p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zmIQrnM89Oxh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"The Global Mini Mites Fund primarily invests in equity securities of micro-cap companies, which the Global Mini Mites Fund defines as companies that have a market capitalization (defined as shares outstanding multiplied by the current market price) of $250 million or less at the time of the Global Mini Mites Fund’s investment. Equity securities include common stocks (including indirect holdings of common stock through depositary receipts), as well as other equity securities such as preferred stocks and convertible securities. Micro-cap companies may be engaged in new and emerging industries. Microcap companies are generally not well-known to investors and have less of an investor following than larger companies./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"The Global Mini Mites Fund invests in domestic and foreign issuers. The Global Mini Mites Fund may invest in companies located in developed or emerging markets as well as in non-equity securities, such as corporate bonds or other debt securities or financial instruments, including foreign debt securities./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"The Adviser’s investment philosophy with respect to buying and selling equity securities is to identify assets that are selling in the public market at a discount to their private market value (“PMV”), and the Global Mini Mites Fund focuses on micro-cap companies that appear to be underpriced relative to their PMV. PMV is the value the Adviser believes informed purchasers would be willing to pay to acquire a company or other assets with similar characteristics. The Adviser considers factors such as price, earnings expectations, earnings and price histories, balance sheet characteristics, and perceived management skills. The Adviser also considers changes in economic and political outlooks as well as individual corporate developments. Further, the Adviser looks for catalysts, factors indigenous to the company, its industry or geographic positioning that may surface additional value, including, but not limited to, industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"Additionally, the Adviser may also consider the securities of companies that appear to have favorable yet undervalued prospects for earnings growth and price appreciation. In this regard, the Adviser may invest the Global Mini Mites Fund’s assets in companies that it believes have above average or expanding market shares, profit margins, and returns on equity. In evaluating growth prospects, the Adviser uses fundamental security analysis to develop earnings forecasts for companies and to identify investment opportunities. The Adviser bases its analysis on general economic and industry data provided by the U.S. Government, various trade associations and other sources, and published corporate financial data such as annual reports and quarterly statements as well as direct interviews with company management. When applying a growth strategy, the Adviser seeks to invest in companies with high future earnings potential relative to their current market valuations./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"The Adviser expects to seek to sell investments that lose their perceived value relative to other investments, which could occur because of, among other things, a security reaching a predetermined price target, a change to a company’s fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Global Mini Mites Fund./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"The Global Mini Mites Fund may invest in non-U.S. equity securities through depositary receipts, including American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments, which are generally subject to risks associated with equity securities and investments in foreign (non-U.S.) securities. ADRs are receipts issued by U.S. banks/span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,72,112)"or trust companies in respect of securities of foreign issuers held on deposit for use in the U.S. securities markets. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts issued in Europe, typically by non-U.S. banks and trust companies, that evidence ownership of either non-U.S. or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an international basis. ADRs are usually denominated in U.S. dollars and dividends and other payments from the issuer are converted by the custodian into U.S. dollars before payment to receipt holders. In most other respects, ADRs, EDRs and GDRs for foreign securities have the same characteristics as the underlying securities./span/p