Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities (including, but not limited to, common stocks, participatory certificates, preferred stocks and warrants) of companies operating principally in emerging market countries. The Fund considers a company to be operating principally in an emerging market country if: (i) its securities are primarily listed on the trading market of an emerging market country; (ii) the company is incorporated or has its principal business activities in an emerging market country; (iii) the company derives 50% or more of its revenues from, or has 50% or more of its assets in, an emerging market country; or (iv) its securities are included in the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index. The Fund considers a country to be an emerging market country if: (a) it has been determined by an international organization, such as the World Bank, to have a low to middle income economy; (b) it is not included in the MSCI World Index, which measures the equity market performance of developed markets; or (c) it is represented in the MSCI Emerging Markets Index.

The Fund’s investments in equity securities may include depositary receipts. The Fund’s investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts (“ADRs”, “EDRs”, “CDRs” and “GDRs”, respectively). ADRs and CDRs are receipts that represent interests in foreign securities held on deposit by U.S. and Canadian banks or trust companies, respectively. EDRs and GDRs have the same qualities as ADRs, although they may be traded in several international trading markets. The Fund may also use participation certificates issued by foreign banks or brokers evidencing ownership of underlying stock issued by a foreign company. Participation certificates are used by foreign investors to access local markets and to gain exposure to, primarily, equity securities of issuers listed on a local exchange.

The Fund generally invests in a variety of countries and sectors; however, from time to time the Fund may invest a significant portion of its assets in certain emerging market countries or geographic regions, including China and India, and/or one or more sectors. The Fund may invest in issuers with market capitalizations of any size. In addition, the Fund may invest up to 20% of its assets in cash or its investment equivalent.

In selecting the Fund’s investments, Sunbridge Capital Partners LLC (the “Advisor”), the Fund’s advisor, first employs a proprietary macro analytical process focused on long-term growth opportunities in emerging market countries through identifying attractive investment themes in emerging markets. In selecting specific companies for the Fund’s portfolio, the Advisor uses quantitative and fundamental analysis to identify individual companies that the Advisor believes meet the Fund’s investment objective. Specifically, the Advisor seeks to invest in companies that are believed to be well managed, with consumer driven demand and above average revenue and earnings growth potential, have a unique or improving market position and possess competitive advantages.

On July 9, 2021, the Fund acquired all of the assets, subject to the liabilities, of the Fiera Capital Emerging Markets Fund (the “Predecessor Fund”). In the reorganization, the Predecessor Fund transferred the ownership of its wholly owned collective investment vehicle (the “Mauritius Subsidiary”), which is registered with and regulated by the Mauritius Financial Services Commission, to the Fund. The Mauritius Subsidiary is registered as a Foreign Portfolio Investor (“FPI”) in India and makes investments in Indian securities. Following an extensive due diligence process and cost benefit analysis, the Advisor decided to terminate the Mauritius Subsidiary, as the Fund no longer receives benefits under the income tax treaty between Mauritius and India in connection with its investments in Indian securities through the Mauritius Subsidiary. As of January 2022, the Fund’s investments in Indian securities are held directly by the Fund rather than through the Mauritius Subsidiary. The Advisor has begun the deregistration process for the Mauritius Subsidiary, and it is expected to be completed by the end of 2022.