Quant Foreign Value Small Cap Fund

Investment Objective
The Fund seeks long-term growth of capital and income.

Investment Philosophy
Polaris Capital Management, LLC utilizes a disciplined combination of proprietary investment technology and traditional fundamental research that seeks to identify the most undervalued companies worldwide. Polaris uses a unique three-step process where the goal is to identify undervalued companies with sustainable cash flow.

Investment Process

1. Screening of Universe – Individual Company Valuation Analysis
   Security screenings are based on our belief that normal security price fluctuations can undervalue the cash flow or assets of a company. Using proprietary valuation criteria, Polaris regularly screens a database of approximately 16,000 international (non-U.S.) companies to produce a list of approximately 250 or more securities with the greatest potential for undervalued streams of sustainable cash flow or assets regardless of industry or location.The candidates with attractive valuations that remain after this vetting are evaluated in greater detail using Graham & Dodd-style financial analysis.
2. Fundamental Analysis
   The Fund applies intensive fundamental research to each “buy” candidate identified in the screening process. This entails a thorough financial analysis of companies; researching their respective suppliers, customers, and competitors; and visiting or contacting company management. Polaris assesses each company’s industry conditions, competitive advantages, profitability, operating and financial leverage, and the quality of its management team to realize the inherent value of the company.Country and industry weightings result primarily from fundamental research as well.
3. Research
   Polaris conducts the majority of research internally through primary sources of information: published company information including annual reports, financial statements and notes, regulatory filings; and personal contact with company executives through onsite visits, industry conferences, and management meetings.Once the firm has a solid understanding of the company, it may augment its internal research and analysis via locally based, third-party research analysts who tend to have more current and “on-the-ground” information.

   The Fund employs a proprietary Multi-Factor Global Valuation Model as a screening measure for companies. The model analyzes aggregate country and industry data including valuation statistics, industry activity, cash flow and interest rates, and produces a ranking of country and industry “value” sectors.

An investment in Fund involves certain risks.

• Small cap companies:  Small cap companies are more likely than larger companies to have limited product lines, markets or financial resources, or to depend on a small, inexperienced management group. Small cap companies’ earnings and revenue tend to be less predictable than for larger companies. Stocks of these companies may trade less frequently and in limited volume, and their prices may fluctuate more than stocks of other companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. Such stocks may be harder to sell at the times and prices the Fund’s Advisor thinks appropriate.
• Unfavorable changes in currency exchange rates: Foreign investments are normally issued and traded in foreign currencies. As a result, their values may be affected by changes in the exchange rates between particular foreign currencies and the U.S. dollar.
• Political and economic developments: Foreign investments may be subject to the risks of seizure by a foreign government, imposition of restrictions on the exchange or transport of foreign currency, and tax increases.
• Unreliable or untimely information: There may be less information publicly available about a foreign company than about most U.S. companies, and foreign companies are usually not subject to accounting, auditing and financial reporting standards and practices comparable to those in the United States.
• Limited legal recourse: Legal remedies available to investors, such as the Fund, may be more limited in foreign countries than those available in the United States.

Before investing carefully consider a Fund’s investment objectives, risks, charges and expenses.  Please read the prospectus carefully before you invest or send money.