GaveKal Capital Surpasses $300 Million in Assets Under Management

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DENVER--(BUSINESS WIRE)--

GaveKal Capital announced today that it has surpassed $300 million in assets under management. The firm announced in January that assets had surpassed $200 million.

Founded in 2008, GaveKal Capital manages the Platform Company Strategy family of products, including the GaveKal Platform Company Fund GAVAX GAVIX, the GaveKal Platform Company UCITS Fund (BLOOMBERG: GAVPLAT ID Equity ISIN: IE00B1DS1042) and separate accounts.

The GaveKal Platform Company Fund ranked in the top one percent of 3,666 funds for total return in Morningstar's International Stock asset class for the 1-year period ending December 31, 2011.

For the year ending December 31, 2011, the GaveKal Platform Company Fund institutional-class (GAVIX) shares posted a return of 7.64 percent, which was 13.18 percent higher than its benchmark, the MSCI World Index, which closed the year at -5.54 percent. Over the same period, advisor-class (GAVAX) shares posted a return of 7.17 percent, 12.71 percent higher than the benchmark MSCI World Index.

As of December 31, 2011, the since-inception annualized total return for the GaveKal Platform Company Fund Advisor Class was 6.02 percent, and Institutional Class was 6.39 percent. The MSCI World Index's since-inception annualized total return as of December 31, 2011, was 2.32 percent. The total annual operating expenses of the Fund are 13.39 percent and 13.14 percent and net expenses* are 1.50 percent and 1.25 percent for the Advisor and Institutional Classes respectively. The inception date for the GaveKal Platform Company Fund is September 30, 2010.

The performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month end, please call 888.998.9890 or visit our website at www.gavekalfunds.com. A redemption fee of 2 percent will be imposed on redemptions or exchanges of shares you have owned for 90 days or less. Please see the prospectus for more information.

Platform Company Strategy

GaveKal Capital's Platform Company Strategy products are long-only global equity funds with the aim to outperform the MSCI World Index with lower volatility. The Platform Company Strategy targets “platform companies,” those companies in the developed world that GaveKal identifies as tapping a deep reservoir of intangible capital to generate earnings growth.

Platform companies employ intellectual property, or knowledge, into their products and services, unlike most companies that simply produce commodities or other raw materials. They often possess competitive advantages such as a strong brand, proprietary knowledge or a unique distribution mechanism. GaveKal has developed a proprietary process that seeks to identify companies with histories of demonstrating superior operating results through intelligent application of their knowledge. The investment team has combined more than 16 years of institutional knowledge, advanced technology platforms and thousands of development hours to design the intellectual property behind its process. For detailed information on GaveKal's platform company strategy please visit www.gavekalcapital.com.

About Morningstar Ranking

The Morningstar International Stock Funds category ranking cited above is based on full calendar-year performance of the fund's total return compared to 3,666 funds in the asset class through December 31, 2011. Total return does not include sales charges but does account for expenses. Total return measures the increase or decrease of an investment in a fund as a percentage of that initial investment. Total return is determined by taking the change in price, reinvesting, if applicable, all income and capital gains distributions during the period, and dividing by the starting price. Total returns for periods longer than one year are annualized. Total return data is updated daily.

About GaveKal Capital

GaveKal Capital is the U.S. money management affiliate of GaveKal Research Ltd., a leading Hong Kong-based independent research boutique. GaveKal Research offers institutional investors insights on global economic events, financial markets and asset allocation. GaveKal's publications seek to offer investors an efficient way to stay on the path of challenging ideas and new concepts necessary in the ever-evolving investment environment. GaveKal has headquarters in Hong Kong and offices in Paris, Denver and Beijing.

Please consider the fund's investment objectives, risks, charges and expenses before investing. The prospectus, or summary prospectus, that contains this and other information about the fund, is available by calling 888.998.9890 and should be read carefully prior to investing.

*The Fund's advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 1.50% and 1.25% of average daily net assets for Advisor Class and Institutional Class Shares, respectively. This agreement is in effect until December 31, 2012, and it may be terminated before that date only by the Trust's Board of Trustees. The Fund's advisor is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid for three years from the date of any such waiver or payment.

The value of the securities held by the fund will change due to general market and economic market conditions and industry perceptions. Investments in non-U.S. issuers may involve unique risks. Currency fluctuation, adverse political, economic or social developments could undermine the value of the fund's investments. The securities of mid-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

The GaveKal Platform Company Fund is distributed by Grand Distribution Services, LLC.

GaveKal Capital
Shawn Paulk, Head of Distribution
303.763.1814
980.226.0001
spaulk@gavekal-usa.com

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