of the Fund's total assets in cash or cash equivalents if the Adviser's process does not identify investments it views as appropriate for the Fund.