Grandeur Peak Funds Outperform: Funds Beat Their Benchmark for First Six Months

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Grandeur Peak Global Advisors announced that the Grandeur Peak Funds, which were launched October 17, 2011, outperformed their respective benchmarks for their fiscal period ending April 30th.

Robert Gardiner, CEO, Grandeur Peak Global Advisors

The most important step we took in 2011 was to found an enduring investment firm with a strong foundation, skilled team, and repeatable process focused on bringing a truly global view to investing.

Grandeur Peak Global Advisors announced that the Grandeur Peak Funds, which were launched October 17, 2011, outperformed their respective benchmarks for their fiscal period ending April 30th.

The cumulative returns of the Investor share class from inception* through 3/31/12 were:

15.50%    Grandeur Peak Global Opportunities
13.39%    Russell Global Small Cap Index

13.50%    Grandeur Peak International Opportunities    
9.26%    Russell Global Ex U.S. Small Cap Index

The cumulative returns of the Investor share class from inception* through 4/30/12 were:

15.50%    Grandeur Peak Global Opportunities
12.02%    Russell Global Small Cap Index

14.50%    Grandeur Peak International Opportunities    
8.15%    Russell Global Ex U.S. Small Cap Index

*Inception date of 10/17/11.

The Grandeur Peak Funds are new and have limited performance history. The recent growth rate in the stock market has helped to produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

Data shows past performance, which is not indicative of future performance. Current performance may be lower or higher than the data quoted. To obtain the most recent month-end performance data available, please visit http://www.grandeurpeakglobal.com. The Advisor may absorb certain Fund expenses, without which total return would have been lower. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Total Expense Ratio: Gross 2.35% / Net 1.75% for Investor Class Shares. The Advisor has contractually agreed to limit certain expenses to 1.75% for Investor Class Shares through at least 8/31/2013. See the prospectus for additional information regarding Fund expenses.

Grandeur Peak Funds will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. For more complete information including charges, risks and expenses, read the prospectus carefully.

Said Grandeur Peak CEO and Portfolio Manager Robert Gardiner, “Some of the seeds we planted in 2011 took hold nicely in the first several months of 2012 and we are pleased with the performance of the Grandeur Peak funds since their inception last October—although this feels a bit like claiming to be near the front of the pack after the first 100 yards of a marathon. “

Mr. Gardiner continued, “We think of investing like running a marathon. It’s a long-term effort. We are in a hurry to do well for our clients, but not too big of a hurry. It’s important that we do things carefully and methodically, that we pace ourselves and keep an eye on the long run. The most important step we took in 2011 was to found an enduring investment firm with a strong foundation, skilled team, and repeatable process focused on bringing a truly global view to investing.”

With the recent market retreat, firm Chief Investment Officer and Portfolio Manager, Blake Walker, noted “In May the equity markets have given back a good portion of this year’s gains. Market volatility is a two-edged sword. It clearly causes stress to investors, but it also can create good opportunities for us to purchase or increase our positions in our favorite companies at more attractive prices. With our long-term focus we actually like some short-term volatility because of the inefficiencies it creates.”

About Grandeur Peak Global Advisors
Grandeur Peak Global Advisors is comprised of a highly seasoned and collaborative research team taking a bottom-up approach to investing using disciplined global screening, rigorous company due diligence, and close attention to valuation to find what we believe to be the best investment opportunities around the world. Our bias is towards small and micro cap companies because we believe we can find faster growth among these firms, and often at better valuations due to the lack of analyst coverage. Grandeur Peak Global Advisors, LLC is an employee-owned investment adviser headquartered in Salt Lake City, Utah and registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.

The objective of both the Grandeur Peak Global Opportunities Fund and the Grandeur Peak International Opportunities Fund is long-term growth of capital.

RISKS:
Mutual fund investing involves risks and loss of principal is possible. Investing in small and micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.

Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investments in emerging markets are subject to the same risks as other foreign securities and may be subject to greater risks than investments in foreign countries with more established economies and securities markets.

An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus, containing this and other information, visit http://www.grandeurpeakglobal.com or call 1-855-377-PEAK (7325). Please read it carefully before investing.

The Russell Global Small Cap Index offers investors access to the small-cap segment of the global equity universe. It is constructed to provide a comprehensive and unbiased barometer for the small-cap segment and is completely reconstituted annually to accurately reflect the changes in the market over time. The Russell Global ex-U.S. Small Cap Index measures the performance of the small-cap segment of the global equity universe, excluding companies assigned to the United States. You cannot invest directly in these or any indices.

CFA® is a trademark owned by CFA Institute.

Grandeur Peak Funds are distributed by ALPS Distributors, Inc (“ADI”). Eric Huefner is a registered representative of ADI.

GPG000154 7/31/2012

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