This 5/22/19 video should not be construed as an offer to sell or a solicitation of an offer to buy securities or any product mentioned in this video. This video does not constitute investment advice and should not be viewed as a recommendation to adopt any investment strategy.

Total Returns as of 6/30/20 1 Year 5 Year* 10 Year* Since Inception* (10/1/08)
IVA Worldwide Fund A (no load) -9.20% 1.26% 4.67% 6.07%
IVA Worldwide Fund A (with load) -13.75% 0.24% 4.14% 5.61%
IVA Worldwide Fund I -8.98% 1.51% 4.93% 6.33%
MSCI All Country World Index 2.11% 6.46% 9.16% 7.25%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Returns are shown net of fees and expenses and assume reinvestment of dividends and other income. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month- end, please call 1-866-941-4482.The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic

As of the most recent prospectus, the expense ratios for the funds are as follows: IVA Worldwide Fund: 1.16% (A shares), 0.91% (I shares); Maximum sales charge for the A shares is 5.00%. Amounts redeemed within 30 days of purchase are subject to a 2.00% fee.

As of 6/30/20, the 30-day SEC yield for the IVA Worldwide A shares was 0.55%.

As of 6/30/20 the IVA Worldwide Fund did not own the Dreyfus Appreciation Fund or the Franklin Mutual Shares Fund.

Economic and Market Events Risk: The impact of the outbreak of a novel coronavirus may be short term or may last for an extended period of time, result in a substantial economic downturn and could negatively affect the worldwide economy. Any such impact could adversely affect the Fund and may lead to losses on your investment in the Fund.

Effective July 13, 2020, Chuck de Lardemelle is no longer portfolio manager of the IVA Funds. Charles de Vaulx is the sole portfolio manager of the funds and is the Chief Investment Officer of IVA, the funds’ adviser.

The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Morningstar Rating is for the share class specified only; ratings for other share classes will vary. IVA Worldwide Fund Class I (NAV) Morningstar ratings as of 6/30/20 – World Allocation Category; I Shares: Overall: 3 stars/399 funds, Three-year rating: 2 stars/399 funds. Five-year rating: 2 stars/ 342 funds. Ten-year rating: 3 stars/ 207 funds. Different share classes may have different ratings.

The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent and price. Morningstar’s analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider numeric and qualitative factors, but the ultimate view on the individual pillars and how they come together is driven by the analyst’s overall assessment and overseen by an Analyst Ratings Committee. The approach serves not as a formula but as a robust analytical framework ensuring consistency across Morningstar’s global coverage. A fund may receive a Gold rating and still have negative, flat or poor performance.

The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest ra ting. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars-strengths that give the analysts a high level of conviction. A “Bronze” rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient lev el of analyst conviction to warrant a positive rating. A fund with a “Neutral” rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one, if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please read Morningstar Analyst RatingTM for Funds Methodology Document. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information

MSCI All Country World Index (Net) is an unmanaged index consisting of 49 country indices comprised of 23 developed and 26 emerging market country indices and is calculated with dividends reinvested after deduction of withholding tax. The Index is a trademark of MSCI Inc. and is not available for direct investment. MSCI All Country World Index (ex-U.S.) (Net) is an unmanaged index consisting of 48 country indices comprised of 22 developed and 26 emerging market country indices and is calculated with dividends reinvested after deduction of withholding tax. The Index is a trademark of MSCI Inc. and is not available for direct investment.

Trailing twelve months (TTM) yield represents financial performance of the Fund for a 12-month period. Diversification does not assure a profit or protect against a loss.

There are risks associated with investing in funds that invest in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

This video must be preceded or accompanied by a prospectus or summary prospectus. An investor should read and consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The IVA Funds are offered by IVA Funds Distributors, LLC.