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.

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

**Closed to all investors, except for certain exceptions for participants in certain qualified retirement plans with an existing position and direct shareholders with existing accounts who may purchase up to the amount of the current IRA catch up limit per year in additional shares, regardless of account type.

Diversification does not eliminate the risk of experiencing investment loss.

1The MSCI Emerging Markets SMID Cap Index is designed to measure the equity market performance of small and mid-cap companies across emerging markets. You cannot invest directly in these or any indices.

2The MSCI Emerging Markets IMI index is designed to measure the equity market performance of large, mid, and small-cap companies across emerging markets. You cannot invest directly in these or any indices.

3The MSCI ACWI Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally. You cannot invest directly in these or any indices.

4The MSCI World Micro Cap Index is designed to measure the equity market performance of micro-cap companies across developed markets globally.  It does not include emerging markets. You cannot invest directly in these or any indices.

5The MSCI ACWI IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across developed and emerging markets globally. You cannot invest directly in these or any indices.

6The MSCI ACWI Mid Cap Index is designed to measure the equity market performance of mid-cap companies across developed and emerging markets globally. You cannot invest directly in these or any indices.

7The MSCI ACWI ex USA Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally, excluding the United States. You cannot invest directly in these or any indices.

8The MSCI ACWI ex USA IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across developed and emerging markets globally, excluding the United States. You cannot invest directly in these or any indices.

9The MSCI ACWI ex USA Mid Cap Index is designed to measure the equity market performance of mid-cap companies across developed and emerging markets globally, excluding the United States. You cannot invest directly in these or any indices.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products.