Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For the most current month-end performance data please visit www.grandeurpeakglobal.com.

*Closed to all investors, except existing investors with an established automatic investment plan and/or an established position in a retirement account.

**Closed to new investors. Existing investors in the fund may purchase additional shares.

Diversification does not eliminate the risk of experiencing investment loss.

Grandeur Peak Emerging Markets Opportunities Fund (GPEOX/GPEIX) - Inception date of 12/16/2013
Expense ratios as of prospectus dated - are: GPEOX: - Gross GPEOX: - Net / GPEIX: - Gross GPEIX: - Net

Grandeur Peak Global Micro Cap Fund (GPMCX) - Inception date of 10/20/2015
Expense ratios as of prospectus dated - are: GPMCX: - Gross GPMCX: - Net

Grandeur Peak Global Opportunities Fund (GPGOX/GPGIX) - Inception date of 10/17/2011
Expense ratios as of prospectus dated - are: GPGOX: - Gross GPGOX: - Net / GPGIX: - Gross GPGIX: - Net

Grandeur Peak Global Reach Fund (GPROX/GPRIX) - Inception date of 06/19/2013
Expense ratios as of prospectus dated - are: GPROX: - Gross GPROX: - Net / GPRIX: - Gross GPRIX: - Net

Grandeur Peak Global Stalwarts Fund (GGSOX/GGSYX) - Inception date of 09/01/2015
Expense ratios as of prospectus dated - are: GGSOX: - Gross GGSOX: - Net / GGSYX: - Gross GGSYX: - Net

Grandeur Peak International Opportunities Fund (GPIOX/GPIIX) - Inception date of 10/17/2011
Expense ratios as of prospectus dated - are: GPIOX: - Gross GPIOX: - Net / GPIIX: - Gross GPIIX: - Net

Grandeur Peak International Stalwarts Fund (GISOX/GISYX) - Inception date of 09/01/2015
Expense ratios as of prospectus dated - are: GISOX: - Gross GISOX: - Net / GISYX: - Gross GISYX: - Net

1The Russell Emerging Markets Small Cap Index TR is an unmanaged index designed to measure the performance of small capitalization securities in emerging markets. You cannot invest directly in these or any indices.

2The Russell Global Small Cap Index and the Russell Global Index are unmanaged indices designed to measure the performance of small capitalization securities and all capitalization securities respectively, including reinvestment of all dividends, of issuers located in countries throughout the world representing developed and emerging markets. You cannot invest directly in these or any indices.

3The Russell Global SMid Cap Index TR is an unmanaged indice designed to measure the performance of small- and mid-cap (SMid) securities and all capitalization securities respectively of issuers located in countries throughout the world representing developed and emerging markets.

4The Russell Global ex-U.S. Small Cap Index TR is an unmanaged index designed to measure the performance of small capitalization securities outside of the U.S. You cannot invest directly in these or any indices.

5The Russell Global ex-U.S. SMid Cap Index TR is an unmanaged index constructed to provide a comprehensive and unbiased barometer for the small- and mid-cap (SMid) segments excluding companies assigned to the United States. The Russell Global ex-U.S. SMid Cap Index TR is reconstituted annually to accurately reflect the changes in the market over time. You cannot invest directly in these or any indices.