AR CAPITAL INTERNATIONAL REAL ESTATE INCOME FUND CLASS A (AIRAX) Exchange: NMFQS

DELISTED - The Fund invests substantially all (and under normal market conditions, at least 80%) of its net assets (plus any borrowings for investment purposes) in income producing securities of issuers in the real estate industry, also referred to herein as “real estate securities.”   National Fund Advisors, LLC, the Fund's investment adviser, evaluates securities based primarily on the relative attractiveness of income with a secondary consideration of their potential for capital appreciation. The Adviser considers real estate securities to be securities issued by a company that (a) derives at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate, or (b) has at least 50% of its assets in such real estate. The Adviser plans to sell a security if, in the judgment of the portfolio managers, the individual security's income potential has been compromised, an issuer's fundamentals deteriorate or a more attractive investment opportunity is identified.   The Fund invests in both equity and debt securities, and invests to a substantial degree in securities issued by real estate investment trusts (“REITs”). Equity securities in which the Fund may invest include common and preferred stocks, convertible securities, rights and warrants to purchase common stock and depositary receipts. Debt securities include corporate debt obligations and commercial mortgage-backed securities (“CMBS”).   REITs are companies that own interests in real estate or in real-estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income-producing real estate properties and capital gains from the sale of such properties. A majority of the REITs in which the Fund invests are generally considered by the Adviser to be small- and mid-cap companies. Debt securities acquired by the Fund may include high-yield debt securities (commonly referred to as “junk bonds”) issued or guaranteed by real estate and other companies. Although the Adviser anticipates that the Fund will invest a substantial portion of its assets in equity securities, the Fund may invest up to 100% of its net assets in debt securities of any maturity, duration or credit rating The Fund will not invest in non-traded REITs that are sponsored or distributed by affiliates of the Adviser.   The Fund invests significantly (at least 40% of its net assets) in real estate securities of companies that are organized or located outside of the U.S. and that principally invest in non-U.S. markets. If the Adviser deems market conditions to be unfavorable, the Fund will invest at least 30% of its net assets in such non-U.S. companies. The Fund considers a company that derives at least 50% of its revenue from investments outside the United States or that has at least 50% of its assets outside the United States as principally invested in non-U.S. markets.   Under normal market conditions, the Fund expects to have investments across different countries and regions, but in no less than three different countries, including the United States. The non-U.S. companies in which the Fund invests may include those located or invested in emerging markets. Emerging markets are typically in countries that are in the process of industrialization and have lower gross national products than more developed countries. The Fund is not limited in the extent to which it may invest in companies located or invested in emerging markets.   The Adviser expects that a substantial portion, and potentially all, of the Fund's investments in non-U.S. companies will be in the form of American Depositary Receipts (“ADRs”). An ADR is a negotiable certificate that evidences an ownership interest in American Depositary Shares, which, in turn, represent an interest in the shares of a non-U.S. company that has been deposited with a U.S. bank. ADRs trade in U.S. dollars and clear through U.S. settlement systems. The ADRs in which the Fund invests are listed on a U.S. stock exchange or traded over-the-counter in the U.S. The Fund may invest in “sponsored” and “unsponsored” ADRs. Sponsored ADRs are those in which the non-U.S. company enters into an agreement directly with the U.S. depositary bank to arrange for recordkeeping, forwarding of shareholder communications, payment of dividends and other services. An unsponsored ADR is set up without the cooperation of the non-U.S. company, and may be initiated by a broker-dealer wishing to establish a U.S. trading market.   The Fund may invest up to 15% of its net assets in illiquid securities.