The Moerus Worldwide Value Fund (“the Fund”) is managed with the objective of long term capital appreciation and is advised by Moerus Capital Management LLC (“the Adviser”). The adviser pursues the Fund’s investment objective by investing primarily in foreign and domestic common stocks that it believes are undervalued, utilizing a fundamental, bottom-up approach to purchase securities that are trading at substantial discounts to the adviser’s estimates of their intrinsic values. The adviser builds the Fund’s portfolio from the bottom up, based on its assessment of value, focusing on businesses it believes have solid balance sheets, high quality business models and shareholder-friendly management teams.



Fees and Minimums



1.65% and 1.40% are the actual fees charged to the investor by Moerus (Fund Operating Expenses). The difference between these fees and those showing in the Prospectus are the Acquired Fund Fees. The Acquired Fund Fees are not a part of the Managers Fund Operating Expenses (these fees are incurred because of the investment of the excess cash in a Money Market Fund).