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 / - Net, GPEIX: - Gross / - Net

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

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

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

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

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

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

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 Russell Emerging Markets Small Cap Index is designed to measure the equity market performance of small-cap companies across emerging markets. You cannot invest directly in these or any indices.

3The 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.

4The 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.

5The Russell Global 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.

6The 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.

7The 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.

8The 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.

9The Russell Global SMid Cap Index is designed to measure the equity market performance of small and mid-cap companies across developed and emerging markets globally. You cannot invest directly in these or any indices.

10The 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.

11The Russell Global ex-U.S. 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.

12The 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.

13The 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.

14The 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.

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.