Moerus Worldwide Value Fund (MOWIX) Diversifiers

The investment seeks long-term capital appreciation. The adviser pursues the fund's investment objective by investing primarily in foreign (including frontier and emerging markets) and domestic common stocks that the advisor believes are undervalued. Under normal market conditions, the fund invests in at least three different countries and invests at least 40% of its total assets in securities of issuers organized or having their principal place of business outside the U.S. or doing a substantial amount (more than 50%) of business outside the U.S.