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 and by 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.


Fee waivers and contractual reimbursements have been contractually reduced until at least March 31, 2022. The fee waiver and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis. 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); however, this fee is paid by investors in the fund.

Copyright Moerus Capital Management, 2021

Investing involves risk, including possible loss of principal. Equity securities are subject to market, economic and business risks that may cause their prices to fluctuate. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. Fund investments may be concentrated in a particular country geographic region, sector, industry, or group of industries, and the value of Fund shares may rise and fall more than more diversified funds. Foreign investing involves social and political instability, market illiquidity, exchange-rate fluctuation, high volatility and limited regulation risks. Emerging markets involve different and greater risks, as they are smaller, less liquid and more volatile than more developed countries. Frontier market countries generally have smaller economies and less developed capital markets than even traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. Currency risk is the risk that the values of foreign investments may be affected by changes in the currency rates or exchange control regulations. Significant investments in cash or cash equivalents may run the risk that the value of the cash account, including interest, will not keep pace with inflation. Please see the prospectus for details of these and other risks.

Foreside Fund Services, LLC, Distributor.

Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 1-844-MOERUS1 or visiting The prospectus should be read carefully before investing.