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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Investment Objective</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Investment Objective</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The IVA Worldwide Fund (the “Worldwide
Fund”) will seek long-term growth of capital by investing in a range of securities and asset classes from markets around
the world, including U.S. markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The IVA International Fund (the “International
Fund”) will seek long-term growth of capital by investing in a range of securities and asset classes from markets around
the world.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Fees and Expenses</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Fees and Expenses</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The table below describes the fees and expenses that you may pay
if you buy and hold shares of the Worldwide Fund. You may qualify for a sales charge discount on Class A shares of the Worldwide
Fund if you or your family invest at least $25,000 in one or more Funds that are series of the IVA Funds. More information about
discounts is available from your financial consultant and in Distribution Arrangements starting on page 17 of the Prospectus.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The table below describes the fees and expenses
that you may pay if you buy and hold shares of the International Fund. You may qualify for a sales charge discount on Class A
shares of the International Fund if you or your family invest at least $25,000 in one or more Funds that are series of the IVA
Funds. More information about discounts is available from your financial consultant and in Distribution Arrangements starting
on page 17 of the Prospectus.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Example.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Example.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">This Example is intended to help you compare
the costs of investing in the Worldwide Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Example assumes that you invest $10,000 in the Worldwide Fund
for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Worldwide Fund’s operating expenses remain the same. Although your actual
costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">This Example is intended to help you compare
the costs of investing in the International Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Example assumes that you invest $10,000
in the International Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example
also assumes that your investment has a 5% return each year and that the International Fund’s operating expenses remain the
same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Worldwide Fund pays transaction costs, such as commissions, when it buys and sells investments (or “turns over”
its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Worldwide
Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example,
affect the Worldwide Fund’s performance. During the most recent fiscal year, the Worldwide Fund’s portfolio turnover
rate was 27.9% of the average value of its portfolio.<br />
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The International Fund pays transaction costs, such as commissions, when it buys and sells investments (or “turns over”
its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when International
Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example,
affect the International Fund’s performance. During the most recent fiscal year, the International Fund’s portfolio
turnover rate was 29.9% of the average value of its portfolio.<br />
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">To achieve its investment objective, the Worldwide Fund primarily seeks investment opportunities in companies of any capitalization
that International Value Advisers, LLC, the Fund’s investment adviser (the “Adviser”), believes have fundamental
value, financial strength and stability. The Worldwide Fund may, however, invest in companies with fundamental value that do not
have the other characteristics.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Adviser, under normal market conditions,
will invest no less than 30%, although it intends to invest at least 40%, of the Worldwide Fund’s total assets in equity
and debt securities issued by foreign companies and governments. The Adviser may invest the Fund’s assets in any region of
the world. It may invest in companies based in emerging markets, typically in the Far East, Latin America and Eastern Europe, as
well as in companies operating in developed countries, such as those of the U.S., Canada, Japan and Western Europe.<br />
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Worldwide Fund identifies investment opportunities
through intensive research of individual companies and generally does not focus or rely on current stock market conditions and
other macro factors when assessing potential investment opportunities. For these reasons, the Worldwide Fund may seek investments
in the equity securities of companies in industries that the Adviser believes to be temporarily depressed. The Worldwide Fund determines
an issuer’s economic ties to a particular country based on the location where such issuer is headquartered or incorporated,
and the location from where the issuer derives at least 50% of its revenues or profits, if such location is other than the location
where such issuer is headquartered or incorporated.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Under normal circumstances, no one position
in equity securities will exceed 5% of the total assets of the Worldwide Fund at the time of investment. If the Worldwide Fund’s
position in one of the below referenced securities exceeds 5% of the Worldwide Fund’s total assets after the time of investment,
the Worldwide Fund may continue to hold such securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">
As part of its principal investment strategies, the Worldwide Fund intends to invest in: (a) foreign and domestic common and preferred
equity securities and American Depositary Receipts (“ADRs”); (b) foreign and domestic fixed income securities; and (c)
precious metals, primarily through gold bullion and gold mining securities. The Fund may invest in fixed income securities of
any credit quality, including those rated investment grade (rated in one of the four highest ratings categories by Moody’s
Investors Service (“Moody’s”) or Standard & Poor’s Ratings Services (“S&P”)) and those considered
high-yield and rated below investment grade (rated Ba or lower by Moody’s or BB or lower by S&P, commonly referred to
as “junk bonds”). Under normal circumstances, the Worldwide Fund will invest in the following fixed income securities:
notes, bills and debentures, bank debt obligations and structured notes, high-yield debt securities rated below investment grade,
convertible securities, Rule 144A securities and structured notes (Rule 144A securities are restricted securities that can be
resold to qualified institutional buyers but not to the general public); and securities issued by supranational organizations
and sovereign debt securities. Any investments in unrated bonds will be evaluated by the Adviser to determine the comparative
credit quality of the unrated debt. In selecting debt securities to achieve the Worldwide Fund’s investment objective, the
Adviser will consider the likelihood of default and the potential for capital appreciation. The Worldwide Fund may purchase precious
metals in any form (bullion and coins or contract form). The Fund intends, however, to purchase only those forms of precious metals
that are readily marketable and that can be stored in accordance with custody regulations applicable to mutual funds.<br />
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Adviser will consider selling a security
when it determines that such security no longer offers fundamental value or financial strength and stability.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Worldwide Fund may invest a portion of
its assets in derivative instruments. These include forward contracts and futures contracts. The Worldwide Fund may invest in derivatives
primarily to seek to hedge exposure to certain markets and securities and/or for speculative (<i>i.e</i>., non-hedging) purposes.
The Worldwide Fund may seek to hedge its exposure to foreign currencies, typically through the use of foreign currency derivatives,
including currency forward contracts and may engage in currency transactions with counterparties to gain or reduce exposure to
certain currencies or to generate income or gains.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">To achieve its investment objective, the International Fund primarily seeks investment opportunities in companies of any capitalization
that International Value Advisers, LLC, the Fund’s investment adviser (the “Adviser”), believes have fundamental
value, financial strength and stability. The International Fund may, however, invest in companies with fundamental value that do
not have the other characteristics.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Adviser, under normal market conditions,
will invest no less than 30%, although it intends to invest at least 65%, of the International Fund’s total assets in equity
and debt securities issued by foreign companies and governments. The Adviser may invest the Fund’s assets in any region of
the world. It may invest in companies based in emerging markets, typically in the Far East, Latin America and Eastern Europe, as
well as in companies operating in developed countries, such as those of Canada, Japan and Western Europe.<br />
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The International Fund identifies investment
opportunities through intensive research of individual companies and generally does not focus or rely on current stock market conditions
and other macro factors when assessing potential investment opportunities. For these reasons, the International Fund may seek investments
in the equity securities of companies in industries that are believed to be temporarily depressed. The International Fund determines
an issuer’s economic ties to a particular country based on the location where such issuer is headquartered or incorporated,
and the location from where the issuer derives at least 50% of its revenues or profits, if such location is other than the location
where such issuer is headquartered or incorporated.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Under normal circumstances, no one position
in equity securities will exceed 5% of the total assets of the International Fund at the time of investment. If the International
Fund’s position in one of the below referenced securities exceeds 5% of the International Fund’s total assets after
the time of investment, the International Fund may continue to hold such securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">
As part of its principal investment strategies, the International Fund intends to invest in: (a) foreign and domestic common and
preferred equity securities and American Depositary Receipts (“ADRs”); (b) foreign and domestic fixed income securities;
and (c) precious metals, primarily through gold bullion and gold mining securities. The Fund may invest in fixed income securities
of any credit quality, including those rated investment grade (rated in one of the four highest ratings categories by Moody’s
Investors Service (“Moody’s”) or Standard & Poor’s Ratings Services (“S&P”)) and those considered
high-yield and rated below investment grade (rated Ba or lower by Moody’s or BB or lower by S&P, commonly referred to
as “junk bonds”). Under normal circumstances, the International Fund will invest in the following fixed income securities:
notes, bills and debentures, bank debt obligations and structured notes; high-yield debt securities rated below investment grade,
convertible securities, Rule 144A securities and structured notes (Rule 144A securities are restricted securities that can be
resold to qualified institutional buyers but not to the general public); and securities issued by supranational organizations
and sovereign debt securities. Any investments in unrated bonds will be evaluated by the Adviser to determine the comparative
credit quality of the unrated debt. In selecting debt securities to achieve the International Fund’s investment objective,
the Adviser will consider the likelihood of default and the potential for capital appreciation. The International Fund may purchase
precious metals in any form (bullion and coins or contract form). The Fund intends, however, to purchase only those forms of precious
metals that are readily marketable and that can be stored in accordance with custody regulations applicable to mutual funds.<br />
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Adviser will consider selling a security
when it determines that such security no longer offers fundamental value or financial strength and stability.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The International Fund may invest a portion
of its assets in derivative instruments. These include forward contracts and futures contracts. The International Fund may
invest in derivatives primarily to seek to hedge exposure to certain markets and securities and/or for speculative (<i>i.e</i>.,
non-hedging) purposes. The International Fund may seek to hedge its exposure to foreign currencies, typically through the use of
foreign currency derivatives, including currency forward contracts and may engage in currency transactions with counterparties
to gain or reduce exposure to certain currencies or to generate income or gains.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Principal Investment Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Principal Investment Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><br />
As with any investment, you could lose all or part of your investment in the Worldwide Fund, and the Fund’s performance could
trail that of other investments. The Worldwide Fund is subject to the principal risks noted below, listed in alphabetical order,
any of which may adversely affect the Fund’s net asset value (“NAV”), yield, total return and ability to meet
its investment objective. An investment in the Worldwide Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Debt Securities Risk.</b> Risks associated
with investments in fixed income securities include credit risk, interest rate risk, liquidity risk and the risk of default, particularly
with respect to high yield securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Derivative Investment Risk.</b> Derivatives
are subject to a number of risks, such as interest rate risk, market risk, credit risk, foreign exchange risk and management risk.
Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Worldwide
Fund may lose more money than it invested in the derivative. A small investment in a derivative could have a relatively large
positive or negative impact on the performance of the Fund, potentially resulting in losses to Fund shareholders.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Emerging Markets Risk.</b> Securities listed
and traded in emerging markets are subject to additional risks associated with emerging market economies. Such risks may include:
(i) greater market volatility; (ii) lower trading volume; (iii) greater social, political and economic uncertainty; (iv) governmental
controls on foreign investments and limitations on repatriation of invested capital; (v) the risk that companies may be held to
lower disclosure, corporate governance, auditing and financial reporting standards than companies in more developed markets; and
(vi) the risk that there may be less protection of property rights than in other countries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Foreign Securities Risk.</b> Foreign securities
can involve additional risks relating to political, economic or regulatory conditions in foreign countries. These risks include
fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and
the less stringent investor protection and disclosure standards of some foreign markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Investment Style Risk.</b> The returns
from the types of securities in which the Worldwide Fund invests may underperform returns from the various general securities markets
or different asset classes. This may cause the Worldwide Fund to underperform other investment vehicles that invest in different
asset classes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Issuer-Specific Risk.</b> Changes in the
financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular
type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s
value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers.
Issuer-specific events can have a negative impact on the value of the Worldwide Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">
<b>Large-Capitalization Investing</b>. Large-capitalization stocks as a group could fall out of favor with the market, causing
the Worldwide Fund to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies
may be slow to respond to challenges and may grow more slowly than smaller companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Management Risk.</b> This is the risk
that the Worldwide Fund’s investment strategy, the implementation of which is subject to a number of internal and external
constraints, may not produce the desired results, including the risk that the Worldwide Fund’s portfolio managers’ judgments
about asset allocations may not be correct and could adversely affect the Worldwide Fund’s performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Precious Metals Risk.</b> Prices of precious
metals and of precious metal related securities historically have been very volatile. The production and sale of precious
metals by governments or central banks or other larger holders can be affected by various economic, financial, social and political
factors, which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that may
affect the prices of precious metals and securities related to them include changes in inflation, the outlook for inflation and
changes in industrial and commercial demand for precious metals.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Rule 144A Securities Risk.</b> Rule 144A
securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent
that qualified institutional buyers become for a time uninterested in purchasing these securities, they will become illiquid while
held by the Worldwide Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Small and Mid-Capitalization Investing.</b>
The securities of small- and mid-capitalization companies may be subject to more unpredictable price changes than securities of
larger companies or the market as a whole.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Stock Market Risk.</b> The trading prices
of equity securities fluctuate in response to a variety of factors. These factors include events impacting a single issuer,
as well as political, market and economic developments that affect specific market segments and the stock market as a whole. The
Worldwide Fund’s NAV, like stock prices generally, will fluctuate within a wide range in response to these factors. As a
result, an investor in the Worldwide Fund could lose money over short or even long periods.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Tax Risks.</b> To qualify as a regulated
investment company for income tax purposes, income derived from investing or trading in precious metals, together with any other
non-qualifying income received by the Worldwide Fund in any tax year, must not exceed 10% of the Worldwide Fund’s gross income
for such year. If the Worldwide Fund fails to meet these requirements, it would: (i) not qualify as a regulated investment company;
(ii) incur regular corporate income tax on its taxable income for that year; (iii) lose its deduction for dividends paid to shareholders;
and (iv) be subject to certain gain recognition and distribution requirements upon requalification. Further distributions of income
by the Worldwide Fund to its shareholders would be treated as dividend income. This tax requirement may cause the Worldwide Fund
to hold or sell precious metals or securities when it would not otherwise do so.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">
<b>U.S. Government Regulation Risk.</b> The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank
Act”) has resulted in significant revisions of the U.S. financial regulatory framework. The ultimate impact of the Dodd-Frank
Act, and any resulting regulation, is not yet certain and issuers in which the Worldwide Fund invests may also be affected by
the new legislation and regulation in ways that are currently unforeseeable.<br /></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">As with any investment, you could lose all or part of your investment in the International Fund, and the Fund’s performance
could trail that of other investments. The International Fund is subject to the principal risks noted below, listed in alphabetical
order, any of which may adversely affect the Fund’s net asset value (“NAV”), yield, total return and ability
to meet its investment objective. An investment in the International Fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Debt Securities Risk.</b> Risks associated
with investments in fixed income securities include credit risk, interest rate risk, liquidity risk and the risk of default, particularly
with respect to high yield securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Derivative Investment Risk.</b> Derivatives
are subject to a number of risks, such as interest rate risk, market risk, credit risk, foreign exchange risk and management risk.
Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the International
Fund may lose more money than it invested in the derivative. A small investment in a derivative could have a relatively large
positive or negative impact on the performance of the Fund, potentially resulting in losses to Fund shareholders.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">
<b>Emerging Markets Risk.</b> Securities listed and traded in emerging markets are subject to additional risks associated
with emerging market economies. Such risks may include: (i) greater market volatility; (ii) lower trading volume; (iii) greater
social, political and economic uncertainty; (iv) governmental controls on foreign investments and limitations on repatriation
of invested capital; (v) the risk that companies may be held to lower disclosure, corporate governance, auditing and financial
reporting standards than companies in more developed markets; and (vi) the risk that there may be less protection of property
rights than in other countries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Foreign Securities Risk.</b> Foreign securities
can involve additional risks relating to political, economic or regulatory conditions in foreign countries. These risks include
fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and
the less stringent investor protection and disclosure standards of some foreign markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Investment Style Risk.</b> The returns
from the types of securities in which the International Fund invests may underperform returns from the various general securities
markets or different asset classes. This may cause the International Fund to underperform other investment vehicles that invest
in different asset classes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Issuer-Specific Risk.</b> Changes in the
financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular
type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s
value. The value of securities or instruments of smaller, less-well-known issuers can be more volatile than that of larger issuers.
Issuer-specific events can have a negative impact on the value of the International Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">
<b>Large-Capitalization Investing</b>. Large-capitalization stocks as a group could fall out of favor with the market, causing
the International Fund to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established
companies may be slow to respond to challenges and may grow more slowly than smaller companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Management Risk.</b> This is the risk that
the International Fund’s investment strategy, the implementation of which is subject to a number of internal and external
constraints, may not produce the desired results, including the risk that the International Fund’s portfolio managers’
judgments about asset allocations may not be correct and could adversely affect the International Fund’s performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Precious Metals Risk.</b> Prices of precious
metals and of precious metal related securities historically have been very volatile. The production and sale of precious
metals by governments or central banks or other larger holders can be affected by various economic, financial, social and political
factors, which may be unpredictable and may have a significant impact on the prices of precious
metals. Other factors that may affect the prices of precious metals and securities related to them include changes in inflation,
the outlook for inflation and changes in industrial and commercial demand for precious metals.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Rule 144A Securities Risk.</b> Rule 144A
securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent
that qualified institutional buyers become for a time uninterested in purchasing these securities, they will become illiquid while
held by the International Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Small and Mid-Capitalization Investing.</b>
The securities of small- and mid-capitalization companies may be subject to more unpredictable price changes than securities of
larger companies or the market as a whole.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Stock Market Risk.</b> The trading prices
of equity securities fluctuate in response to a variety of factors. These factors include events impacting a single issuer,
as well as political, market and economic developments that affect specific market segments and the stock market as a whole. The
International Fund’s NAV, like stock prices generally, will fluctuate within a wide range in response to these factors. As
a result, an investor in the International Fund could lose money over short or even long periods.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Tax Risks.</b> To qualify as a regulated
investment company for income tax purposes, income derived from investing or trading in precious metals, together with any other
non-qualifying income received by the International Fund in any tax year, must not exceed 10% of the International Fund’s
gross income for such year. If the International Fund fails to meet these requirements, it would: (i) not qualify as a regulated
investment company; (ii) incur regular corporate income tax on its taxable income for that year; (iii) lose its deduction for dividends
paid to shareholders; and (iv) be subject to certain gain recognition and distribution requirements upon requalification. Further
distributions of income by the International Fund to its shareholders would be treated as dividend income. This tax requirement
may cause the International Fund to hold or sell precious metals or securities when it would not otherwise do so.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">
<b>U.S. Government Regulation Risk.</b> The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank
Act”) has resulted in significant revisions of the U.S. financial regulatory framework. The ultimate impact of the Dodd-Frank
Act, and any resulting regulation, is not yet certain and issuers in which the International Fund invests may also be affected
by the new legislation and regulation in ways that are currently unforeseeable.<br /> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Performance</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>Performance</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><br />
The bar chart and table below provide some indication of the risks of investing in the Worldwide Fund by illustrating the variability
of the Worldwide Fund’s returns during the years since inception. The bar chart shows the returns for Class A shares of the
Worldwide Fund for the last four calendar years. The table shows how the Worldwide Fund’s average annual total returns for
certain time periods compare to those of a broad-based securities market index. The returns in the bar chart are for Class A Shares
and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. The Worldwide Fund’s past
performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated Worldwide
Fund performance can be obtained by visiting www.ivafunds.com or by calling (866) 941-4482 (toll free).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The bar chart and table below provide some indication of the risks of investing in the International Fund by illustrating the
variability of the International Fund’s returns during the years since inception. The bar chart shows the returns for Class
A shares of the International Fund for the last four calendar years. The table shows how the International Fund’s average
annual total returns for certain time periods compare to those of a broad-based securities market index. The returns in the bar
chart are for Class A Shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower.
The International Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform
in the future. Updated International Fund performance can be obtained by visiting www.ivafunds.com or by calling (866) 941-4482
(toll free).</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">After-tax returns in the table below are calculated
using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns
shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts (“IRAs”). After-tax returns are shown for Class A only, and the after-tax returns
for Class C and Class I will vary. After-tax returns for Class A reflect a sales charge.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">After-tax returns in the table below are calculated
using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns
shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts (“IRAs”). After-tax returns are shown for Class A only, and the after-tax returns
for Class C and Class I will vary. After-tax returns for Class A reflect a sales charge.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The best calendar quarter return during the
period shown above was 14.53% in the second quarter of 2009; the worst was -10.18% in the third quarter of 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The best calendar quarter return during the
period shown above was 14.17% in the second quarter of 2009; the worst was -9.01% in the third quarter of 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><b>Year by Year Returns
(Years Ended December 31)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><b>Year by Year Returns
(Years Ended December 31)</b></p>
0.0500
0
0
0.0500
0
0
<table cellspacing="0" cellpadding="0" style="font: 7.5pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #CCEEFF">
<td style="vertical-align: bottom; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt"><font style="font-size: 10pt"><b>Shareholder Fees</b> (fees paid directly from your investment)</font></td>
</tr></table>
<table cellspacing="0" cellpadding="0" style="font: 7.5pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #CCEEFF">
<td style="vertical-align: bottom; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt"><font style="font-size: 10pt"><b>Shareholder Fees</b> (fees paid directly from your investment)</font></td>
</tr></table>
<table cellspacing="0" cellpadding="0" style="font: 7.5pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #CCEEFF">
<td style="vertical-align: bottom; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt"><font style="font-size: 10pt"><b>Annual
Class Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</font></td>
</tr></table>
<table cellspacing="0" cellpadding="0" style="font: 7.5pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #CCEEFF">
<td style="vertical-align: bottom; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt"><font style="font-size: 10pt"><b>Annual
Class Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</font></td>
</tr></table>
-0.0200
-0.0200
-0.0200
-0.0200
-0.0200
-0.0200
0.0090
0.0090
0.0090
0.0090
0.0090
0.0090
0.0025
0.0100
0
0.0025
0.0100
0
0.0013
0.0013
0.0013
0.0012
0.0012
0.0012
0.0128
0.0203
0.0103
0.0127
0.0202
0.0102
624
306
105
623
305
104
885
636
328
882
633
324
1166
1093
569
1161
1088
563
1967
2358
1260
1957
2348
1247
206
205
636
633
1093
1088
2358
2348
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0.2303
0.1935
0.1722
0.1649
-0.0222
-0.0196
0.0663
0.1016
2008-10-01
2008-10-01
0.1613
0.0129
0.0099
0.0157
0.0475
0.0689
0.1683
0.0465
0.0385
0.0384
0.0839
0.1050
0.0572
0.0947
0.0869
0.0798
0.0978
0.1105
0.0501
0.0935
0.0849
0.0783
0.0966
0.1095
25000
25000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">You may qualify for a sales charge discount on Class A shares of the Worldwide
Fund if you or your family invest at least $25,000 in one or more Funds that are series of the IVA Funds. More information about
discounts is available from your financial consultant and in Distribution Arrangements starting on page 17 of the Prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">You may qualify for a sales charge discount on Class A shares
of the International Fund if you or your family invest at least $25,000 in one or more Funds that are series of the IVA Funds.
More information about discounts is available from your financial consultant and in Distribution Arrangements starting on page
18 of the Prospectus.</p>
0.279
0.299
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">To achieve its investment objective, the Worldwide Fund primarily seeks investment opportunities in companies of any capitalization
that International Value Advisers, LLC, the Fund’s investment adviser (the “Adviser”), believes have fundamental
value, financial strength and stability. The Worldwide Fund may, however, invest in companies with fundamental value that do not
have the other characteristics.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">To achieve its investment objective, the International Fund primarily seeks investment opportunities in companies of any capitalization
that International Value Advisers, LLC, the Fund’s investment adviser (the “Adviser”), believes have fundamental
value, financial strength and stability. The International Fund may, however, invest in companies with fundamental value that do
not have the other characteristics.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">As with any investment, you could lose all or part of your investment in the Worldwide Fund, and the Fund’s performance could
trail that of other investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">As with any investment, you could lose all or part of your investment in the International Fund, and the Fund’s performance
could trail that of other investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"> An investment in the Worldwide Fund is not a bank deposit and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">An investment in the International Fund is not a bank deposit and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The bar chart and table below provide some indication of the risks of investing in the Worldwide Fund by illustrating the variability
of the Worldwide Fund’s returns during the years since inception. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The bar chart and table below provide some indication of the risks of investing in the International Fund by illustrating the variability
of the International Fund’s returns during the years since inception. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The Worldwide Fund’s past
performance (before and after taxes) is not necessarily an indication of how it will perform in the future. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The International
Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">www.ivafunds.com</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">www.ivafunds.com</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">(866) 941-4482</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">(866) 941-4482</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The best calendar quarter return during the
period shown above was</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The best calendar quarter return during the
period shown above was</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">the worst was</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">the worst was</p>
0.1453
0.1417
-0.1018
-0.0901
2009-06-30
2009-06-30
2011-09-30
2011-09-30
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">After-tax returns in the table below are calculated
using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local
taxes. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">After-tax returns in the table below are calculated
using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local
taxes. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns
shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts (“IRAs”). </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns
shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts (“IRAs”). </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">After-tax returns are shown for Class A only, and the after-tax returns
for Class C and Class I will vary. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">After-tax returns are shown for Class A only, and the after-tax returns
for Class C and Class I will vary. </p>
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0.0075
0.0100
0
0.0075
0.0100
0
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">You would pay the following expenses if you
did not redeem your Class C shares of the Worldwide Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">You would pay the following expenses if you
did not redeem your Class C shares of the International Fund:</p>