# EDGAR Filing Document

**Accession Number:** 0001965454
**File Stem:** 0001580642-25-005588
**Filing Date:** 2025-8
**Character Count:** 834741
**Document Hash:** d35f471374183c6d63f569ec0a9f79c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005588.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001580642-25-005588

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 42

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250901

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Grandeur Peak Global Trust
- **CENTRAL INDEX KEY:** 0001965454

**ORGANIZATION NAME:**
- **EIN:** 922196433
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23852
- **FILM NUMBER:** 251271739

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2688

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Grandeur Peak Global Trust
- **CENTRAL INDEX KEY:** 0001965454

**ORGANIZATION NAME:**
- **EIN:** 922196433
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269914
- **FILM NUMBER:** 251271738

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2688

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Grandeur Peak Emerging Markets Opportunities Fund (Series ID: S000080366)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242719 | Investor Class      | GPEOX           |
| C000242720 | Institutional Class | GPEIX           |

### Grandeur Peak US Stalwarts Fund (Series ID: S000080367)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242721 | Institutional Class | GUSYX           |

### Grandeur Peak Global Contrarian Fund (Series ID: S000080368)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242722 | Institutional Class | GPGCX           |

### Grandeur Peak Global Explorer Fund (Series ID: S000080369)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242723 | Institutional Class | GPGEX           |

### Grandeur Peak Global Micro Cap Fund (Series ID: S000080370)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242724 | Institutional Class | GPMCX           |

### Grandeur Peak Global Opportunities Fund (Series ID: S000080371)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242725 | Institutional Class | GPGIX           |
| C000242726 | Investor Class      | GPGOX           |

### Grandeur Peak Global Reach Fund (Series ID: S000080372)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242727 | Institutional Class | GPRIX           |
| C000242728 | Investor Class      | GPROX           |

### Grandeur Peak Global Stalwarts Fund (Series ID: S000080373)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242729 | Investor Class      | GGSOX           |
| C000242730 | Institutional Class | GGSYX           |

### Grandeur Peak International Opportunities Fund (Series ID: S000080374)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242731 | Institutional Class | GPIIX           |
| C000242732 | Investor Class      | GPIOX           |

### Grandeur Peak International Stalwarts Fund (Series ID: S000080375)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242733 | Institutional Class | GISYX           |
| C000242734 | Investor Class      | GISOX           |

### Grandeur Peak International Contrarian Fund (Series ID: S000092965)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000261018 | Institutional Class | GPICX           |

?xml version='1.0' encoding='ASCII'?

Securities Act Registration No. 333-269914

Investment Company Act Registration No. 811-23852

As filed with the Securities and Exchange Commission on August 28, 2025

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒

☐ Pre-Effective Amendment No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Post-Effective Amendment No. 4

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Amendment No. 5

(Check appropriate box or boxes.)

**GRANDEUR PEAK GLOBAL TRUST**

(Exact Name of Registrant as Specified in Charter)

**225 Pictoria Drive, Suite 450, Cincinnati, OH 45246**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: **(631) 490-4300**

**The Corporation Trust Company**

**1209 Orange Street**

**Wilmington, DE 19801**

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser, Esq. Thompson Hine LLP 41 South High Street, Suite 1700 Columbus, Ohio 43215 (614) 469-3265 (phone) (614) 469-3361 (fax) <u> Brian Curley Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 (631) 470-2720</u>

Approximate date of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

---

| | |
|:---|:---|
| ◻ | Immediately upon filing pursuant to paragraph (b) |
| ☒ | On <u>September 1, 2025</u> pursuant to paragraph (b) |
| ◻ | 60 days after filing pursuant to paragraph (a)(1) |
| ◻ | On (date) pursuant to paragraph (a)(1) |
| ◻ | 75 days after filing pursuant to paragraph (a)(2) |
| ◻ | On (date) pursuant to paragraph (a)(2) of Rule 485. |

---

If appropriate, check the following box:

◻ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**Grandeur Peak Global Trust**

**PROSPECTUS**

September 1, 2025

---

| | |
|:---|:---|
| Grandeur Peak Emerging Markets Opportunities Fund | Investor Class GPEOX/Institutional Class GPEIX |
| Grandeur Peak Global Contrarian Fund | Institutional Class GPGCX |
| Grandeur Peak Global Explorer Fund | Institutional Class GPGEX |
| Grandeur Peak Global Micro Cap Fund | Institutional Class GPMCX |
| Grandeur Peak Global Opportunities Fund | Investor Class GPGOX/Institutional Class GPGIX |
| Grandeur Peak Global Reach Fund | Investor Class GPROX/Institutional Class GPRIX |
| Grandeur Peak Global Stalwarts Fund | Investor Class GGSOX/Institutional Class GGSYX |
| Grandeur Peak International Contrarian Fund\* | Institutional Class GICYX |
| Grandeur Peak International Opportunities Fund | Investor Class GPIOX/Institutional Class GPIIX |
| Grandeur Peak International Stalwarts Fund | Investor Class GISOX/Institutional Class GISYX |
| Grandeur Peak US Stalwarts Fund | Institutional Class GUSYX |

---

\* Fund not yet operational as of September 1, 2025

*As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.*

---

| | |
|:---|:---|
| Summary Sections | 1 |
| Grandeur Peak Emerging Markets Opportunities Fund | 1 |
| Grandeur Peak Global Contrarian Fund | 8 |
| Grandeur Peak Global Explorer Fund | 15 |
| Grandeur Peak Global Micro Cap Fund | 22 |
| Grandeur Peak Global Opportunities Fund | 29 |
| Grandeur Peak Global Reach Fund | 36 |
| Grandeur Peak Global Stalwarts Fund | 43 |
| Grandeur Peak International Contrarian Fund | 50 |
| Grandeur Peak International Opportunities Fund | 56 |
| Grandeur Peak International Stalwarts Fund | 63 |
| Grandeur Peak US Stalwarts Fund | 70 |
| Investment Objectives and Principal Strategies | 76 |
| More on Each Fund's Investments and Related Risks | 84 |
| Management | 92 |
| The Portfolio Managers | 96 |
| Administrator, Transfer Agent and Distributor | 102 |
| Buying, Exchanging and Redeeming Shares | 102 |
| Share Transactions | 111 |
| Dividends and Distributions | 114 |
| Federal Income Taxes | 115 |
| Financial Highlights | 118 |
| Additional Information About Each Fund | Back Cover |

---

i

**<u>SUMMARY SECTION</u>**

**Grandeur Peak Emerging Markets Opportunities Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Investor<br>Shares** | **Institutional <br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% | 2.00% |

---

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | | |
| Management Fees | 1.35% | 1.35% |
| Distribution and service (12b-1) fees | 0.25% | 0.00% |
| Other Expenses | 0.20% | 0.20% |
| Total Annual Fund Operating Expenses | 1.80% | 1.55% |

---

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor Shares | $183 | $566 | $975 | $2116 |
| Institutional Shares | $158 | $490 | $845 | $1845 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. During the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 25% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in micro- to mid-cap companies (as further described below) that are economically tied to emerging or frontier markets. Under normal market conditions, the Adviser invests at least 80% of the Fund's assets in equity securities of such companies.

The Fund also typically invests in securities issued by companies economically tied to each of at least three emerging or frontier markets. The Fund invests the Fund's assets primarily in companies with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest a significant portion of its total assets in micro-cap companies with market capitalizations below $1.5 billion (up to 90% at the time of purchase under normal market conditions).

The Fund may also invest a portion of its total assets (up to 50% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet the Adviser's investment criteria.

The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. Emerging and frontier markets include all countries excluded from the MSCI World Index of developed countries.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied, and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies with limited or no earnings history and in Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Micro-Cap Company Stock Risk.** The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

*India.* The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers in India. Because of the Fund's exposure to Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets. Uncertainty regarding inflation and currency exchange rates, fiscal policy, credit ratings and the possibility that future harmful political actions will be taken by the Indian government, could negatively impact the Indian economy and securities markets, and thus adversely affect the Fund's performance.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Consumer Discretionary Sector Risk.* The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

*Consumer Staples Sector Risk*. The consumer staples sector may be affected by the regulation of various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.

*Technology Sector Risk*. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments, at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. A Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart below depicts the change in the performance of the Fund's Institutional Shares from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund's average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_001.jpg)

---

| | |
|:---|:---|
| Best Quarter – June 30, 2020 | 29.37% |
| Worst Quarter – March 31, 2020 | -23.00% |

---

As of June 30, 2025, the year-to-date return on the Fund's Institutional Class shares was 9.69%.

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ***Institutional Class*** | | | |
| Return Before Taxes | -8.62% | 2.03% | 3.53% |
| Return After Taxes on Distributions | -8.24% | 1.41% | 3.07% |
| Return After Taxes on Distributions and Sale of Fund Shares | -3.93% | 1.92% | 2.93% |
| ***Investor Class*** |  |  |  |
| Return Before Taxes | -8.93% | 1.78% | 3.29% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |  |
| *MSCI EM SMID Cap Index (Net)<sup>\*\*</sup>* | 3.18% | 5.42% | 4.42% |
| *MSCI EM IMI Index (Net)<sup>\*\*</sup>* | 7.09% | 2.51% | 3.90% |

---

\* The MSCI EM IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI EM SMID Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Lead Portfolio Managers: Blake Walker and Liping Cai, since inception of the Fund, and Juliette Douglas, since January 2025. Mr. Walker was a lead portfolio manager of the Predecessor Fund from its inception in 2013. Ms. Cai was a portfolio manager of the Predecessor Fund from 2018.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers two classes of shares, Investor Class and Institutional Class shares. The minimum initial investment for both share classes is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent minimum investment amount for either share class.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or Section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan will be subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak Global Contrarian Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | |
|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Institutional <br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% |

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| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees | 1.00% |
| Distribution and service (12b-1) fees | 0.00% |
| Other Expenses | 0.19% |
| Total Annual Fund Operating Expenses | 1.19% |

---

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Institutional Shares | $121 | $378 | $654 | $1443 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 76% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in foreign and domestic small- and micro-cap companies. Under normal market conditions, the Grandeur Peak Global Advisers, LLC (the "Adviser") invests the Fund's assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase.

The Fund primarily invests in companies which the Adviser believes are trading at particularly attractive valuations relative to their long-term potential. The companies typically fall into one of these categories at the time or purchase:

● "Core Contrarian"—what the Adviser believes to be best-in-class growth companies, but which are part of a currently out-of-favor industry, sector, or geography.

● "Fallen Angels"—high quality growth companies that the Adviser believes have hit a temporary setback relative to their long-term growth potential.

● "Undiscovered Gems"—smaller growth companies that the Adviser believes are undervalued because they are lesser known, have high product or client concentration, or are otherwise not well understood yet by the market.

The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to multiple countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify value-based investment opportunities. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied, and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in companies that do not fit into one of these three categories, but which the Adviser believes are trading at attractive valuations with potential returns consistent with the objective of the Fund. The Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the most attractive investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best long-term opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-

related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse, or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Financials Sector Risk.* Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Micro-Cap Company Stock Risk.** The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments, at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out

on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart below depicts the change in the Predecessor Fund's performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_002.jpg)

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| | |
|:---|:---|
| Best Quarter – December 31, 2020 | 26.01% |
| Worst Quarter – March 31, 2020 | -29.19% |

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As of June 30, 2025, the year-to-date return of the Fund's Institutional Class shares was 10.95%.

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception <br>(September 17, 2019)** |
| ***Institutional Class*** | | | |
| Return Before Taxes | 14.93% | 12.28% | 13.53% |
| Return After Taxes on Distributions | 12.56% | 11.02% | 12.31% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.62% | 9.45% | 10.53% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |  |
| *MSCI ACWI Small Cap Index (Net)<sup>\*\*</sup>* | 7.66% | 6.68% | 7.86% |
| *MSCI ACWI IMI Index (Net)<sup>\*\*</sup>* | 16.37% | 9.67% | 10.70% |

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\* The MSCI ACWI IMI Index is considered the primary index to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Lead Portfolio Managers: Blake Walker, since February 2025; Robert Gardiner and Dane Nielson, since September 2025. Mr. Gardiner served previously as a portfolio manager to the Predecessor Fund from the Fund's inception in 2019 to 2022.

Guardian Portfolio Manager: Spencer Hackett, since inception of the Fund. Mr. Hackett was a guardian portfolio manager of the Predecessor Fund from 2022.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers Institutional Class shares. The minimum initial investment is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent minimum investment amount.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions will be taxed as ordinary income, capital gains or qualified dividend income or Section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan will be subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak Global Explorer Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | |
|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Institutional<br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% |

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| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees<sup>(1)</sup> | 0.80% |
| Distribution and service (12b-1) fees | 0.00% |
| Other Expenses | 0.93% |
| Total Annual Fund Operating Expenses | 1.73% |
| Fee Waiver and Expense Reimbursement<sup>(2)</sup> | (0.63)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 1.10% |

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*<sup>(1)</sup>* *Expense information has been restated to reflect current fees.*

*<sup>(2)</sup>* *Grandeur Peak Global Advisors, LLC (the "Adviser"), has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs, taxes, and extraordinary expenses such as litigation expenses) to 1.10% of the Fund's average daily net assets for the Fund's Institutional Class Shares. This agreement (the "Expense Agreement") is in effect through September 1, 2026. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2026, except with the approval of the Trust's Board of Trustees.*

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example reflects the net operating expenses with expense waivers through the current term of the Expense Agreement, which ends on September 1, 2026. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Institutional Shares | $112 | $418 | $817 | $1933 |

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**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 50% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in foreign and domestic companies. Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of companies with market capitalizations of less than $5 billion at the time of purchase.

The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to countries outside the United States, which includes emerging and frontier market economies. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes to be among the "best-in-class" in their global peer group. This fundamental analysis generally includes a comparative study of the company and its peers, including the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied, and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback (for example, announced an unexpected expense or delayed contract, missed sales targets for the quarter, or experienced an unplanned management change, etc.), and therefore have a particularly appealing valuation relative to their long-term growth potential. The Fund may also invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the most attractive investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best long-term opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be

possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Technology Sector Risk*. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks

that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart below depicts the change in the Predecessor Fund's performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_003.jpg)

---

| | |
|:---|:---|
| Best Quarter – December 31, 2023 | 14.13% |
| Worst Quarter – June 30, 2022 | -19.50% |

---

As of June 30, 2025, the year-to-date return of the Fund's Institutional Class shares was 8.79%.

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception <br>(December 16, 2021)** |
| ***Institutional Class*** | | |
| Return Before Taxes | -0.85% | -6.61% |
| Return After Taxes on Distributions | -0.98% | -6.71% |
| Return After Taxes on Distributions and Sale of Fund Shares | -0.17% | -4.91% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |
| *MSCI ACWI Small-Cap Index (Net)<sup>\*\*</sup>* | 7.66% | 1.92% |
| *MSCI ACWI Mid Cap Index (Net)*<sup>\*\*</sup> | 9.49% | 1.71% |
| *MSCI ACWI IMI Index (Net)<sup>\*\*</sup>* | 16.37% | 5.56% |

---

\* The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Portfolio Managers: Ben Gardiner since inception; Brad Barth, Phil Naylor, Tyler Glauser and Preston Williams since September 2025. Ben Gardiner was also a portfolio manager of the Predecessor Fund from its inception in 2021.

Guardian Portfolio Manager: Robert Gardiner since September 2025 and Amy Hu Sunderland since January 2024.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers Institutional Class shares. The minimum initial investment is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent minimum investment amount.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan are subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak Global Micro Cap Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | |
|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Institutional <br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees | 1.50% |
| Distribution and service (12b-1) fees | 0.00% |
| Other Expenses | 0.49% |
| Total Annual Fund Operating Expenses | 1.99% |
| Recoupment of Previously Waived Fees and Expense Reimbursements<sup>(1)</sup> | 0.01% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 2.00% |

---

*<sup>(1)</sup>* *Grandeur Peak Global Advisors, LLC (the "Adviser"), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs, taxes, and extraordinary expenses such as litigation expenses) to 2.00% of the Fund's average daily net assets for the Fund's Institutional Class Shares. This agreement (the "Expense Agreement") shall continue at least through September 1, 2026. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne the Expense Agreement to the extent that the Fund's expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2026, except with the approval of the Trust's Board of Trustees.*

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Institutional Shares | $202 | $625 | $1076 | $2326 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in

more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 33% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in foreign and domestic micro-cap companies.

Under normal market conditions, the Adviser invests at least 80% of the Fund's assets in equity securities of foreign and domestic companies with market capitalizations of less than $1.5 billion at the time of purchase.

The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) in securities issued by companies that are economically tied to countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country.

The Fund may invest a significant amount of its total assets in securities issued by companies economically tied to emerging and frontier market countries. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied, and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may invest in early-stage companies and Initial Public Offerings (IPOs). The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential.

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for

inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Micro-Cap Company Stock Risk.** The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

*Japan.* The Fund's performance may be influenced by political, social and economic factors affecting Japan. From the late 1990's, Japan's economic growth rate has remained relatively low compared to that of its Asian neighbors and other major developed economies. The economy is characterized by an aging demographic, a declining population, a large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, deregulation and consistent government policy. The Japanese economy is more dependent on international trade than the United States, and may be adversely affected by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. Japan has a growing economic relationship with China and other Southeast Asian countries, and economic, political or social instability in those countries, whether resulting from country, regional or global events, could have an adverse effect on Japan's economy. The Japanese yen has fluctuated widely at times, and any

material increase in its value may cause a decline in exports that could weaken the Japanese economy. Some of these factors, as well as other adverse political developments, increases in government debt, changes to fiscal, monetary or trade policies, and natural disasters, may affect Japanese markets and the Fund's performance.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Technology Sector Risk.* Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart below depicts the change in the Predecessor Fund's performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index and two supplemental indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_004.jpg)

---

| | |
|:---|:---|
| Best Quarter – June 30, 2020 | 37.61% |
| Worst Quarter – March 31, 2020 | -25.08% |

---

As of June 30, 2025, the year-to-date return of the Fund's Institutional Class shares was 12.20%.

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception <br>(October 21, 2015)** |
| ***Institutional Class*** | | | |
| Return Before Taxes | 3.22% | 7.28% | 8.40% |
| Return After Taxes on Distributions | 3.41% | 6.17% | 7.34% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.32% | 5.90% | 6.78% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |  |
| *MSCI World Micro Cap Index (Net)<sup>\*\*</sup>* | 5.71% | 4.50% | 6.30% |
| *MSCI ACWI Small-Cap Index (Net)*<sup>\*\*</sup> | 7.66% | 6.68% | 7.87% |
| *MSCI ACWI IMI Index (Net)<sup>\*\*</sup>* | 16.37% | 9.67% | 9.93% |

---

\* The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI World Micro Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Lead Portfolio Managers: Amy Hu Sunderland and Spencer Hackett, since inception of the Fund. Ms. Sunderland was a lead portfolio manager of the Predecessor Fund from its inception in 2015; Mr. Hackett was a lead portfolio manager of the Predecessor Fund from 2021.

Guardian Portfolio Manager: Robert Gardiner, since September 2025. Mr. Gardiner served previously as a portfolio manager to the Predecessor Fund from its inception in 2015 to 2022.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers one class of shares, Institutional Class shares. The minimum initial investment for Institutional Class shares is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent investment minimum for Institutional Class shares.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan are subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak Global Opportunities Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | | |
|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Investor<br>Shares** | **Institutional <br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% | 2.00% |

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| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | | |
| Management Fees | 1.25% | 1.25% |
| Distribution and service (12b-1) fees | 0.25% | 0.00% |
| Other Expenses | 0.11% | 0.11% |
| Total Annual Fund Operating Expenses | 1.61% | 1.36% |
| Fee Waiver and Expense Reimbursement<sup>(1)(2)</sup> | (0.02)% | (0.02)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 1.61% | 1.34% |

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| | |
|:---|:---|
| <sup>*(*</sup><sup>*1*</sup><sup>*)*</sup> | *Grandeur Peak Global Advisors, LLC (the "Adviser"), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs, taxes, and extraordinary expenses such as litigation expenses) to 1.75% and 1.50% of the Fund's average daily net assets for the Fund's Investor Class Shares and Institutional Class Shares, respectively. This agreement (the "Expense Agreement") shall continue at least through September 1, 2026. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne the Expense Agreement to the extent that the Fund's expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2026, except with the approval of the Trust's Board of Trustees.* |
| <sup>*(*</sup><sup>*2*</sup><sup>*)*</sup> | *As part of the Expense Agreement, the Adviser has agreed through at least September 1, 2026, to reduce annual management fees of 1.25% to 1.00% on assets of the Fund that exceed an average daily net asset level of $500 million. This waiver of management fees is not subject to recapture by the Adviser.* |

---

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example reflects the net operating expenses with expense waivers through the current term of the Expense Agreement, which ends on September 1, 2026. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor Shares | $162 | $504 | $872 | $1908 |
| Institutional Shares | $136 | $427 | $741 | $1631 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 44% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in foreign and domestic small- and micro-cap companies. Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase.

The Fund typically invests in securities issued by companies economically tied to at least three countries, including the United States. The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country.

The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies economically tied to emerging and frontier market countries. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied, and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Technology Sector Risk*. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

*Industrials Sector Risk.* The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Micro-Cap Company Stock Risk.** The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart below depicts the change in the performance of the Predecessor Fund's Institutional Class shares from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_005.jpg)

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| | |
|:---|:---|
| Best Quarter – June 30, 2020 | 37.50% |
| Worst Quarter – March 31, 2020 | -24.12% |

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As of June 30, 2025, the year-to-date return of the Fund's Institutional Class shares was 8.82%

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ***Institutional Class*** | | | |
| Return Before Taxes | -10.05% | 4.33% | 6.76% |
| Return After Taxes on Distributions | -10.34% | 2.97% | 5.33% |
| Return After Taxes on Distributions and Sale of Fund Shares | -5.57% | 3.69% | 5.43% |
| ***Investor Class*** |  |  |  |
| Return Before Taxes | -10.11% | 4.06% | 6.51% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |  |
| *MSCI ACWI Small Cap Index (Net)<sup>\*\*</sup>* | 7.66% | 6.68% | 7.26% |
| *MSCI ACWI IMI Index (Net)<sup>\*\*</sup>* | 16.37% | 9.67% | 9.00% |

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\* The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are only shown for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Lead Portfolio Managers: Blake Walker, since inception of the Fund; Robert Gardiner and Juliette Douglas, since September 2025. Mr. Walker was a lead portfolio manager of the Predecessor Fund from its inception in 2011. Mr. Robert Gardiner served previously as a portfolio manager of the Predecessor Fund from its inception in 2011to 2022.

Guardian Portfolio Manager: Amy Hu Sunderland and Ben Gardiner, since inception. Ms. Sunderland was a portfolio manager of the Predecessor Fund from 2014, and Mr. Ben Gardiner was a portfolio managers of the Predecessor Fund from 2021.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers two classes of shares, Investor Class and Institutional Class shares. The minimum initial investment for both share classes is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent minimum investment amount for either share class.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan are subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak Global Reach Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | | |
|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Investor<br>Shares** | **Institutional <br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% | 2.00% |

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| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | | |
| Management Fees | 1.10% | 1.10% |
| Distribution and service (12b-1) fees | 0.25% | 0.00% |
| Other Expenses | 0.18% | 0.18% |
| Total Annual Fund Operating Expenses | 1.53% | 1.28% |
| Fee Waiver and Expense Reimbursement<sup>(1)</sup> | (0.03)% | (0.03)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 1.50% | 1.25% |

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*<sup>(1)</sup>* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Grandeur Peak Global Advisors, LLC (the "Adviser"), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs, taxes, and extraordinary expenses such as litigation expenses) to 1.50% and 1.25% of the Fund's average daily net assets for the Fund's Investor Class Shares and Institutional Class Shares, respectively. This agreement (the "Expense Agreement") shall continue at least through September 1, 2026. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne the Expense Agreement to the extent that the Fund's expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2026, except with the approval of the Trust's Board of Trustees.*

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor Class | $153 | $477 | $828 | $1818 |
| Institutional Class | $127 | $400 | $696 | $1540 |

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**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 58% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in foreign and domestic small- and micro-cap companies. Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase. The Fund typically invests in securities issued by companies economically tied to at least ten countries, including the United States. The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country.

The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies economically tied to emerging and frontier market countries. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

*Technology Sector Risk.* Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**Micro-Cap Company Stock Risk.** The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart below depicts the change in the performance of the Predecessor Fund's Institutional Class shares from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website <u>www.grandeurpeakglobal.com</u> or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_006.jpg)

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| | |
|:---|:---|
| Best Quarter – June 30, 2020 | 34.12% |
| Worst Quarter – March 31, 2020 | -23.63% |

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As of June 30, 2025, the year-to-date return of the Fund's Institutional Class shares was 8.79%.

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ***Institutional Class*** | | | |
| Return Before Taxes | -0.65% | 4.98% | 6.97% |
| Return After Taxes on Distributions | -1.85% | 3.65% | 5.81% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.81% | 4.11% | 5.61% |
| ***Investor Class*** |  |  |  |
| Return Before Taxes | 0.91% | 4.72% | 6.70% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |  |
| *MSCI ACWI Small Cap Index (Net)<sup>\*\*</sup>* | 7.66% | 6.68% | 7.26% |
| *MSCI ACWI IMI Index (Net)<sup>\*\*</sup>* | 16.37% | 9.67% | 9.00% |

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\* The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Portfolio Managers: Brad Barth, Phil Naylor and Tyler Glauser, since inception of the Fund; Ben Gardiner, since January 2025, and Preston Williams, since September 2025. Mr. Barth was a portfolio manager of the Predecessor Fund, since 2016, and Messrs. Naylor and Glauser, from August 2021.

Guardian Portfolio Manager: Robert Gardiner and Amy Hu Sunderland, since September 2025. Ms. Sunderland was a portfolio manager of the Predecessor Fund from its inception in 2013. Mr. Robert Gardiner served previously as a guardian portfolio manager to the Predecessor Fund from its inception in 2013 to 2018.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers two classes of shares, Investor Class and Institutional Class shares. The minimum initial investment for both share classes is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent investment minimum for either share class.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail at c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan are subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak Global Stalwarts Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | | |
|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Investor<br>Shares** | **Institutional <br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% | 2.00% |

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---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | | |
| Management Fees | 0.80% | 0.80% |
| Distribution and service (12b-1) fees | 0.25% | 0.00% |
| Other Expenses | 0.32% | 0.31% |
| Total Annual Fund Operating Expenses | 1.37% | 1.11% |
| Fee Waiver and Expense Reimbursement<sup>(1)</sup> | (0.02)% | (0.01)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 1.35% | 1.10% |

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*<sup>(1)</sup>* *Grandeur Peak Global Advisors, LLC (the "Adviser"), has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs, taxes, and extraordinary expenses such as litigation expenses) to 1.35% and 1.10% of the Fund's average daily net assets for the Fund's Investor Class Shares and Institutional Class Shares, respectively. This agreement (the "Expense Agreement") is in effect through September 1, 2026. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2026, except with the approval of the Trust's Board of Trustees.*

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor Shares | $137 | $430 | $746 | $1643 |
| Institutional Shares | $112 | $351 | $610 | $1350 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 79% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in foreign and domestic companies.

Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities of foreign and domestic companies with market capitalizations of more than $1.5 billion at the time of purchase.

The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) in securities issued by companies that are economically tied to countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. The Fund may invest a significant amount of its total assets in securities issued by companies economically tied to emerging and frontier market countries. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies, when it is considered safe to do so, and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Technology Sector Risk.* Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

*Industrials Sector Risk.* The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart below depicts the change in the performance of the Predecessor Fund's Institutional Class shares from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index and two supplemental indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_007.jpg)

---

| | |
|:---|:---|
| Best Quarter – June 30, 2020 | 37.85% |
| Worst Quarter – June 30, 2022 | -23.33% |

---

As of June 30, 2025, the year-to-date return of the Fund's Institutional Class shares was 7.50%

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception <br>(September 1, 2015)** |
| ***Institutional Class*** | | | |
| Return Before Taxes | -4.36% | 3.05% | 7.53% |
| Return After Taxes on Distributions | -4.36% | 2.39% | 6.97% |
| Return After Taxes on Distributions and Sale of Fund Shares | -2.58% | 2.53% | 6.16% |
| ***Investor Class*** |  |  |  |
| Return Before Taxes | -4.60% | 2.78% | 7.26% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |  |
| *MSCI ACWI Mid Cap Index (Net)<sup>\*\*</sup>* | 9.49% | 6.58% | 8.05% |
| *MSCI ACWI Small Cap Index (Net)*<sup>\*\*</sup> | 7.66% | 6.68% | 8.21% |
| *MSCI ACWI IMI Index (Net)<sup>\*\*</sup>* | 16.37% | 9.67% | 10.38% |

---

\* The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Mid Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Lead Portfolio Managers: Randy Pearce and Brad Barth, since inception of the Fund. Mr. Pearce was a lead portfolio manager of the Predecessor Fund from its inception in 2015, and Mr. Barth from 2019.

Guardian Portfolio Manager: Phil Naylor, since inception of the Fund, and Robert Gardiner, since September 2025. Mr. Naylor was a guardian portfolio manager of the Predecessor Fund from 2022. Mr. Gardiner served previously as guardian portfolio manager to the Predecessor Fund from the Fund's inception in 2015 to 2022.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers two classes of shares, Investor Class and Institutional Class shares. The minimum initial investment for both share classes is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent investment minimum for either share class.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail at c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan will be subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak International Contrarian Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | |
|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Institutional<br> Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees | 1.00% |
| Distribution and service (12b-1) fees | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.53% |
| Total Annual Fund Operating Expenses | 1.53% |
| Fee Waiver and Expense Reimbursement<sup>(2)</sup> | (0.18)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 1.35% |

---

*<sup>(1)</sup>* *Estimated for the current year.*

*<sup>(2)</sup>* *Grandeur Peak Global Advisors, LLC (the "Adviser"), has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs, taxes, and extraordinary expenses such as litigation expenses) to 1.35% of the Fund's average daily net assets for the Fund's Institutional Class Shares. This agreement (the "Expense Agreement") is in effect through September 1, 2026. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2026, except with the approval of the Trust's Board of Trustees.*

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | |
|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** |
| Institutional Shares | $137 | $447 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in foreign small- and micro-cap companies. Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities of foreign companies with market capitalizations of less than $5 billion at the time of purchase.

The Fund primarily invests in companies which typically fall into one of these categories at the time or purchase:

● "Core Contrarian"—what the Adviser believes to be best-in-class growth companies, but which are part of a currently out-of-favor industry, sector, or geography.

● "Fallen Angels"—high quality growth companies that the Adviser believes have hit a temporary setback relative to their long-term growth potential.

● "Undiscovered Gems"—smaller growth companies that the Adviser believes are undervalued because they are lesser known, have high product or client concentration, or are otherwise not well understood yet by the market.

The Fund may also invest in companies that do not fit into one of these three categories, but which the Adviser believes are trading at attractive valuations with potential returns consistent with the objective of the Fund. The Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Fund invests a significant portion of its total assets (at least 80% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to a number of countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify value-based investment opportunities. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied, and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in companies that do not fit into one of these three categories, but which the Adviser believes are trading at attractive valuations with potential returns consistent with the objective of the Fund. The Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser directs the Fund to invest in what it believes to be the most attractive investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best long-term opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors (e.g., the financials sector or technology sector) or regions (e.g., Europe or Asia).

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse, or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such

investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Financials Sector Risk.* Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Micro-Cap Company Stock Risk.** The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments, at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Limited History of Operations Risk**. The Fund has only recently commenced operations and therefore has no history for investors to evaluate. There can be no assurance that the Fund will grow to or maintain an economically viable size.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

Because the Fund is not yet operational, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Updated performance will be available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK (7325).

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGER**

Lead Portfolio Managers: Blake Walker, Robert Gardiner and Dane Nielson since inception.

Guardian Portfolio Manager: Spencer Hackett, since inception.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers Institutional Class shares. The minimum initial investment is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent minimum investment amount.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK (7325) or by regular mail c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions will be taxed as ordinary income, capital gains or qualified dividend income or Section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan will be subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak International Opportunities Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE PORTFOLIO**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Investor<br>Shares** | **Institutional <br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% | 2.00% |

---

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | | |
| Management Fees | 1.25% | 1.25% |
| Distribution and service (12b-1) fees | 0.25% | 0.00% |
| Other Expenses | 0.13% | 0.13% |
| Total Annual Fund Operating Expenses | 1.63% | 1.38% |

---

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example reflects the net operating expenses with expense waivers through the current term of the Expense Agreement, which ends on September 1, 2026. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor Class | $166 | $514 | $887 | $1933 |
| Institutional Class | $140 | $437 | $755 | $1657 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 25% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in small- and micro-cap companies economically tied to countries outside the United States.

Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities of foreign companies with market capitalizations of less than $5 billion at the time of purchase. Under normal market conditions, the Fund invests in companies economically tied to at least five of the countries included in the MSCI AC World Ex-U.S.A. Small Cap Index.

The Fund may invest a significant amount of its total assets (up to 60% under normal market conditions) at the time of purchase in securities issued by companies economically tied to emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Technology Sector Risk.* Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

*Industrials Sector Risk*. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Micro-Cap Company Stock Risk.** The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart below depicts the change in the performance of the Predecessor Fund's Institutional Class shares from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Predecessor Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_008.jpg)

---

| | |
|:---|:---|
| Best Quarter – June 30, 2020 | 36.23% |
| Worst Quarter – March 31, 2020 | -25.35% |

---

As of June 30, 2025, the year-to-date return of the Fund's Institutional Class shares was 14.29%

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| ***Institutional Class*** | | | |
| Return Before Taxes | -11.48% | 1.12% | 4.58% |
| Return After Taxes on Distributions | -12.02% | 0.22% | 3.46% |
| Return After Taxes on Distributions and Sale of Fund Shares | -6.42% | 1.13% | 3.66% |
| ***Investor Class*** |  |  |  |
| Return Before Taxes | -11.64% | 0.87% | 4.35% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |  |
| *MSCI ACWI ex USA Small Cap Index (Net)<sup>\*\*</sup>* | 3.36% | 4.30% | 5.66% |
| *MSCI ACWI ex USA IMI Index (Net)<sup>\*\*</sup>* | 5.23% | 4.12% | 4.91% |

---

\* The MSCI ACWI ex USA IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI ex USA Small Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are only shown for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Lead Portfolio Managers: Blake Walker and Juliette Douglas, since inception of the Fund. Mr. Walker was a lead portfolio manager of the Predecessor Fund from its inception in 2011, and Ms. Douglas from 2020.

Guardian Portfolio Manager: Robert Gardiner, since September 2025. Mr. Gardiner served previously as a portfolio manager of the Predecessor Fund from its inception in 2011 to 2021.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers two classes of shares, Investor Class and Institutional Class shares. The minimum initial investment for both share classes is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent investment minimum for either share class.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the

Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail at c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan are subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak International Stalwarts Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE PORTFOLIO**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Investor<br>Shares** | **Institutional <br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% | 2.00% |

---

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | | |
| Management Fees | 0.80% | 0.80% |
| Distribution and service (12b-1) fees | 0.25% | 0.00% |
| Other Expenses | 0.10% | 0.10% |
| Total Annual Fund Operating Expenses | 1.15% | 0.90% |

---

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor Class | $117 | $365 | $633 | $1398 |
| Institutional Class | $92 | $287 | $498 | $1108 |

---

**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 69% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

The Fund invests primarily in companies economically tied to countries outside the United States.

Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities of companies economically tied to countries outside the United States with market capitalizations of more than $1.5 billion at the time of purchase.

The Fund may invest a significant amount of its total assets (up to 60% under normal market conditions) in securities issued by companies economically tied to emerging and frontier market countries. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Region Risk.** Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Technology Sector Risk*. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

*Industrials Sector Risk.* The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Liquidity Risk.** Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart depicts the change in the performance of the Predecessor Fund's Institutional Class shares from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index and two supplemental indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_009.jpg)

---

| | |
|:---|:---|
| Best Quarter – June 30, 2020 | 36.28% |
| Worst Quarter – June 30, 2022 | -23.02% |

---

As of June 30, 2025, the year-to-date return on the Fund's Institutional Class shares was 14.98%.

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception <br>(September 1, 2015)** |
| ***Institutional Class*** | | | |
| Return Before Taxes | -9.79% | 2.28% | 7.09% |
| Return After Taxes on Distributions | -9.76% | 1.85% | 6.70% |
| Return After Taxes on Distributions and Sale of Fund Shares | -5.48% | 1.98% | 5.83% |
| ***Investor Class*** |  |  |  |
| Return Before Taxes | -10.00% | 2.03% | 6.83% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |  |
| *MSCI ACWI ex USA Mid Cap Index (Net)<sup>\*\*</sup>* | 3.58% | 2.95% | 5.33% |
| *MSCI ACWI ex USA Small Cap Index (Net)*<sup>\*\*</sup> | 3.36% | 4.30% | 6.26% |
| *MSCI ACWI ex USA IMI Index (Net)<sup>\*\*</sup>* | 5.23% | 4.12% | 5.95% |

---

\* The MSCI ACWI ex USA IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI ex USA Mid Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Lead Portfolio Managers: Randy Pearce and Brad Barth, since inception of the Fund. Mr. Pearce was a lead portfolio manager of the Predecessor Fund from its inception in 2015, and Mr. Barth from 2018.

Guardian Portfolio Manager: Blake Walker, since inception of the Fund. Mr. Walker was a portfolio manager of the Predecessor Fund from its inception in 2015.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers two classes of shares, Investor Class and Institutional Class shares. The minimum initial investment for both share classes is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent investment minimum for either share class.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan are subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>SUMMARY SECTION</u>**

**Grandeur Peak US Stalwarts Fund (THE "FUND")**

**INVESTMENT OBJECTIVE**

The Fund's investment objective is long-term growth of capital.

**FEES AND EXPENSES OF THE FUND**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | |
|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Institutional <br>Shares** |
| Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) | 2.00% |

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| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees | 0.75% |
| Distribution and service (12b-1) fees | 0.00% |
| Other Expenses | 0.15% |
| Total Annual Fund Operating Expenses | 0.90% |

---

**EXAMPLE**

This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your cost would be:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Institutional Shares | $92 | $287 | $498 | $1108 |

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**PORTFOLIO TURNOVER**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2025, the portfolio turnover rate for the Fund was 98% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND**

*Strategic Focus*

Under normal market conditions, the Adviser invests at least 80% of the Fund's assets at the time of purchase in equity securities of companies that are economically tied to the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold,

investments made, or services performed in such country or has at least 50% of its assets in such country. The Fund may also invest in securities of companies economically tied to countries outside of the United States.

The Adviser invests the Fund's assets primarily in equity securities with market capitalizations of more than $1.5 billion at the time of purchase.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Fund seeks to invest in what the Adviser believes to be the best investments available without regard to benchmark weightings. The Adviser may significantly shift Fund assets between sectors based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors.

**PRINCIPAL RISKS OF THE FUND**

All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund.

The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is subject to the following principal investment risks:

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Fund's investments may decline in value even when the overall stock market is not in a general decline.

**Managed Portfolio Risk.** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund's ability to dispose of those shares.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Technology Sector Risk.* Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument.

**Foreign Country Exposure Risk.** The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Currency Risk.** The U.S. dollar value of the Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund's assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies.

**Political and Economic Risk.** Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize

companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund's investments.

**Regulatory Risk.** Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Early-Stage Companies Risk.** Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies.

**Initial Public Offerings (IPOs) Risk.** IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limit7ed investor information.

**Foreign Tax Risk.** The Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Transaction Costs.** The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**PERFORMANCE INFORMATION**

The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund.

The bar chart below depicts the change in the Predecessor Fund's performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index and two supplemental indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund's website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325).

**Annual Total Returns** (years ended 12/31)

![](pro_010.jpg)

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| | |
|:---|:---|
| Best Quarter – December 31, 2023 | 18.75% |
| Worst Quarter – June 30, 2022 | -20.83% |

---

As of June 30, 2025, the year-to-date return of the Fund's Institutional Class shares was -1.13%

**Average Annual Total Returns**

(for the periods ended December 31, 2024)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception <br>(March 19, 2020)** |
| ***Institutional Class*** | | |
| Return Before Taxes | 5.63% | 16.46% |
| Return After Taxes on Distributions | 5.63% | 16.30% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.33% | 13.28% |
| ***Indexes*** *(reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)\** |  |  |
| *MSCI USA Mid Cap Index (Net)<sup>\*\*</sup>* | 14.75% | 19.93% |
| *MSCI USA Small-Cap Index (Net)*<sup>\*\*</sup> | 11.57% | 20.47% |
| *MSCI USA IMI Index (Net)<sup>\*\*</sup>* | 23.32% | 21.82% |

---

\* The MSCI USA IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI USA Mid-Cap Index better represents the Fund's investment strategy.

\*\* Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC is the investment adviser to the Fund.

**PORTFOLIO MANAGERS**

Lead Portfolio Managers: Randy Pearce and Brad Barth, since inception of the Fund. Mr. Pearce and Mr. Barth were lead portfolio managers of the Predecessor Fund from its inception in 2020.

Guardian Portfolio Manager: Phil Naylor, since inception of the Fund. Mr. Naylor was a guardian portfolio manager of the Predecessor Fund from 2023.

**PURCHASE AND SALE OF FUND SHARES**

The Fund offers Institutional Class shares. The minimum initial investment is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent minimum investment amount.

Purchases, exchanges and redemptions may be made on any day the New York Stock Exchange is open for trading through institutional channels, such as financial intermediaries and retirement platforms, or directly with the Fund through the Fund's website at www.grandeurpeakglobal.com, by telephone at 855-377-PEAK(7325) or by regular mail c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

**TAX INFORMATION**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when an investment is held in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from a tax-advantaged investment plan are subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND**

**GRANDEUR PEAK GLOBAL CONTRARIAN FUND**

**GRANDEUR PEAK GLOBAL EXPLORER FUND**

**GRANDEUR PEAK GLOBAL MICRO CAP FUND**

**GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND**

**GRANDEUR PEAK GLOBAL REACH FUND**

**GRANDEUR PEAK GLOBAL STALWARTS FUND**

**GRANDEUR PEAK INTERNATIONAL CONTRARIAN FUND**

**GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND**

**GRANDEUR PEAK INTERNATIONAL STALWARTS FUND**

**GRANDEUR PEAK US STALWARTS FUND**

(EACH, A "FUND" AND COLLECTIVELY, THE "FUNDS")

**<u>Additional information about the funds</u>**

*This section describes each Fund's investment objective and principal investment strategies. See "More on Each Fund's Investments and Related Risks" in this Prospectus and the Statement of Additional Information for more information about each Fund's investments and the risks of investing.*

**INVESTMENT OBJECTIVES**

Each Fund seeks to achieve long-term growth of capital.

While there is no assurance that a Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this Prospectus.

The Board of Trustees (the "Board") may change a Fund's investment objective or a Fund's principal investment strategies without a shareholder vote. If there is a material change to a Fund's investment objective or principal investment strategies, you should consider whether the Fund remains an appropriate investment for you.

**PRINCIPAL INVESTMENT STRATEGIES**

**Grandeur Peak Emerging Markets Opportunities Fund**

*Strategic Focus*

The Fund invests primarily in micro- to mid-cap companies (as further described below) that are economically tied to emerging or frontier markets. Under normal market conditions, the Adviser invests at least 80% of the Fund's assets in equity securities of such companies.

The Fund also typically invests in securities issued by companies economically tied to each of at least three emerging or frontier markets. The Fund invests the Fund's assets primarily in companies with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest a significant portion of its total assets in micro-cap companies with market capitalizations below $1.5 billion (up to 90% at the time of purchase under normal market conditions).

The Fund may also invest a portion of its total assets (up to 50% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet the Adviser's investment criteria.

The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. Emerging and frontier markets include all countries excluded from the MSCI World Index of developed countries.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies with limited or no earnings history and in Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**Grandeur Peak Global Contrarian Fund**

*Strategic Focus*

The Fund invests primarily in foreign and domestic small- and micro-cap companies. Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase.

The Fund primarily invests in companies which the Adviser believes are trading at particularly attractive valuations relative to their long-term potential. The companies typically fall into one of these categories at the time or purchase:

● "Core Contrarian"—what the Adviser believes to be best-in-class growth companies, but which are part of a currently out-of-favor industry, sector, or geography.

● "Fallen Angels"—high quality growth companies that the Adviser believes have hit a temporary setback relative to their long-term growth potential.

● "Undiscovered Gems"—smaller growth companies that the Adviser believes are undervalued because they are lesser known, have high product or client concentration, or are otherwise not well understood yet by the market.

The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to multiple countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify value-based investment opportunities. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Fund may also invest in companies that do not fit into one of these three categories, but which the Adviser believes are trading at attractive valuations with potential returns consistent with the objective of the Fund. The Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the most attractive investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best long-term opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**Grandeur Peak Global Explorer Fund**

*Strategic Focus*

The Fund invests primarily in foreign and domestic companies. Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of companies with market capitalizations above $1.5 billion at the time of purchase.

The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to countries outside the United States, which includes emerging and frontier market economies. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. Foreign companies include companies whose exclusive economic tie to the United States is the trading of an American Depositary Receipt (ADR) on a U.S. exchange or over the counter in the United States. Depositary receipts include sponsored and unsponsored depositary receipts, are typically issued by a financial institution (for ADRs, typically a U.S. financial institution) and evidence ownership interests in a security or a pool of securities (for ADRs, securities issued by a non-U.S. issuer) that have been deposited typically with that institution.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes to be among the "best-in-class" in their global peer group. This fundamental analysis generally includes a comparative study of the company and its peers, including the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied, and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management. The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback (for example, announced an unexpected expense or delayed contract, missed sales targets for the quarter, or experienced an unplanned management change, etc.), and therefore have a particularly appealing valuation relative to their long-term growth potential. The Fund may also invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**Grandeur Peak Global Micro Cap Fund**

*Strategic Focus*

The Fund invests primarily in foreign and domestic micro-cap companies.

Under normal market conditions, the Adviser invests at least 80% of the Fund's assets in equity securities of foreign and domestic companies with market capitalizations of less than $1.5 billion at the time of purchase.

The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) in securities issued by companies that are economically tied to countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. The Fund may invest a significant amount of its total assets in securities issued by companies economically tied to emerging and frontier market countries. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Fund may invest in early-stage companies and Initial Public Offerings (IPOs). The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential.

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**Grandeur Peak Global Opportunities Fund**

*Strategic Focus*

The Fund invests primarily in foreign and domestic small- and micro-cap companies. Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase. The Fund typically invests in securities issued by companies economically tied to at least three countries, including the United States. The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country.

The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies economically tied to emerging and frontier market countries. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**Grandeur Peak Global Reach Fund**

*Strategic Focus*

The Fund invests primarily in foreign and domestic small- and micro-cap companies. Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase. The Fund typically invests in securities issued by companies economically tied to at least ten countries, including the United States. The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country.

The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies economically tied to emerging and frontier market countries. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**Grandeur Peak Global Stalwarts Fund**

*Strategic Focus*

The Fund invests primarily in foreign and domestic companies.

The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) in securities issued by companies that are economically tied to countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. The Fund may invest a significant amount of its total assets in securities issued by companies economically tied to emerging and frontier market countries. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities of foreign and domestic companies with market capitalizations of more than $1.5 billion at the time of purchase.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied, and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**Grandeur Peak International Contrarian Fund (Fund not yet operational)**

*Strategic Focus*

The Fund invests primarily in foreign small- and micro-cap companies. Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of foreign companies with market capitalizations of less than $5 billion at the time of purchase.

The Fund primarily invests in companies which the Adviser believes are trading at particularly attractive valuations relative to their long-term potential. The companies typically fall into one of these categories at the time or purchase:

● "Core Contrarian"—what the Adviser believes to be best-in-class growth companies, but which are part of a currently out-of-favor industry, sector, or geography.

● "Fallen Angels"—high quality growth companies that the Adviser believes have hit a temporary setback relative to their long-term growth potential.

● "Undiscovered Gems"—smaller growth companies that the Adviser believes are undervalued because they are lesser known, have high product or client concentration, or are otherwise not well understood yet by the market.

The Fund may also invest in companies that do not fit into one of these three categories, but which the Adviser believes are trading at attractive valuations with potential returns consistent with the objective of the Fund. The Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Fund invests a significant portion of its total assets (at least 80% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to a number of countries outside the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify value-based investment opportunities. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Adviser incorporates the results of this analysis into its overall decision-making but does not necessarily include or exclude a particular company solely based on the Adviser's assessment of any single criterion.

The Adviser directs the Fund to invest in what it believes to be the most attractive investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best long-term opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors (*e.g.*, the financials sector or technology sector) or regions (*e.g.*, Europe or Asia).

**Grandeur Peak International Opportunities Fund**

*Strategic Focus*

The Fund invests primarily in small- and micro-cap companies economically tied to countries outside the United States.

Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities of foreign companies with market capitalizations of less than $5 billion at the time of purchase. Under normal market conditions, the Fund invests in companies economically tied to at least five of the countries included in the MSCI AC World Ex-U.S.A. Small Cap Index.

The Fund may invest a significant amount of its total assets (up to 60% under normal market conditions) at the time of purchase in securities issued by companies economically tied to emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied, and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**Grandeur Peak International Stalwarts Fund**

*Strategic Focus*

The Fund invests primarily in companies economically tied to countries outside the United States.

Under normal market conditions, the Adviser invests the Fund's assets primarily in equity securities of companies economically tied to countries outside the United States with market capitalizations of more than $1.5 billion at the time of purchase.

The Fund may invest a significant amount of its total assets (up to 60% under normal market conditions) in securities issued by companies economically tied to emerging and frontier market countries. The Adviser generally considers a company to be economically tied to a market based on where the company is organized, headquartered, has its primary stock exchange listing, or has substantial concentration of assets or revenues. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Adviser invests in what it believes to be the best investments available without regard to benchmark weightings in regions, countries, or industries. The Adviser may significantly shift Fund assets between asset classes, sectors and geographic regions based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions.

**Grandeur Peak US Stalwarts Fund**

*Strategic Focus*

Under normal market conditions, the Adviser invests at least 80% of the Fund's assets at the time of purchase in equity securities of companies that are economically tied to the United States. The Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country. The Fund may also invest in securities of companies economically tied to countries outside of the United States. The Adviser invests the Fund's assets primarily in equity securities with market capitalizations of more than $1.5 billion at the time of purchase.

*Analytical Approach*

The Adviser uses a process of quantitative screening of the financial trends and health of each company in its investment universe, followed by "bottom up" fundamental analysis to identify growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company's financial performance, its management, its competitors, its industry, its competitive advantage, material sustainability factors, the geographic region(s) to which it is economically tied and talking with the management team. In performing such analysis, the Adviser seeks to evaluate each company's long-term potential. The Adviser also travels on an as-needed basis to visit companies and expects to speak directly with senior management.

The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs).

The Fund seeks to invest in what the Adviser believes to be the best investments available without regard to benchmark weightings. The Adviser may significantly shift Fund assets between sectors based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors.

**<u>More on Each Fund's Investments and Related Risks</u>**

*The Funds' investment objectives and principal investment strategies are described above under* ***"Investment Objective and Principal Investment Strategies".*** *This section provides additional information about the Funds' investment strategies and certain portfolio management techniques the Funds may use, as well as the principal and other risks that may affect the Funds' portfolio. Additional information about some of these investments and portfolio management techniques and their associated risks is included in the Funds' Statement of Additional Information ("SAI"), which is available without charge upon request (see back cover).*

The Funds' portfolio managers seek to ensure that investments are compatible with a Fund's investment objectives and strategies. They use "bottom-up" fundamental analysis to identify companies that they believe have outstanding investment potential. The research process includes prescreening potential investments using databases and industry contacts, analyzing annual reports and financial statements, making onsite visits, meeting with top management, evaluating the competitive environment, looking at distribution channels and identifying areas of potential growth.

**RISKS**

There are inherent risks associated with a Fund's principal investment strategies. The factors that are most likely to have a material effect on a particular Fund's investment portfolio as a whole are called "principal risks." The principal risks of a Fund are summarized in the Fund's "Fund Summary" section above and further described following the table. The table below identifies the principal and non-principal risks of the Funds. A Fund may be subject to additional risks other than those described because the types of investment made by the Fund may change over time. For additional information regarding risks of investing in a Fund, please see the SAI.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Grandeur Peak<br> Emerging<br> Markets<br> Opportunities<br> Fund** | **Grandeur Peak<br> Global Contrarian Fund** | **Grandeur Peak<br> Global Explorer<br> Fund** | **Grandeur Peak<br> Global Micro Cap<br> Fund** | **Grandeur Peak<br> Global Opportunities<br> Fund** | **Grandeur Peak<br> Global Reach<br> Fund** |
| ADR Risk | P | P | P | P | P | P |
| Currency Risk | P | P | P | P | P | P |
| Cybersecurity Risk | NP | NP | NP | NP | NP | NP |
| Early-Stage Companies Risk | P | P | P | P | P | P |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Grandeur Peak<br> Emerging<br> Markets<br> Opportunities<br> Fund**  | **Grandeur Peak<br> Global Contrarian Fund** | **Grandeur Peak<br> Global Explorer<br> Fund** | **Grandeur Peak<br> Global Micro Cap<br> Fund** | **Grandeur Peak<br> Global Opportunities<br> Fund** | **Grandeur Peak<br> Global Reach<br> Fund** |
| Emerging and Frontier Markets Risk | P | P | P | P | P | P |
| Foreign Country Exposure Risk | P | P | P | P | P | P |
| Foreign Securities and Foreign Markets Risk | P | P | P | P | P | P |
| Foreign Tax Risk | P | P | P | P | P | P |
| Growth Stock Risk | P | P | P | P | P | P |
| Initial Public Offerings (IPOs) Risk | P | P | P | P | P | P |
| Limited History of Operations Risk | N/A | N/A | N/A | N/A | N/A | N/A |
| Liquidity Risk | P | P | P | P | P | P |
| Managed Portfolio Risk | P | P | P | P | P | P |
| Market and Geopolitical Risk | P | P | P | P | P | P |
| Micro-Cap Company Stock Risk | P | P | N/A | P | P | P |
| Mid-Cap Company Stock Risk | P | P | P | N/A | P | P |
| Political and Economic Risk | P | P | P | P | P | P |
| Region Risk | P | P | P | P | P | P |
| Regulatory Risk | P | P | P | P | P | P |
| Sector and Geography Weightings Risk | P | P | P | P | P | P |
| Sector Exposure Risk | P | P | P | P | P | P |
| Small-Cap Company Stock Risk | P | P | P | P | P | P |
| Stock Market Risk | P | P | P | P | P | P |
| Stock Selection Risk | P | P | P | P | P | P |
| Transaction Costs | P | P | P | P | P | P |
| Value Investing Risk | P | P | P | P | P | P |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **Grandeur Peak<br> Global Stalwarts<br> Fund** | **Grandeur Peak<br> International Contrarian<br> Fund** | **Grandeur Peak<br> International Opportunities<br> Fund** | **Grandeur Peak<br> International Stalwarts<br> Fund** | **Grandeur Peak<br> US Stalwarts<br> Fund** |
| ADR Risk | P | P | P | P | N/A |
| Currency Risk | P | P | P | P | P |
| Cybersecurity Risk | NP | NP | NP | NP | NP |
| Early-Stage Companies Risk | P | P | P | P | P |
| Emerging and Frontier Markets Risk | P | P | P | P | N/A |
| Foreign Country Exposure Risk | P | P | P | P | P |
| Foreign Securities and Foreign Markets Risk | P | P | P | P | P |
| Foreign Tax Risk | P | P | P | P | P |
| Growth Stock Risk | P | P | P | P | P |
| Initial Public Offerings (IPOs) Risk | P | P | P | P | P |
| Limited History of Operations Risk | N/A | P | N/A | N/A | N/A |
| Liquidity Risk | P | P | P | P | P |
| Managed Portfolio Risk | P | P | P | P | P |
| Market and Geopolitical Risk | P | P | P | P | P |
| Micro-Cap Company Stock Risk | N/A | P | P | N/A | N/A |
| Mid-Cap Company Stock Risk | P | P | P | P | P |
| Political and Economic Risk | P | P | P | P | P |
| Region Risk | P | P | P | P | N/A |
| Regulatory Risk | P | P | P | P | P |
| Sector and Geography Weightings Risk | P | P | P | P | P |
| Sector Exposure Risk | P | P | P | P | P |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **Grandeur Peak<br> Global Stalwarts<br> Fund** | **Grandeur Peak<br> International Contrarian<br> Fund** | **Grandeur Peak<br> International Opportunities<br> Fund** | **Grandeur Peak<br> International Stalwarts<br> Fund** | **Grandeur Peak<br> US Stalwarts<br> Fund** |
| Small-Cap Company Stock Risk | P | P | P | P | P |
| Stock Market Risk | P | P | P | P | P |
| Stock Selection Risk | P | P | P | P | P |
| Transaction Costs | P | P | P | P | P |
| Value Investing Risk | P | P | P | P | P |

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P = Principal Risk NP = Non-Principal Risk N/A = Not Applicable

**ADR Risk.** ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, the value of non-U.S. securities may be subject to risk of decline due to foreign currency fluctuations or to political or economic instability. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in a Fund more volatile and potentially less liquid than other types of investments.

**Currency Risk.** The U.S. dollar value of a Fund's assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of a Fund's assets that are denominated or traded in that country. In addition, a Fund may incur costs in connection with conversions between various currencies. While a Fund has the ability to hedge against fluctuations in foreign currency exchange rates, it has no present intention to do so. A risk of not hedging currencies is that if the U.S. dollar strengthens, returns from foreign markets will be less when converted into U.S. dollars.

**Cybersecurity.** In connection with the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, a Fund may be susceptible to operational, information security and related risks due to the possibility of cyber-attacks or other incidents. Cyber incidents may result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks or devices that are used to service a Fund's operations through hacking or other means for the purpose of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (which can make a website unavailable) on the Funds' website. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on a Fund's systems.

Cybersecurity failures or breaches by a Fund's third-party service providers (including, but not limited to, the Adviser, distributor, custodian, transfer agent and financial intermediaries) may cause disruptions and impact the service providers' and the Fund's business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business and the mutual funds to process transactions, inability to calculate the Fund's net asset value, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. A Fund and its shareholders could be negatively impacted as a result of successful cyber-attacks against, or security breakdowns of, the Fund or its third-party service providers.

**Early-Stage Companies Risk.** The Funds may invest in early-stage companies. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded and more volatile and speculative than the securities of larger companies.

**Emerging and Frontier Markets Risk.** In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. Political and economic structures in some emerging and frontier market countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political, and economic stability characteristics of developed countries.

**Foreign Country Exposure Risk.** The Funds may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent a Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. Such companies may be negatively impacted by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. Emerging and frontier markets have increased risk of political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure.

**Foreign Securities and Foreign Markets Risk.** Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. Certain foreign markets may require payment for securities before delivery and delays may be encountered in settling securities transactions. In some foreign markets, there may not be protection against failure by other parties to complete transactions. There may be limited legal recourse against an issuer in the event of a default on a debt instrument.

**Foreign Tax Risk.** A Fund's income from foreign issuers may be subject to non-U.S. withholding taxes. A Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by a Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

**Growth Stock Risk.** Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**Initial Public Offerings (IPOs) Risk.** The Funds may invest in IPOs. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. Shares purchased in IPOs may be difficult to sell at a time or price that is desirable.

**Limited History of Operations Risk**. The Fund has only recently commenced operations and therefore has no history for investors to evaluate. There can be no assurance that the Fund will grow to or maintain an economically viable size.

**Liquidity Risk.** Liquidity risk exists when particular investments of a Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations. Certain Fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs, and a Fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

**Managed Portfolio Risk.** A Fund will be affected by the Adviser's allocation determinations, investment decisions and techniques. The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on global financial markets. It is difficult to predict when events affecting global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a Fund's portfolio. For example, COVID-19 had negative impacts, and in many cases, severe negative impacts on markets worldwide. It is not known how long the impacts of the significant events described above would last, but there could be a prolonged period of global economic slowdown which may impact your Fund investment. A Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may have been negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

**Micro-Cap Company Stock Risk.** The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. A Fund may need more time to purchase or sell its positions in such securities. Some micro-cap companies may not have much publicly available information relative to larger companies. Micro-cap companies may also have limited markets, financial resources, or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments.

**Mid-Cap Company Stock Risk.** Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. Furthermore, mid-cap companies may have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. There may be less publicly available information about these companies, which can affect the pricing of their shares or a Fund's ability to dispose of those shares.

**Political and Economic Risk.** Foreign securities markets may be more volatile than their counterparts in the U.S. Investments in foreign countries could be affected by factors not present in the U.S. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect a Fund's investments. A Fund's investments may be significantly affected by political instability and other political changes, including legislative proposals that may make the Fund's investments less attractive in comparison to investments in other countries or regions.

**Region Risk.** Transaction costs refer to the charges that are associated with buying and selling securities for a Fund. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region.

*India* (Grandeur Peak Emerging Market Opportunities Fund only). The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers in India. Because of the Fund's exposure to Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets. Uncertainty regarding inflation and currency exchange rates, fiscal policy, credit ratings and the possibility that future harmful political actions will be taken by the Indian government, could negatively impact the Indian economy and securities markets, and thus adversely affect the Fund's performance.

*Japan* (Grandeur Peak Global Micro Cap Fund only). The Fund's performance may be influenced by political, social and economic factors affecting Japan. From the late 1990's, Japan's economic growth rate has remained relatively low compared to that of its Asian neighbors and other major developed economies. The economy is characterized by an aging demographic, a declining population, a large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, deregulation and consistent government policy. The Japanese economy is more dependent on international trade than the United States, and may be adversely affected by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. Japan has a growing economic relationship with China and other Southeast Asian countries, and economic, political or social instability in those countries, whether resulting from country, regional or global events, could have an adverse affect on Japan's economy. The Japanese yen has fluctuated widely at times, and any material increase in its value may cause a decline in exports that could weaken the Japanese economy. Some of these factors, as well as other adverse political developments, increases in government debt, changes to fiscal, monetary or trade policies, and natural disasters, may affect Japanese markets and the Fund's performance.

**Regulatory Risk.** Regulatory authorities in the United States or other countries may restrict the ability of a Fund to fully implement its strategy, either generally, or with respect to certain securities, industries, or countries, which may impact the Fund's ability to fully implement its investment strategies. Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies.

**Sector and Geography Weightings Risk.** Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect a single sector. If a Fund invests in a few sectors, it may have increased relative exposure to the price movements of those sectors.

**Sector Exposure Risk.** At times, the Funds may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Funds more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The more the Funds diversify their investments, the more it spreads risk and potentially reduces the risks of loss and volatility.

*Consumer Discretionary Sector Risk* (Grandeur Peak Emerging Markets Opportunities Fund only). The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

*Consumer Staples Sector Risk* (Grandeur Peak Emerging Markets Opportunities Fund only)*.* The consumer staples sector may be affected by the regulation of various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.

*Financials Sector Risk* (Grandeur Peak Global Contrarian Fund and Grandeur Peak International Contrarian Fund only). Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted.

*Industrials Sector Risk* (Grandeur Peak Global Opportunities Fund, Grandeur Peak US Stalwarts Fund, Grandeur International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund only). The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.

*Technology Sector Risk* (Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund, only). Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**Small-Cap Company Stock Risk.** Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies' earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. There may be less publicly available information about these companies, which can affect the pricing of their shares or a Fund's ability to dispose of those shares.

**Stock Market Risk.** The Fund's investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money.

**Stock Selection Risk.** The Funds' investments may decline in value even when the overall stock market is not in a general decline.

**Transaction Costs.** Transaction costs refer to the charges that are associated with buying and selling securities for a Fund. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions.

**Value Investing Risk.** Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks' intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. Value stocks may underperform growth stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**OTHER STRATEGIES**

**Temporary Defensive Investments**

Each Fund may depart from its principal investment strategies in response to adverse market, economic or political conditions by taking temporary defensive positions in short-term debt securities, cash and cash equivalents. Under such circumstances, a Fund may not achieve its investment objective.

**Illiquid Investments**

Each Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment is a security or other position that cannot be disposed of quickly in the normal course of business (within seven days). For example, some securities are not registered under U.S. securities laws and cannot be sold to the U.S. public because of SEC regulations (these are known as "restricted securities"). Under procedures adopted by the Board, certain restricted securities may be deemed liquid and will not be counted toward this 15% limit.

**Investment Limitations**

Except with respect to the illiquid investment restrictions set forth above, all limitations on Fund investments listed in this Prospectus will apply at the time of investment. No Fund would violate these limitations unless an excess or deficiency occurs or exists immediately after and as a result of an investment. Unless otherwise indicated, references to assets in the percentage limitations on a Fund's investments refer to total assets.

**Portfolio Turnover**

Each Fund generally intends to purchase securities as long-term investments; however, short-term trading may occur. This means that a Fund may buy a security and sell that security a short period of time after its purchase, and realize gains or losses, if the portfolio managers believe that the sale is in the best interest of the Fund (for example, if the portfolio managers believe an alternative investment has greater potential). This activity will increase a Fund's portfolio turnover rate and generate higher transaction costs due to commissions and other expenses which could reduce the Fund's investment performance. In addition, short-term trading may increase the amount of taxable distributions to shareholders which would reduce the after-tax returns of the Fund, and in particular, may generate short-term capital gains that when distributed to shareholders are taxed at ordinary U.S. federal income tax rates.

**Cash Position**

The Funds may not always stay fully invested. For example, when the portfolio managers believe that market conditions are unfavorable for profitable investing, or when they are otherwise unable to locate attractive investment opportunities, a Fund's cash or similar investments may increase. In other words, cash or similar investments generally are a residual- they represent the assets that remain after the Fund has committed available assets to desirable investment opportunities. When a Fund's investments in cash or similar investments increase, it may not participate in market advance or declines to the same extent that it would if the Fund remained more fully invested.

**Disclosure of Portfolio Holdings**

The Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities are described in the Funds' SAI.

**<u>Management</u>**

Grandeur Peak Global Advisors, LLC (the "Adviser"), subject to the authority of the Board, is responsible for the overall management and administration of the Funds' business affairs. The Adviser commenced business operations in July 2011 and is registered with the Securities and Exchange Commission as an investment adviser. The Adviser's principal address is 136 South Main Street, Suite 720, Salt Lake City, UT 84101. The Adviser was also the investment adviser to the Predecessor Funds.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), between the Trust, on behalf of each Fund, and the Adviser, the Adviser is entitled to receive, on a monthly basis, the annual advisory fee in an amount listed in the table below as a percentage of each Fund's average daily net assets.

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| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Grandeur Peak Emerging Markets Opportunities Fund | 1.35% |
| Grandeur Peak Global Contrarian Fund | 1.00% |
| Grandeur Peak Global Explorer Fund | 0.80% |
| Grandeur Peak Global Micro Cap Fund | 1.50% |
| Grandeur Peak Global Opportunities Fund | 1.25% |
| Grandeur Peak Global Reach Fund | 1.10% |
| Grandeur Peak Global Stalwarts Fund | 0.80% |
| Grandeur Peak International Contrarian Fund | 1.00% |
| Grandeur Peak International Opportunities Fund | 1.25% |
| Grandeur Peak International Stalwarts Fund | 0.80% |
| Grandeur Peak US Stalwarts Fund | 0.75% |

---

The Adviser has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs, taxes, and extraordinary expenses such as litigation expenses) for the Funds listed below (the "Expense Agreement"). To the extent the Total Annual Fund Operating Expenses (exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) exceed the amounts listed below based on the Funds' average daily net assets through September 1, 2026, the Adviser will reduce the fee payable with respect to the applicable Fund to the extent of such excess, and/or shall reimburse the applicable Fund (or class as applicable) by the amount of such excess.

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| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| Grandeur Peak Emerging Markets Opportunities Fund |  |
| Investor Class | 1.95% |
| Institutional Class | 1.70% |
| Grandeur Peak Global Contrarian Fund |  |
| Institutional Class | 1.35% |
| Grandeur Peak Global Explorer Fund |  |
| Institutional Class | 1.10% |
| Grandeur Peak Global Micro Cap Fund |  |
| Institutional Class | 2.00% |
| Grandeur Peak Global Opportunities Fund |  |
| Investor Class | 1.75% |
| Institutional Class | 1.50% |
| Grandeur Peak Global Reach Fund |  |
| Investor Class | 1.50% |
| Institutional Class | 1.25% |

---

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| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| Grandeur Peak Global Stalwarts Fund |  |
| Investor Class | 1.35% |
| Institutional Class | 1.10% |
| Grandeur Peak International Contrarian Fund |  |
| Investor Class | 1.35% |
| Grandeur Peak International Opportunities Fund |  |
| Investor Class | 1.75% |
| Institutional Class | 1.50% |
| Grandeur Peak International Stalwarts Fund |  |
| Investor Class | 1.35% |
| Institutional Class | 1.10% |
| Grandeur Peak US Stalwarts Fund |  |
| Institutional Class | 1.00% |

---

The Adviser will be permitted to recapture expenses it has borne through the previous sections of this letter agreement to the extent that a Fund's expenses in later periods fall below the annual rates set forth in this letter agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2026, except with the approval of the Board.

The Adviser has also agreed to waive, with respect to each following Fund, annual management fees to the extent the assets of such Fund exceed the average daily net asset level specified below:

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| | | |
|:---|:---|:---|
| **Fund** | **Management Fee <br>with Waiver Applied** | **Applicable to Average<br> Daily Net Assets** |
| Grandeur Peak Global Opportunities Fund | 1.00% <br>(contractually 1.25%) | Above $500 million |
| Grandeur Peak International Opportunities Fund | 1.00% <br>(contractually 1.25%) | Above $500 million |
| Grandeur Peak Emerging Markets Opportunities Fund | 1.00% <br>(contractually 1.35%) | Above $400 million |

---

This waiver of management fees is not subject to recapture by the Adviser. Such fee waivers and reimbursements for the Funds shall continue at least through September 1, 2026.

These fee waivers may not be terminated or modified prior to September 1, 2026, except with the approval of the Board.

From January 1, 2025 through December 31, 2025, the Adviser has also voluntarily agreed to waive, with respect to each following Fund, annual management fees to the extent the assets of such Fund exceed the average daily net asset level specified below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fee<br> with Waiver Applied** | **Applicable to Average**<br> **Daily Net Assets** |
| Grandeur Peak Global Opportunities Fund | 1.15%<br> (contractually 1.25%) | Below $500 million |
| Grandeur Peak International Opportunities Fund | 1.15%<br> (contractually 1.25%) | Below $500 million |
| Grandeur Peak Emerging Markets Opportunities Fund | 1.25%<br> (contractually 1.35%) | Below $400 million |

---

This waiver of management fees is not subject to recapture by the Adviser.

From January 1, 2025 through December 31, 2025, the Adviser has voluntarily agreed to waive, with respect to each following Fund, annual management fees at all asset levels of the Fund:

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| | |
|:---|:---|
| **Fund** | **Management Fee<br> with Waiver Applied** |
| Grandeur Peak Global Reach Fund | 1.00%<br> (contractually 1.10%) |
| Grandeur Peak Global Stalwarts Fund | 0.75%<br> (contractually 0.80%) |
| Grandeur Peak International Stalwarts Fund | 0.75%<br> (contractually 0.80%) |
| Grandeur Peak US Stalwarts Fund | 0.70%<br> (contractually 0.75%) |

---

During the fiscal year ended April 30, 2025, each Fund paid the following annual advisory fee as a percentage of daily net assets (net of waivers) to the Adviser. Daily investment decisions are made by the portfolio managers, whose investment experience is described below under the heading "Portfolio Managers."

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| | | |
|:---|:---|:---|
| **Fund** | **Total Annual<br> Advisory Fee<br> (as a percentage of<br> daily net assets)** | **Annual<br> Advisory Fee to<br> Investment Adviser<br> (as a percentage of<br> daily net assets)** |
| Grandeur Peak Emerging Markets Opportunities Fund | 1.35% | 1.33% |
| Grandeur Peak Global Contrarian Fund | 1.00% | 1.00% |
| Grandeur Peak Global Explorer Fund | 1.10% | 0.32% |
| Grandeur Peak Global Micro Cap Fund | 1.50% | 1.51% |
| Grandeur Peak Global Opportunities Fund | 1.25% | 1.20% |
| Grandeur Peak Global Reach Fund | 1.10% | 1.07% |
| Grandeur Peak Global Stalwarts Fund | 0.75% | 0.73% |
| Grandeur Peak International Opportunities Fund | 1.25% | 1.22% |
| Grandeur Peak International Stalwarts Fund | 0.80% | 0.78% |
| Grandeur Peak US Stalwarts Fund | 0.75% | 0.73% |

---

The initial term of the Advisory Agreement for the Funds is two years. The Board may extend the Advisory Agreement for additional one-year terms. The Board, shareholders of the Funds or the Adviser may terminate the Advisory Agreement upon sixty (60) days' notice. A discussion regarding the basis for the Board's approval of the Advisory Agreement is provided in the Funds' report to shareholders for the fiscal period ended October 31, 2023.

**<u>The Portfolio Managers</u>**

Each Fund is managed with a collaborative team approach that utilizes the skills and insights of the entire research team. Trades may be initiated by any of the portfolio managers or analysts on the team, but the named portfolio managers are responsible for the day-to-day oversight and management of the Fund. The Guardian Portfolio Manager's primary responsibility is to provide oversight of a Fund's investments and allocations at a strategic level, whereas the Lead Portfolio Managers also have the tactical responsibility for selecting and inputting specific trades. Each of the persons listed below serves as the portfolio manager for one or more of the Grandeur Peak Funds, as noted.

More information about each portfolio manager's compensation, other accounts managed by each portfolio manager and each portfolio manager's ownership of securities in the Funds is included in the SAI.

**Brad Barth**

Mr. Barth is Deputy Chief Investment Officer at the Adviser. Mr. Barth has been a lead portfolio manager of the Grandeur Peak International Stalwarts Predecessor Fund since 2018, a lead portfolio manager of the Grandeur Peak Global Stalwarts Predecessor Fund since 2019, a lead portfolio manager of the Grandeur Peak US Stalwarts Fund since its inception as a Predecessor Fund in 2020, a portfolio manager of the Grandeur Peak Global Reach Predecessor Fund since 2016, and was appointed a portfolio manager of the Grandeur Peak Global Explorer Fund in September 2025. He is also a Sr. Research Analyst at the Adviser with a specialty focus on the financials sector globally.

Mr. Barth joined the Adviser in 2015 from Goldman Sachs, where he was an EMEA financial institutions analyst in the Credit Research Group for four years. In this role, he covered French and Benelux banks during the European sovereign debt crisis.

Mr. Barth graduated with a bachelor's degree from the University of Utah and received a master's degree from the London School of Economics. He has taught a graduate-level game theory course at the University of Utah.

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| | |
|:---|:---|
| ***Experience*** |  |
| 2008 - 2009 | Analyst at University Venture Fund |
| 2010 - 2014 | Research Analyst at Goldman Sachs |
| 2015 - present | Senior Research Analyst at Grandeur Peak Global Advisors |
| 2016 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |
| 2019 - present | Deputy Chief Investment Officer at Grandeur Peak Global Advisors |

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**Liping Cai, CFA<sup>®</sup>**

Ms. Cai has been a portfolio manager of the Grandeur Peak Emerging Markets Opportunities Predecessor Fund since 2018, and has previously been a portfolio manager of the Grandeur Peak Global Reach and Grandeur Peak Global Explorer Funds. She is also a Sr. Research Analyst at the Adviser.

Ms. Cai joined Grandeur Peak in 2013. She spent the previous six years on the equity research team at William Blair & Company specializing in the healthcare, retail, and the real estate sectors, and most recently heading up the firm's China-based research team. From 1999-2006, Ms. Cai worked in the healthcare field for Fair Isaac Corporation (Health Care Strategy Consultant), Abbott Laboratories (Senior Market Analyst), Biogen Idec (Summer Marketing Associate), and Genentech, now Roche (Research Associate).

Ms. Cai earned a B.S. degree in Biological Sciences and Biotechnology from Tsinghua University in Beijing, a MS degree in Chemistry and Biochemistry on full scholarship from the University of Delaware, and an MBA in Finance and Health Industry Management from Northwestern University. Ms. Cai's academic work in the healthcare field has been published in a variety of publications.

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| | |
|:---|:---|
| ***Experience*** |  |
| 1999 - 2006 | Fair Isaac Corp, Abbott Laboratories, Biogen Idec, & Genentech |
| 2006 - 2012 | Equity Research at William Blair & Company, heading up China-based research team |
| 2013 - present | Senior Research Analyst at Grandeur Peak Global Advisors |
| 2015 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |

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CFA<sup>®</sup> is a trademark owned by the CFA Institute.

**Juliette Douglas**

Ms. Douglas is Director of Research at the Adviser. Ms. Douglas has been a lead portfolio manager of the Grandeur Peak International Opportunities Predecessor Fund since 2020, a lead portfolio manager of the Grandeur Peak Emerging Markets Fund since January 2025 and the Grandeur Peak Global Opportunities Fund since September 2025. She is also a Sr. Research Analyst. From 2019-2022, Ms. Douglas was Deputy Director of Research and, in 2022, was appointed Director of Research. Before becoming a research analyst, Ms. Douglas worked as a global equities trader and as a manager on the operations team.

Before joining the Adviser in 2013, Ms. Douglas was a Financial Analyst at Adidas in Portland, Oregon. Previously, Ms. Douglas spent four years in various roles on the operations team at Wasatch Advisors, including her final role as Senior International Trade Analyst.

Ms. Douglas graduated *cum laude* from Westminster College earning a B.S. in business with a concentration in finance.

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| | |
|:---|:---|
| ***Experience*** |  |
| 2005 - 2009 | Operations Team at Wasatch Advisors |
| 2009 - 2013 | Financial Analyst at Adidas |
| 2013 - 2015 | Operations Team and Global Equities Trader at Grandeur Peak Global Advisors |

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| | |
|:---|:---|
| 2016 - present | Research Analyst at Grandeur Peak Global Advisors |
| 2018 - present | Portfolio Manager on various funds at Grandeur Peak Advisors |
| 2019 - 2022 | Deputy Director of Research at Grandeur Peak Global Advisors |
| 2022 - present | Director of Research at Grandeur Peak Global Advisors |

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**Ben Gardiner**

Mr. Gardiner has been with the Adviser as a Research Analyst since 2013. He has been a portfolio manager of the Grandeur Peak Global Explorer Predecessor Fund since inception in 2021, a portfolio manager of the Grandeur Peak Global Reach Fund since January 2025, and a portfolio manager of the Grandeur Peak Global Opportunities Predecessor Fund since 2021. He is also a Sr. Research Analyst.

Mr. Gardiner graduated magna cum laude from the University of Utah with a B.S. degree in mathematics. He also earned an MBA degree from the London Business School in London, England.

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| | |
|:---|:---|
| ***Experience*** |  |
| 2013 - present | Research Analyst at Grandeur Peak Global Advisors |
| 2022 - 2023 | Deputy Director of Research at Grandeur Peak Global Advisors |
| 2021 - present | Portfolio Manager on various funds at Grandeur Peak Global Advisors |

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**Robert Gardiner, CFA<sup>®</sup>**

As of September 2025, Mr. Gardiner has been appointed as a lead portfolio manager of the Grandeur Peak Global Opportunities Fund, and Grandeur Peak Global Contrarian Fund, and as a guardian portfolio manager of Grandeur Peak International Opportunities Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Explorer Fund, and Grandeur Peak Global Stalwarts Fund.

Mr. Gardiner was on sabbatical from 2022 to 2025, but remained Chairman of the Adviser. Prior to his sabbatical, he had been a portfolio manager for the Global Opportunities Fund Predecessor Fund since inception in 2011 to 2022, a portfolio manager for the International Opportunities Fund Predecessor Fund since inception in 2011 to 2021, a portfolio manager of the Global Reach Predecessor Fund from inception in 2013 to 2018, a portfolio manager of the Global Micro Cap Predecessor Fund from inception in 2015 to 2022, a guardian portfolio manager of the Global Stalwarts Predecessor Fund from inception in 2015 to 2021, a guardian portfolio manager of the Emerging Markets Opportunities Predecessor Fund from inception in 2013 to 2017, a guardian portfolio manager of the International Stalwarts Predecessor Fund from inception in 2015 to 2018, and a guardian portfolio manager of the Global Contrarian Predecessor Fund from inception in 2019 to 2022.

Before founding Grandeur Peak Global Advisors in 2011, Mr. Gardiner had been a senior partner, principal shareholder and portfolio manager at Wasatch Advisors. Mr. Gardiner has been in the Investment Management industry since 1981 and involved in managing equity portfolios since 1986. Mr. Gardiner was a Director of Wasatch Advisors and a member of its Executive Management Team from 1994 to 2007.

Mr. Gardiner graduated Magna Cum Laude from the University of Utah with a B.A. in Physics, a B.S. in Mathematics, and minors in Chemistry and French. He speaks French and lived in France for two years. Mr. Gardiner holds the Chartered Financial Analyst designation and is a member of the Salt Lake City Society of Financial Analysts.

---

| | |
|:---|:---|
| ***Experience*** |  |
| 1986 - 1995 | Analyst and Investment Committee member for the Wasatch Small Cap Growth (WAAEX) and Wasatch Core Growth (WGROX) funds |
| 1995 - 2006 | Founder and Lead Manager of the Wasatch Micro Cap Fund (WMICX) |
| 1997 - 2001 | Founder and Co-Manager of the Wasatch Small Cap Value Fund (WMCVX) |
| 2003 - 2004 | Founder and Co-Manager of the Wasatch Micro Cap Value Fund (WAMVX) |
| 2005 - 2007 | Wasatch Advisors Director of Research |
| 2008 - 2011 | Founder and Lead Manager of various funds at Grandeur Peak Global Advisors |
| 2011 - 2016 | Chairman, CEO & Director of Research at Grandeur Peak Global Advisors |
| 2011 - 2022 | Portfolio Manager of various funds at Grandeur Peak Global Advisors |

---

2011 - present Chairman of Grandeur Peak Global Advisors <br>2025 - present Portfolio Manager of various funds at Grandeur Peak Global Advisors

**Tyler Glauser**

Mr. Glauser has been a Research Analyst at the Adviser since 2014. Mr. Glauser has been a portfolio manager of Grandeur Peak Global Reach Predecessor Fund since 2021 and was appointed as a portfolio manager of Grandeur Peak Global Explorer Fund in 2025. He is also a Sr. Research Analyst.

Mr. Glauser graduated *magna cum laude* from the University of Utah with a B.S. degree in accounting and received an MBA degree from INSEAD in Singapore. Prior to college, Mr. Glauser lived for two years in Chile and speaks Spanish.

---

| | |
|:---|:---|
| ***Experience*** |  |
| 2014 - present | Research Analyst at Grandeur Peak Global Advisors |
| 2021 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |

---

**Spencer Hackett**

Mr. Hackett has worked as a Research Analyst at the Adviser since 2012. He has been a lead portfolio manager of the Grandeur Peak Global Micro Cap Predecessor Fund since 2021, a guardian portfolio manager of the Grandeur Peak Global Contrarian Predecessor Fund since 2022, and he is also a Sr. Research Analyst. Before joining the Adviser, he lived in Japan for two years and speaks Japanese.

Mr. Hackett graduated from the University of Utah, earning a B.A. in international studies (with an emphasis in business) with a minor in Japanese, and a master's degree in finance.

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| | |
|:---|:---|
| ***Experience*** |  |
| 2012 - present | Research Analyst at Grandeur Peak Global Advisors |
| 2021 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |

---

**Phil Naylor**

Mr. Naylor has worked as a Research Analyst at the Adviser since 2013. He has been a portfolio manager of the Grandeur Peak Global Reach Predecessor Fund since 2021, a portfolio manager of the Grandeur Peak Global Explorer Fund since 2025 (he was previously a portfolio manager of the Predecessor Fund from its inception in 2021 to 2024), a guardian portfolio manager of the Grandeur Peak Global Stalwarts Fund since 2022, and a guardian portfolio manager of US Stalwarts Fund since 2023. He is also a Sr. Research Analyst.

Mr. Naylor graduated from the Business Scholar program at the University of Utah, earning a B.S. degree in finance. He received an MBA degree from the University of Cambridge in England. Mr. Naylor lived in El Salvador for two years and speaks Spanish.

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| | |
|:---|:---|
| ***Experience*** |  |
| 2013 - present | Research Analyst at Grandeur Peak Global Advisors |
| 2021 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |

---

**K. Dane Nielson, CFA<sup>®</sup>**

Mr. Nielson has been a Research Analyst at the Adviser since 2017. He was appointed as a lead portfolio manager of the Grandeur Peak Global Contrarian Fund and Grandeur Peak International Contrarian Fund in September 2025, and he is also a Sr. Research Analyst.

Mr. Nielson graduated from Brigham Young University with a B.S. in finance. He received an MBA from the University of Cambridge in England. Mr. Nielson holds the CFA designation.

---

| | |
|:---|:---|
| ***Experience*** |  |
| 2017 - present | Research Analyst at Grandeur Peak Global Advisors |
| 2024 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |

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CFA<sup>®</sup> is a trademark owned by the CFA Institute.

**Randy E. Pearce, CFA<sup>®</sup>**

Mr. Pearce is the Chief Investment Officer of the Adviser. Mr. Pearce has been a lead portfolio manager of the Grandeur Peak Global Stalwarts Fund and the Grandeur Peak International Stalwarts Fund since their inception as Predecessor Funds in 2015, and as a lead portfolio manager of the Grandeur Peak US Stalwarts Fund since its inception as a Predecessor Fund in 2020. Mr. Pearce has been a senior research analyst at the Adviser since the firm's inception in 2011.

Prior to Grandeur Peak, Mr. Pearce was a junior and later senior research analyst at Wasatch Advisors from 2005-2009. He was a financial sector specialist and a general analyst on the Wasatch Strategic Income Fund. In 2010, Mr. Pearce interned at Thornburg Investment Management as a global equities analyst while earning his MBA.

Mr. Pearce has a B.A. in Business Administration from the University of Utah and an MBA from the University of California at Berkeley. He holds the CFA designation. Mr. Pearce speaks Portuguese and lived in Brazil for two years.

---

| | |
|:---|:---|
| ***Experience*** |  |
| 2005 - 2009 | Junior and then Senior Research Analyst at Wasatch Advisors |
| 2011 - present | Senior Research Analyst at Grandeur Peak Global Advisors |
| 2013 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |
| 2015 - 2016 | Co-Director of Research |
| 2017 - present | Chief Investment Officer |

---

CFA<sup>®</sup> is a trademark owned by the CFA Institute.

**Amy Hu Sunderland, CFA<sup>®</sup>**

Ms. Sunderland has been a lead portfolio manager of the Global Micro Cap Fund since its inception as a Predecessor Fund in 2015, a portfolio manager of the Grandeur Peak Global Reach Fund since the inception of its Predecessor Fund in 2013, a portfolio manager of the Grandeur Peak Global Opportunities Predecessor Fund since 2014, and a guardian portfolio manager of Grandeur Peak Global Explorer Fund since 2025. Ms. Sunderland has been a senior research analyst at the Adviser, since the firm's inception in 2011.

Prior to Grandeur Peak, Ms. Sunderland was a junior and later senior research analyst at Wasatch Advisors from 2003-2011. She was a general analyst on the Wasatch Small Cap Growth Fund, the Wasatch Micro Cap Fund, and the Wasatch Global Opportunities Fund, as well as a consumer sector specialist. Before Wasatch, Ms. Sunderland worked on the Goldman Sachs Private Wealth Management Team.

Ms. Sunderland graduated *Magna Cum Laude* in the top 1% of her class from the University of Utah where she earned a B.S. in Finance and Business Information Systems. Ms. Sunderland was selected as the Outstanding Finance Scholar of the Year by the dean, and a Coca-Cola Scholar. She holds the CFA designation. Ms. Sunderland was born in China and is fluent in Mandarin Chinese.

---

| | |
|:---|:---|
| ***Experience*** |  |
| 2003 - 2011 | Junior and then Senior Research Analyst at Wasatch Advisors |
| 2011 - present | Senior Research Analyst at Grandeur Peak Global Advisors |
| 2013 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |

---

CFA<sup>®</sup> is a trademark owned by the CFA Institute.

**Preston Williams, CFA<sup>®</sup>** 

Mr. Williams has been a Research Analyst at Grandeur Peak Global Advisors since 2016. He was appointed as a portfolio manager of the Grandeur Peak Global Reach Fund and the Grandeur Peak Global Explorer Fund in 2025. He is also a Sr. Research Analyst.

Mr. Williams graduated from the University of Utah *summa cum laude* with a B.S. in finance. He received an MBA from the Columbia Business School. Mr. Williams holds the CFA designation.

---

| | |
|:---|:---|
| ***Experience*** |  |
| 2016 - present | Research Analyst at Grandeur Peak Global Advisors |
| 2025 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |

---

CFA<sup>®</sup> is a trademark owned by the CFA Institute.

**Blake H. Walker**

Mr. Walker is the Chief Executive Officer of Grandeur Peak Global Advisors.

Mr. Walker has been a lead portfolio manager for the Grandeur Peak Global Opportunities and Grandeur Peak International Opportunities Funds since their inception as Predecessor Funds in 2011, for the Grandeur Peak Emerging Markets Opportunities Fund since its inception as a Predecessor Fund in 2013, and for the Grandeur Peak Global Contrarian Fund and Grandeur Peak International Contrarian Fund since 2025. Mr. Walker has been a guardian portfolio manager of the Grandeur Peak International Stalwarts Fund since its inception as a Predecessor Fund in 2015.

Before co-founding the Adviser in 2011, Mr. Walker was a portfolio manager co-managing two funds at Wasatch Advisors. Mr. Walker joined the research team at Wasatch Advisors in 2001 and launched his first fund, the Wasatch International Opportunities Fund in 2005. He teamed up with Robert Gardiner in 2008 to launch the Wasatch Global Opportunities Fund. Mr. Walker has a B.S. in Accounting from Brigham Young University. He is originally from Toronto, Canada. Mr. Walker speaks French and lived in France for two years.

---

| | |
|:---|:---|
| ***Experience*** |  |
| 2001 - 2005 | Analyst on the Wasatch Micro Cap Fund and the Wasatch International Growth Fund |
| 2005 - 2011 | Founder and Lead Manager of the Wasatch International Opportunities Fund |
| 2008 - 2011 | Founder and Co-Manager of the Wasatch Global Opportunities Fund |
| 2011 - 2016 | Chief Investment Officer of Grandeur Peak Global Advisors |
| 2011 - present | Portfolio Manager of various funds at Grandeur Peak Global Advisors |
| 2017 - present | Chief Executive Officer of Grandeur Peak Global Advisors |

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**<u>Administrator, Transfer Agent and Distributor</u>**

Ultimus Fund Solutions, LLC serves as the Funds' administrator, fund accounting agent and transfer agent, and Northern Lights Distributors, LLC (the "Distributor") serves as the Funds' distributor.

**<u>Buying, Exchanging and Redeeming Shares</u>**

**Classes of Shares**

The Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund and Grandeur Peak International Stalwarts Fund currently offer two classes of shares, Investor Class and Institutional Class shares. The Grandeur Peak Global Contrarian Fund, the Grandeur Peak Global Explorer Fund, the Grandeur Peak Global Micro Cap Fund, the Grandeur Peak International Contrarian Fund, and the Grandeur Peak US Stalwarts Fund only offer Institutional Class shares.

Each share class of a Fund represents an investment in the same portfolio of securities, but each share class has its own charges and expense structure, allowing you to choose the class that best meets your situation. When you purchase shares of a Fund, you must choose a share class.

Factors you should consider in choosing a class of shares include:

● how long you expect to own the shares;

● how much you intend to invest;

● total expenses associated with owning shares of each class

**Investment Minimums**

The minimum initial investment for Investor Class and Institutional Class shares is $1,000 for each account; except that the minimum to open an UGMA/UTMA or a Coverdell Education Savings Account is $100. There is no subsequent investment minimum for either share class.

A Fund reserves the right to waive or change minimum and additional investment amounts. For accounts sold through financial intermediaries, it is the primary responsibility of the financial intermediary to ensure compliance with investment minimums. Employees of the Adviser and their extended families are not subject to any initial or subsequent investment minimums.

**TYPES OF ACCOUNT OWNERSHIP**

Please refer to www.grandeurpeakglobal.com or an account application for specific requirements to open and maintain an account.

**Individual or Joint Ownership**

Individual accounts are owned by one person. Joint accounts have two or more owners.

**Trust**

An established trust can open an account. The names of each trustee, the name of the trust and the date of the trust agreement must be included on the application.

**Business Accounts**

Corporations and partnerships may also open an account. The application must be signed by an authorized officer of the corporation or a general partner of the partnership.

**Tax-Advantaged Accounts**

Please refer to the account application for specific requirements to open and maintain an account. Certain tax-advantaged accounts can only be opened and maintained via written request. Please contact a shareholder services representative for more information.

If you are eligible, you may set up one or more tax-advantaged accounts. A tax-advantaged account allows you to shelter your investment income and capital gains from current or future income taxes. A contribution to certain of these plans may also be tax deductible. Withdrawals from tax-advantaged investment accounts are subject to special tax rules. The types of tax-advantaged accounts that may be opened directly with the Funds are described below. Investors should consult their tax adviser or legal counsel before selecting a tax-advantaged account.

**Investing for Your Retirement**

Please visit www.grandeurpeakglobal.com or call a shareholder services representative for more complete information regarding the different types of IRAs available. Distributions from these plans may be subject to income tax and generally to an additional tax if withdrawn prior to age 59-1/2 or used for a non-qualifying purpose.

***Traditional and Roth IRAs***

Both traditional and Roth IRAs allow most individuals with earned income to contribute for 2025 up to the lesser of $7,000 ($8,000 for individuals aged 50 or older) or 100% of compensation.

***Simple IRA***

A SIMPLE IRA allows employees and employers to contribute to traditional IRAs set up for employees of small businesses.

***Simplified Employee Pension ("SEP") IRA***

A SEP IRA allows small business owners (including sole proprietors) to make tax deductible contributions for themselves and any eligible employee(s). A SEP requires an IRA to be set up for each SEP participant.

***Annual Fee***

There is an annual pass-through IRA maintenance fee of $12.50 that is charged by the IRA custodian on a per-account basis. The fee is capped at $25.00 per social security number, per account type. This fee may be paid by the Adviser.

**Accounts for the Benefit of a Child**

***Custodial Accounts (UGMA or UTMA)***

An UGMA/UTMA account is a custodial account managed for the benefit of a minor.

***Coverdell Education Savings Account (ESA)***

A Coverdell ESA is an account created as an incentive to help parents and students save for education expenses.

**HOW TO PURCHASE SHARES**

You may purchase shares of the Funds by sending a completed application form to the following address:

**Regular Mail**

Grandeur Peak Funds

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

**Express/Overnight Mail**

Grandeur Peak Funds

c/o Ultimus Fund Solutions, LLC

225 Pictoria Dr, Suite 450

Cincinnati, OH 45246

The USA PATRIOT Act requires financial institutions, including the Funds, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the identity of customers opening new accounts. As requested on the application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing a P.O. Box will not be accepted. This information will assist the Funds in verifying your identity. Until such verification is made, the Funds may temporarily limit additional share purchases. In addition, the Funds may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, the Funds may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct.

*Purchase through Brokers:* You may invest in the Funds through brokers or agents who have entered into selling agreements with the Distributor. The brokers and agents are authorized to receive purchase and redemption orders on behalf of the Funds. Such brokers are authorized to designate other intermediaries to receive purchase and redemption orders on each Fund's behalf. The Funds will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee receives the order. The broker or agent may set their own initial and subsequent investment minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares of the Funds. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from, those applicable to investors purchasing shares directly from the Funds. You should carefully read the program materials provided to you by your servicing agent.

*Purchase by Wire:* If you wish to wire money to make an investment in the Funds, please call the Funds at **855-377-PEAK (7325)** for wiring instructions and to notify the Funds that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Funds will normally accept wired funds for investment on the day received if they are received by the Funds' designated bank before the close of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day funds.

*Automated Clearing House (ACH) Purchase:* You may purchase shares via Automated Clearing House ("ACH"). To have this option added to your account, please send a letter to the Funds requesting this option and supply a voided check for the bank account. Only bank accounts held at domestic institutions that are ACH members may be used for these transactions.

ACH purchases will be effective at the closing price per share on the business day after the order is placed. The Funds may alter, modify or terminate this purchase option at any time.

Shares purchased by ACH will not be available for redemption until the transactions have cleared. Shares purchased via ACH transfer may take up to 60 days to clear.

Transactions through www.grandeurpeakglobal.com: You may purchase a Fund's shares and redeem a Fund's shares through the Fund's website www.grandeurpeakglobal.com. To establish online transaction privileges, you must enroll through the website. You automatically have the ability to establish online transaction privileges unless you decline the privileges on your New Account Application or IRA Application. You will be required to enter into a user's agreement through the website in order to enroll in these privileges. In order to conduct online transactions, you must have telephone transaction privileges. To purchase shares through the website you must also have ACH instructions on your account.

Redemption proceeds may be sent to you by check to the address of record, or if your account has existing bank information, by wire or ACH. Only bank accounts held at domestic financial institutions that are ACH members can be used for transactions through the Fund's website. Transactions through the website are subject to the same minimums as other transaction methods.

You should be aware that the Internet is an unsecured, unstable, unregulated and unpredictable environment. Your ability to use the website for transactions is dependent upon Internet access and equipment, software, systems, data and services provided by various vendors and third parties. While the Funds and their service providers have established certain security procedures, the Funds, the Distributor and the Funds' transfer agent cannot assure you that trading information will be completely secure.

There may also be delays, malfunctions, or other inconveniences generally associated with this medium. There also may be times when the web site is unavailable for Fund transactions or other purposes. Should this happen, you should consider purchasing or redeeming shares by another method. Neither the Funds nor their transfer agent, Distributor or Adviser will be liable for any such delays or malfunctions or unauthorized interception or access to communications or account information.

*Automatic Investment Plan:* You may participate in the Funds' Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests it in the Funds through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum of $50 on specified days of each month into your established Fund account. Please contact the Funds at **855-377-PEAK(7325)** for more information about the Funds' Automatic Investment Plan.

Each Fund, however, reserves the right, in its sole discretion, to reject any application to purchase shares. Applications will not be accepted unless they are accompanied by a check drawn on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of the shares to be purchased. After you open an account, you may purchase additional shares by sending a check together with written instructions stating the name(s) on the account and the account number, to the above address. The Funds do not accept cash, drafts, travelers' checks, post-dated checks, non-U.S. financial institution checks, cashier's checks, or money orders. Also, to prevent check fraud, the Funds will not accept third party checks, U.S. Treasury checks, credit card checks or starter checks for the purchase of shares. Redemptions of shares of the Fund purchased by check may be subject to a hold period until the check has been cleared by the issuing bank. To avoid such holding periods, shares may be purchased through a broker or by wire, as described in this section.

Note: Ultimus Fund Solutions, LLC, the Funds' transfer agent, will charge a $25 fee against a shareholder's account, in addition to any loss sustained by a Fund, for any check or ACH returned to the transfer agent for insufficient funds.

*When Order is Processed:* All shares will be purchased at the NAV per share (plus applicable sales charges, if any) next determined after a Fund receives your application or request in good order. All requests received in good order by a Fund before 4:00 p.m. (Eastern Time) will be processed on that same day. Requests received after 4:00 p.m. will be processed on the next business day.

● the name of the relevant Fund and share class;

● the dollar amount of shares to be purchased; and

● a completed purchase application or investment stub check payable to the "Grandeur Peak Emerging Markets Opportunities Fund"; "Grandeur Peak Global Contrarian Fund"; "Grandeur Peak Global Explorer Fund"; "Grandeur Peak Global Micro Cap Fund"; "Grandeur Peak Global Opportunities Fund"; "Grandeur Peak Global Reach Fund"; "Grandeur Peak Global Stalwarts Funds"; "Grandeur Peak International Contrarian Fund" "Grandeur Peak International Opportunities Fund"; "Grandeur Peak International Stalwarts Fund" or "Grandeur Peak U.S. Stalwarts Fund" as applicable.

**Retirement Plans:** You may purchase shares of the Funds for your individual retirement plans. Please call the Funds at 855-377-PEAK (7325) for the most current listing and appropriate disclosure documentation on how to open a retirement account.

In order to buy, redeem or exchange shares at that day's price, you must place your order with a Fund or its agent before the New York Stock Exchange ("NYSE") closes (normally, 4 p.m. Eastern time). Orders received by financial intermediaries authorized to do so on behalf of a Fund prior to the close of trading on the NYSE will be confirmed at the offering price computed as of the close of the trading on the NYSE. If the NYSE closes early, you must place your order prior to the actual closing time. The net asset value and your share price may be determined earlier than 4 p.m. Eastern time in the event that the NYSE closes early. As noted below in the section titled "By Broker/Intermediary," the Funds have authorized one or more broker/intermediaries to receive on their behalf purchase and redemption orders. If your broker/intermediary has not been authorized to receive orders on behalf of a Fund, your order or request will not be accepted and processed by the Fund. Please contact your broker/intermediary if you are not sure if they have been authorized by the Funds.

With certain limited exceptions, the Funds are available only to U.S. citizens or residents. Certain tax-advantaged accounts can only be opened and maintained via written request. Please contact a shareholder services representative for more information.

Payment must be in U.S. dollars by a check drawn on a bank in the United States, wire transfer or electronic transfer. The Funds will not accept cash, traveler's checks, starter checks, money orders, third party checks (except for properly endorsed IRA rollover checks), checks drawn on foreign banks or checks issued by credit card companies or Internet-based companies. Shares purchased by checks that are returned will be canceled and you will be liable for any losses or fees incurred by a Fund or its agents, including bank handling charges for returned checks. When purchasing shares, your request will be processed at the first NAV calculated after your purchase request is determined to be in good order. For wire purchases, the wire transfer must be received before the purchase request is deemed to be in good order.

A request or transaction will generally be regarded by a Fund as being in "good order" if it is received within the time frame prescribed, if it includes the information the Fund lists as being necessary, and (in the case of written requests or instructions) if the request or instruction is properly signed by an authorized person.

**Distribution and Services (12b-1) Plans** *(Investor Class Only)*

The Funds have adopted a plan of distribution for Investor Class shares pursuant to Rule 12b-1 under the 1940 Act (the "Plan").

Under the terms of the Plan, the Funds are authorized to make payments to the Distributor for remittance to financial intermediaries, as compensation for distribution and/or the provision of on-going shareholder services performed by such financial intermediaries for their customers who are shareholders in the Funds. The Plan permits payment for services and related expenses in connection with a financial intermediary's administration of mutual fund distribution platforms that offer Investor Class shares of the Funds.

The Plan permits the Funds to use its Investor Class shares' assets to make payments at an annual rate of up to 0.25% of a Fund's average daily net assets attributable to its Investor Class shares. Because these fees are paid out of a Fund's Investor Class shares' assets on an ongoing basis, over time they will increase the cost of an investment in Investor Class shares and Plan fees may cost an investor more than other types of sales charges.

**Networking, Sub-Accounting and Administrative Fees**

Select financial intermediaries may enter into arrangements with the Funds, or its designees, to perform certain networking, recordkeeping, sub-accounting and/or administrative services for shareholders of the Funds. These activities are routinely processed through the National Securities Clearing Corporation's Fund/SERV and Trust Networking systems or similar systems. In consideration for providing these services in an automated environment, such financial intermediaries may receive compensation, from the Funds. Any such compensation by the Funds to these select financial intermediaries for the aforementioned services is in addition to, and distinct from, any Rule 12b-1 related services provided to Fund shareholders.

**PAYMENTS TO SELECT FINANCIAL INTERMEDIARIES AND OTHER ARRANGEMENTS**

The Adviser and/or its affiliates may enter into arrangements to make payments for additional activities to select financial intermediaries intended to result in the sale of Fund shares and/or other shareholder servicing activities out of the Adviser's own resources (which may include profits from providing advisory services to the Funds). These payments are often referred to as "revenue sharing payments" and the revenue sharing payment amounts generally vary by financial intermediary. The aggregate amount of the revenue sharing payments is determined by the Adviser and may be substantial. Revenue sharing payments create no additional cost to the Funds or their shareholders.

Revenue sharing payments may create an incentive for a financial intermediary or its employees or associated persons to recommend or sell shares of the Funds to you, rather than shares of another mutual fund. Please contact your financial intermediary's investment professional for details about revenue sharing payments it may be receiving.

**In-Kind Purchases**

The Funds reserve the right to accept payment for shares in the form of securities that are permissible investments for a Fund. In-kind purchases may be taxable events and may result in the recognition of gain or loss for federal income tax purposes.

**EXCHANGING SHARES**

If you have held your shares in a Fund for at least seven days, you may exchange those shares for shares of any of the other Funds, if such Fund is available for sale in your state and meets the investment criteria of the investor

Any new account established through an exchange will be subject to all minimum requirements applicable to the shares acquired. The exchange privilege may only be exercised in those states where the class of shares being acquired legally may be sold.

If you are an existing shareholder of any Fund, you may exchange your shares into a new account copying your existing account registration and options. Exchanges between accounts will be accepted only if registrations are identical.

You may also transfer between classes of a Fund if you meet the minimum investment requirements for the class into which you would like to transfer.

**Online at www.grandeurpeakglobal.com**

Exchanges may be made online via www.grandeurpeakglobal.com. A real-time confirmation of your transaction will be provided via www.grandeurpeakglobal.com.

**By Telephone**

For an existing account, you may exchange shares in your account in amounts up to $50,000 ($100,000 for corporate accounts) by calling a shareholder services representative 855-377-PEAK(7325) if you did not decline the telephone redemption privilege when establishing your account.

**By Systematic Exchange**

You determine the amount of money you would like automatically exchanged from one Fund account to another on any day of the month. For Systematic Exchanges, if no date is specified on your request, systematic exchanges will be made on the 15th of each month. If the balance in the Fund account you are exchanging from falls below the Systematic Exchange amount, all remaining shares will be exchanged and your Systematic Exchange Program will be discontinued.

**By Broker/Intermediary**

Exchanges, like purchases and redemptions, may also be effected through retirement plans, broker-dealers and financial intermediaries. Please contact your financial intermediary or refer to the appropriate plan documents for details. Your financial intermediary may charge a processing or service fee in connection with the exchange of shares.

**Additional Information About Exchanges**

An exchange represents the sale of shares from one Fund and the purchase of shares of the other Fund. This may produce a taxable gain or loss in your non-tax-advantaged account. If you exchange shares within 30 calendar days from their date of purchase, you may be subject to the redemption fee as described in this Prospectus in **"Redemption Fees"** below. Transfers between classes of a single Fund are generally not considered a taxable transaction.

The exchange privilege may be modified or terminated upon sixty (60) days' written notice to shareholders. Although initially there will be no limit on the number of times you may exercise the exchange privilege, each Fund reserves the right to impose such a limitation. Call or write the Funds for further details.

**HOW TO REDEEM SHARES**

The Funds typically expect that it will take up to three business days following receipt of your redemption request to pay out redemption proceeds by check or electronic transfer. The Funds typically expect to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in regular and stressed market conditions.

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| | |
|:---|:---|
| ***Regular Mail***<br> **Grandeur Peak Funds**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246 | ***Express/Overnight Mail***<br> **Grandeur Peak Funds**<br> c/o Ultimus Fund Solutions, LLC<br> 225 Pictoria Dr, Suite 450<br> Cincinnati, OH 45246 |

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*Redemptions by Telephone:* The telephone redemption privilege is automatically available to all new account. If you do not want the telephone redemption privilege, you must indicate this in the appropriate area on your account application or you must write to the Funds and instruct it to remove this privilege from your account.

The proceeds will be sent by mail to the address designated on your account or wired directly to your existing account in a bank or brokerage firm in the United States as designated on your application. To redeem by telephone, call 855-377-PEAK (7325). The redemption proceeds normally will be sent by mail or by wire within three business days after receipt of your telephone instructions. You may redeem shares up to $50,000 ($100,000 for corporate accounts). If you own an IRA, you will be asked whether or not the Fund(s) should withhold federal income tax.

During periods of high market activity, you may encounter higher than usual wait times. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. Neither the Funds nor the Transfer Agent will be held liable if you are unable to place your trade due to high call volume.

The Funds reserve the right to suspend the telephone redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30 days. Neither the Funds, the Transfer Agent, nor their respective affiliates will be liable for complying with telephone instructions they reasonably believe to be genuine or for any such loss. The Funds or the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the Transfer Agent do not employ these procedures, they may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions, and recording telephone instructions.

*Redemptions through Broker:* If shares of the Funds are held by a broker-dealer, financial institution or other servicing agent, you must contact that servicing agent to redeem shares of the Funds. The servicing agent may charge a fee for this service.

*Redemptions by Wire:* You may request that your redemption proceeds be wired directly to your bank account. The Transfer Agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account. Your bank may also impose a fee for the incoming wire.

*Redemptions by Overnight Delivery:* You may request that your redemption check be delivered by overnight service. The Transfer Agent imposes a $35 fee for each overnighted check and deducts the fee directly from your account.

*Redemptions through www.grandeurglobal.com:* You may redeem your shares through the Funds' website www.grandeurglobalcom. Shares from a tax-sheltered retirement account cannot be redeemed through the Funds' website. For complete information regarding Internet transactions, please see the section above entitled "Transactions Through www.grandeurglobal.com." A redemption request through the website will not be honored if a medallion signature guarantee is required as described below.

*Systematic Withdrawal Plan:* If your individual accounts, IRA or other qualified plan account have a current account value of at least $10,000, you may participate in the Funds' Systematic Withdrawal Plan, an investment plan that automatically moves money to your bank account from a Fund through the use of electronic funds transfers. You may elect to make subsequent withdrawals by transfers of a minimum of $250 on specified days of each month into your established bank account. Please contact the Funds at 1-855-377-PEAK(7325) for more information about the Funds' Systematic Withdrawal Plan.

*Redemptions in Kind:* The Funds reserve the right to honor requests for redemption or repurchase orders by making payment in whole or in part in readily marketable securities ("redemption in kind") if the amount is greater than the lesser of $250,000 or 1% of the Funds' assets. The securities will be chosen by the Funds and valued under the Funds' NAV procedures. A shareholder will be exposed to market risk until these securities are converted to cash and may incur transaction expenses in converting these securities to cash.

*When Redemptions are Sent:* Once a Fund receives your redemption request in "good order" as described below, it will issue a check based on the next determined NAV following your redemption request. If you purchase shares using a check and soon after request a redemption, your redemption proceeds, which are payable at the next determined NAV following your redemption request in "good order," as described below, will not be sent until the check used for your purchase has cleared your bank.

● The request should be in writing, indicating the number of shares or dollar amount to be redeemed;

● The request must identify your account number;

● The request should be signed by you and any other person listed on the account, exactly as the shares are registered; and

● If you request that the redemption proceeds be sent to a person, bank or an address other than that of record or paid to someone other than the record owner(s), or if the address was changed within the last 30 days, or if you are redeeming shares within 30 days of purchase, or if the proceeds of a requested redemption exceed $50,000 ($100,000 for corporate accounts), the signature(s) on the request must be medallion signature guaranteed by an eligible signature guarantor.

**Redemption Fees**

If you sell or exchange your shares after holding them 30 days or less, a 2.00% short-term redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The fees are paid to a Fund and are designed to help offset the brokerage commissions, market impact and other costs associated with short-term shareholder trading.

Each Fund also permits waivers of the short-term redemption fee for the following transactions:

● Redemptions from shareholder accounts liquidated for failure to meet the minimum investment requirement;

● Redemptions related to a disability as defined by Internal Revenue Service requirements;

● Redemptions due to death for shares transferred from a decedent's account to a beneficiary's account;

● Redemptions due to divorce for shares transferred pursuant to a divorce decree;

● Redemptions of shares through a systematic withdrawal plan;

● Broker-dealer sponsored wrap program accounts and/or fee-based accounts maintained for clients of certain financial intermediaries who have entered into selling agreements with the Distributor;

● Redemptions through an automatic, non-discretionary rebalancing or asset allocation program;

● Redemptions due to a back office correction made to an account to provide the shareholder with the intended transaction;

● Rollovers, transfers and changes of account registration within a Fund as long as the money never leaves the Fund, including transfers between share classes;

● Redemptions in-kind;

● Redemptions due to reinvestment of dividends and/or capital gains;

● Any involuntary redemption and/or exchange transactions, including, for example, those required by law or regulation, a regulatory agency, a court order or as a result of a liquidation of a Fund by the Board;

● Certain types of IRA account transactions, including redemptions pursuant to systematic withdrawal programs, required minimum distributions, withdrawals due to disability or death, return of excess contribution amounts, and redemptions related to payment of custodian fees;

● Certain types of employer-sponsored and 403(b) retirement plan transactions, including loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability or qualified domestic relations order; and

● Certain other transactions as deemed appropriate by the Adviser.

The application of short-term redemption fees and waivers may vary among intermediaries and certain intermediaries may not apply the waivers listed above. If you purchase, exchange or sell Fund shares through an intermediary, you should contact your intermediary for more information on whether the short-term redemption fee will be applied to redemptions of your shares.

Each Fund reserves the right to modify or eliminate the short-term redemption fee or waivers at any time. The redemption fee may be waived in cases where the nature of the transaction or circumstances do not pose risks to the policy and procedures to prevent market timing. Unitized group accounts consisting of qualified plan assets may be treated as a single account for redemption fee purposes.

Note: Each Fund has the right to suspend or postpone redemptions of shares for any period: (i) during which the NYSE is closed, other than customary weekend and holiday closings; (ii) during which trading on the NYSE is restricted; or (iii) during which (as determined by the SEC by rule or regulation) an emergency exists as a result of which disposal or valuation of portfolio securities is not reasonably practicable, or as otherwise permitted by the SEC.

An account may be turned over as unclaimed property to the investor's last known state of tax residence if the account is deemed "inactive" or "lost" during the time frame specified within the applicable state's unclaimed property laws. Investors who are residents of the state of Texas may designate a representative to receive legislatively. required unclaimed property due diligence notifications. A Texas Designation of Representative Form is available for making such an election.

**<u>SHARE TRANSACTIONS</u>**

**SMALL ACCOUNT BALANCES/MANDATORY REDEMPTIONS**

The Funds have a $1,000 account minimum, except UTMA/UGMA and Coverdell accounts which have a $100 minimum. The Funds may require mandatory redemption of shares in accounts that fall below the minimum requirement. The Funds may also adopt other policies from time to time requiring mandatory redemption of shares in certain circumstances, such as to comply with new regulatory requirements.

**SHARE CERTIFICATES**

The Funds do not issue share certificates.

**FREQUENT PURCHASES AND SALES OF FUND SHARES**

The Funds discourage and do not accommodate market timing. Frequent trading into and out of a Fund can harm all Fund shareholders by disrupting the Fund's investment strategies, increasing Fund expenses, decreasing tax efficiency and diluting the value of shares held by long-term shareholders. Each Fund is designed for long-term investors and is not intended for market timing or other disruptive trading activities. Accordingly, the Board has approved policies that seek to curb these disruptive activities while recognizing that shareholders may have a legitimate need to adjust their Fund investments as their financial needs or circumstances change. The Funds currently use several methods to reduce the risk of market timing, including:

● Committing staff to review, on a continuing basis, recent trading activity in order to identify trading activity that may be contrary to the Funds' "Market Timing Trading Policy";

● Rejecting or limiting specific purchase requests; and

● Rejecting purchase requests from certain investors.

Though these methods involve judgments that are inherently subjective and involve some selectivity in their application, the Funds seek to make judgments and applications that are consistent with the interests of the Funds' shareholders.

Based on the frequency of redemptions in your account, the Adviser or transfer agent may in its sole discretion determine that your trading activity is detrimental to the Funds as described in the Funds' Market Timing Trading Policy and elect to reject or limit the amount, number, frequency or method for requesting future purchases or exchanges into the Funds.

Each Fund reserves the right to reject or restrict purchase requests for any reason, particularly when the shareholder's trading activity suggests that the shareholder may be engaged in market timing or other disruptive trading activities. Neither the Funds nor the Adviser will be liable for any losses resulting from rejected purchase orders. The Adviser may also bar an investor who has violated these policies (and the investor's financial adviser) from opening new accounts with the Funds.

Although the Funds attempt to limit disruptive trading activities, some investors use a variety of strategies to hide their identities and their trading practices. There can be no guarantee that the Funds will be able to identify or limit these activities. Omnibus account arrangements are common forms of holding shares of the Funds. While the Funds will encourage financial intermediaries to apply the Funds' Market Timing Trading Policy to their customers who invest indirectly in the Funds, the Funds are limited in their ability to monitor the trading activity or enforce the Funds' Market Timing Trading Policy with respect to customers of financial intermediaries. For example, should it occur, the Funds may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult to identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all their customers. More specifically, unless the financial intermediaries have the ability to apply the Funds' Market Timing Trading Policy to their customers through such methods as implementing short-term trading limitations or restrictions and monitoring trading activity for what might be market timing, the Funds may not be able to determine whether trading by customers of financial intermediaries

is contrary to the Funds' Market Timing Trading Policy. Brokers maintaining omnibus accounts with the Funds have agreed to provide shareholder transaction information to the extent known to the broker to the Funds upon request. If the Funds or their transfer agent or shareholder servicing agent suspects there is market timing activity in the account, the Funds will seek full cooperation from the service provider maintaining the account to identify the underlying participant. At the request of the Adviser, the service providers may take immediate action to stop any further short-term trading by such participants.

**VERIFICATION OF ACCOUNTING STATEMENTS**

You must contact a Fund in writing regarding any errors or discrepancies within 60 days after the date of the statement confirming a transaction. A Fund may deny your ability to refute a transaction if it does not hear from you within 60 days after the confirmation statement date.

**INSUFFICIENT FUNDS POLICY**

The Funds reserve the right to cancel a purchase if a check or electronic funds transfer does not clear your bank. A Fund may charge your account a $25 fee, and you will be responsible for any losses or fees imposed by your bank and any losses that may be incurred by the Fund as a result of the canceled purchase. If you are already a shareholder in the Fund, the Fund may redeem shares in your account(s) to cover losses due to fluctuations in share price.

**CLOSING OR REOPENING FUNDS**

The Adviser or a Fund may take action to periodically close ("hard close") or limit inflows into ("soft close") the Fund to protect the integrity of a Fund's investment strategy or objective. Hard closing or soft closing Funds can be an important component of portfolio management, particularly for Funds that primarily invest in smaller companies. The Adviser believes that closing Funds or restricting inflows through some or all channels from time-to-time is in the best interest of Fund shareholders. Conversely, when the assets of a closed or restricted Fund are at a level that the Adviser believes assets could be invested without impairing the Fund, the Adviser may reopen the Fund. The Adviser retains the right to make exceptions to any action taken to close or limit inflows into a Fund.

**HOW FUNDS ARE CLOSED OR REOPENED**

Fund closings or reopenings will be posted on the Funds' website at <u>www.grandeurpeak.com</u>. The Adviser will make every effort to post information related to Fund closings at least two weeks prior to the effective date of the closing.

Each change in a Fund's status also will be filed electronically with the SEC. Please see "ADDITIONAL INFORMATION ABOUT EACH FUND – HOW TO OBTAIN ADDITIONAL INFORMATION" about how to view or obtain copies of documents filed with the SEC.

**HOW FUND SHARES ARE PRICED**

Shares of each Fund are sold at NAV. The NAV of each Fund is determined at close of regular trading (normally 4:00 p.m. Eastern Time) on each day the NYSE is open for business. NAV is computed by determining, on a per class basis, the aggregate market value of all assets of a Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account, on a per class basis, the expenses and fees of a Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for a share class for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, each Fund's securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchanges. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If no sale price is reported, the mean between the current bid and ask prices is used. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as the "Valuation Designee" to execute these procedures. The Valuation Designee may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

The Funds may use independent pricing services to assist in calculating the value of each Fund's securities. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for each Fund. Because the Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of some of the Funds' portfolio securities may change on days when you may not be able to buy or sell Fund shares.

In computing NAV, the Funds value foreign securities held by the Funds at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in each Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before each Fund prices its shares, the security may be priced using alternative market prices provided by a pricing service. For example, if trading in a portfolio security is halted and does not resume before the Funds calculate their NAV, alternative market prices may be used to value the security. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of each Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of each Fund's NAV by short term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine NAV, or from the price that may be realized upon the actual sale of the security.

With respect to any portion of each Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, each Fund's NAV is calculated based upon the NAVs of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

**CUSTOMER IDENTIFICATION PROGRAM**

To help the government fight the funding of terrorism and money laundering activities, federal law requires the Funds' Transfer Agent to obtain certain personal information from you (or persons acting on your behalf) in order to verify your (or such person's) identity when you open an account, including name, address, date of birth and other information (which may include certain documents) that will allow the Transfer Agent to verify your identity. If this information is not provided, the Transfer Agent may not be able to open your account. If the Transfer Agent is unable to verify your identity (or that of another person authorized to act on your behalf) shortly after your account is opened, or believes it has identified potentially criminal activity, the Funds, the Distributor and the Transfer Agent each reserve the right to reject further purchase orders from you or to take such other action as they deem reasonable or required by law, including closing your account and redeeming your shares at their NAV at the time of redemption.

If you are opening an account in the name of a legal entity (e.g., a partnership, business trust, limited liability company, corporation, etc.), you may be required to supply the identity of the beneficial owner or controlling person(s) of the legal entity prior to the opening of your account. The Funds may request additional information about you (which may include certain documents, such as articles of incorporation for companies) to help the Transfer Agent verify your identity.

**MEDALLION SIGNATURE GUARANTEE**

A Medallion Signature Guarantee assures that a signature is genuine. It is intended to protect shareholders and the Funds against fraudulent transactions by unauthorized persons. A signature guarantee is required if any of the following is applicable:

● You request a redemption by check above $50,000 ($100,000 for corporate accounts);

● You would like a check made payable to anyone other than the shareholder(s) of record.

● You would like a redemption made within 30 days of an address change.

● You would like a redemption of shares purchased by ACH within the last 60 days or a redemption of shares purchased by check within the last 30 days.

● You would like payment made to a bank account that was added or updated within the last 90 days regardless of payment instructions.

● You would like a check mailed to an address other than the address of record.

● You would like your redemption proceeds sent to a bank account other than a bank account of record.

● If your redemption is for your Required Minimum Distribution (RMD) from your retirement account and the proceeds are being sent to a Qualified Charitable Organization, a Medallion Signature Guarantee is not required for redemptions under $50,000.

The Funds reserve the right to require a signature guarantee under other circumstances or to reject or delay a redemption on certain legal grounds.

A signature guarantee may be refused if any of the following is applicable:

● It does not appear valid or in good form.

● The transaction amount exceeds the surety bond limit of the signature guarantee.

● The guarantee stamp has been reported as stolen, missing or counterfeit.

**HOW TO OBTAIN A MEDALLION SIGNATURE GUARANTEE**

Medallion Signature Guarantees must be obtained from a participant in a Medallion program endorsed by the Securities Transfer Association. Participants are typically commercial banks or trust companies in the United States, brokerage firms that are members of the National Association of Securities Dealers, Inc. or members of the New York Stock Exchange. Call your financial institution to see if it participates in a medallion program.

A Medallion Signature Guarantee may not be provided by a notary public.

**<u>DIVIDENDS AND DISTRIBUTIONS</u>**

The Funds normally pay income dividends and distribute capital gains, if any, on an annual basis. As regulated investment companies ("RICs"), the Funds are required to pay out substantially all of their income and capital gains on at least an annual basis to avoid double-taxation to shareholders.

Income dividend distributions are derived from interest and other income each Fund receives from its collateral holdings and include distributions of short-term capital gains. Such income is netted with Fund expenses to determine the income dividend. Long-term capital gain distributions are derived from gains realized when a Fund sells an investment it has owned for more than a year, from capital gain distributions from securities in which the Fund own an investment, or from transactions in exchange-traded futures that qualify as section 1256 contracts, which may generate both short-term and long-term capital gains distributions.

A Fund may make additional distributions and dividends at other times if the Adviser believes doing so may be necessary for the Fund to avoid or reduce taxes. Distributions and dividends are reinvested in additional Fund shares unless you instruct the Transfer Agent to have your distributions and/or dividends paid by check mailed to the address of record or transferred through an Automated Clearing House to the bank of your choice. You can change your choice at any time to be effective as of the next distribution or dividend, except that any change given to the Transfer Agent less than five days before the payment date will not be effective until the next distribution or dividend is made. Distribution checks will only be issued for payments greater than $25.00. Distributions will automatically be reinvested in shares of the fund(s) generating the distribution if under $25.00. Un-cashed distribution checks will be canceled and proceeds reinvested at the then current net asset value, for any shareholder who chooses to receive distributions in cash, if distribution checks: (1) are returned and

marked as "undeliverable" or (2) remain un-cashed for six months after the date of issuance. If distribution checks are canceled and reinvested, your account election may also be changed so that all future distributions are reinvested rather than paid in cash. Interest will not accrue on uncashed distribution checks.

**<u>FEDERAL INCOME TAXES</u>**

The discussion below only addresses the U.S. federal income tax consequences of an investment in the Funds for U.S. persons and does not address any foreign, state or local tax consequences. For purposes of this discussion, U.S. persons are:

● U.S. citizens or residents;

● U.S. corporations;

● an estate whose income is subject to U.S. federal income taxation regardless of its source; or

● a trust, if a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions, or if the trust has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

Except where specifically noted, this discussion does not address issues of significance to U.S. persons in special situations such as (i) certain types of tax-exempt organizations, (ii) shareholders holding shares through tax-advantaged accounts (such as 401(k) plan accounts or individual retirement accounts), (iii) shareholders holding investments through foreign institutions (financial and non- financial), (iv) financial institutions, (v) broker-dealers, (vi) entities not organized under the laws of the United States or a political subdivision thereof, (vii) shareholders holding shares as part of a hedge, straddle or conversion transaction, (viii) shareholders who are subject to the U.S. federal alternative minimum tax, and (ix) insurance companies. If a partnership (including for this purpose any entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. For further information regarding the U.S. federal income tax consequences of an investment in the Funds, investors should see the SAI under "FEDERAL INCOME TAXES – Taxation of the Funds."

Non-U.S. persons that are considering the purchase of shares should consult with their own tax advisers regarding the U.S. federal, foreign, state and local tax consequences of the purchase, ownership and disposition of shares in the Funds.

The Funds intend to meet all requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") necessary to qualify for treatment as a "regulated investment company" and thus do not expect to pay any U.S. federal income tax on income and capital gains distributed to shareholders. The Funds also intend to meet certain distribution requirements such that neither Fund is subject to U.S. federal income tax in general. If a Fund does not meet the distribution requirements, the Fund may be subject to significant excise taxes. This discussion assumes that the Funds will qualify under Subchapter M of the Code as RICs and will satisfy these distribution requirements. There can be no guarantee that this assumption will be correct.

**TAXATION OF FUND DISTRIBUTIONS**

For U.S. federal income tax purposes, shareholders of RICs are generally subject to taxation based on the underlying character of the income and gain recognized by the RIC and distributed to the shareholders.

Distributions of net capital gains that are properly designated by a Fund as capital gain dividends ("capital gain dividends") will be taxable to Fund shareholders as long-term capital gains. Generally, distributions of earnings derived from ordinary income and short-term capital gains will be taxable as ordinary income. The Funds do not expect a significant portion of their distributions to derive from "qualified dividend income," which is taxed to non-corporate shareholders at favorable rates so long as certain requirements are met. Corporate shareholders may be able to take a dividends-received deduction for a portion of the dividends they receive from a Fund to the extent such dividends are received by the Fund from a domestic corporation and to the extent a portion of interest paid or accrued on certain high yield discount obligations owned by the Fund are treated as dividends subject, in each case, to certain holding period requirements and debt-financing limitations.

Some of the Funds' investments, such as certain option transactions and certain futures transactions, may be "section 1256 contracts." Section 1256 contracts are taxed annually on a "marked to market" basis as if sold for their fair market values at the end of the tax year. Gains and losses on section 1256 contracts are generally treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss (with certain exceptions).

Each Fund may also realize long-term capital gains when it sells or redeems a security that it has owned for more than one year and when it receives capital gain distributions from ETFs in which that Fund owns investments. Each Fund may realize

short-term capital gains from the sale of investments that such Fund owned for one year or less. Each Fund may realize ordinary income from distributions from ETFs, from foreign currency gains that are not section 1256 contracts, from interest on indebtedness owned by a Fund and from other sources.

The maximum long-term capital gain rate applicable to individuals is 20%, which is in addition to the 3.8% surtax on net investment income described below.

Distributions of earnings are taxable whether or not a shareholder receives them in cash or reinvests them in additional shares. If a distribution of earnings is made shortly after a shareholder purchases shares of a Fund, while in effect a return of capital, the dividend or distribution is still taxable. A shareholder can avoid this, if they choose, by investing after a Fund has paid a dividend.

The Funds must report to the IRS and furnish to shareholders the cost basis information for shares purchased and sold. The Funds have chosen Average Cost as its standing (default) tax lot identification method for all shareholders, which means this is the method the Funds will use to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing NAVs, and the entire position is not sold at one time. Shareholders may, however, choose a method other than a Fund's standing method at the time of their purchase or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**SALE OR REDEMPTION OF FUND SHARES**

A shareholder's sale or redemption of Fund shares will generally result in taxable gain (if positive) or loss (if negative) in an amount equal to (i) the amount realized, reduced by (ii) the shareholder's adjusted tax basis in the Fund shares sold or redeemed. A shareholder who receives securities in redemption of shares of a Fund will generally recognize a gain or loss equal to the difference between (i) the aggregate fair market value of the securities received plus the amount of any cash received (net of any applicable fees), and (ii) the shareholder's adjusted basis in the shares redeemed.

Any capital gain or loss realized upon the sale or redemption of shares of a Fund is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as a short-term capital gain or loss if the shares have been held for one year or less. In certain situations, a loss on the sale or redemption of shares held for six months or less will be a long-term loss. The deductibility of capital losses is subject to significant limitations.

All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed under "wash sale" rules if other substantially identical shares of the same Fund are purchased within 30 days before or after the disposition. When that happens, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

**TAXATION OF CERTAIN INVESTMENTS**

A Fund's investments in foreign securities may be subject to foreign withholding and other taxes, which would reduce the Fund's yield on such securities. Shareholders generally will not be entitled to claim a foreign tax credit or deduction with respect to foreign taxes paid by a Fund, although it is possible that the Fund may be able to elect to pass through foreign tax credits or deductions to its shareholders. The Funds make no assurances regarding their ability or willingness to so elect. In addition, a Fund's investments in foreign securities or foreign currencies may increase or accelerate the Fund's recognition of ordinary income and may affect the timing or amount of the Fund's distributions. For more information, see the SAI under "FEDERAL INCOME TAXES – Special Tax Considerations."

A Fund may, at times, buy debt obligations at a discount from the price at which they were originally issued, especially during periods of rising interest rates. For U.S. federal income tax purposes, any original issue discount inherent in such investments will be included in a Fund's ordinary income when and as it accrues as required by applicable law. Even though payment of that amount is not received until a later time and will be subject to the risk of nonpayment, it will be distributed to shareholders as taxable dividends. A Fund may also buy debt obligations in the secondary market which are treated as having market discount. Generally, gain recognized on the disposition of such an investment is treated as ordinary income for U.S. federal income tax purposes to the extent of the accrued market discount, but a Fund may elect instead to currently include the amount of market discount as ordinary income over the term of the instrument even though the Fund does not receive payment of such amount at that time.

A Fund's investments in certain debt obligations, mortgage-backed securities, asset-backed securities and derivatives may also cause the Fund to recognize taxable income in excess of the cash generated by such obligations. Thus, a Fund could be required at times to liquidate other investments in order to satisfy its distribution requirements, potentially increasing the amount of capital gain dividends made to shareholders.

If a Fund invests in stock of a real-estate investment trust (a "REIT"), the Fund may be eligible to pay "section 199A dividends" to its shareholders with respect to qualifying dividends received by it from its investment in REITs. For taxable years beginning before 2026, Section 199A dividends are taxable to individual and other noncorporate shareholders at a reduced effective federal income tax rate, provided that certain holding period requirements and other conditions are satisfied.

**Surtax on Net Investment Income**

A surtax of 3.8% applies to net investment income of an individual taxpayer, and to the undistributed net investment income of a trust or estate, to the extent that the taxpayer recognizes gross income (as adjusted) in excess of a certain amount for a year. Net investment income includes, among other types of income, ordinary income, dividend income and capital gain derived from an investment in a Fund. For information regarding the surtax on net investment income, see the SAI under "FEDERAL INCOME TAXES – Surtax on Net Investment Income."

**BACKUP WITHHOLDING**

The Funds are also required in certain circumstances to apply backup withholding on taxable dividends, redemption proceeds and certain other payments that are paid to any shareholder who does not furnish to the Funds certain information and certifications or who is otherwise subject to backup withholding. The backup withholding tax rate is currently 24%. For more information regarding backup withholding, see the SAI under "FEDERAL INCOME TAXES – Backup Withholding."

Investors should consult with their tax adviser regarding the U.S. federal, foreign, state and local tax consequences of an investment in the Funds.

**Householding:** To reduce expenses, the Funds mail only one copy of a Prospectus and each annual and semi-annual tailored shareholder reports to those addresses shared by accounts that have elected to receive paper copies of these documents. If you wish to receive individual copies of these documents, please call the Funds at 855-377-PEAK(7325) on days the Funds are open for business or contact your financial institution. The Funds will begin sending you individual copies thirty days after receiving your request.

**<u>Financial Highlights</u>**

The financial highlights tables below are intended to help you understand the Funds' financial performance for the fiscal periods noted below. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). The returns shown below for periods prior to the Reorganization on October 20, 2023 are for the Predecessor Funds. This information for each of the periods ended April 30 are from the Funds' financial statements which have been audited by Deloitte & Touche LLP, the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are available upon request by calling the Funds at **855-377-PEAK (7325). No financial highlights are presented for Grandeur Peak International Contrarian Fund because that Fund has yet to commence operations**.

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $12.40 | $12.58 | $13.21 | $17.70 | $11.07 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.13 | 0.06 | 0.06 | (0.01) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.91) | 0.25 | (0.67) | (2.48) | 6.71 |
| Total income/(loss) from investment operations | (0.78) | 0.31 | (0.61) | (2.49) | 6.63 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.02) | (0.02) |  | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.11) | (0.47) | - | (2.00) | - |
| Total distributions | (0.22) | (0.49) | (0.02) | (2.00) | (0.00)<sup>(b)</sup> |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL | - | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | - | 0.00 <sup>(b)</sup> |
| NET ASSET VALUE, END OF YEAR | $11.40 | $12.40 | $12.58 | $13.21 | $17.70 |
| TOTAL RETURN<sup>(c)</sup> | (6.35)% | 2.38 %<sup>(d)</sup> | (4.62)% | (16.01)% | 59.92% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $4664 | $7253 | $8767 | $10846 | $15011 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.80% | 1.83% | 1.70% | 1.76% | 1.75% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.77% | 1.81% | 1.68% | 1.63% | 1.68% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.01% | 0.48% | 0.45% | (0.09)% | (0.50)% |
| PORTFOLIO TURNOVER RATE | 25% | 38% | 32% | 31% | 35% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $12.55 | $12.72 | $13.35 | $17.83 | $11.14 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.16 | 0.09 | 0.08 | 0.03 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.92) | 0.25 | (0.67) | (2.51) | 6.76 |
| Total income/(loss) from investment operations | (0.76) | 0.34 | (0.59) | (2.48) | 6.72 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.15) | (0.04) | (0.04) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.11) | (0.47) | - | (2.00) | (0.02) |
| Total distributions | (0.26) | (0.51) | (0.04) | (2.00) | (0.03) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $11.53 | $12.55 | $12.72 | $13.35 | $17.83 |
| TOTAL RETURN<sup>(c)</sup> | (6.14)% | 2.66 %<sup>(d)</sup> | (4.42)% | (15.82)% | 60.30% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $155148 | $339328 | $416872 | $485230 | $623538 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.55% | 1.58% | 1.51% | 1.52% | 1.52% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.52% | 1.56% | 1.48% | 1.39% | 1.45% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.26% | 0.73% | 0.66% | 0.15% | (0.27)% |
| PORTFOLIO TURNOVER RATE | 25% | 38% | 32% | 31% | 35% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

<u>Grandeur Peak Global Contrarian Fund</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.12 | $13.26 | $13.60 | $15.41 | $8.78 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.46 | 0.34 | 0.30 | 0.20 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.97 | 1.81 | (0.26) | (1.12) | 6.61 |
| Total income/(loss) from investment operations | 2.44 | 2.15 | 0.04 | (0.92) | 6.86 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.76) | (0.29) | (0.29) | (0.14) | (0.23) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.40) | - | (0.09) | (0.75) | - |
| Total distributions | (1.16) | (0.29) | (0.38) | (0.89) | (0.23) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $16.40 | $15.12 | $13.26 | $13.60 | $15.41 |
| TOTAL RETURN<sup>(c)</sup> | 16.29% | 16.28% | 0.42% | (6.51)% | 78.51% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $135180 | $141663 | $117406 | $106129 | $49403 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed/recaptured by investment advisor) | 1.19 %<sup>(d)</sup> | 1.25% | 1.35% | 1.40% | 1.87% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed/recaptured by investment advisor) | 1.19 %<sup>(e)</sup> | 1.35% | 1.35% | 1.35% | 1.35% |
| &nbsp;&nbsp;&nbsp;Net investment income | 2.85% | 2.42% | 2.29% | 1.33% | 1.91% |
| PORTFOLIO TURNOVER RATE | 76% | 51% | 81% | 50% | 54% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived or recaptured a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Represents the ratio of expenses to average net assets absent fee waivers, expense reimbursements and/or expense recaptured by the investment advisor.* 

*(e)* *Represents the ratio of expenses to average net assets inclusive of fee waivers, expense reimbursement and/or expense recaptured by the investment advisor.* 

<u>Grandeur Peak Global Explorer Fund</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Years or Period Presented

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Period Ended<br> April 30,<br> 2022<sup>(a)</sup>** |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $7.61 | $7.36 | $7.80 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.04 | 0.03 | 0.02 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | 0.29 | 0.27 | (0.44) | (2.19) |
| Total loss from investment operations | 0.34 | 0.30 | (0.42) | (2.20) |
| DISTRIBUTIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.09) | (0.05) | (0.02) | - |
| Total distributions | (0.09) | (0.05) | (0.02) | - |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(c)</sup> | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $7.86 | $7.61 | $7.36 | $7.80 |
| TOTAL RETURN<sup>(d)</sup> | 4.47% | 4.05% | (5.40)% | (22.00)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $11526 | $11894 | $12444 | $9461 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 2.03% | 3.14% | 3.97% | 2.45 %<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.25% | 1.25% | 1.25% | 1.25 %<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.56% | 0.42% | 0.29% | (0.16)%<sup>(f)</sup> |
| PORTFOLIO TURNOVER RATE | 50% | 43% | 38% | 8 %<sup>(e)</sup> |

---

*(a)* *The Fund commenced on December 16, 2021 and reorganized into the Trust on October 20, 2023.* 

*(b)* *Per share numbers have been calculated using the average shares method.* 

*(c)* *Less than $0.005 or ($0.005) per share.* 

*(d)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(g)* *Expense ratios during startup periods may not be representative of longer term operating periods.* 

<u>Grandeur Peak Global Micro Cap Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Institutional Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30, <br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $13.36 | $12.44 | $13.49 | $20.65 | $11.05 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.01 | 0.03 | 0.02 | (0.09) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.35 | 0.89 | (1.07) | (4.24) | 11.17 |
| Total income/(loss) from investment operations | 1.35 | 0.92 | (1.05) | (4.33) | 11.07 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.07) |  |  |  | (0.14) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.83) | (1.33) |
| Total distributions | (0.07) | - | - | (2.83) | (1.47) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | - |
| NET ASSET VALUE, END OF YEAR | $14.64 | $13.36 | $12.44 | $13.49 | $20.65 |
| TOTAL RETURN<sup>(c)</sup> | 10.16% | 7.40% | (7.78)% | (24.25)% | 102.43% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $44954 | $44307 | $45232 | $53175 | $70375 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.99 %<sup>(d)</sup> | 2.01% | 1.85% | 1.94% | 2.02% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 2.00 %<sup>(e)</sup> | 2.00% | 1.85% | 1.94% | 2.00% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.05% | 0.22% | 0.13% | (0.50)% | (0.62)% |
| PORTFOLIO TURNOVER RATE | 33% | 34% | 37% | 36% | 36% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Represents the ratio of expenses to average net assets absent fee waivers, expense reimbursements and/or expense recaptured by the investment advisor.* 

*(e)* *Represents the ratio of expenses to average net assets inclusive of fee waivers, expense reimbursement and/or expense recaptured by the investment advisor.* 

<u>Grandeur Peak Global Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $3.37 | $3.42 | $3.70 | $5.51 | $3.24 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.02 | 0.05 | 0.01 | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.09) | (0.08) | (0.23) | (0.82) | 2.66 |
| Total income/(loss) from investment operations | (0.07) | (0.03) | (0.22) | (0.83) | 2.64 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.04) | (0.02) |  |  | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.01) | - | (0.06) | (0.98) | (0.37) |
| Total distributions | (0.05) | (0.02) | (0.06) | (0.98) | (0.37) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $3.25 | $3.37 | $3.42 | $3.70 | $5.51 |
| TOTAL RETURN<sup>(c)</sup> | (2.08)% | (1.03)% | (5.99)% | (19.49)% | 82.94% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $26059 | $43680 | $72420 | $92173 | $131739 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.61% | 1.63% | 1.60% | 1.57% | 1.60% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.55% | 1.58% | 1.54% | 1.45% | 1.51% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.55% | 0.23% | 0.21% | (0.14)% | (0.34)% |
| PORTFOLIO TURNOVER RATE | 44% | 36% | 28% | 33% | 47% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

<u>Grandeur Peak Global Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30, <br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $3.45 | $3.51 | $3.79 | $5.61 | $3.29 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.03 | 0.02 | 0.02 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.08) | (0.05) | (0.24) | (0.84) | 2.70 |
| Total income/(loss) from investment operations | (0.05) | (0.03) | (0.22) | (0.84) | 2.70 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.03) | (0.00) | (0.00) | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.01) | - | (0.06) | (0.98) | (0.37) |
| Total distributions | (0.06) | (0.03) | (0.06) | (0.98) | (0.37) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $3.34 | $3.45 | $3.51 | $3.79 | $5.61 |
| TOTAL RETURN<sup>(c)</sup> | (1.40)% | (1.01)% | (5.74)% | (19.30)% | 83.44% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $431033 | $522903 | $603793 | $679987 | $889823 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.36% | 1.38% | 1.36% | 1.34% | 1.35% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.30% | 1.33% | 1.30% | 1.22% | 1.27% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.80% | 0.48% | 0.44% | 0.09% | (0.08)% |
| PORTFOLIO TURNOVER RATE | 44% | 36% | 28% | 33% | 47% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

<u>Grandeur Peak Global Reach Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.18 | $14.65 | $16.01 | $23.16 | $14.12 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.09 | 0.03 | 0.02 | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.54 | 0.52 | (1.38) | (3.77) | 10.79 |
| Total income/(loss) from investment operations | 0.63 | 0.55 | (1.36) | (3.84) | 10.72 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.26) | (0.02) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.66) | - | - | (3.31) | (1.67) |
| Total distributions | (0.91) | (0.02) | - | (3.31) | (1.68) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $14.90 | $15.18 | $14.65 | $16.01 | $23.16 |
| TOTAL RETURN<sup>(c)</sup> | 4.06% | 3.77% | (8.49)% | (20.17)% | 77.38% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $14234 | $20747 | $27427 | $33459 | $59164 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.53% | 1.55% | 1.49% | 1.49% | 1.52% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.50% | 1.50% | 1.49% | 1.48% | 1.52% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.57% | 0.22% | 0.16% | (0.32)% | (0.38)% |
| PORTFOLIO TURNOVER RATE | 58% | 41% | 42% | 42% | 41% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

<u>Grandeur Peak Global Reach Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.37 | $14.82 | $16.17 | $23.31 | $14.19 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.13 | 0.07 | 0.06 | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.55 | 0.54 | (1.40) | (3.81) | 10.86 |
| Total income/(loss) from investment operations | 0.68 | 0.61 | (1.34) | (3.83) | 10.83 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.31) | (0.06) | (0.01) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.66) | - | - | (3.31) | (1.67) |
| Total distributions | (0.97) | (0.06) | (0.01) | (3.31) | (1.71) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $15.08 | $15.37 | $14.82 | $16.17 | $23.31 |
| TOTAL RETURN<sup>(c)</sup> | 4.27% | 4.11% | (8.30)% | (19.99)% | 77.81% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $107901 | $187699 | $237614 | $287502 | $317828 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.28% | 1.30% | 1.26% | 1.25% | 1.27% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.25% | 1.25% | 1.25% | 1.24% | 1.27% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.80% | 0.47% | 0.40% | (0.09)% | (0.14)% |
| PORTFOLIO TURNOVER RATE | 58% | 41% | 42% | 42% | 41% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

<u>Grandeur Peak Global Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30, <br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.19 | $14.47 | $16.51 | $23.26 | $14.26 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.01) | 0.01 | (0.01) | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.11 | 0.73 | (2.03) | (4.21) | 9.72 |
| Total income/(loss) from investment operations | 0.10 | 0.74 | (2.04) | (4.27) | 9.68 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.48) | (0.68) |
| Total distributions | - | (0.02) | - | (2.48) | (0.68) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $15.29 | $15.19 | $14.47 | $16.51 | $23.26 |
| TOTAL RETURN<sup>(c)</sup> | 0.66% | 5.09% | (12.36)% | (21.45)% | 68.36% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $13708 | $19194 | $30682 | $51984 | $103891 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.37% | 1.27% | 1.21% | 1.17% | 1.21% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.35% | 1.27% | 1.21% | 1.17% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.09)% | 0.03% | (0.06)% | (0.24)% | (0.23)% |
| PORTFOLIO TURNOVER RATE | 79% | 55% | 32% | 49% | 50% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

<u>Grandeur Peak Global Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br> Institutional Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30, <br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.41 | $14.69 | $16.74 | $23.50 | $14.37 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.03 | 0.04 | 0.03 | (0.00)<sup>(b)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.12 | 0.74 | (2.05) | (4.28) | 9.80 |
| Total income/(loss) from investment operations | 0.15 | 0.78 | (2.02) | (4.28) | 9.81 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.06) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.48) | (0.68) |
| Total distributions | - | (0.06) | (0.03) | (2.48) | (0.68) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $15.56 | $15.41 | $14.69 | $16.74 | $23.50 |
| TOTAL RETURN<sup>(c)</sup> | 0.97% | 5.31% | (12.09)% | (21.26)% | 68.74% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $72351 | $115095 | $167932 | $285539 | $263711 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.11% | 1.03% | 0.94% | 0.93% | 0.96% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.10% | 1.03% | 0.94% | 0.93% | 0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.17% | 0.28% | 0.21% | (0.01)% | 0.06% |
| PORTFOLIO TURNOVER RATE | 79% | 55% | 32% | 49% | 50% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

<u>Grandeur Peak International Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $3.19 | $3.36 | $3.57 | $5.17 | $3.04 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.03 | 0.01 | 0.01 | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.01) | (0.16) | (0.22) | (0.94) | 2.30 |
| Total income/(loss) from investment operations | 0.02 | (0.15) | (0.21) | (0.95) | 2.29 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.04) | (0.01) | (0.00)<sup>(b)</sup> |  | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.03) | (0.01) | - | (0.65) | (0.15) |
| Total distributions | (0.07) | (0.02) | (0.00)<sup>(b)</sup> | (0.65) | (0.16) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $3.14 | $3.19 | $3.36 | $3.57 | $5.17 |
| TOTAL RETURN<sup>(c)</sup> | 0.67% | (4.45)% | (5.85)% | (21.60)% | 75.87% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $13742 | $20177 | $29277 | $40835 | $69041 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.63% | 1.64% | 1.60% | 1.60% | 1.60% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.60% | 1.61% | 1.55% | 1.48% | 1.53% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.93% | 0.46% | 0.29% | (0.24)% | (0.27)% |
| PORTFOLIO TURNOVER RATE | 25% | 30% | 28% | 26% | 36% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

<u>Grandeur Peak International Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $3.23 | $3.40 | $3.61 | $5.21 | $3.06 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.04 | 0.03 | 0.02 | (0.00)<sup>(b)</sup> | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.01) | (0.17) | (0.22) | (0.95) | 2.31 |
| Total income/(loss) from investment operations | 0.03 | (0.14) | (0.20) | (0.95) | 2.31 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.02) | (0.01) | (0.00)<sup>(b)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.03) | (0.01) | - | (0.65) | (0.15) |
| Total distributions | (0.08) | (0.03) | (0.01) | (0.65) | (0.16) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $3.18 | $3.23 | $3.40 | $3.61 | $5.21 |
| TOTAL RETURN<sup>(c)</sup> | 1.01% | (4.14)%<sup>(d)</sup> | (5.61)% | (21.38)% | 76.29% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $295089 | $482557 | $603848 | $657165 | $904059 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.38% | 1.39% | 1.36% | 1.35% | 1.36% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.35% | 1.36% | 1.31% | 1.23% | 1.28% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.18% | 0.71% | 0.51% | (0.01)% | (0.02)% |
| PORTFOLIO TURNOVER RATE | 25% | 30% | 28% | 26% | 36% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

<u>Grandeur Peak International Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $16.56 | $16.51 | $17.91 | $24.05 | $14.40 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.08 | 0.08 | 0.05 | (0.03) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.09) | 0.07 | (1.44) | (3.93) | 9.70 |
| Total income/(loss) from investment operations | (0.01) | 0.15 | (1.39) | (3.96) | 9.70 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.07) | (0.10) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.18) | (0.05) |
| Total distributions | (0.07) | (0.10) | (0.01) | (2.18) | (0.05) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $16.48 | $16.56 | $16.51 | $17.91 | $9.65 |
| TOTAL RETURN<sup>(c)</sup> | (0.03)% | 0.86% | (7.73)% | (19.07)% | 67.36% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $12981 | $20407 | $31075 | $51250 | $67688 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.15% | 1.17% | 1.15% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.14% | 1.17% | 1.15% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.46% | 0.51% | 0.32% | (0.13)% | (0.01)% |
| PORTFOLIO TURNOVER RATE | 69% | 54% | 32% | 43% | 33% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

<u>Grandeur Peak International Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $16.72 | $16.67 | $18.06 | $24.19 | $14.46 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.11 | 0.12 | 0.09 | 0.03 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.08) | 0.08 | (1.44) | (3.98) | 9.75 |
| Total income/(loss) from investment operations | 0.03 | 0.20 | (1.35) | (3.95) | 9.81 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.13) | (0.15) | (0.04) | (0.00)<sup>(b)</sup> | (0.03) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.18) | (0.05) |
| Total distributions | (0.13) | (0.15) | (0.04) | (2.18) | (0.08) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $16.62 | $16.72 | $16.67 | $18.06 | $9.73 |
| TOTAL RETURN<sup>(c)</sup> | 0.18% | 1.13% | (7.45)% | (18.90)% | 67.84% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $1424439 | $1554863 | $1697892 | $1583122 | $1966043 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 0.90% | 0.92% | 0.90% | 0.89% | 0.90% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 0.89% | 0.92% | 0.90% | 0.89% | 0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.64% | 0.72% | 0.55% | 0.13% | 0.31% |
| PORTFOLIO TURNOVER RATE | 69% | 54% | 32% | 43% | 33% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

<u>Grandeur Peak US Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $18.00 | $15.73 | $17.65 | $22.71 | $13.15 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.02) | (0.01) | (0.01) | (0.03) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.08) | 2.28 | (1.91) | (4.62) | 9.73 |
| Total income/(loss) from investment operations | (0.10) | 2.27 | (1.92) | (4.65) | 9.67 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.00)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (0.42) | (0.11) |
| Total distributions | - | - | (0.00)<sup>(b)</sup> | (0.42) | (0.11) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.01 | 0.00 <sup>(b)</sup> |
| NET ASSET VALUE, END OF YEAR | $17.90 | $18.00 | $15.73 | $17.65 | $9.56 |
| TOTAL RETURN<sup>(c)</sup> | (0.56)% | 14.43% | (10.87)% | (20.93)% | 73.67% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $124649 | $126631 | $104459 | $131534 | $126106 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 0.90% | 0.90% | 0.90% | 0.91% | 1.11% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 0.88% | 0.90% | 0.90% | 0.91% | 1.00% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.12)% | (0.06)% | (0.07)% | (0.14)% | 0.30% |
| PORTFOLIO TURNOVER RATE | 98% | 60% | 56% | 31% | 24% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

**<u>PRIVACY NOTICE</u>**

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| | | | |
|:---|:---|:---|:---|
| **FACTS** | &nbsp;&nbsp;**WHAT DOES GRANDEUR PEAK GLOBAL TRUST DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES GRANDEUR PEAK GLOBAL TRUST DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES GRANDEUR PEAK GLOBAL TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  |  | Social Security number | Purchase History |
|  |  | Assets | Account Balances |
|  |  | Retirement Assets | Account Transactions |
|  |  | Transaction History | Wire Transfer Instructions |
|  |  | Checking Account Information | Checking Account Information |
|  | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Grandeur Peak Global Trust chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Grandeur Peak Global Trust chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Grandeur Peak Global Trust chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does Grandeur Peak<br> Global Trust share?** | **Can you limit**<br> **this sharing?** |
| For our everyday business purposes –<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes –<br> to offer our products and services to you | No | We don't share |
| For joint marketing with other financial companies | No | We don't share |
| For our affiliates' everyday business purposes –<br> information about your transactions and experiences | No | We don't share |
| For our affiliates' everyday business purposes –<br> information about your creditworthiness | No | We don't share |
| For nonaffiliates to market to you | No | We don't share |

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| | |
|:---|:---|
| **Questions?** | &nbsp;&nbsp;Call (631) 490-4300 |

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| | |
|:---|:---|
| **Adviser** | **Grandeur Peak Global Advisors, LLC**<br> 136 South Main Street, Suite 720<br> Salt Lake City, UT 84101 |
| **Independent <br> Registered Public Accounting Firm** | **Deloitte & Touche LLP**<br> 695 Town Center Drive, Suite 1000<br> Costa Mesa, CA 92626 |
| **Custodian** | **Brown Brothers Harriman & Co.**<br> 40 Water Street<br> Boston, MA 02109 |
| **Distributor** | **Northern Lights Distributors, LLC**<br> 4221 North 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |
| **Legal Counsel** | **Thompson Hine LLP**<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| **Transfer Agent** | **Ultimus Fund Solutions, LLC**<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 |

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Additional information about the Funds is included in the Funds' SAI dated September 1, 2025. The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Funds' policies and management. Additional information about each Fund's investments is available in the Funds' annual and semi-annual reports and Form N-CSR. In the Funds' annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during its last fiscal year.

To obtain a free copy of the SAI, annual and semi-annual reports to shareholders, Form N-CSR, or other information about the Funds, or to make shareholder inquiries about the Funds, please call 855-377-PEAK(7325) or visit www.grandeurpeakglobal.com. You may also write to:

Grandeur Peak Funds

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: <u>publicinfo@sec.gov</u>.

If someone makes a statement about a Fund that is not in this Prospectus, you should not rely upon that information. Neither the Funds nor the Distributor is offering to sell shares of a Fund to any person to whom that Fund may not lawfully sell its shares. (Investment Company Act file no. 811-23852)

![](pro_011.jpg)

 **GRANDEUR PEAK FUNDS**

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Ticker** | **Ticker** |
| **Name of Fund** | **Investor Class** | **Institutional Class** |
| Grandeur Peak Emerging Markets Opportunities Fund | GPEOX | GPEIX |
| Grandeur Peak Global Contrarian Fund | N/A | GPGCX |
| Grandeur Peak Global Explorer Fund | N/A | GPGEX |
| Grandeur Peak Global Micro Cap Fund | N/A | GPMCX |
| Grandeur Peak Global Opportunities Fund | GPGOX | GPGIX |
| Grandeur Peak Global Reach Fund | GPROX | GPRIX |
| Grandeur Peak Global Stalwarts Fund | GGSOX | GGSYX |
| Grandeur Peak International Contrarian Fund\* | N/A | GICYX |
| Grandeur Peak International Opportunities Fund | GPIOX | GPIIX |
| Grandeur Peak International Stalwarts Fund | GISOX | GISYX |
| Grandeur Peak US Stalwarts Fund | N/A | GUSYX |

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\* Fund not operational as of September 1, 2025

*each a series of Grandeur Peak Global Trust*

**STATEMENT OF ADDITIONAL INFORMATION**

**September 1, 2025**

This Statement of Additional Information ("SAI") is not a Prospectus and should be read in conjunction with the Prospectus of Investor Class Shares and Institutional Class Shares (collectively, the "Shares") of the funds listed above (each a "Fund," and together, the "Funds"), each of which is a separate series of Grandeur Peak Global Trust, a Delaware statutory trust (the "Trust") dated September 1, 2025, which is incorporated by reference into this SAI (i.e., legally made a part of this SAI). Copies may be obtained without charge by contacting the Funds' Transfer Agent, Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 or by calling 855-377-PEAK (7325). You may also obtain a prospectus by visiting the Funds' website at http://www.grandeurpeakglobal.com.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **THE FUNDS** | **1** |
| **INVESTMENTS AND RISKS** | **1** |
| **PORTFOLIO TURNOVER** | **24** |
| **INVESTMENT RESTRICTIONS** | **25** |
| **INVESTMENT ADVISER** | **26** |
| **PORTFOLIO MANAGERS** | **31** |
| **ALLOCATION OF BROKERAGE** | **33** |
| **POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS** | **38** |
| **OTHER SERVICE PROVIDERS** | **40** |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **42** |
| **LEGAL COUNSEL** | **43** |
| **DISTRIBUTOR** | **43** |
| **DESCRIPTION OF SHARES** | **45** |
| **CODE OF ETHICS** | **45** |
| **PROXY VOTING POLICIES** | **45** |
| **PURCHASE, REDEMPTION AND PRICING OF FUND SHARES** | **46** |
| **TAX STATUS** | **50** |
| **ANTI-MONEY LAUNDERING PROGRAM** | **57** |
| **CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** | **57** |
| **MANAGEMENT** | **59** |
| **FINANCIAL STATEMENTS** | **64** |
| **APPENDIX A – BOND RATINGS** | **A-1** |
| **APPENDIX B – PROXY VOTING POLICIES AND PROCEDURES** | **B-1** |

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i

**THE FUNDS**

This SAI includes information about eleven series (each a "Fund", and collectively the "Funds") of Grandeur Peak Global Trust, a Delaware statutory trust organized on January 9, 2023 (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board").

Eleven Funds--Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund, Grandeur Peak US Stalwarts Fund—each acquired all of the assets and liabilities of a predecessor fund each a series of Financial Investors Trust (the "Predecessor Funds"), in a tax-free reorganization on October 20, 2023 (the "Reorganization"). Each of the Predecessor Funds had the same investment objectives, strategies and policies as the corresponding Fund at the time of the Reorganization. As of the date of this SAI, the Grandeur Peak international Contrarian Fund has yet to commence operations

Each Fund is advised by Grandeur Peak Global Advisors, LLC, (the "Adviser"). The Adviser was also the investment adviser to the Predecessor Funds.

The Investment Company Act of 1940, as amended (the "1940 Act"), classifies mutual funds as either diversified or non-diversified. All Funds are classified as diversified.

Under the Trust's Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his/her earlier death, incapacity, resignation or removal. Shareholders can remove a Trustee to the extent provided by the I1940 Act and the rules and regulations promulgated thereunder. Vacancies may be filled by a majority of the remaining Trustees, except insofar as the 1940 Act may require the election by shareholders. As a result, normally no annual or regular meetings of shareholders will be held unless matters arise requiring a vote of shareholders under the Agreement and Declaration of Trust or the 1940 Act.

**INVESTMENTS AND RISKS**

Each Fund seeks long-term growth of capital. While there is no assurance that a Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in the Prospectus.

The investment objective of the Funds and the descriptions of the Funds' principal investment strategies are set forth under "Principal Investment Strategies" in the Prospectus. Each Fund's investment objective is not fundamental and may be changed without the approval of a majority of the outstanding voting securities of the Trust.

The following pages contain more detailed information about the types of instruments in which the Funds may invest, strategies the Adviser may employ in pursuit of the Funds' investment objective and a summary of related risks.

**Borrowing to Purchase Securities (Leveraging).** The Funds may use leverage, that is, borrow money to purchase securities. Leverage increases both investment opportunity and investment risk. If

the investment gains on securities purchased with borrowed money exceed the borrowing costs (including interest), the net asset value of a Fund will rise. On the other hand, if the investment gains fail to cover the borrowing costs or if there are losses, the net asset value of a Fund will decrease.

The 1940 Act requires borrowings to have 300% net asset coverage, which means, in effect, that each Fund would be permitted to borrow up to an amount equal to one-third of the value of its total assets. If a Fund fails to meet this asset coverage test for any reason including adverse market conditions, it will be required to reduce borrowings within three business days to the extent necessary to meet the test. This requirement may make it necessary to sell a portion of a Fund's securities at a time when it is disadvantageous to do so. The amount a Fund can borrow may also be limited by applicable margin limitations of the Federal Reserve Board. Briefly, these provide that banks subject to the Federal Reserve Act may not make loans for the purpose of buying or carrying margin stocks if the loan is secured directly or indirectly by a margin stock, to the extent that the loan is greater than the maximum loan value of the collateral securing the loan.

Despite the potential risks of leveraging, the Adviser believes there may be times when it may be advantageous to the Funds to borrow to make investments. For example, when a portfolio manager perceives unusual opportunities in the market or in a particular sector, the portfolio manager may want to be more than 100% invested. Borrowing may also be considered when stock prices and trading volume are not favorable for securities a portfolio manager wants to sell, but stock prices and trading volume are favorable for securities the portfolio manager wants to buy. In these situations, which arise infrequently, borrowing may allow a portfolio manager to take advantage of favorable opportunities to purchase desired securities without having to sell securities at unfavorable prices.

**Convertible Securities.** The Funds may invest in convertible securities. These are generally bonds or preferred stocks that are convertible into a corporation's common stock. Convertible securities entitle the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible securities mature or are redeemed, converted or exchanged. Prior to conversion, convertible securities have characteristics similar to ordinary debt securities or preferred stocks in that they normally provide a stable stream of income with generally higher yields than those of common stock of the same or similar issuers. Convertible securities rank senior to common stock in a corporation's capital structure and therefore generally entail less risk of loss of principal than the corporation's common stock.

In selecting convertible securities for the Funds, the Adviser considers, among other factors: its evaluation of the creditworthiness of the issuers of the securities; the interest or dividend income generated by the securities; the potential for capital appreciation of the securities and the underlying common stocks; the prices of the securities relative to other comparable securities and to the underlying common stocks; whether the securities are entitled to the benefits of sinking funds or other protective conditions; diversification of a Fund's portfolio as to issuers; and whether the securities are rated by a rating agency and, if so, the ratings assigned.

The value of convertible securities is a function of their investment value (determined by yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and their conversion value (their worth, at market value, if converted into the underlying common stock). The investment value of convertible securities is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline, and by the credit standing of the issuer and other factors. The conversion value of convertible securities is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible securities is governed principally by their investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible securities will be increasingly influenced by their conversion value. In addition, convertible securities generally sell at a premium over their

conversion value determined by the extent to which investors place value on the right to acquire the underlying common stock while holding fixed income securities.

Capital appreciation for a Fund may result from an improvement in the credit standing of an issuer whose securities are held in the Fund or from a general lowering of interest rates, or a combination of both. Conversely, a reduction in the credit standing of an issuer whose securities are held by a Fund or a general increase in interest rates may be expected to result in capital depreciation to the Fund. Convertible securities may have mandatory sinking fund provisions prior to maturity, a negative feature when interest rates decline.

Refer to <u>Appendix A</u> for a description of preferred stock and long- and short-term debt ratings.

**Corporate Bonds.** The Funds may invest in corporate bonds that are rated, at the time of purchase, in the four highest categories by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Service, Inc., a division of McGraw-Hill Companies, Inc. ("S&P") or other nationally recognized rating agencies or unrated securities deemed by the Adviser to be of comparable quality. The Funds may also invest in corporate bonds that are lower rated (Moody's Ba or lower or S&P BB or lower). These lower rated bonds are also known as "non-investment grade debt securities" or "junk bonds." See <u>Appendix A</u> for a description of ratings on investment grade and non-investment grade debt securities.

**Derivatives.** The Funds may use derivatives, such as futures, options, options on futures, and forward foreign currency exchange contracts. A derivative is a financial contract whose value is based on (or "derived from") a traditional security (such as a stock or bond), an asset (such as a commodity like gold), or a market index (such as the S&P 500). A derivative contract will obligate or entitle a Fund to deliver or receive an asset or cash payment based on the change in one or more securities, currencies, indices or other assets. The Funds may use derivatives for hedging purposes, including to attempt to protect against possible changes in the market value of securities held or to be purchased for a Fund's portfolio resulting from securities markets, currency exchange rate or interest rate fluctuations (*i.e.*, to hedge); protect the Fund's unrealized gains reflected in the value of its portfolio securities; facilitate the sale of such securities for investment purposes; and as a substitute for buying or selling securities, securities indices or currencies. The Funds may also use derivatives for non-hedging (speculative) purposes including to enhance a Fund's returns. A Fund may use any or all of these investment techniques and different types of derivative securities may be purchased at any time and in any combination. There is no particular strategy that dictates the use of one technique rather than another, as use of derivatives is a function of numerous variables, including market conditions.

The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are market risk, credit risk, management risk and liquidity risk. The primary risk with many derivatives is that they can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative instrument. These risks are heightened when the management team uses derivatives to enhance a Fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the Fund. In addition, certain derivatives have the potential for unlimited losses regardless of the size of the initial investment. Derivatives also involve the risk of mispricing or improper valuations (particularly, for non-standardized contracts) and the risk that changes in the value of the derivative may not correlate perfectly with the relevant assets, rates and indices. Derivatives may also be less liquid and may be difficult or impossible to sell or terminate at a desirable time or price. Derivatives may also involve credit risk which is the risk that a loss may be sustained as a result of the failure of a counterparty to comply with the terms of a derivative instrument. The counterparty risk for exchange-traded derivatives is generally less than for privately-negotiated or over-the-counter ("OTC") derivatives, since generally a clearing agency, which is the issuer or counterparty to each exchange-traded instrument, provides a guarantee of performance. For privately-negotiated instruments, there is no similar clearing agency guarantee. Use of derivatives may also increase the amount and affect the timing and character of taxes payable by shareholders. A Fund may lose money on derivatives or may

not fully benefit on derivatives if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. A Fund's ability to benefit from derivatives is largely dependent on the Adviser's ability to use such strategies successfully.

Rule 4.5 under the Commodity Exchange Act ("CEA"), as amended, exempts an adviser of a fund that invests in "commodity interests" from registration as a "commodity pool operator" ("CPO") provided that, among other restrictions, the adviser enters into such positions solely for "bona fide hedging purposes" or limits its use of commodity interests for non-bona fide hedging purposes such that (i) the aggregate initial margin and premiums required to establish non-bona fide hedging positions do not exceed 5% of the liquidation value of the fund's portfolio, or (ii) the aggregate "notional value" of the non-bona fide hedging commodity interests do not exceed 100% of the liquidation value of the fund's portfolio.

The Adviser intends to: (i) comply with the requirements of the CEA by operating each Fund in a manner consistent with the restrictions of Rule 4.5, including filing a notice of eligibility of exemption from registration in accordance with applicable procedures and deadlines; (ii) comply with the requirements of the CEA by registering as a CPO with the CFTC and the National Futures Association; or (iii) operate each Fund in a manner such that the Fund will not be a "commodity pool" under the CEA.

For more information about the various types of derivatives, see the sections in this SAI discussing such securities including Futures Contracts; Put and Call Options and Options and Futures Relating to Foreign Currencies.

*Regulation of Derivatives*

Rule 18f-4 under the 1940 Act permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of the independent Directors, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund's "derivatives exposure" is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4)

and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception").

**Futures Contracts.** The Funds may enter into futures contracts. Futures contracts are standardized, exchange-traded contracts that require delivery of the underlying financial instrument (such as a bond, currency or stock index) at a specified price, on a specified future date. The buyer of the futures contract agrees to buy the underlying financial instruments from the seller at a fixed purchase price upon the expiration of the contract. The seller of the futures contract agrees to sell the underlying financial instrument to the buyer at expiration at the fixed sales price. In most cases, delivery never takes place. Instead, both the buyer and the seller, acting independently of each other, usually liquidate their long and short positions before the contract expires; the buyer sells futures and the seller buys futures.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying instrument. Therefore, purchasing futures contracts will tend to increase a Fund's exposure to positive and negative price fluctuations in the underlying instrument, much as if it had purchased the underlying instrument directly. When a Fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market. Selling futures contracts, therefore, will tend to offset both positive and negative market price changes, much as if the underlying instrument had been sold.

Futures may be used for hedging (*i.e.*, to protect against adverse future price movements in a Fund's portfolio securities, or in securities a Fund intends to purchase). For example, if the portfolio manager thinks that the stock market might decline, the portfolio manager could sell stock index futures to safeguard a Fund's portfolio. If the market declines as anticipated, the value of stocks in a Fund's portfolio would decrease, but the value of a Fund's futures contracts would increase. The Funds may also use futures contracts to speculate on the market. For example, the portfolio manager might buy stock index futures on the expectation that the value of a particular index will rise, even though the stocks comprising the index are unrelated to stocks held or intended to be purchased by a Fund. Using futures for speculation, however, involves significant risk since futures contracts are highly leveraged instruments. When a portfolio manager enters into a futures contract, the manager needs to put up only a small fraction of the value of the underlying contract as collateral, yet gains or losses will be based on the full value of the contract.

The use of futures contracts would expose the Funds to additional investment risks and transaction costs. Risks include: the risk that securities prices will not move in the direction that the Adviser anticipates; an imperfect correlation between the price of the futures contract and movements in the prices of any securities being hedged; the possible absence of a liquid secondary market for any particular futures contract and possible exchange-imposed price fluctuation limits; and leverage risk, which is the risk that adverse price movements in a futures contract can result in a loss substantially greater than a Fund's initial investment in that contract. A relatively small price movement in a futures contract may result in an immediate and substantial loss (or gain) to the Fund.

The Funds may enter into futures contracts and related options as permitted under CFTC Rules. The Adviser expects that the Funds' futures transactions will generally include transactions: (i) on domestic and foreign exchanges on currencies, interest rates and bond indices; and (ii) on domestic and, to the extent permitted by the CFTC, foreign exchanges on stock indices. The Adviser intends to (i) comply with the requirements of the CEA by operating the Funds in a manner consistent with the restrictions of Rule 4.5, including filing a notice of eligibility of exemption from registration in accordance with applicable procedures and deadlines; (ii) comply with the requirements of the CEA by registering as a CPO with the CFTC and the National Futures Association; or (iii) operate the Funds in a manner such that neither Fund will be a "commodity pool" under the CEA. CFTC regulations governing the use of commodity interests, including certain futures contracts, by investment companies such as the Funds may be subject to amendment. Amendments to such regulations by the CFTC may affect the ability of the Funds to use futures and commodity interests, and could affect the Funds' ability to achieve its investment objective.

***Futures Margin Payments.*** The purchaser or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, both the purchaser and seller are required to deposit "initial margin" with a futures broker, known as a futures commission merchant (FCM), when the contract (or written options thereon) is entered into. Initial margin deposits are typically equal to a percentage of the contract's value. If the value of either party's position declines, that party will be required to make additional "variation margin" payments to settle the change in value on a daily basis. The party that has a gain may be entitled to receive all or a portion of this amount. Initial and variation margin payments do not constitute purchasing securities on margin for purposes of the investment limitations of the Funds. In the event of the bankruptcy of an FCM that holds margin on behalf of a Fund, the Fund may be entitled to a return of the margin owed only in proportion to the amount received by the FCM's other customers, potentially resulting in losses to the respective Fund. Because of the low margin deposits required, futures trading involves an extremely high degree of leverage. As a result, a relatively small price movement in a futures contract may result in a substantial loss as well as a gain, to an investor.

***Options and Futures Relating to Foreign Currencies*.** The Funds may engage in options and futures transactions related to foreign currencies. Currency futures contracts are similar to forward currency exchange contracts, except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. Most currency futures contracts call for payment or delivery in U.S. dollars. The underlying instrument of a currency option may be a foreign currency, which generally is purchased or delivered in exchange for U.S. dollars, or may be a futures contract. The purchaser of a currency call obtains the right to purchase the underlying currency. The purchaser of a currency put obtains the right to sell the underlying currency.

The uses and risks of currency options and futures are similar to options and futures relating to securities or indexes, as discussed above. The Funds may purchase and sell currency futures and may purchase and write currency options to increase or decrease exposure to different foreign currencies. The Funds may also purchase and write currency options in conjunction with each other or with currency futures or forward contracts. Currency futures and options values can be expected to correlate with exchange rates, but may not reflect other factors that affect the value of the Funds' investments. A currency hedge, for example, should protect a yen-denominated security from a decline in the yen, but will not protect the Funds against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of the Funds' foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options and futures to the value of the Funds' investments exactly over time.

***Limitations on Futures and Commodity Options Transactions.*** The Funds' investments in futures contracts and commodity options, as well as such Funds' policies regarding futures contracts and options, are subject to CFTC rules discussed elsewhere in this SAI, and may be changed as regulatory agencies permit.

***Put and Call Options*.** The Funds may purchase and write put and call options. Such options may relate to particular securities, indices or futures contracts, may or may not be listed on a domestic or non-U.S. securities exchange and may or may not be issued by the Options Clearing Corporation. A put option gives the purchaser the right to sell a security or other instrument to the writer of the option at a stated price during the term of the option. A call option gives the purchaser the right to purchase a security or other instrument from the writer of the option at a stated price during the term of the option. The Funds may use put and call options for a variety of purposes. For example, if the portfolio manager wishes to hedge a security owned by a Fund against a decline in price, the portfolio manager may purchase a put option on the underlying security; *i.e.*, purchase the right to sell the security to a third party at a stated price. If the underlying security then declines in price, the portfolio manager can

exercise the put option, thus limiting the amount of loss resulting from the decline in price. Similarly, if the portfolio manager intends to purchase a security at some date in the future, the portfolio manager may purchase a call option on the security today in order to hedge against an increase in its price before the intended purchase date. Put and call options also can be used for speculative purposes for the Funds. For example, if a portfolio manager believes that the price of stocks generally is going to rise, the manager may purchase a call option on a stock index, the components of which are unrelated to the stocks held or intended to be purchased.

***Purchasing Put and Call Options.*** The Funds may purchase put and call options. By purchasing a put option, a Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays the current market price for the option (known as the option premium). Options have various types of underlying instruments, including specific securities, indexes of securities prices and futures contracts. A Fund may terminate its position in a put option it has purchased by allowing it to expire, by exercising the option or if able, by selling the option. If the option is allowed to expire, the Fund will lose the entire premium it paid. If a Fund exercises the option, it completes the sale of the underlying instrument at the strike price. A Fund may also terminate a put option position by closing it out in the secondary market at its current price, if a liquid secondary market exists.

The buyer of a typical put option can expect to realize a gain if a security's price falls substantially. However, if the underlying instrument's price does not fall enough to offset the cost of purchasing the option, a put buyer can expect to suffer a loss (limited to the amount of the premium paid, plus related transaction costs).

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. A call buyer typically attempts to participate in potential price increases of the underlying instrument with risk limited to the cost of the option if the security's price falls. At the same time, the buyer can expect to suffer a loss if the security's price does not rise sufficiently to offset the cost of the option.

Each Fund will not invest more than 10% of the value of its net assets in purchased options.

***Writing Put and Call Options.*** The Funds may write (*i.e.,* sell) put and call options. When a Fund writes a put option, it takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, the Fund assumes the obligation to pay the strike price for the option's underlying instrument if the other party to the option chooses to exercise it. When writing an option on a futures contract a Fund would be required to make margin payments to an FCM as described above for futures contracts. A Fund may seek to terminate its position in put options it writes before exercise by closing out the option in the secondary market at its current price. If the secondary market is not liquid for put options a Fund has written, however, the Fund must continue to be prepared to pay the strike price while the option is outstanding, regardless of price changes, and must continue to set aside assets to cover its position. If the underlying security's price rises, however, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received.

If the security's price remains the same over time, it is likely that the put writer will also profit, because it should be able to close out the option at a lower price. If the security's price falls, the put writer would expect to suffer a loss. This loss should be less than the loss from purchasing the underlying instrument directly, however, because the premium received for writing the option should mitigate the effects of the decline.

Writing a call option obligates a Fund to sell or deliver the option's underlying instrument, in return for the strike price, upon exercise of the option. The characteristics of writing call options are similar to those of writing put options, except that writing calls generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium, a call writer mitigates the effects of a price

decline. At the same time, because a call writer must be prepared to deliver the underlying instrument in return for the strike price, even if its current value is greater, a call writer gives up some ability to participate in the security's price increase.

The Funds will write only "covered" put and call options.

A call option written by a Fund is "covered" if the Fund: (a) owns the underlying security covered by the call or has an absolute and immediate right to acquire that security without additional cash consideration upon conversion or exchange of other securities held in its portfolio; or (b) meets the asset coverage requirements described under "Asset Coverage for Futures and Options Positions" above.

A put option written by a Fund is "covered" if the Fund: (a) holds a put on the same security having the same principal amount as the put option it has written and the exercise price of the put held is equal to or greater than the exercise price of the put written; or (b) meets the asset coverage requirements described under "Asset Coverage for Futures and Options Positions" above.

If options are "covered" by the Fund meeting the asset coverage requirements, the Fund's economic exposure is not limited as it would be if the options are "covered" as described in paragraphs (a) above.

***OTC Options.*** The Funds may engage in OTC options transactions. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor options to its needs, OTC options generally involve greater credit and default risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded.

***Additional Risks of Options and Futures Contracts.***

***Market Risk.*** Market risk is the risk that the value of the underlying assets may go up or down. Adverse movements in the value of an underlying asset can expose a Fund to losses. Market risk is the primary risk associated with derivative transactions, such as futures and options. Derivative instruments may include elements of leverage and, accordingly, fluctuations in the value of the derivative instrument in relation to the underlying asset may be magnified. The successful use of futures and options depends upon a variety of factors, particularly the portfolio manager's ability to predict movements of the securities, currencies and commodities markets, which may require different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular strategy adopted will succeed.

***Credit Risk.*** Credit risk is the risk that a loss may be sustained as a result of the failure of a counterparty to comply with the terms of a derivative instrument. The counterparty risk for exchange-traded derivatives is generally less than for privately-negotiated or OTC derivatives, since generally a clearing agency, which is the issuer or counterparty to each exchange-traded instrument, provides a guarantee of performance. For privately-negotiated instruments, there is no similar clearing agency guarantee. In all transactions, a Fund will bear the risk that the counterparty will default, and this could result in a loss of the expected benefit of the derivative transactions and possibly other losses to the Fund.

***Lack of Correlation of Price Changes*.** Because there are a limited number of types of exchange-traded options and futures contracts, it is likely that the standardized contracts available will not match a Fund's current or anticipated investments exactly. The Funds may invest in options and futures contracts based on securities with different issuers, maturities, or other characteristics from the securities in which they typically invest, which involve a risk that the respective Fund's options or futures positions will not track the performance of the Fund's other investments.

Options and futures prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match a Fund's investments well. Options and futures prices are affected by

such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect a security's price the same way. Imperfect correlation may also result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options, futures and securities are traded, or from imposition of daily price fluctuation limits or trading halts. The Funds may purchase or sell options and futures contracts with a greater or lesser value than the securities they wish to hedge or intend to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases. If price changes in a Fund's options or futures positions are poorly correlated with other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

***Liquidity of Options and Futures Contracts*.** There is no assurance that a liquid secondary market will exist for any particular option or futures contract at any particular time. Options may have relatively low trading volume and liquidity if their strike prices are not close to the underlying instrument's current price. In addition, exchanges may establish daily price fluctuation limits for options and futures contracts, and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible for the respective Fund to enter into new positions or close out existing positions. In addition, if unable to close a future position, in the event of adverse price movements, a Fund would be required to make daily cash payments in order to maintain its required margin. In such situation, if a Fund has insufficient cash, it may have to sell other portfolio securities at an inopportune time to meet daily margin requirements. If the secondary market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require the applicable Fund to continue to hold a position until delivery or expiration regardless of changes in its value. As a result, a Fund's access to other assets held to cover options or futures positions could also be impaired.

**Exchange-Traded Funds ("ETFs").** The Funds may invest in ETFs. ETFs are investment companies, the shares of which are bought and sold on a securities exchange. The securities of an ETF are redeemable only in larger aggregation of a specified number of shares and generally on an in-kind basis. Generally, certain ETFs may represent a portfolio of securities designed to track the composition and/or performance of specific indexes or portfolio of specific indexes, while other ETFs may be actively managed that do not track an index (generally referred to as actively-managed ETFs). The market prices of ETF investments will fluctuate in accordance with both changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which its shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

There are many reasons a Fund would purchase an ETF. For example, a Fund could purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting an opportunity to purchase securities directly. The risks of owning an ETF generally reflect the risks of owning the underlying securities in which the ETF invests and the investment strategies of the ETF. However, lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities and ETFs have operating expenses, including management fees that increase their costs versus the costs of owning the underlying securities directly. The Funds may purchase ETFs to the extent permitted by the 1940 Act, rules thereunder or as described below, to the extent permitted by exemptive orders granted to the various ETFs by the SEC. (See also the description of "Securities of Other Investment Companies").

**Foreign Currency Transactions.** The Funds may hold foreign currency deposits from time to time and may convert dollars and foreign currencies in the foreign exchange markets. Currency conversion

involves dealer spreads and other costs, although commissions usually are not charged. Currencies may be exchanged on a spot (*i.e.*, cash) basis, or by entering into forward contracts to purchase or sell foreign currencies at a future date and price. Forward contracts generally are traded on an interbank market conducted directly between currency traders (usually large commercial banks) and their customers. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated currency exchange.

The Funds may use currency forward contracts to manage currency risks and to facilitate transactions in foreign securities. The following discussion summarizes the principal currency management strategies involving forward contracts that could be used by the Funds.

In connection with purchases and sales of securities denominated in foreign currencies, the Funds may enter into currency forward contracts to fix a definite price for the purchase or sale in advance of the trade's settlement date. This technique is sometimes referred to as a "settlement hedge" or "transaction hedge." The Adviser expects to enter into settlement hedges in the normal course of managing the respective Fund's foreign investments. The Funds could also enter into forward contracts to purchase or sell a foreign currency in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected by the Adviser.

The Funds may also use forward contracts to hedge against a decline in the value of existing investments denominated in foreign currency. For example, if the Funds owned securities denominated in pounds sterling, they could enter into a forward contract to sell pounds sterling in return for U.S. dollars to hedge against possible declines in the pound's value. Such a hedge, sometimes referred to as a "position hedge," would tend to offset both positive and negative currency fluctuations but would not offset changes in security values caused by other factors. The Funds could also hedge the position by selling another currency expected to perform similarly to the pound sterling—for example, by entering into a forward contract to sell European Currency Units in return for U.S. dollars. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not hedge currency exposure as effectively as a simple hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

Successful use of forward currency contracts will depend on the Adviser's skill in analyzing and predicting currency values. Forward contracts may substantially change the respective Fund's investment exposure to changes in currency exchange rates, and could result in losses to the Fund if currencies do not perform as the Adviser anticipates. For example, if a currency's value rose at a time when the Adviser had hedged the Funds by selling that currency in exchange for U.S. dollars, the Funds would be unable to participate in the currency's appreciation. If the Adviser hedges currency exposure through proxy hedges, the Funds could realize currency losses from the hedge and the security position at the same time if the two currencies do not move in tandem. Similarly, if the Adviser increases the applicable Fund's exposure to a foreign currency, and that currency's value declines, the Funds will realize a loss. There is no assurance that the Adviser's use of forward currency contracts will be advantageous to the Funds or that it will hedge at an appropriate time. The policies described in this section are non-fundamental policies of the Funds.

**Foreign Securities.** Under normal market conditions, the assets of the Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak Global Stalwarts Fund (at least 40% at the time of purchase) will be invested outside of the United States. The Grandeur Peak International Contrarian Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund, and Grandeur Peak Emerging Markets Opportunities Fund may invest in securities issued by foreign companies without limitation. The Grandeur Peak US Stalwarts Fund may also invest in securities of companies economically tied to

countries outside of the United States. Investments in foreign countries involve certain risks which are not typically associated with U.S. investments.

***Additional Risks of Foreign Securities.***

***Foreign Securities Markets.*** Trading volume on foreign country and, in particular, emerging market stock exchanges is substantially less than that on the New York Stock Exchange ("NYSE"). Further, securities of some foreign and, in particular, emerging market companies are less liquid and more volatile than securities of comparable U.S. companies. Fixed commissions on foreign exchanges are generally higher than negotiated commissions on U.S. exchanges. The Funds endeavor to achieve the most favorable net results on their portfolio transactions and may be able to purchase securities on other stock exchanges where commissions are negotiable. Foreign stock exchanges, brokers, custodians and listed companies may be subject to less government supervision and regulation than in the United States. The customary settlement time for foreign securities may be longer than the customary three-day settlement time for U.S. securities.

Companies in foreign countries are not generally subject to the same accounting, auditing and financial reporting standards, practices and disclosure requirements comparable to those applicable to U.S. companies. Consequently, there may be less publicly available information about a foreign company than about a U.S. company. Certain markets may require payment for securities before delivery and delays may be encountered in settling securities transactions. In some foreign markets, there may not be protection against failure by other parties to complete transactions. There may be limited legal recourse against an issuer in the event of a default on a debt instrument.

***Currency Risk.*** The value of the assets of a Fund, as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. A change in the value of any foreign currency relative to the U.S. dollar may cause a corresponding change in the dollar value of a Fund's assets that are denominated or traded in that country. In addition, a Fund may incur costs in connection with conversion between various currencies.

***Political and Economic Risk.*** Foreign investments may be subject to heightened political and economic risks, particularly in underdeveloped or developing countries which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, could impose additional withholding taxes on dividends or interest income payable on securities, could impose exchange controls or adopt other restrictions that could affect a Fund's investments.

***Regulatory Risk.*** Foreign companies not publicly traded in the U.S. are not subject to the regulatory requirements of U.S. companies. There may be less publicly available information about such companies. Foreign companies are not subject to accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies.

***Foreign Tax Risk.*** The Funds' income from foreign issuers may be subject to non-U.S. withholding taxes. The Funds may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Funds, shareholders may not be entitled to a credit or deduction for U.S. tax purposes.

***Transaction Costs.*** Transaction costs of buying and selling foreign securities, including brokerage, tax and custody charges, are generally higher than those of domestic transactions.

***Emerging Markets.*** The Funds may invest in securities issued by companies domiciled in countries with emerging markets. Investing in securities of issuers domiciled in countries with emerging securities markets entail greater risks than investing in securities of issuers domiciled in countries with more mature securities markets. These risks may include (i) less social, political and economic stability; (ii) small current size of markets for such securities and low or nonexistent trading volume, which result in lack of liquidity and greater price volatility; (iii) certain national policies which may restrict the Funds'

investment opportunities, including restrictions on investments in issuers or industries deemed sensitive to national interests; (iv) foreign taxation; and (v) the absence of developed structures governing private or foreign investment or allowing for judicial redress for injury to private property.

**Illiquid Securities*.*** Under SEC rules, an investment in a security is generally deemed to be "illiquid" if it cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which such security is valued by the Funds.

The Board has authorized the Adviser to make liquidity determinations with respect to certain securities, including Rule 144A securities. A foreign security that may be freely traded on or through the facilities of an offshore exchange or other established offshore securities market is not deemed to be an illiquid security.

Each Fund may invest up to 15% of its net assets in illiquid securities including "restricted" securities and private placements for which there is no public market value.

Securities in which a Fund may invest include securities issued by corporations without registration under the Securities Act of 1933, as amended (the "1933 Act"), such as securities issued in reliance on the so-called "private placement" exemption from registration which is afforded by Section 4(2) of the 1933 Act ("Section 4(2) securities"). Section 4(2) securities are restricted as to disposition under the Federal securities laws, and generally are sold to institutional investors such as the Funds who agree that they are purchasing the securities for investment and not with a view to public distribution. Any resale must also generally be made in an exempt transaction. Section 4(2) securities are normally resold to other institutional investors through or with the assistance of the issuer or investment dealers who make a market in such Section 4(2) securities, thus providing liquidity. Any such restricted securities will be considered to be illiquid for purposes of the Fund's limitations on investments in illiquid securities unless, pursuant to procedures adopted by the Board, the Adviser has determined such securities to be liquid because such securities are eligible for resale under Rule 144A under the 1933 Act and are readily saleable.

The fair value of these securities will be determined in accordance with Board-approved Pricing Policies and Procedures. Given the inherent uncertainties of estimating fair market value, there can be no assurance that the value placed on a security will be appropriate in terms of how the security may be ultimately valued on the public market. These securities may never be publicly traded and the Funds may not be able to easily liquidate positions in these securities.

If illiquid securities exceed 15% of a Fund's net assets after the time of purchase, the Fund will take steps to reduce, in an orderly fashion, its holdings of illiquid securities. Because illiquid securities may not be readily marketable, the Adviser may not be able to dispose of them in a timely manner. As a result, the Fund may be forced to hold illiquid securities while their prices depreciate. Depreciation in the prices of illiquid securities may cause the net asset value of a Fund to decline.

**Lending of Portfolio Securities**. Consistent with applicable regulatory requirements, the Funds may lend their portfolio securities to brokers, dealers and financial institutions, in accordance with policies and procedures of the Trust, as may be adopted from time to time. The procedure for the lending of securities will typically include the following features and conditions. The collateral will consist either of U.S. Government securities or the borrower of the securities will deposit cash with a Fund in an amount equal to a minimum of 100% of the market value of the securities lent. A Fund will seek to invest the collateral in short-term debt securities, cash equivalents (or pooled investment vehicle interests in cash, cash equivalents and short-term debt instruments) and earn the income thereon. A negotiated portion of the income so earned may be paid to the borrower or the broker who arranged the loan. The collateral will be marked to market daily, and if the value of the collateral drops below the required minimum at any time, the borrower may typically be called upon to post additional collateral. These will be "demand" loans and may be terminated by a Fund at any time. A Fund will receive any dividends and interest paid on the securities lent, although the tax characteristics of such payment may change. A Fund's performance will continue to reflect changes in the value of the securities loaned.

These transactions must be fully collateralized at all times, but involve some credit risk to a Fund if the borrower or the party (if any) guaranteeing the loan should default on its obligations. In the event of the default or bankruptcy of the other party to a securities loan, a Fund could experience delays in recovering the securities it lent. To the extent that, in the meantime, the value of the securities a Fund lent has increased or the value of the collateral decreased, the Fund could experience a loss. In the event of a default by the borrower, a Fund will, if permitted by law, dispose of such collateral except that the Fund may retain any such part thereof that is a security in which the Fund is permitted to invest.

Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, a Fund, as the lender, generally retains the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will attempt to do so in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters which the Adviser believes materially affect the investment; however, the Fund may not be able to recall the securities in time for the Fund to be the owner on the record date for determining shareholders entitled to vote or consent on the matter. A Fund may typically also call such loans in order to sell the securities involved.

**Money Market Instruments.** Each Fund may invest in a variety of money market instruments for pending investments, to meet anticipated redemption requests and/or to retain the flexibility to respond promptly to changes in market, economic or political conditions and/or when the Adviser takes temporary defensive positions, including when the Adviser is unable to locate attractive investment opportunities or when the Adviser considers market, economic or political conditions to be unfavorable for profitable investing. Money Market Instruments include, but are not limited to, the following instruments. Commercial paper represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations and finance companies. Issues of commercial paper normally have maturities of less than nine months and fixed rates of return. A Fund may purchase commercial paper consisting of issues rated at the time of purchase by one or more appropriate nationally recognized statistical rating organizations ("NRSRO") (e.g., Standard & Poor's Corporation and Moody's Investors Service, Inc.) in one of the two highest rating categories for short-term debt obligations. The Funds may also invest in commercial paper that is not rated but that is determined by the Adviser to be of comparable quality to instruments that are so rated by an NRSRO that is neither controlling, controlled by, or under common control with the issuer of, or any issuer, guarantor, or provider of credit support for, the instruments. Certificates of deposit are generally negotiable certificates issued against funds deposited in a commercial bank or a savings and loan association for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Bankers' acceptances invested in by a Fund will be those guaranteed by domestic and foreign banks having, at the time of investment, capital, surplus, and undivided profits in excess of $100,000,000 (as of the date of their most recently published financial statements). Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties that vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party, although there is no market for such deposits. Bank notes and bankers' acceptances rank junior to deposit liabilities of the bank and pari passu with other senior, unsecured obligations of the bank. Bank notes are classified as "other borrowings" on a bank's balance sheet, while deposit notes and certificates of deposit are classified as deposits. Bank notes are not insured by the Federal Deposit Insurance Corporation or any other insurer. Deposit notes are insured by the Federal Deposit Insurance Corporation only to the extent of $250,000 per depositor per bank.

Certificates of deposit and demand and time deposits will be those of domestic banks and savings and loan associations, if (a) at the time of investment the depository institution has capital, surplus, and undivided profits in excess of $100,000,000 (as of the date of its most recently published financial statements), or (b) the principal amount of the instrument is insured in full by the Federal Deposit Insurance Corporation.

**Mortgage-Related Securities**. The Funds may, consistent with their investment objective and policies, invest in mortgage-related securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities or issued by nongovernmental entities.

Mortgage-related securities, for purposes of the Prospectus and this Statement of Additional Information, represent pools of mortgage loans assembled for sale to investors by various governmental agencies such as the Government National Mortgage Association ("GNMA") and government-related organizations such as the Federal National Mortgage Association ("FNMA"), as well as by nongovernmental issuers such as commercial banks, savings and loan institutions, mortgage bankers and private mortgage insurance companies. Although certain mortgage-related securities are guaranteed by a third party or otherwise similarly secured, the market value of the security, which may fluctuate, is not so secured. If a Fund purchases a mortgage-related security at a premium, that portion may be lost if there is a decline in the market value of the security whether resulting from changes in interest rates or prepayments in the underlying mortgage collateral. As with other interest-bearing securities, the prices of such securities are inversely affected by changes in interest rates. However, though the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since in periods of declining interest rates the mortgages underlying the securities are prone to prepayment, thereby shortening the average life of the security and shortening the period of time over which income at the higher rate is received. Conversely, when interest rates are rising, the rate of prepayment tends to decrease, thereby lengthening the average life of the security and lengthening the period of time over which income at the lower rate is received. For these and other reasons, a mortgage-related security's average maturity may be shortened or lengthened as a result of interest rate fluctuations and, therefore, it is not possible to predict accurately the security's return to a Fund. In addition, regular payments received in respect of mortgage-related securities include both interest and principal. No assurance can be given as to the return a Fund will receive when these amounts are reinvested.

The Funds may also invest in mortgage-related securities which are collateralized mortgage obligations structured on pools of mortgage pass-through certificates or mortgage loans. Mortgage-related securities will be purchased only if rated in the three highest bond rating categories assigned by one or more appropriate NRSROs, or, if unrated, which the Adviser deems to be of comparable quality.

There are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. Mortgage-related securities issued by the GNMA include GNMA Mortgage Pass-Through Certificates (also known as "Ginnie Maes") which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA is a wholly-owned U.S. Government corporation within the Department of Housing and Urban Development. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by the FNMA include FNMA Guaranteed Mortgage Pass-Through Certificates (also known as "Fannie Maes") which are solely the obligations of the FNMA and are not backed by or entitled to the full faith and credit of the United States. FNMA is a government-sponsored organization owned entirely by private stockholders. Fannie Maes are guaranteed as to timely payment of the principal and interest by FNMA. Mortgage-related securities issued by the Federal Home Loan Mortgage Corporation ("FHLMC") include FHLMC Mortgage Participation Certificates (also known as "Freddie Macs" or "PCs"). FHLMC is a corporate instrumentality of the United States, created pursuant to an Act of Congress, which is owned entirely

by Federal Home Loan Banks. Freddie Macs are not guaranteed by the United States or by any Federal Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank. Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by FHLMC. FHLMC guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans. When FHLMC does not guarantee timely payment of principal, FHLMC may remit the amount due on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable. In September 2008, FNMA and FHLMC were placed into conservatorship overseen by the Federal Housing Finance Agency ("FHFA"). As conservator, FHFA will succeed to the rights, titles, powers and privileges of the company and any stockholder, officer or director of such company with respect to the company and its assets and title to all books, records and assets of the company held by any other custodian or third party. The conservator is then charged with operating the company.

Under the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the "Single Security Initiative"), which would generally align the characteristics of Fannie Mae and Freddie Mac certificates. The Single Security Initiative was launched in June 2019, and as of this time, the long-term effects it may have on the market for mortgage-backed securities remains uncertain.

**Municipal Obligations.** The Funds may invest in municipal securities whose interest, in the opinion of the securities' counsel, is exempt from federal income tax and from the federal alternative minimum tax. Neither the Adviser nor a Fund guarantees that this opinion is correct, and there is no assurance that the IRS will agree with such counsel's opinion. If certain types of investments the Fund buys as tax-exempt are later ruled to be taxable, a portion of the Fund's income could be taxable. A Fund would be eligible to pay dividends in any year that are tax exempt in the hands of the Fund's shareholders only if, at the end of each quarter of the year, at least 50% of the value of the Fund's total assets consistent of obligations that are exempt under Section 103 of the Internal Revenue Code of 1986, as amended or the Fund qualifies as a "qualified fund of funds" by investing at least 50% of its total assets in other regulated investment companies. There is no expectation that any Fund will be eligible to pay tax-exempt dividends under either rule. To the extent that a Fund invests in municipal securities from a given state or geographic region, its share price and performance could be affected by local, state and regional factors, including erosion of the tax base and changes in the economic climate. National governmental actions, such as the elimination of tax-exempt status, also could affect performance. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in municipal securities financing similar projects. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, may affect similar projects and the overall municipal securities market.

**Non-investment Grade Securities.** The Funds may invest up to 10% of their total assets in non-investment grade securities subject to the following. Such securities include high yield (junk) bonds, convertible bonds, preferred stocks and convertible preferred stocks.

Non-investment grade bonds are debt securities rated Ba or lower by Moody's or BB or lower by S&P. They generally offer greater returns in the form of higher average yields than investment grade debt securities (rated Baa or higher by Moody's or BBB or higher by S&P). Non-investment grade debt securities involve greater risks than investment grade debt securities including greater sensitivity to changes in interest rates, the economy, the issuer's solvency and liquidity in the secondary trading market. See <u>Appendix A</u> for a description of corporate bond ratings.

Yields on non-investment grade debt securities will fluctuate over time. The prices of non-investment grade debt securities have been found to be less sensitive to interest rate changes than investment grade debt securities, but more sensitive to adverse economic changes or individual issuer

developments. During an economic downturn or a sustained period of rising interest rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to pay principal and interest obligations, meet projected business goals and to obtain additional financing. If the issuer of a debt security held by a Fund defaulted, the Fund might incur additional expenses seeking to recover the issuer's defaulted obligation. In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of non-investment grade debt securities and a Fund's net asset value. Furthermore, the market prices of non-investment grade debt securities structured as zero coupon or payment-in-kind securities are affected to a greater extent by interest rate changes and tend to be more volatile than securities that pay interest periodically and in cash.

Non-investment grade debt securities present risks based on payment expectations. For example, they may contain redemption or call provisions. If an issuer exercises these provisions in a declining interest rate market, a Fund would have to replace the security with a lower-yielding security, resulting in a decreased return for investors. A high-yielding security's value will decrease in a rising interest rate market and will result in a corresponding decrease in the value of a Fund's assets. Unexpected net redemptions may force a Fund to sell securities including, but not limited to, non-investment grade debt securities, without regard to their investment merits, thereby decreasing the asset base upon which a Fund's expenses can be spread and possibly reducing the rate of return.

To the extent that there is no established secondary market, there may be thin trading of non-investment grade securities, including high yield bonds, convertible bonds, preferred stocks and convertible preferred stocks held by a Fund. This may adversely affect the ability of the Adviser or the Board to accurately value a Fund's non-investment grade securities and a Fund's assets and may also adversely affect a Fund's ability to dispose of the securities. In the absence of an established secondary market, valuing securities becomes more difficult and judgment plays a greater role in valuation because there is less reliable, objective data available. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of non-investment grade securities, especially in a thinly traded market. Illiquid or restricted non-investment grade securities purchased by a Fund may involve special registration responsibilities, liabilities and costs, and liquidity and valuation difficulties.

Certain risks are associated with applying ratings as a method for evaluating non-investment grade securities. For example, credit ratings for bonds evaluate the safety of principal and interest payments, not the market value risk of such securities. Credit rating agencies may fail to timely change credit ratings to reflect subsequent events. The Adviser continuously monitors the issuers of non-investment grade debt securities held by a Fund to determine if the issuers will have sufficient cash flow and profits to meet required principal and interest payments and to assure the securities' liquidity. A Fund may be more dependent upon the Adviser's own analysis of non-investment grade securities than is the case for investment grade securities. Also, a Fund may retain a portfolio security whose rating has been changed if the security otherwise meets a Fund's investment criteria.

***Credit Risk****.* Credit risk is the risk that the issuer of a debt security will fail to make payments on the security when due. Securities rated non-investment grade are particularly subject to credit risk. These securities are predominantly speculative and are commonly referred to as "junk bonds." To the extent a Fund purchases or holds convertible or other non-investment grade securities, a Fund may be exposed to greater risk that the issuer will not repay principal, or pay interest or dividends on such securities in a timely manner.

Ratings published by rating agencies seek to measure credit risk (Rating agencies' descriptions of non-investment grade securities are contained in <u>Appendix A</u> of this SAI). The lower a bond issue is rated by an agency, the more credit risk it is considered to represent. Lower-rated bonds generally pay higher yields to compensate investors for the greater risk.

***Interest Rate Risk****.* Interest rate risk is the risk that the value of a fixed-rate debt security will decline due to changes in market interest rates. Even though some interest-bearing securities are investments which offer a stable stream of income at relatively high current yield, the prices of such securities are affected by changes in interest rates and are therefore subject to market price fluctuations. The value of fixed income securities varies inversely with changes in market interest rates. When interest rates rise, the value of a Fund's fixed income securities, and therefore its net asset value per share, generally will decline. In general, the value of fixed-rate debt securities with longer maturities is more sensitive to changes in market interest rates than the value of such securities with shorter maturities. Thus, if a Fund is invested in fixed income securities with longer weighted average maturities, the net asset value of a Fund should be expected to have greater volatility in periods of changing market interest rates.

**Preferred Stock.** The Funds may invest in preferred stock. Preferred stock, unlike common stock, may offer a stated dividend rate payable from the issuer's earnings. Preferred stock dividends may be cumulative, non-cumulative, participating or auction rate. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as call/redemption provisions prior to maturity, a negative feature when interest rates decline. For a description of preferred stock ratings, see <u>Appendix A</u>.

**Real Estate Securities.** The Funds may invest in real estate investment trusts ("REITs"). REITs pool investors' funds for investment primarily in income producing real estate or real estate loans or interests. A REIT is not taxed on income distributed to shareholders if it complies with several requirements relating to its organization, ownership, assets, and income and a requirement that it distribute to its shareholders at least 90% of its taxable income (other than net capital gains) for each taxable year. While there are many types of REITs, all REITs can generally be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs, which invest the majority of their assets in real estate mortgages, derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity REITs and Mortgage REITs. The Funds will not invest in real estate directly, but only in securities issued by real estate companies. The risks of investing in REITs include declines in the value of real estate, risks related to general and local economic conditions, dependency on management skill, heavy cash flow dependency, possible lack of availability of mortgage funds, overbuilding, extended vacancies of properties, increased competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from the clean-up of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in neighborhood values, the appeal of properties to tenants and changes in interest rates.

In addition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of any credit extended. Further, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Code, or to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.

**Repurchase Agreements.** Each Fund may agree to purchase repurchase agreement securities from financial institutions (including clearing firms registered with the SEC that provide comparison, netting and settlement services to their members with respect to repurchase agreement transactions), and the corporate parents or affiliates of such financial institutions or clearing firms, subject to the seller's agreement to repurchase them at a mutually agreed upon date and price ("repurchase agreements").

Although the underlying securities' collateral related to a repurchase agreement may bear maturities exceeding one year, the term and settlement for the repurchase agreement security will never be more than one year and normally will be within a shorter period of time (often one business day). Underlying securities' collateral related to repurchase agreements is held either by the Funds' custodian or sub-custodian (if any). The seller, under a repurchase agreement, will be required to maintain the value of the securities subject to the agreement in an amount exceeding the repurchase price (including accrued interest). Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk to a Fund includes the ability of the seller to pay the agreed upon sum on the repurchase date; in the event of default, the repurchase agreement provides that a Fund is entitled to sell the underlying securities' collateral. If the value of the collateral declines after the agreement is entered into, however, and if the seller defaults under a repurchase agreement when the value of the underlying collateral is less than the repurchase price, a Fund could incur a loss of both principal and interest. The Funds' custodian monitors the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. This is done in an effort to determine whether the value of the collateral always equals or exceeds the agreed upon repurchase price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of a Fund to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws.

In addition, the Funds may invest in repurchase agreements for pending investments, to meet anticipated redemption requests, to retain the flexibility to respond promptly to changes in market, economic or political conditions and/or when the Adviser takes temporary defensive positions, including when the Adviser is unable to locate attractive investment opportunities or when the Adviser considers market, economic or political conditions to be unfavorable for profitable investing.

**Reverse Repurchase Agreements.** The Funds may borrow funds by entering into reverse repurchase agreements in accordance with that Fund's investment restrictions. Pursuant to such agreements, each Fund would sell portfolio securities to financial institutions such as banks and broker-dealers, and agree to repurchase the securities at a mutually agreed-upon date and price. A Fund intends to enter into reverse repurchase agreements only to avoid otherwise selling securities during unfavorable market conditions to meet redemptions. At the time a Fund enters into a reverse repurchase agreement, it will place in a segregated custodial account assets such as U.S. Government securities or other liquid securities consistent with the Fund's investment restrictions having a value equal to the repurchase price (including accrued interest), and will subsequently continually monitor the account to ensure that such equivalent value is maintained at all times. Reverse repurchase agreements involve risks relating to leveraging, discussed above under "Borrowing to Purchase Securities (Leveraging)" and the risk that the market value of the securities sold by a Fund may decline below the price at which a Fund is obligated to repurchase the securities. Reverse repurchase agreements are considered to be borrowings by a Fund under the 1940 Act.

**Securities of Other Investment Companies.** The Funds may invest in securities issued by other investment companies. Each Fund intends to limit its investments in accordance with applicable law or as permitted by Rule 12d1-4 under the 1940 Act. Among other things, such law would limit these investments so that, as determined immediately after a securities purchase is made by a Fund: (a) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; (b) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group, (c) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund; and (d) not more than 10% of the outstanding voting stock of any one closed-end investment company will be owned by the Fund together with all other investment companies that have the same advisor. Under certain sets of conditions, different sets of restrictions may be applicable. As a shareholder of another investment company, a Fund would bear, along with other shareholders, its

proportionate share of that investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations. Investment companies in which a Fund may invest may also impose a sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges. Such charges will be payable by a Fund and, therefore, will be borne directly by the Fund's shareholders.

To the extent applicable, each Fund intends to rely on Section 12(d)(1)(F) and Rule 12d1-4 under the 1940 Act, which in conjunction with one another allow registered investment companies (such as the Fund) to exceed the limitations described above provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) do not exceed the limits on sales loads established by Financial Industry Regulatory Authority ("FINRA") for funds of funds, and the registered investment company "mirror votes" any securities purchased pursuant to Section 12(d)(1)(F).

**Short Sales.** The Funds may make short sales of securities. Short sales are transactions in which a Fund sells a security it does not own in anticipation of a decline in the market value of that security. The Fund must borrow the security to deliver to the buyer upon the short sale. The Fund is then obligated to replace the borrowed security by purchasing it at a later date. A short sale provides a possible hedge against the market risk of the value of other investments and protects a Fund in a declining market.

Short sales are subject to the risk that a Fund will incur a loss if the price of a security sold short increases between the date of the short sale and the date the Fund closes the short sale. Any gain on a short sale will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with a short sale. An increase in the value of a security sold short by a Fund over the price at which it was sold short will result in a loss to the Fund, and there can be no assurance that the Fund will be able to close out the position at any particular time or at an acceptable price. Except in the case of short sales "against the box," a Fund's market risk is unlimited in that the potential for increase in the market price of the security sold short is unlimited. Short sales "against the box" mean that the Fund owns securities identical to those sold short.

When a short position is closed out, it may result in a short-term capital gain or loss for federal income tax purposes. In a generally rising market, if a Fund maintains short positions in securities rising with the market, the net asset value of the Fund would increase to a lesser extent than if it had not engaged in short sales.

The Adviser may consider short selling when the Adviser finds companies it believes are substantially overpriced. Short selling may also be considered in arbitrage and hedge situations, and short selling might also be used under certain circumstances to defer taxes.

An eligible Fund will not engage in short sales of securities when these transactions would cause the market value of all of its securities sold short to exceed 15% of its net assets subject to the following. The value of the securities of any one issuer that may be shorted by a Fund is limited to the lesser of 5% of the value of the Fund's net assets or 5% of the securities of any class of the issuer. All short sales must be fully collateralized. The Funds maintain the collateral in a segregated account with their custodian. The collateral consists of cash, U.S. government securities or any other liquid securities equal to the market value of the securities at the time of the short sale. The Funds will thereafter maintain, on a daily basis, the collateral to ensure that it is equal to the current market value of the securities sold short. Short sales against the box are not subject to the 15% limitation. A capital gain or loss is recognized immediately upon the sale of a short against the box. A Fund may only engage in short sale transactions in securities listed on one or more U.S. or foreign securities exchanges or on Nasdaq.

**Stripped Obligations*.*** The Funds may purchase Treasury receipts and other "stripped" securities that evidence ownership in either the future interest payments or the future principal payments on U.S. Government obligations. These participations, which may be issued by the U.S. Government (or a U.S. Government agency or instrumentality) or by private issuers such as banks and other institutions, are issued at a discount from their "face value," and may include stripped mortgage-backed securities ("SMBS"). Stripped securities, particularly SMBS, may exhibit greater price volatility than ordinary debt securities because of the manner in which their principal and interest are returned to investors.

SMBS are usually structured with two or more classes that receive different proportions of the interest and principal distributions from a pool of mortgage-backed obligations. A common type of SMBS will have one class receiving all of the interest, while the other class receives all of the principal. However, in some cases, one class will receive some of the interest and most of the principal while the other class will receive most of the interest and the remainder of the principal. If the underlying obligations experience greater than anticipated prepayments of principal a Fund may fail to fully recoup its initial investment. The market value of the class consisting entirely of principal payments can be extremely volatile in response to changes in interest rates. The yields on a class of SMBS that receives all or most of the interest are generally higher than prevailing market yields on other mortgage-backed obligations because their cash flow patterns are also volatile and there is a greater risk that the initial investment will not be fully recouped.

SMBS issued by the U.S. Government (or a U.S. Government agency or instrumentality) may be considered liquid under guidelines established by the Board if they can be disposed of promptly in the ordinary course of business at a value reasonably close to that used in the calculation of a Fund's per share net asset value.

The Treasury Department has facilitated transfers of ownership of zero-coupon securities by accounting separately for the beneficial ownership of particular interest coupon and principal payments on Treasury securities through the Federal Reserve book-entry record-keeping system. A Fund may purchase securities registered in the STRIPS program. Under the STRIPS program, a Fund will be able to have beneficial ownership of zero-coupon securities recorded directly in the book-entry record-keeping system in lieu of having to hold certificates or other evidences of ownership of the underlying U.S. Treasury securities.

In addition, the Funds may acquire U.S. Government obligations and their unmatured interest coupons that have been separated ("stripped") by their holder, typically a custodian bank or investment brokerage firm. Having separated the interest coupons from the underlying principal of the U.S. Government obligations, the holder will resell the stripped securities in custodial receipt programs with a number of different names, including "Treasury Income Growth Receipts" ("TIGRs") and "Certificate of Accrual on Treasury Securities" ("CATS"). The stripped coupons are sold separately from the underlying principal, which is usually sold at a deep discount because the buyer receives only the right to receive a future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. The underlying U.S. Treasury bonds and notes themselves are held in book-entry form at the Federal Reserve Bank or, in the case of bearer securities (*i.e.*, unregistered securities which are ostensibly owned by the bearer or holder), in trust on behalf of the owners. Counsel to the underwriters of these certificates or other evidences of ownership of U.S. Treasury securities have stated that, in their opinion, purchasers of the stripped securities most likely will be deemed the beneficial holders of the underlying U.S. Government obligations for federal tax purposes. The Adviser is unaware of any binding legislative, judicial or administrative authority on this issue.

**Swap Agreements.** The Funds may enter into credit default swaps, interest rate swaps and currency swaps. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate multiplied by a "notional principal amount," in return for payments equal to fixed rate multiplied by the same amount, for a specified period of time. If a swap agreement provides for payments in different currencies, the parties might agree to exchange the notional principal amount as

well. The credit default swap allows a Fund to manage credit risk through buying and selling credit protection on specific names or a basket of names. A "buyer" of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The "seller" of credit protection receives a premium and agrees to assume the credit risk of an issuer upon the occurrence of certain events.

Swap agreements will tend to shift a Fund's investment exposure from one type of investment to another. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a Fund's investments and its share price and yield.

Certain standardized swap transactions are currently subject to mandatory central clearing or may be eligible for voluntary central clearing. Central clearing is expected to decrease counterparty risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterpart to each participant's swap. However, central clearing does not eliminate counterparty risk or illiquidity risk entirely. In addition, depending on the size of a fund and other factors, the margin required under the rules of a clearinghouse and by a clearing member may be in excess of the collateral required to be posted by a fund to support its obligations under a similar uncleared swap.

A Fund may enter into swaps with members of the Federal Reserve System, members of the New York Stock Exchange or other entities determined by the Adviser to be creditworthy.

**United States Government Securities.** To the extent consistent with their investment objectives, the Funds may invest in a variety of U.S. Treasury obligations consisting of bills, notes and bonds, which principally differ only in their interest rates, maturities and time of issuance. The Funds may also invest in other securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. Obligations of certain agencies and instrumentalities, such as GNMA, are supported by the full faith and credit of the U.S. Treasury; others, such as those of the Export-Import Bank of the United States, are supported by the right of the issuer to borrow from the Treasury; others, such as those of FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; still others, such as those of the Student Loan Marketing Association ("SLMA"), are supported only by the credit of the instrumentalities. Obligations of the International Bank for Reconstruction and Development (also known as the World Bank) are supported by subscribed, but unpaid, commitments of its member countries. There is no assurance that these commitments will be undertaken or complied with in the future.

In addition, in September 2008 FNMA and FHLMC were placed into conservatorship overseen by the FHFA. As conservator, FHFA will succeed to the rights, titles, powers and privileges of the company and any stockholder, officer or director of such company with respect to the company and its assets and title to all books, records and assets of the company held by any other custodian or third party. The conservator is then charged with operating the company.

Securities guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities are deemed to include: (a) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the U.S. government or an agency or instrumentality thereof; and (b) participations in loans made to foreign governments or their agencies that are so guaranteed. The secondary market for certain of these participations is limited. Such participations will therefore be regarded as illiquid. No assurance can be given that the U.S. government would provide financial support to its agencies or instrumentalities if it is not obligated to do so by law.

**U.S. Treasury Inflation-Protection Securities (TIPS)**. The Funds may invest in U.S. Treasury Inflation-Protection Securities. Inflation-protection securities are a type of marketable book-entry security issued by the United States Department of Treasury ("Treasury") with a nominal return linked to the inflation rate in prices. The index used to measure inflation is the non-seasonally adjusted U.S. Consumer Price Index for All Urban Consumers ("CPI-U").

The value of the principal is adjusted for inflation, and every six months the security pays interest, which is an amount equal to a fixed percentage of the inflation-adjusted value of the principal. The final payment of principal of the security will not be less than the original par amount of the security at issuance.

The principal of the inflation-protection security is indexed to the non-seasonally adjusted CPI-U. To calculate the inflation-adjusted principal value for a particular valuation date, the value of the principal at issuance is multiplied by the index ratio applicable to that valuation date. The index ratio for any date is the ratio of the reference Consumer Price Index ("CPI") applicable to such date to the reference CPI applicable to the original issue date. Semi-annual coupon interest is determined by multiplying the inflation-adjusted principal amount by one-half of the stated rate of interest on each interest payment date.

Inflation-adjusted principal or the original par amount, whichever is larger, is paid on the maturity date as specified in the applicable offering announcement. If at maturity the inflation-adjusted principal is less than the original principal value of the security, an additional amount is paid at maturity so that the additional amount plus the inflation-adjusted principal equals the original principal amount. Some inflation-protection securities may be stripped into principal and interest components. In the case of a stripped security, the holder of the stripped principal component receives this additional amount. The final interest payment, however, is based on the final inflation-adjusted principal value, not the original par amount.

The reference CPI for the first day of any calendar month is the CPI-U for the third preceding calendar month. (For example, the reference CPI for December 1 is the CPI-U reported for September of the same year, which is released in October.) The reference CPI for any other day of the month is calculated by a linear interpolation between the reference CPI applicable to the first day of the month and the reference CPI applicable to the first day of the following month.

Any revisions the Bureau of Labor Statistics (or successor agency) makes to any CPI-U number that has been previously released will not be used in calculations of the value of outstanding inflation-protection securities. In the case that the CPI-U for a particular month is not reported by the last day of the following month, the Treasury will announce an index number based on the last year-over-year CPI-U inflation rate available. Any calculations of the Treasury's payment obligations on the inflation-protection security that need that month's CPI-U number will be based on the index number that the Treasury has announced. If the CPI-U is rebased to a different year, the Treasury will continue to use the CPI-U series based on the base reference period in effect when the security was first issued as long as that series continues to be published. If the CPI-U is discontinued during the period the inflation-protection security is outstanding, the Treasury will, in consultation with the Bureau of Labor Statistics (or successor agency), determine an appropriate substitute index and methodology for linking the discontinued series with the new price index series. Determinations of the Secretary of the Treasury in this regard are final.

Inflation-protection securities are held and transferred in either of two book-entry systems: the commercial book-entry system (TRADES) and TREASURY DIRECT. The securities are maintained and transferred at their original par amount, *i.e.*, not their inflation-adjusted value. The Federal Reserve program was established by the Treasury Department and is known as "STRIPS" or "Separate Trading of Registered Interest and Principal of Securities." STRIPS components are maintained and transferred in TRADES at their value based on their original par amount of the fully constituted security.

**Variable Amount Master Demand Notes**. The Funds may invest in variable amount master demand notes. Variable amount master demand notes are unsecured demand notes that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate according to the terms of the instrument. Because master demand notes are direct lending arrangements between a Fund and the issuer, they are not normally traded. Although there is no secondary market in the

notes, a Fund may demand payment of principal and accrued interest at any time within 30 days. While such notes are not typically rated by credit rating agencies, issuers of variable amount master demand notes (which are normally manufacturing, retail, financial and other business concerns), must satisfy, for purchase by a Fund, the same criteria as set forth above for commercial paper for a Fund. The Adviser will consider the earning power, cash flow, and other liquidity ratios of the issuers of such notes and will continuously monitor their financial status and ability to meet payment on demand. In determining average weighted portfolio maturity, a variable amount master demand note will be deemed to have a maturity equal to the longer of the period of time remaining until the next interest rate adjustment or the period of time remaining until the principal amount can be recovered from the issuer through demand.

**Variable and Floating Rate Securities.** The Funds may acquire variable and floating rate securities, subject to each Fund's investment objectives, policies and restrictions. A variable rate security is one whose terms provide for the adjustment of its interest rate on set dates and which, upon such adjustment, can reasonably be expected to have a market value that approximates its par value. A floating rate security is one whose terms provide for the adjustment of its interest rate whenever a specified interest rate changes and which, at any time, can reasonably be expected to have a market value that approximates its par value. Such securities are frequently not rated by credit rating agencies; however, unrated variable and floating rate securities purchased by a Fund will be determined by the Adviser, to be of comparable quality at the time of purchase to rated instruments eligible for purchase under a Fund's investment policies. In making such determinations, the Adviser will consider the earning power, cash flow and other liquidity ratios of the issuers of such notes (such issuers include financial, merchandising, bank holding and other companies) and will continuously monitor their financial condition. Although there may be no active secondary market with respect to a particular variable or floating rate security purchased by a Fund, the Fund may resell the security at any time to a third party. The absence of an active secondary market, however, could make it difficult for a Fund to dispose of a variable or floating rate security in the event the issuer of the security defaulted on its payment obligations and a Fund could, as a result or for other reasons, suffer a loss to the extent of the default. To the extent that there exists no readily available market for such security and a Fund is not entitled to receive the principal amount of a note within seven days, such a security will be treated as an illiquid security for purposes of calculation of such Fund's limitation on investments in illiquid securities, as set forth in a Fund's investment restrictions. Variable or floating rate securities may be secured by bank letters of credit.

**Warrants.** The Funds may invest in warrants to participate in an anticipated increase in the market value of the security. A warrant entitles the holder to buy a security at a set price during a set period of time. If such market value increases, the warrant may be exercised and sold at a gain. A loss will be incurred if the market value decreases or if the term of the warrant expires before it is exercised. Warrants convey no rights to dividends or voting.

**When-Issued Securities**. The Funds may purchase securities on a "when-issued" basis (*i.e.*, for delivery beyond the normal settlement date at a stated price and yield). When a Fund agrees to purchase securities on a "when-issued" basis, a Fund's custodian will set aside cash or liquid portfolio securities equal to the amount of the commitment in a separate account. Normally, a Fund's custodian will set aside portfolio securities to satisfy the purchase commitment, and in such a case, a Fund may be required subsequently to place additional assets in the separate account in order to assure that the value of the account remains equal to the amount of a Fund's commitment. It may be expected that a Fund's net assets will fluctuate to a greater degree when it sets aside portfolio securities to cover such purchase commitments than when it sets aside cash. In addition, because a Fund will set aside cash or liquid portfolio securities to satisfy its purchase commitments in the manner described above, such Fund's liquidity and the ability of the Adviser to manage it might be affected in the event its commitments to purchase "when-issued" securities ever exceeded 25% of the value of its total assets. Under normal

market conditions, however, a Fund's commitment to purchase "when-issued" or "delayed-delivery" securities will not exceed 25% of the value of its total assets.

When a Fund engages in "when-issued" transactions, it relies on the seller to consummate the trade. Failure of the seller to do so may result in a Fund's incurring a loss or missing the opportunity to obtain a price considered to be advantageous. A Fund will engage in "when-issued" delivery transactions only for the purpose of acquiring portfolio securities consistent with such Fund's investment objectives and policies and not for investment leverage.

**PORTFOLIO TURNOVER**

The portfolio turnover rate for the Funds is calculated by dividing the lesser of purchases or sales of portfolio investments for the reporting period by the monthly average value of the portfolio investments owned during the reporting period. The calculation excludes all securities, including options, whose maturities or expiration dates at the time of acquisition are one year or less. Portfolio turnover may vary greatly from year to year as well as within a particular year, and may be affected by cash requirements for redemption of shares. The Funds are not restricted by policy with regard to portfolio turnover and will make changes in investment portfolios from time to time as business and economic conditions, as well as market prices, may dictate.

The following table displays the portfolio turnover rates for the Funds and Predecessor Funds for the fiscal years as shown below:

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|:---|:---|:---|
| | **Portfolio Turnover Rates** | **Portfolio Turnover Rates** |
| <br>**FUND** | **April 30,<br> 2025** | **April 30,<br> 2024** |
| Grandeur Peak Emerging Markets Opportunities Fund | 25% | 38% |
| Grandeur Peak Global Contrarian Fund | 76% | 51% |
| Grandeur Peak Global Explorer Fund | 50% | 43% |
| Grandeur Peak Global Micro Cap Fund | 33% | 34% |
| Grandeur Peak Global Opportunities Fund | 44% | 36% |
| Grandeur Peak Global Reach Fund | 58% | 41% |
| Grandeur Peak Global Stalwarts Fund | 79% | 55% |
| Grandeur Peak International Contrarian Fund\* | N/A | N/A |
| Grandeur Peak International Opportunities Fund | 25% | 30% |
| Grandeur Peak International Stalwarts Fund | 69% | 54% |
| Grandeur Peak US Stalwarts Fund | 98% | 60% |

---

\* Fund not operational as of September 1, 2025

**INVESTMENT RESTRICTIONS**

***Fundamental Investment Restrictions***

The following is a description of the Funds' fundamental investment restrictions. "Fundamental" restrictions are those that may not be changed without the vote of a majority of a Fund's outstanding voting securities. Under the 1940 Act, the vote of a majority of the outstanding securities of a company means the vote, at the annual or a special meeting of the security holders of such company duly called: (A) of 67 percent or more of the voting securities present at such meeting, if the holders of more than 50 percent of the outstanding voting securities of such company are present or represented by proxy; or (B) of more than 50 percent of the outstanding voting securities of such company, whichever is less.

In contrast, non-fundamental investment restrictions (which include a Fund's investment objective and each of the other investment restrictions set forth in the Prospectus or this SAI) may be changed by the Board without shareholder approval.

The percentages set forth below and the percentage limitations set forth in the Prospectus apply at the time of the purchase of a security and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of a purchase of such security.

For purposes of the fundamental restrictions set forth below, "total assets" means net assets, plus the amount of any borrowings for investment purposes.

Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase or sell real estate, provided that the Funds may invest in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase or sell physical commodities (including, by way of example and not by way of limitation, grains, oilseeds, livestock, meat, food, fiber, metals, petroleum, petroleum-based products or natural gas) or futures or options contracts with respect to physical commodities. This restriction shall not restrict the Funds from purchasing or selling any financial contracts or instruments which may be deemed commodities (including, by way of example and not by way of limitation, options, futures, and options on futures with respect, in each case, to interest rates, currencies, stock indexes, bond indexes or interest rate indexes) or any security which is collateralized or otherwise backed by physical commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Make loans to other persons, except that each Fund may lend portfolio securities representing up to one-third of the value of its total assets. (The Funds, however, may purchase and hold debt instruments and enter into repurchase agreements in accordance with their investment objectives and policies.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Underwrite securities of other issuers except insofar as the Funds may be deemed an underwriter under the 1933 Act in selling portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Invest more than 25% of total assets (taken at market value at the time of each investment) in the securities of issuers in any particular industry or group of industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Borrow money, except as permitted under the 1940 Act as interpreted or modified from time to time by any regulatory authority having jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Issue senior securities, except as permitted under the 1940 Act, as interpreted or modified from time to time by any regulatory authority having jurisdiction.

***Non-Fundamental Investment Restrictions***

In addition to the foregoing fundamental investment policies, the Funds are also subject to the following non-fundamental restrictions and policies. These, and other non-fundamental investment restrictions disclosed elsewhere in the prospectus or in this statement of additional information may be changed at any time by the Board without shareholder approval. For purposes of the non-fundamental restrictions set forth below, "total assets" means net assets, plus the amount of any borrowings for investment purposes.

Each Fund will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Make investments for the purpose of exercising control or management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Invest in other investment companies except to the extent permitted by 1940 Act, rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Invest more than 15% of its net assets in all forms of illiquid investments, as determined pursuant to applicable SEC rules and interpretations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell interests in oil, gas or other mineral exploration or development programs, although they may invest in the securities of issuers which invest in or sponsor such programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Invest more than 10% of its total assets (taken at market value at the time of each investment) in Special Situations, *i.e.*, companies in the process of reorganization or buy-out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Engage in short sales of securities when these transactions would cause the market value of all of a Fund's securities sold short to exceed 15% of its net assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Purchase securities on margin, except that the Fund may obtain such short-term credit as may be necessary for the clearance of transactions.

If any percentage restriction or requirement described above is satisfied at the time of investment, a later increase or decrease in such percentage resulting from a change in asset value will not constitute a violation of such restriction or requirement. However, should a change in net asset value or other external events cause a Fund's investments in illiquid securities, repurchase agreements with maturities in excess of seven days and other instruments in such Fund which are not readily marketable to exceed the limit set forth in such Fund's Prospectus or herein for its investment in illiquid securities, the Fund will act to cause the aggregate amount of such securities to come within such limit as soon as reasonably practicable.

Any investment restriction or limitation, fundamental or otherwise, appearing in the Prospectus or SAI, which involves a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after an acquisition of securities or utilization of assets, and such excess results therefrom.

**INVESTMENT ADVISER**

Grandeur Peak Global Advisors, LLC (the "Adviser"), subject to the authority of the Board, is responsible for the overall management and administration of the Funds' business affairs. The Adviser commenced business operations in July 2011 and is registered with the Securities and Exchange Commission as an investment adviser. The Adviser's principal address is 136 South Main Street, Suite 720, Salt Lake City, UT 84101. The Adviser also served as investment manager to the Predecessor Funds prior to the Reorganization. As of April 30, 2025, the Adviser has approximately $4.2 billion in assets under management.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), each Fund pays the Adviser an annual management fee based on the Fund's average daily net assets as set forth in the table below:

---

| | |
|:---|:---|
| ***Fund*** | ***Advisory Fee***<br> ***(as a percentage of<br> daily net assets)*** |
| Grandeur Peak Emerging Markets Opportunities Fund | 1.35% |
| Grandeur Peak Global Contrarian Fund | 1.00% |
| Grandeur Peak Global Explorer Fund | 0.80% |
| Grandeur Peak Global Micro Cap Fund | 1.50% |
| Grandeur Peak Global Opportunities Fund | 1.25% |
| Grandeur Peak Global Reach Fund | 1.10% |
| Grandeur Peak Global Stalwarts Fund | 0.80% |
| Grandeur Peak International Contrarian Fund\* | 1.00% |
| Grandeur Peak International Opportunities Fund | 1.25% |
| Grandeur Peak International Stalwarts Fund | 0.80% |
| Grandeur Peak US Stalwarts Fund | 0.75% |

---

\* Fund not operational as of September 1, 2025

The management fee is paid on a monthly basis. The initial term of the Advisory Agreement for the Funds is two years. The Board may extend the Advisory Agreement for additional one-year terms. The Board, shareholders of the Funds or the Adviser may terminate the Advisory Agreement upon sixty (60) days' notice. A discussion regarding the basis for the Board's approval of the Advisory Agreement is provided in the Funds' report to shareholders for the fiscal period ended October 31, 2023.

The tables below show the management fees paid by each Fund and Predecessor Fund to the Adviser, in its capacity as investment manager to the Funds and Predecessor Funds, for the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Fiscal Year Ended April 30, 2025** | **For the Fiscal Year Ended April 30, 2025** | **For the Fiscal Year Ended April 30, 2025** | **For the Fiscal Year Ended April 30, 2025** | **For the Fiscal Year Ended April 30, 2025** |
| <br>**Fund** | **Gross**<br> **Advisory<br> Fees** | **Waiver<br> of Advisory**<br> **Fees** | **Reimbursement<br> of Other<br> Expenses** | **Recoupment<br> of Waived<br> Fees** | **Net<br> Advisory**<br> **Fees** |
| Grandeur Peak Emerging Markets Opportunities Fund | $3928255 | ($76347) | - | - | $3851908 |
| Grandeur Peak Global Contrarian Fund | $1542094 | - | - | $4570 | $1546664 |
| Grandeur Peak Global Explorer Fund | $133952 | ($94840) | - | - | $39112 |
| Grandeur Peak Global Micro Cap Fund | $666632 | - | - | $3837 | $670469 |
| Grandeur Peak Global Opportunities Fund | $6884552 | ($299447) | - | - | $6585105 |
| Grandeur Peak Global Reach Fund | $1994682 | ($49877) | - | - | $1944805 |
| Grandeur Peak Global Stalwarts Fund | $942986 | ($17226) | - | - | $925760 |
| Grandeur Peak International Contrarian Fund\* | - | - | - | - | - |
| Grandeur Peak International Opportunities Fund | $5318736 | ($115151) | - | - | $5203585 |
| Grandeur Peak International Stalwarts Fund | $12799566 | ($246979) | - | - | $12552587 |
| Grandeur Peak US Stalwarts Fund | $1022527 | ($22637) | - | - | $999890 |

---

\* Fund not operational as of September 1, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Fiscal Year Ended April 30, 2024** | **For the Fiscal Year Ended April 30, 2024** | **For the Fiscal Year Ended April 30, 2024** | **For the Fiscal Year Ended April 30, 2024** | **For the Fiscal Year Ended April 30, 2024** |
| <br>**Fund** | **Gross**<br> **Advisory<br> Fees** | **Waiver<br> of Advisory**<br> **Fees** | **Reimbursement<br> of Other<br> Expenses** | **Recoupment<br> of Waived<br> Fees** | **Net<br> Advisory**<br> **Fees** |
| Grandeur Peak Emerging Markets Opportunities Fund | $5653348 | ($90980) | - | - | $5562368 |
| Grandeur Peak Global Contrarian Fund | $1321537 |  |  | $145336 | $1466873 |
| Grandeur Peak Global Explorer Fund | $134694 | ($134694) | ($95310) | - | $0 |
| Grandeur Peak Global Micro Cap Fund | $667775 | ($3837) | - | - | $663938 |
| Grandeur Peak Global Opportunities Fund | $7837566 | ($317513) | - | - | $7520053 |
| Grandeur Peak Global Reach Fund | $2560503 | ($119486) | - |  | $2441017 |
| Grandeur Peak Global Stalwarts Fund | $1327545 | - | - | - | $1327545 |
| Grandeur Peak International Opportunities Fund | $7239173 | ($197835) | - | - | $7041338 |
| Grandeur Peak International Stalwarts Fund | $12922764 | - | - | - | $12922764 |
| Grandeur Peak US Stalwarts Fund | $896571 | - | - | - | $896571 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Fiscal Year Ended April 30, 2023** | **For the Fiscal Year Ended April 30, 2023** | **For the Fiscal Year Ended April 30, 2023** | **For the Fiscal Year Ended April 30, 2023** | **For the Fiscal Year Ended April 30, 2023** |
| <br>**Fund** | **Gross**<br> **Advisory<br> Fees** | **Waiver<br> of Advisory**<br> **Fees** | **Reimbursement<br> of Other<br> Expenses** | **Recoupment<br> of Waived<br> Fees** | **Net<br> Advisory**<br> **Fees** |
| Grandeur Peak Emerging Markets Opportunities Fund | $5813986 | ($109699) | - | $118284 | $5704287 |
| Grandeur Peak Global Contrarian Fund | $1014100 | - | - | - | $1014100 |
| Grandeur Peak Global Explorer Fund | $112513 | ($112513) | - | - | - |
| Grandeur Peak Global Micro Cap Fund | $708750 | - | - | - | $708750 |
| Grandeur Peak Global Opportunities Fund | $8434275 | ($436855) | - | - | $7997420 |
| Grandeur Peak Global Reach Fund | $3027492 | ($28389) | - | $4693 | $2999103 |
| Grandeur Peak Global Stalwarts Fund | $2009327 | - | - | - | $2009327 |
| Grandeur Peak International Opportunities Fund | $7967832 | ($343566) | - | - | $7624266 |
| Grandeur Peak International Stalwarts Fund | $12535201 | - | - | - | $12535201 |
| Grandeur Peak US Stalwarts Fund | $839760 | - | - | - | $839760 |

---

Pursuant to an operating expense limitation agreement between the Advisor and the Trust, the Advisor has agreed to waive its fees and/or expenses for each Fund to the extent necessary to maintain each Fund's Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads,

brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may increase indemnification of the Funds' officers and trustees, contractual indemnification of the Funds' service providers (other than the Adviser))) at a certain level through September 1, 2026. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board. The Advisor is permitted to receive reimbursement from a Fund for fees it waived and Fund expenses it paid, subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or paid; and (2) the reimbursement may not be made if it would cause the expense limitation currently in effect or in effect at the time of the waiver or payment, whichever is lower, to be exceeded. The following table reflects each Fund's expense cap.

---

| | |
|:---|:---|
| Grandeur Peak Emerging Market Opportunities Fund | Investor Class: 1.95%<br> Institutional Class: 1.70% |
| Grandeur Peak Global Contrarian Fund | Institutional Class: 1.35% |
| Grandeur Peak Global Explorer Fund | Institutional Class: 1.10% |
| Grandeur Peak Global Micro Cap Fund | Institutional Class: 2.00% |
| Grandeur Peak Global Opportunities Fund | Investor Class: 1.75%<br> Institutional Class: 1.50% |
| Grandeur Peak Global Reach Fund | Investor Class: 1.50%<br> Institutional Class: 1.25% |
| Grandeur Peak Global Stalwarts Fund | Investor Class: 1.35%<br> Institutional Class: 1.10% |
| Grandeur Peak International Contrarian Fund | Institutional Class: 1.35% |
| Grandeur Peak International Opportunities Fund | Investor Class: 1.75%<br> Institutional Class: 1.50% |
| Grandeur Peak International Stalwarts Fund | Investor Class: 1.35%<br> Institutional Class: 1.10% |
| Grandeur Peak US Stalwarts Fund | Institutional Class: 1.00% |

---

The Adviser will be permitted to recapture expenses it has borne through the previous sections of this letter agreement to the extent that a Fund's expenses in later periods fall below the annual rates set forth in this letter agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2026, except with the approval of the Board.

The Adviser has also agreed to waive, with respect to each following Fund, annual management fees to the extent the assets of such Fund exceed the average daily net asset level specified below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fee**<br> **with Waiver Applied** | **Applicable to<br> Average Daily Net Assets** |
| Grandeur Peak Global Opportunities Fund | 1.00%<br> (contractually 1.25%) | Above $500 million |
| Grandeur Peak International Opportunities Fund | 1.00%<br> (contractually 1.25%) | Above $500 million |
| Grandeur Peak Emerging Markets Opportunities Fund | 1.00%<br> (contractually 1.35%) | Above $400 million |

---

This waiver of management fees is not subject to recapture by the Adviser. Such fee waivers and reimbursements for the Funds shall continue at least through September 1, 2026. These fee waivers may not be terminated or modified prior to September 1, 2026, except with the approval of the Board.

From January 1, 2025 through December 31, 2025, the Adviser has also voluntarily agreed to waive, with respect to each following Fund, annual management fees to the extent the assets of such Fund exceed the average daily net asset level specified below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fee <br>with Waiver Applied** | **Applicable to<br> Average Daily Net Assets** |
| Grandeur Peak Global Opportunities Fund | 1.15% <br>(contractually 1.25%) | Below $500 million |
| Grandeur Peak International Opportunities Fund | 1.15% <br>(contractually 1.25%) | Below $500 million |
| Grandeur Peak Emerging Markets Opportunities Fund | 1.25% <br>(contractually 1.35%) | Below $400 million |

---

This waiver of management fees is not subject to recapture by the Adviser.

From January 1, 2025 through December 31, 2025, the Adviser has voluntarily agreed to waive, with respect to each following Fund, annual management fees at all asset levels of the Fund:

---

| | |
|:---|:---|
| **Fund** | **Management Fee <br>with Waiver Applied** |
| Grandeur Peak Global Reach Fund | 1.00% <br>(contractually 1.10%) |
| Grandeur Peak Global Stalwarts Fund | 0.75% <br>(contractually 0.80%) |
| Grandeur Peak International Stalwarts Fund | 0.75%<br> (contractually 0.80%) |
| Grandeur Peak US Stalwarts Fund | 0.70%<br> (contractually 0.75% |

---

Under the terms of the Advisory Agreement, the Adviser shall not be liable for losses or damages incurred by the Funds, unless such losses or damages are attributable to the willful misfeasance, bad faith or gross negligence on the part of the Adviser or from reckless disregard by it of its obligations and duties under the Advisory Agreement ("disabling conduct"). In addition, the Funds will indemnify the Adviser and its affiliates and hold each of them harmless against any losses or damages not resulting from disabling conduct.

**PORTFOLIO MANAGERS**

The following sections set forth certain additional information with respect to the portfolio managers for the Funds. Unless noted otherwise, all information is provided as of April 30, 2025.

***Other Accounts Managed by Portfolio Managers***

The table below identifies as of April 30, 2025, for the portfolio managers of each Fund, the number of accounts (other than the Funds with respect to which information is provided) for which they have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **OTHER<br> RIAs** | **OTHER<br> RIAs** | **Other Pooled Investment<br> Vehicles** | **Other Pooled Investment<br> Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **AUM** | **Number** | **AUM** | **Number** | **AUM** |
| Robert Gardiner | 0 | $- | 0 | $- | 0 | $- |
| Blake Walker | 0 | $- | 2 | $263 | 4 | $967 |
| Randy Pearce | 0 | $- | 1 | $129 | 4 | $1015 |
| Amy Hu Sunderland | 0 | $- | 1 | $134 | 1 | $47 |
| Brad Barth | 0 | $- | 1 | $129 | 3 | $968 |
| Liping Cai | 0 | $- | 0 | $- | 1 | $47 |
| Juliette Douglas | 0 | $- | 0 | $- | 2 | $114 |
| Spencer Hackett | 0 | $- | 0 | $- | 1 | $47 |
| Ben Gardiner | 0 | $- | 1 | $134 | 1 | $47 |
| Phil Naylor | 0 | $- | 0 | $- | 1 | $115 |
| Dane Nielson | 0 | $- | 0 | $- | 2 | $47 |
| Preston Williams | 0 | $- | 0 | $- | 0 | $- |

---

***Portfolio Manager Compensation***

**Compensation**. The elements of total compensation for the portfolio managers include salary, performance-based bonuses, profit sharing and other benefits. The Adviser seeks to balance the components of pay to provide portfolio managers with an incentive to focus on both shorter- and longer-term performance. By design, portfolio manager compensation levels will fluctuate — both up and down — with the relative investment performance of the Funds that they manage.

&nbsp;&nbsp;&nbsp;&nbsp;■ Salary. Each portfolio manager is paid a fixed salary.

&nbsp;&nbsp;&nbsp;&nbsp;■ Performance-Based Bonus. A large portion of a portfolio manager's potential compensation is in the form of a performance-based bonus, much of which is tied to the pre-tax performance of the Fund(s) s/he manages as compared to a) the relevant Fund's Morningstar peer group ranking, and b) the Fund's performance versus the primary benchmark, over various time periods (typically 1-year, as well as 3-year and 5-year periods when available and applicable to the specific portfolio manager). Generally, maximum bonus is paid for top quartile peer group performance and zero bonus is paid for anything below median performance, with prorated amounts paid between median and top quartile. Similarly, generally maximum bonus is paid for beating the primary benchmark by an annualized 300bps and zero bonus is paid for performance below the benchmark return, with prorated amounts paid for performance in between. Portfolio managers may also receive a performance bonus based on performance across strategies for the industry and/or geography for which they are responsible, performance of their individual stock selections, performance of the collective research team, and/or extraordinary performance or other special contributions they make to the firm's success.

&nbsp;&nbsp;&nbsp;&nbsp;■ Profit Sharing. Portfolio managers are generally equity or synthetic equity partners in the firm. As such, they share meaningfully in the firm's profits.

&nbsp;&nbsp;&nbsp;&nbsp;■ Other Benefits. Portfolio managers are eligible to participate in benefits offered generally to the Adviser's full-time employees, including health insurance and other employee benefit plans.

**Conflicts of Interest with Other Accounts**. There may be certain inherent conflicts of interest that arise in connection with a portfolio manager's management of the respective Fund's investments and the investments of any other fund or client accounts the Adviser or the respective Fund's individual team members also manage. Such conflicts include allocation of investment opportunities among the Funds and other accounts managed by the Adviser or the portfolio managers; the aggregation of purchase and sale orders believed to be in the best interest of more than one account managed by the Adviser or the portfolio managers and the allocation of such orders across such accounts; and any soft dollar arrangements that the Adviser may have in place that could benefit a Fund and/or other accounts. Additionally, some funds or accounts managed by a portfolio manager may have different fee structures, including performance fees, which are, or have the potential to be, higher or lower than the fees paid by another fund or account. To minimize the effects of these inherent conflicts of interest, the Adviser has adopted and implemented policies and procedures, including trade aggregation and allocation procedures, that it believes are reasonably designed to mitigate the potential conflicts associated with managing portfolios for multiple clients, including the Funds, and seeks to ensure that no one client is intentionally favored at the expense of another. These policies and procedures are discussed in more detail under the section entitled "Brokerage Allocation and Other Practices" of this SAI.

***Ownership of Securities***

The table below identifies ownership of Fund securities by Robert Gardiner, the Adviser's Chairman, and each Portfolio Manager as of April 30, 2025.

*Highlighted cells represent that a particular individual serves as a portfolio manager for the Fund.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Robert Gardiner** | **Blake Walker** | **Randy Pearce** | **Amy Hu Sunderland** | **Liping Cai** | **Brad Barth** | **Juliette Douglas** |
| **Emerging Markets Opportunities Fund** | $100-500k | **$500k-$1M** | $50-100k | $100-500k | **$100-500k** | - | **$100-500k** |
| **Global Contrarian Fund** | **$1M+** | **$1M+** | $100-500k | $100-500k | $100-500k | - | $50-100k |
| **Global Explorer Fund** | **$500k-$1M** | $100-500k | $100-500k | **$100-500k** | $100-500k | **-** | $100-500k |
| **Global Micro Cap Fund** | **$1M+** | $100-500k | $100-500k | **$500k-$1M** | $100-500k | - | $50-100k |
| **Global Opportunities Fund** | **$1M+** | **$500k-$1M** | $100-500k | **$500k-$1M** | $100-500k | - | **$100-500k** |
| **Global Reach Fund** | **$1M+** | $100-500k | $500k-$1M | **$500k-$1M** | $100-500k | **$10-50k** | $100-500k |
| **Global Stalwarts Fund** | **$1M+** | $500k-$1M | **$1M+** | $500k-$1M | $100-500k | **$100-500k** | $100-500k |
| **International Opportunities Fund** | **$1M+** | **$500k-$1M** | $100-500k | $100-500k | $100-500k | - | **$100-500k** |
| **International Stalwarts Fund** | $500k-$1M | **$500k-$1M** | **$1M+** | $100-500k | $100-500k | **$100-500k** | $100-500k |
| **US Stalwarts Fund** | $100-500k | $100-500k | **$1M+** | $50-100k | $100-500k | **$100-500k** | $50-100k |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Spencer Hackett** | **Ben Gardiner** | **Phil Naylor** | **Tyler Glauser** | **Dane Nielson** | **Preston Williams** |
| **Emerging Markets Opportunities Fund** | <$10k | <$10k | $10-50k | $50-100k | $50-100k | $50-100k |
| **Global Contrarian Fund** | **$50-100k** | $50-100k | $50-100k | <$10k | **$100-500k** | $10-50k |
| **Global Explorer Fund** | $10-50k | **$10-50k** | **$50-100k** | **<$10k** | $10-50k | **$50-100k** |
| **Global Micro Cap Fund** | **$100-500k** | $50-100k | $10-50k | $10-50k | $- | $10-50k |
| **Global Opportunities Fund** | $50-100k | **$500k-$1M** | $50-100k | $10-50k | $100-500k | $50-100k |
| **Global Reach Fund** | - | **$10-50k** | **$50-100k** | **$100-500k** | $- | **$50-100k** |
| **Global Stalwarts Fund** | - | $50-100k | **$50-100k** | $10-50k | $50-100k | $10-50k |
| **International Opportunities Fund** | - | $10-50k | $10-50k | $10-50k | $- | $100-500k |
| **International Stalwarts Fund** | - | <$10k | <$10k | $10-50k | $- | $50-100k |
| **US Stalwarts Fund** | - | <$10k | **$50-100k** | <$10k | $- | $10-50k |

---

**ALLOCATION OF BROKERAGE**

***Investment Decisions and Portfolio Transactions***

Investment decisions for a Fund are made with a view to achieving its investment objectives. Investment decisions are the product of many factors in addition to basic suitability for the particular client involved (including the Fund). Some securities considered for investment by a Fund may also be appropriate for other clients served by the Adviser. Thus, a particular security may be bought or sold for certain clients even though it could have been bought or sold for other clients at the same time. If a purchase or sale of securities consistent with the investment policies of a Fund and one or more of these clients is considered at or about the same time, transactions in such securities will be allocated among the Fund and clients in a manner deemed fair and reasonable by the Adviser. Particularly when investing in less liquid or illiquid securities of smaller capitalization companies, such allocation may take into account the asset size of the Fund in determining whether the allocation of an investment is suitable. The Adviser may aggregate orders for each of the Fund with simultaneous transactions entered into on behalf of its other clients so long as price and transaction expenses are averaged either for the portfolio transaction or for that day. Likewise, a particular security may be bought for one or more clients when one or more clients are selling the security. In some instances, one client may sell a particular security to another client. It also sometimes happens that two or more clients simultaneously purchase or sell the same security, in which event each day's transactions in such security are, insofar as possible, averaged as to price and allocated between such clients in a manner which in the Adviser's opinion is equitable to each and in accordance with the amount being purchased or sold by each. There may be circumstances when purchases or sales of portfolio securities for one or more clients will have an adverse effect on other clients, including the Funds.

***Brokerage Allocation and Other Practices***

The Adviser places orders for the purchase and sale of portfolio securities, options and futures contracts and buys and sells such securities, options and futures for each Fund through a substantial number of brokers and dealers. In so doing, the Adviser uses its best efforts to obtain for each Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions as described below. In seeking the most favorable price and execution, the Adviser, having in mind the Fund's best interests, considers all factors it deems relevant, including, by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker-dealer involved and the quality of service rendered by the broker-dealer in that or other transactions.

The Adviser places orders for the purchase and sale of portfolio investments for each Fund's accounts with brokers or dealers selected by it in its discretion. The Adviser is responsible for negotiating and determining any commission rates to be paid for such transactions. The Adviser has no affiliated broker-dealer. In effecting purchases and sales of portfolio securities for the accounts of the Fund, the Adviser will seek the best price and execution of a Fund's orders. In doing so, the Fund may pay higher commission rates than the lowest available when the Adviser believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker effecting the transaction, as discussed below. Although a Fund may use a broker-dealer that sells Fund shares to effect transactions for the Fund's portfolios, the Fund will not consider the sale of Fund shares as a factor when selecting broker-dealers to execute those transactions.

There is generally no stated commission in the case of fixed-income securities and other securities traded on a principal basis in the over-the-counter markets, but the price paid by a Fund usually includes an undisclosed dealer commission or markup. In underwritten offerings, the price paid by the Fund includes a disclosed, fixed commission or discount retained by the underwriter or dealer. Transactions on U.S. stock exchanges and other agency transactions involve the payment by the Fund of negotiated brokerage commissions. Such commissions vary among different brokers. Also, a particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. Transactions in non-U.S. securities generally involve the payment of fixed brokerage commissions, which are generally higher than those in the United States. The purchase by a Fund of participations or assignments may be pursuant to privately negotiated transactions pursuant to which the Fund may be required to pay fees to the seller or forego a portion of payments in respect of the participation agreement.

Advisers of investment companies and other institutional investors receive research and brokerage products and services (together, "services") from broker-dealers which execute portfolio transactions for the clients of such advisers. Consistent with this practice, the Adviser receives brokerage and research products and services from many broker-dealers with which the Adviser places the Funds' portfolio transactions. These services, which in some cases may also be purchased for cash, may include, among other things, such items as general economic and security market reviews, industry and company reviews, evaluations of securities, recommendations as to the purchase and sale of securities, and services related to the execution of securities transactions. The advisory fees paid by the Funds are not reduced because the Adviser receives such services even though the receipt of such services relieves the Adviser from expenses it might otherwise bear. Research and brokerage services provided by broker-dealers chosen by the Adviser to place a Fund's portfolio transactions may be useful to the Adviser in providing services to the Adviser's other clients, although not all of these services may be necessarily useful and of value to the Adviser in managing the Fund. Conversely, brokerage and research products and services provided to the Adviser by broker-dealers in connection with trades executed on behalf of other clients of the Adviser may be useful to the Adviser in managing a Fund, although not all of these brokerage and research products and services may be necessarily useful and of value to the Adviser in managing such other clients.

The Board has authorized the Adviser to pay a broker who provides research services commissions that are competitive but that are higher than the lowest available rate that another broker might have charged if the Adviser determines in good faith that the commissions are reasonable in relation to the value of the brokerage and research services provided. The provision of such services in exchange for brokerage business is commonly referred to as "soft-dollar arrangements." Payment of higher commissions in exchange for research services will be made in compliance with the provisions of Section 28(e) of the Securities Exchange Act of 1934 (the "1934 Act") and other applicable state and federal laws. Section 28(e) of the 1934 Act defines "research" as, among other things, advice, directly or through publications or writings, as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the availability of securities or purchasers or sellers of securities; and analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts. Research products and services provided to the Adviser by broker-dealers may include, among other things, databases, data services, certain software and publications that provide access to and/or analysis of company, market and statistical data and proprietary research and analysis. In addition, the Adviser may receive certain products and services which provide both research and non-research or administrative assistance ("mixed-use") benefits, for example, software which is used for both portfolio analysis and account administration. In these instances, the Adviser makes a reasonable allocation as follows: the portion of such service of specific component which provides assistance to Adviser in its investment decision-making responsibilities is obtained from the broker-dealer with commissions paid on client portfolio transactions (including the Funds), while the portion of such services or specific component which provides non-research assistance is paid by the Adviser with its own resources.

The Adviser places portfolio transactions for other advisory accounts. Research services furnished by firms through which the Trust effects its securities transactions may be used by the Adviser in servicing all of its accounts; not all of such services may be used by the Adviser in connection with the Trust. In the opinion of the Adviser, the benefits from research services to each of the accounts (including the Funds) managed by the Adviser cannot be measured separately. Because the volume and nature of the trading activities of the accounts are not uniform, the amount of commissions in excess of the lowest available rate paid by each account for brokerage and research services will vary. However, in the opinion of the Adviser, such costs to the Trust will not be disproportionate to the benefits received by the Trust on a continuing basis.

The Adviser may place orders for the purchase and sale of exchange-listed portfolio securities with a broker-dealer that is an affiliate of the Adviser where, in the judgment of the Adviser, such firm will be able to obtain a price and execution at least as favorable as other qualified broker-dealers. Pursuant to rules of the SEC, a broker-dealer that is an affiliate of the Adviser may receive and retain compensation for effecting portfolio transactions for the Funds on a securities exchange if the commissions paid to such an affiliated broker-dealer by the Funds on exchange transactions do not exceed "usual and customary brokerage commissions." The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." As required by applicable SEC rules, the Board has adopted procedures which are reasonably designed to provide that any commissions, fees or other remuneration paid to an affiliated broker are consistent with the foregoing standards.

Brokerage practices are monitored quarterly by the Board.

During 2002, there was a shift in the brokerage industry toward trading securities in the over-the-counter market on agency or commission-equivalent basis rather than on a principal or net price basis. Over-the-counter purchases and sales may be transacted directly with principal market makers or, under circumstances, on an agency basis if the Adviser believes that the interests of clients are best served by using a broker to execute OTC transactions where one or more market makers may not have the necessary liquidity and/or anonymity to fill the order. When the Adviser elects to transact in OTC securities on an agency basis, two transaction costs for a single trade may be incurred: a commission paid to the executing broker-dealer plus any mark-up or mark-down charged by the market making broker-dealer. The Funds also expect that securities will be purchased at times in underwritten offerings where the price includes a fixed amount of compensation, usually referred to as the underwriter's concessions or discount. On occasion, purchases may also be made from the issuers. Purchases of new issues from underwriters of securities typically include a commission or concession paid by the issuer to the underwriter.

***Aggregation and Allocation of Trades***

If the Adviser believes that the purchase or sale of a security is in the best interest of more than one of its clients (including the Funds), the Adviser may aggregate the securities to be purchased or sold to obtain favorable execution and/or lower brokerage commissions. In certain foreign markets, aggregation may occur at the broker level at the instruction of the Adviser. If an aggregate order is partially filled, the Adviser will allocate securities so purchased or sold, as well as the expense incurred in the transaction, on a pro-rata basis or in another manner it considers to be equitable and consistent with its fiduciary obligations to its clients. Conflicts may arise in the allocation of investment opportunities among accounts (including the Funds) that the Adviser advises. The Adviser will seek to allocate investment opportunities believed appropriate for one or more of its accounts equitably and consistent with the best interests of all accounts involved; however, there can be no assurance that a particular investment opportunity that comes to the Adviser's attention will be allocated in any particular

manner. The Adviser will create an allocation statement prior to executing a block trade, typically using a rounding factor such as 25 or 100 shares. Accordingly, each order should state the accounts that will participate in any block trade and the intended allocation of the order among those accounts.

When an allocation statement is prepared:

(1) If a block trade is filled in its entirety, the shares must generally be allocated in accordance with the allocation specified in the order.

(2) If a block trade is partially filled, the shares are allocated using one of the methods below. In these situations, some Funds may receive their entire allocation and some Funds may not receive any allocation if their allocation is less than a de minimis amount.

● <u>Pro-Rata</u> allocates shares based on the ratio of the filled shares to the order's target. For example, if 50% of an order is filled, each Fund gets 50% of the target. This means that larger accounts will get more shares. The pro-rata method may be used when there are no special considerations for distribution.

● <u>Leveling</u> distributes shares so that each Fund's current actual percent position is equal. Leveling may be used to bring all accounts to a certain percentage of portfolio market value in a security. This means the accounts the farthest away from a target weight will receive a higher percentage of its pre-allocation shares than accounts closer to their target weights.

● <u>Random</u> allocates shares by randomly selecting Funds and filling their targets until no shares are left. Random may be used when there is a large block with a small fill. By using the random method, a small portion would not be assigned to each Fund.

● <u>Sequential</u> fills each Fund's target based on portfolio detail (e.g., cash), and then moves on to the next Fund until no shares are left. For example, if sequential is used when a buy order is partially filled and the first sort is based on cash, the Fund with the most cash will be allocated shares first.

It is understood that circumstances may arise which make pre-execution allocations impossible. Trades that are not allocated pre-execution will be allocated no later than the close of business on the trade date. All Funds must be fairly and equitably treated by any post-execution allocation of a trade.

From time to time, the Adviser is given the opportunity to purchase an allocation of shares in an initial public offering ("IPO"). These allocations may be offered to the Adviser in part as a result of its past usage of various brokerage firms or previous private investments. If the aggregate order is partially filled, the Adviser will generally allocate securities purchased in these offerings to client accounts (including the Funds) within the designated investment style(s) for which the security is best suited using a leveling or other method believed equitable by it, unless the total allocation to the Adviser or a particular investment style is de minimis.

Certain conflicts of interest may arise related to aggregated transactions. The Adviser will report to the Board existence of all of the relevant facts relating to any material conflicts of interest between the Adviser, its other advisory accounts and the Funds in any aggregated transaction to allow the independent trustees to approve or ratify the mutual fund's participation in the aggregated transaction, before or after the transaction. The Board has approved written trade aggregation policies and procedures that seek to ensure that aggregated transactions are made in a manner that is fair and equitable to, and in the best interests of, the various funds and accounts. The Board, in conjunction with the Adviser, will review the trade aggregation policies and procedures no less frequently than annually to seek to ensure that they are adequate to prevent any Fund from being systematically disadvantaged as a result of the aggregated transactions.

The following table lists the total amount of brokerage commissions paid by each Fund and Predecessor Fund for the fiscal period noted:

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **For the<br> Fiscal Year Ended**<br> **April 30,<br> 2025** | **For the<br> Fiscal Year Ended<br> April 30,<br> 2024** | **For the<br> Fiscal Year Ended**<br> **April 30,<br> 2023** |
| Grandeur Peak Emerging Markets Opportunities Fund | $412452 | $486622 | $322665 |
| Grandeur Peak Global Contrarian Fund | $235020 | $147080 | $212900 |
| Grandeur Peak Global Explorer Fund | $10849 | $9505 | $10191 |
| Grandeur Peak Global Opportunities Fund | $386399 | $457548 | $321958 |
| Grandeur Peak Global Reach Fund | $239516 | $246664 | $216760 |
| Grandeur Peak Global Micro Cap Fund | $37551 | $35315 | $33192 |
| Grandeur Peak Global Stalwarts Fund | $147901 | $180943 | $167934 |
| Grandeur Peak International Contrarian Fund\* | - | - | - |
| Grandeur Peak International Opportunities Fund | $431248 | $422622 | $305974 |
| Grandeur Peak International Stalwarts Fund | $2038504 | $1613417 | $899621 |
| Grandeur Peak US Stalwarts Fund | $96156 | $52455 | $66201 |

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\* The Grandeur Peak International Contrarian Fund is not operational as of September 1, 2025

For the fiscal years ended April 30, 2025, April 30, 2024, and April 30, 2023, no Fund or Predecessor Fund had any transactions identified for execution primarily on the basis of research and other services provided to each Fund or Predecessor Fund and therefore no related commissions.

The following tables list the total amount of brokerage commissions to brokers who were affiliated with the Funds and Predecessor Funds or the Adviser during the fiscal period noted below:

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **For the<br> Fiscal Year Ended<br> April 30,<br> 2025** | **For the<br> Fiscal Year Ended<br> April 30,<br> 2024** | **For the<br> Fiscal Year Ended<br> April 30,<br> 2023** |
| Grandeur Peak Emerging Markets Opportunities Fund | $0 | $0 | $0 |
| Grandeur Peak Global Contrarian Fund | $0 | $0 | $0 |
| Grandeur Peak Global Explorer Fund | $0 | $0 | $0 |
| Grandeur Peak Global Micro Cap Fund | $0 | $0 | $0 |
| Grandeur Peak Global Opportunities Fund | $0 | $0 | $0 |
| Grandeur Peak Global Reach Fund | $0 | $0 | $0 |
| Grandeur Peak Global Stalwarts Fund | $0 | $0 | $0 |

---

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| | |
|:---|:---|
| Grandeur Peak International Contrarian Fund\* | - |
| Grandeur Peak International Opportunities Fund | $0 |
| Grandeur Peak International Stalwarts Fund | $0 |
| Grandeur Peak US Stalwarts Fund | $0 |

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\* The Grandeur Peak International Contrarian Fund is not operational as of September 1, 2025.

Each Fund may acquire securities of brokers who execute the Funds' portfolio transactions. As of April 30, 2025, each Fund or Predecessor Fund owned securities of its regular broker-dealers (or parents) as shown below:

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| | | |
|:---|:---|:---|
| **Fund Name** | **Name of<br> Broker-Dealer** | **Market Value of<br> Securities Owned** |
| Grandeur Peak Emerging Markets Opportunities Fund | N/A | N/A |
| Grandeur Peak Global Contrarian Fund | N/A | N/A |
| Grandeur Peak Global Explorer Fund | N/A | N/A |
| Grandeur Peak Global Micro Cap Fund | N/A | N/A |
| Grandeur Peak Global Opportunities Fund | N/A | N/A |
| Grandeur Peak Global Reach Fund | N/A | N/A |
| Grandeur Peak Global Stalwarts Fund | N/A | N/A |
| Grandeur Peak International Contrarian Fund\* | - | - |
| Grandeur Peak International Opportunities Fund | N/A | N/A |
| Grandeur Peak International Stalwarts Fund | N/A | N/A |
| Grandeur Peak US Stalwarts Fund | N/A | N/A |

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\* The Grandeur Peak International Contrarian Fund is not operational as of September 1, 2025.

**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust has adopted policies and procedures that govern the disclosure of the Funds' portfolio holdings. These policies and procedures are designed to ensure that such disclosure is in the best interests of the Funds' shareholders.

It is the Trust's policy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of Trust shareholders; (2) protect the confidentiality of portfolio holdings information; (3) have procedures in place to guard against personal trading based on the information; and (4) ensure that the disclosure of portfolio holdings information does not create conflicts between the interests of the Trust's shareholders and those of the Trust's affiliates.

The Funds disclose their portfolio holdings reports on Forms N-CSR two months after the end of each quarter/semi-annual period and on Form N-PORT 60 days after the end of each fiscal quarter.

Under limited circumstances, as described below, the Funds' portfolio holdings may be disclosed to, or known by, certain third parties in advance of their filing with the SEC on Form N-CSR or Form N-PORT. In each case, a determination has been made by the Trust's Chief Compliance Officer that such advance disclosure is supported by a legitimate business purpose of the Funds and that the recipient is subject to a duty to keep the information confidential and not trade on material non-public information.

**Grandeur Peak Global Advisors, LLC.** Personnel of the Adviser, including personnel responsible for managing each Fund's portfolio, may have full daily access to the Funds' portfolio holdings since that information is necessary in order for them to provide management, administrative, and investment services to the Funds. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of such securities, as well as to assist in portfolio management and in the trading of such securities, Adviser personnel may also release and discuss certain portfolio holdings with various broker-dealers.

**Ultimus Fund Solutions, LLC.** Ultimus Fund Solutions, LLC is the transfer agent, fund accountant, administrator and custody administrator for the Funds; therefore, its personnel have full daily access to the Funds' portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Brown Brothers Harriman & Co.** Brown Brothers Harriman & Co. is custodian for the Funds; therefore, its personnel have full daily access to the Funds' portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Deloitte & Touche LLP.** Deloitte & Touche LLP is the Funds' independent registered public accounting firm; therefore, its personnel have access to the Funds' portfolio holdings in connection with auditing of the Funds' annual financial statements and providing other audit, tax and related services for the Funds.

**Counsel to the Trust and Counsel to the Independent Trustees.** Counsel to the Trust, Counsel to the Independent Trustees and their respective personnel have access to the Funds' portfolio holdings in connection with the review of the Funds' annual and semi-annual financial statements and SEC filings.

**Additions to List of Approved Recipients**

The Trust's or Adviser's Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Funds' portfolio securities at any time or to any persons other than those described above. In such cases, the recipient must have a legitimate business need for the information in connection with the operation or administration of the Funds, as determined by the Trust's or Adviser's Chief Compliance Officer and must be subject to a duty to keep the information confidential and not trade on any material non-public information. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event shall the Funds, the Adviser, or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Funds' portfolio holdings.

**Compliance With Portfolio Holdings Disclosure Procedures**

The Trust's Chief Compliance Officer will report periodically to the Board with respect to compliance with the Funds' portfolio holdings disclosure procedures, and from time to time will provide the Board any updates to the portfolio holdings disclosure policies and procedures.

There is no assurance that the Trust's policies on disclosure of portfolio holdings will protect the Funds from the potential misuse of holdings information by individuals or firms in possession of that information.

**OTHER SERVICE PROVIDERS**

**Fund Administration, Fund Accounting and Transfer Agent Services**

Ultimus Fund Solutions, LLC (the "Administrator"), which has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as administrator, fund accountant and transfer agent for the Funds pursuant to a Fund Services Agreement (the "Agreement") with the Trust and subject to the supervision of the Board. UFS is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds. UFS is an affiliate of the Distributor. UFS may also provide persons to serve as officers of the Funds. Such officers may be directors, officers or employees of UFS or its affiliates.

The Agreement became effective on February 23, 2023 and will remain in effect for five years from the effective date, and will continue in effect for successive twelve-month periods provided that such continuance is specifically approved at least annually by a majority of the Board. The Agreement is terminable by the Board or UFS on 90 days' written notice and may be assigned by either party, provided that the Trust may not assign this agreement without the prior written consent of UFS. The Agreement provides that UFS shall be without liability for any action reasonably taken or omitted pursuant to the Agreement.

Under the Agreement, UFS performs administrative services, including: (1) monitoring the performance of administrative and professional services rendered to the Trust by others service providers; (2) monitoring Fund holdings and operations for post-trade compliance with the Funds' registration statement and applicable laws and rules; (3) preparing and coordinating the printing of semi-annual and annual financial statements and tailored shareholder reports; (4) preparing selected management reports for performance and compliance analyses; (5) preparing and disseminating materials for and attending and participating in meetings of the Board; (6) determining income and capital gains available for distribution and calculating distributions required to meet regulatory, income, and excise tax requirements; (7) reviewing the Trust's federal, state, and local tax returns as prepared and signed by the Trust's independent public accountants; (8) preparing and maintaining the Trust's operating expense budget to determine proper expense accruals to be charged to each Fund to calculate its daily NAV; (9) assisting in and monitoring the preparation, filing, printing and where applicable, dissemination to shareholders of amendments to the Trust's Registration Statement on Form N-1A, periodic reports to the Trustees, shareholders and the SEC, notices pursuant to Rule 24f-2, proxy materials and reports to the SEC on Forms N-CEN, N-CSR, N-PORT and N-PX; (10) coordinating the Trust's audits and examinations by assisting each Fund's independent public accountants; (11) determining, in consultation with others, the jurisdictions in which shares of the Trust shall be registered or qualified for sale and facilitate such registration or qualification; (12) monitoring sales of shares and ensuring that the shares are properly and duly registered with the SEC; (13) monitoring the calculation of performance data for the Funds; (14) preparing, or causing to be prepared, expense and financial reports; (15) preparing authorization for the payment of Trust expenses and paying, from Trust assets, all bills of the Trust; (16) providing information typically supplied in the Investment Company industry to companies that track or report price, performance or other information with respect to investment companies; (17) upon request, assisting each Fund in the evaluation and selection of other service providers, such as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties may be affiliates of UFS); and (18) performing other services, recordkeeping and assistance relating to the affairs of the Trust as the Trust may, from time to time, reasonably request.

UFS also provides the Funds' with accounting services, including: (i) daily computation of NAV; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of the Fund's listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Fund; (vi) maintenance of certain books and records described in Rule 31a-1 under the 1940 Act, and reconciliation of account information and

balances among the Custodian and Adviser; and (vii) monitoring and evaluation of daily income and expense accruals, and sales and redemptions of shares of the Funds.

UFS also acts as transfer, dividend disbursing, and shareholder servicing agent for each Fund pursuant to the Agreement. Under the Agreement, UFS is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations.

For the services rendered to each Fund under the Agreement the Funds pay UFS the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets. Each Fund also pays UFS for any out-of-pocket expenses.

For the fiscal year ended April 30, 2025, the Funds incurred the following fees:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **For Administration Services** | **For Fund Accounting Services** | **For Transfer Agency Services** |
| Grandeur Peak Emerging Markets Opportunities Fund | $106106 |  | $46814 |
| Grandeur Peak Global Contrarian Fund | $61270 |  | $26747 |
| Grandeur Peak Global Explorer Fund | $15254 |  | $1532 |
| Grandeur Peak Global Micro Cap Fund | $28697 |  | $28684 |
| Grandeur Peak Global Opportunities Fund | $175989 |  | $57555 |
| Grandeur Peak Global Reach Fund | $16839 |  | $1255 |
| Grandeur Peak Global Stalwarts Fund | $51806 |  | $46801 |
| Grandeur Peak International Contrarian Fund\* | - | - | - |
| Grandeur Peak International Opportunities Fund | $138554 |  | $46301 |
| Grandeur Peak International Stalwarts Fund | $513933 |  | $110454 |
| Grandeur Peak US Stalwarts Fund | $52566 |  | $27784 |

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\* The Grandeur Peak International Contrarian Fund is not operational as of September 1, 2025.

**Custodian**

Brown Brothers Harriman & Co., located at 40 Water Street, Boston, MA 02109 (the "Custodian"), serves as the custodian of the Funds' assets pursuant to a custody agreement (the "Custody Agreement") by and between the Custodian and the Trust on behalf of the Funds. The Custodian's responsibilities include safeguarding and controlling the Funds' cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Funds' investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and

sales based upon communications from the Adviser. The Funds may employ foreign sub-custodians that are approved by the Board to hold foreign assets.

**Compliance Services**

Northern Lights Compliance Services, LLC ("NLCS"), located at 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. NLCS's compliance services consist primarily of reviewing and assessing the policies and procedures of the Trust and its service providers pertaining to compliance with applicable federal securities laws, including Rule 38a-1 under the 1940 Act. For the compliance services rendered to the Fund, the Fund pays NLCS a one-time fee plus an annual asset-based fee, which scales downward based upon net assets. The Fund also pays NLCS for any out-of-pocket expenses.

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| | |
|:---|:---|
| | **Compliance Services Fees** |
| <br>**Fund** | **2025** |
| Grandeur Peak Emerging Markets Opportunities Fund | $8902 |
| Grandeur Peak Global Contrarian Fund | $8466 |
| Grandeur Peak Global Explorer Fund | $69 |
| Grandeur Peak Global Micro Cap Fund | $7461 |
| Grandeur Peak Global Opportunities Fund | $10869 |
| Grandeur Peak Global Reach Fund | $8435 |
| Grandeur Peak Global Stalwarts Fund | $7945 |
| Grandeur Peak International Contrarian Fund\* | - |
| Grandeur Peak International Opportunities Fund | $9958 |
| Grandeur Peak International Stalwarts Fund | $17737 |
| Grandeur Peak US Stalwarts Fund | $8453 |

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\* The Grandeur Peak International Contrarian Fund is not operational as of September 1, 2025

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Board has selected Deloitte & Touche LLP ("Deloitte"), located at 695 Town Center Drive, Suite 1000, Costa Mesa, CA 92626 as the Funds' independent registered public accounting firm for the current fiscal year. Deloitte provides services including the annual audits of the Funds' financial statements and other audit, tax and related services to the Funds.

**LEGAL COUNSEL**

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, OH 43215 serves as the Trust's legal counsel.

**DISTRIBUTOR**

Northern Lights Distributors, LLC, located at 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022 (the "Distributor") serves as the principal underwriter and national distributor for the shares of the Funds pursuant to an underwriting agreement with the Trust (the "Underwriting Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of FINRA. The offering of the Funds' shares are continuous. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of Fund shares, will use reasonable efforts to facilitate the sale of the Funds' shares.

The Underwriting Agreement provides that, unless sooner terminated, it will continue in effect for two years initially and thereafter shall continue from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Board by vote cast in person at a meeting called for the purpose of voting on such approval.

The Underwriting Agreement may be terminated by the Funds at any time, without the payment of any penalty, by vote of a majority of the entire Board or by vote of a majority of the outstanding shares of the Funds on 60 days' written notice to the Distributor, or by the Distributor at any time, without the payment of any penalty, on 60 days' written notice to the Funds. The Underwriting Agreement will automatically terminate in the event of its assignment.

The following table sets forth the total compensation received by the Distributor from each Fund during the fiscal year ended April 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  ***Fund*** |  ***Net Underwriting Discounts and Commissions*** |  ***Compensation on Redemptions and Repurchases*** |  ***Brokerage Commissions*** |
| Grandeur Peak Emerging Markets Opportunities Fund | $0 | $0 | $0 \* |
| Grandeur Peak Global Opportunities Fund | $0 | $0 | $0 \* |
| Grandeur Peak Global Reach Fund | $0 | $0 | $0 \* |
| Grandeur Peak Global Stalwarts Fund | $0 | $0 | $0 \* |
| Grandeur Peak International Opportunities Fund | $0 | $0 | $0 \* |
| Grandeur Peak International Stalwarts Fund | $0 | $0 | $0 \* |

---

\* The Distributor received $58,312 from the Adviser as compensation for its distribution services to the Fund

***<u>Rule 12b-1 Plan (Investor Class Only)</u>***

As described in the Prospectus, each Fund has adopted a Rule 12b-1 plan for its Investor Class shares (the "Plan"). Pursuant to Rule 12b-1 under the 1940 Act, the Plan (together with the Distribution Agreement) were approved by the Board, including a majority of the Trustees who are not interested persons of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operations of the Plan or the Distribution Agreement. The principal types of activities for which payments under the Plan may be made include payments relating to the distribution and marketing of Investor Class shares. The Trust believes that the Plan may benefit the Trust by increasing net sales of the Funds (or reducing net redemptions), potentially allowing the Funds to benefit from economies of scale.

Under the terms of the Plan, the Trust is authorized to make payments to the Distributor, as defined later in this SAI, for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. Financial intermediaries may from time to time be required to meet certain criteria in order to receive Rule 12b-1 fees. The Distributor is entitled to retain some or all fees payable under the Plan in certain circumstances (which may exceed actual expenses incurred), including when there is no broker of record or when certain qualification standards have not been met by the broker of record.

The Plan may be terminated by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting securities of the relevant class of shares of the Fund. The Plan may be amended by vote of the relevant Trustees, including a majority of the relevant Independent Trustees, cast in person at a meeting called for that purpose. Any change in the Plan that would materially increase the fees payable thereunder by the relevant class of shares of the Fund requires approval by a vote of the holders of a majority of such shares outstanding. The Trust's Trustees review quarterly a written report of such costs and the purposes for which such costs have been incurred.

The Plan will continue in effect for successive one-year periods, provided that each such continuance is specifically approved (i) by the vote of a majority of the Independent Trustees of the Trust who have no financial interest in the operation of the Plan and (ii) by the vote of a majority of the entire Board cast in person at a meeting called for that purpose.

**Amounts Expensed Under the Rule 12b-1 Plan**

For the fiscal year ended April 30, 2025, the total amounts paid by the Investor Class shares of each Fund to their distributor (substantially all of which the distributor paid out as compensation to broker-dealers and other service providers) under the Investor Class Plan are summarized below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Advertising and Literature** | **Printing and Postage** | **Payment to Dealers** | **Compensation to Sales Personnel** | **Total 12b-1 Payments** |
| Grandeur Peak Emerging Markets Opportunities Fund | - | - | $231 |  | $15490 |
| Grandeur Peak Global Opportunities Fund | - | - | $7573 |  | $89384 |
| Grandeur Peak Global Reach Fund | - | - | $972 |  | $45762 |
| Grandeur Peak Global Stalwarts Fund | - | - | $1687 |  | $43186 |
| Grandeur Peak International Opportunities Fund | - | - | $4599 |  | $42437 |
| Grandeur Peak International Stalwarts Fund | - | - | $529 |  | $41940 |

---

**DESCRIPTION OF SHARES**

Each share of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust. This means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees if they choose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders of the Trust and any other future series of the Trust will vote in the aggregate and not by series except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series or classes. Matters such as election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of the Trust voting without regard to series.

The Trust is authorized to issue an unlimited number of shares of beneficial interest. Each share has equal dividend, distribution and liquidation rights. There are no conversion or preemptive rights applicable to any shares of the Funds. All shares issued are fully paid and non-assessable.

**CODE OF ETHICS**

The Trust, the Adviser and the Distributor have each adopted codes of ethics under Rule 17j-1 under the 1940 Act that governs the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. Under the code of ethics adopted by the Trust, the Trustees are permitted to invest in securities that may also be purchased by the Funds.

In addition, the Trust has adopted a code of ethics, which applies only to the Trust's executive officers (the "Code") to ensure that these officers promote professional conduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote (i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds; (iii) compliance with applicable governmental laws, rule and regulations; (iv) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and (v) accountability for adherence to the Code.

**PROXY VOTING POLICIES**

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies to the Adviser or its designee, subject to the Board's continuing oversight. The Policies require that the Adviser or its designee vote proxies received in a manner consistent with the best interests of the Funds and shareholders. The Policies also require the Adviser or its designee to present to the Board, at least annually, the Adviser's Proxy Policies, or the proxy policies of the Adviser's designee, and a record of each proxy voted by the Adviser or its designee on behalf of the Funds, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest. It is anticipated that the Adviser will vote all proxies that are received on the Funds' behalf.

Where a proxy proposal raises a material conflict between the Adviser's interests and the Funds' interests, the Adviser will resolve the conflict by voting in accordance with the policy guidelines or at the client's directive using the recommendation of an independent third party. If the third party's recommendations are not received in a timely fashion, the Adviser will abstain from voting the securities held by that client's account. A copy of the Adviser's proxy voting policies is attached hereto as Appendix B.

Information regarding how the Funds voted proxies during the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll free, 855-377-PEAK(7235) and by accessing the information on proxy voting filed by the Funds on Form N-PX on the SEC's website at www.sec.gov. In addition, a copy of the Funds' proxy voting policies and procedures are also available by calling 855-377-PEAK (7235) and will be sent within three business days of receipt of a request.

**PURCHASE, REDEMPTION AND PRICING OF FUND SHARES**

Calculation of Share Price

As indicated in the Prospectus under the heading "How to Purchase Shares," the NAV of each Fund's shares, by class, is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of each Fund, by class, respectively.

Generally, the Funds' domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, securities will be valued at their fair market value in accordance with procedures approved by the Board and as further described below. The Board has designated the Adviser as the "Valuation Designee" to execute these procedures. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board, with reference to other securities or indices. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, which approximates fair value.

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded.

Futures and options on futures are valued at the settlement price determined by the exchange. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the valuation procedures approved by the Board.

Under certain circumstances, the Funds may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Fund shares are not priced, the value of securities held by the Funds can change on days when Fund shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Funds' calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board as discussed below. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Funds' portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Funds' NAV by short-term traders. In addition, because the Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Fund shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of the Funds' shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange ("NYSE") is closed and an investor is not able to purchase, redeem or exchange shares.

Fund shares are valued at the close of regular trading on the NYSE (normally 4:00 p.m., Eastern time) (the "NYSE Close") on each day that the NYSE is open. For purposes of calculating the NAV, the Funds normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities. Information that becomes known to the Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

When market quotations are insufficient or not readily available, the Funds may value securities at fair value or estimate their value as determined in good faith by the Board or its designee, pursuant to procedures approved by the Board. Fair valuation may also be used by the Board if extraordinary events occur after the close of the relevant market but prior to the NYSE Close.

The Funds may hold investments, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser. The Adviser may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

*<u>Valuation Process</u>*. Fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Funds' calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the Adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

*<u>Standards For Fair Value Determinations</u>*. As a general principle, the fair value of a security is the amount that a Fund might reasonably expect to realize upon its current sale. The Trust has adopted Financial Accounting Standards Board Statement of Financial Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). In accordance with ASC 820, fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability

developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available under the circumstances.

Various inputs are used in determining the value of each Fund's investments relating to ASC 820. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

The Adviser takes into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of a portfolio manager of the Funds with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formulae produced by independent third parties and (vii) the liquidity or illiquidity of the market for the security.

Board's Determination. The Board meets at least quarterly to consider the valuations provided by the Adviser and to ratify the valuations made for the applicable securities. The Board considers the reports provided by the fair value committee, including follow up studies of subsequent market-provided prices when available, in reviewing and determining in good faith the fair value of the applicable portfolio securities.

Purchase of Shares

Orders for shares received by the Funds in good order prior to the close of business on the NYSE on each day during such periods that the NYSE is open for trading are priced at the public offering price, which is NAV plus any sales charge, or at NAV per share (if no sales charges apply) computed as of the close of the regular session of trading on the NYSE. Orders received in good order after the close of the NYSE, or on a day it is not open for trading, are priced at the close of such NYSE on the next day on which it is open for trading at the next determined NAV per share plus sales charges, if any.

Redemption of Shares

The Funds redeem all or any portion of a shareholder's shares of the Funds when requested in accordance with the procedures set forth in the "How to Redeem Shares" section of the Prospectus. Under the 1940 Act, a shareholder's right to redeem shares and to receive payment therefore may be suspended at times:

(a) when the NYSE is closed, other than customary weekend and holiday closings; (b) when trading on that exchange is restricted for any reason; (c) when an emergency exists as a result of which disposal by the Funds of securities owned is not reasonably practicable or it is not reasonably practicable for the Funds to fairly determine the value of net assets, provided that applicable rules and regulations of

the SEC (or any succeeding governmental authority) will govern as to whether the conditions prescribed in (b) or (c) exist; or (d) when the SEC by order permits a suspension of the right to redemption or a postponement of the date of payment on redemption.

In case of suspension of the right of redemption, payment of a redemption request will be made based on the NAV next determined after the termination of the suspension.

Supporting documents in addition to those listed under "How to Redeem Shares" in the Prospectus will be required from executors, administrators, trustees, or if redemption is requested by someone other than the shareholder of record. Such documents include, but are not restricted to, stock powers, trust instruments, certificates of death, appointments as executor, certificates of corporate authority and waiver of tax required in some states when settling estates.

**TAX STATUS**

The following discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. All shareholders should consult a qualified tax adviser regarding their investment in the Funds.

The Funds intend to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "IRC"), which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, the Funds should not be subject to federal income or excise tax on its net investment income or net capital gain, which are distributed to shareholders in accordance with the applicable timing requirements. Net investment income and net capital gain of the Funds will be computed in accordance with Section 852 of the IRC.

The Funds intend to distribute all of their net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the IRC and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income and net capital gain will be made after the end of each fiscal year. Both types of distributions will be in shares of the Funds unless a shareholder elects to receive cash.

As of April 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Post October<br> Loss and<br> Late Year Loss** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/<br> (Deficits)** |
| Grandeur Peak Emerging Markets Opportunities Fund | $- | 3064606 | - | - | - | 25919086 | 28983692 |
| Grandeur Peak Global Contrarian Fund | 2038174 | 5491946 | - | - | - | 9278335 | 16808455 |
| Grandeur Peak Global Explorer Fund | 5857 | - | - | (1952414) | - | 24316 | (1922241) |
| Grandeur Peak Global Micro Cap Fund | 160057 | 322923 | - | - | - | 5988471 | 6471451 |
| Grandeur Peak Global Opportunities Fund | - | - | (8490517) | (689834) | - | 65685110 | 56504759 |
| Grandeur Peak Global Reach Fund | 194204 | 8168527 | - | - | - | 17240305 | 25603036 |
| Grandeur Peak Global Stalwarts Fund | 88317 | - | - | (20641425) | - | 11120371 | (9432737) |
| Grandeur Peak International Contrarian Fund\* | - | - | - | - | - | - | - |
| Grandeur Peak International Opportunities Fund | 3049139 | - | - | (5889113) | - | 47815527 | 44975553 |
| Grandeur Peak International Stalwarts Fund | 4232972 | - | - | (128862773) | - | 186202820 | 61573019 |
| Grandeur Peak US Stalwarts Fund | - | - | (30147) | (21380631) | - | 3621131 | (17789647) |

---

\* The Grandeur Peak International Contrarian Fund is not operational as of September 1, 2025.

As of April 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carry forwards utilized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| Grandeur Peak Emerging Markets Opportunities Fund | $- | $- | $- | $- |
| Grandeur Peak Global Contrarian Fund | - | - | - | 1559770 |
| Grandeur Peak Global Explorer Fund | 728605 | 1223809 | 1952414 | 34438 |
| Grandeur Peak Global Micro Cap Fund | - | - | - | 1878080 |
| Grandeur Peak Global Opportunities Fund | 689834 | - | 689834 | - |
| Grandeur Peak Global Reach Fund | - |  | - | - |
| Grandeur Peak Global Stalwarts Fund | 20641425 |  | 20641425 | 12866632 |
| Grandeur Peak International Contrarian Fund\* | - | - | - | - |
| Grandeur Peak International Opportunities Fund | 3277606 | 2611507 | 5889113 | - |
| Grandeur Peak International Stalwarts Fund | 128862773 |  | 128862773 | - |
| Grandeur Peak US Stalwarts Fund | 21380631 |  | 21380631 | 10482745 |

---

\* The Grandeur Peak International Contrarian Fund is not operational as of September 1, 2025.

During the fiscal period ended April 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, net operating losses, distributions in excess, and use of tax equalization credits, resulted in reclassifications for the Fund for the fiscal year ended April 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Paid In<br> Capital** | **Distributable<br> Earnings/<br> (Losses)** |
| Grandeur Peak Emerging Markets Opportunities Fund | $1209411 | (1209411) |
| Grandeur Peak Global Contrarian Fund | 1064280 | (1064280) |
| Grandeur Peak Global Explorer Fund | - | - |
| Grandeur Peak Global Micro Cap Fund | - | - |
| Grandeur Peak Global Opportunities Fund | (2342747) | 2342747 |
| Grandeur Peak Global Reach Fund | 3215829 | (3215829) |
| Grandeur Peak Global Stalwarts Fund | (46) | 46 |
| Grandeur Peak International Contrarian Fund\* | - | - |
| Grandeur Peak International Opportunities Fund | 968945 | 968945 |
| Grandeur Peak International Stalwarts Fund | - | - |
| Grandeur Peak US Stalwarts Fund | (311517) | 311517 |

---

\* The Grandeur Peak International Contrarian Fund is not operational as of September 1, 2025.

To be treated as a regulated investment company under Subchapter M of the IRC, the Funds must also (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its holdings so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Funds' assets is represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of each Fund's assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities of (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers which the Funds control and which are determined to be engaged in the same or similar trades or businesses, or the securities of certain publicly traded partnerships.

If a Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation for federal income tax purposes. As such, the Funds would be required to pay income taxes on its net investment income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of the Funds generally would not be liable for income tax on the Funds' net investment income or net realized capital gains in their individual capacities. Distributions to shareholders, whether from the Funds' net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Funds.

The Funds are subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained in Section 4982 of the IRC. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of the Funds' ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to the Funds during the preceding calendar year. Under ordinary circumstances, the Funds expect to time their distributions so as to avoid liability for this tax.

The following discussion of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are IRAs or other qualified retirement plans are exempt from income taxation under the IRC.

Distributions of taxable net investment income and the excess of net short-term capital gain over net long-term capital loss are generally taxable to shareholders as ordinary income, unless such distributions are attributable to "qualified dividend income" eligible for the reduced federal income tax rates applicable to long-term capital gains, provided certain holding period and other requirements are satisfied.

Distributions of net capital gain ("capital gain dividends") generally are taxable to shareholders as long-term capital gain, regardless of the length of time the shares of the Funds have been held by such shareholders.

Certain U.S. shareholders, including individuals and estates and trusts, are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Funds and net gains from the disposition of shares of the Funds. U.S. shareholders are urged to consult their own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in the Funds.

A redemption of the Funds' shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount realized and the shareholder's tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain or loss if the shares are held as capital assets. The gain or loss will generally be treated as long-term capital gain or loss if the shares were held for more than one year and if not held for such period, as short-term capital gain or loss. However, any loss realized upon the redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares are purchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Distributions of taxable net investment income and net capital gain will be taxable as described above, whether received in additional shares or cash. Shareholders electing to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the NAV of a share on the reinvestment date.

All distributions of taxable net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting requirements.

Under the IRC, the Funds are required to report to the Internal Revenue Service ("IRS") all distributions of income and capital gains as well as gross proceeds from the redemption or exchange of the Funds' shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the IRC, distributions of net investment income and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if each is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (a) income dividends paid by a Fund and (b) certain capital gain distributions and the proceeds arising from the sale of Fund shares paid by a Fund. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable

intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. The Funds may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Funds with appropriate certifications or other documentation concerning its status under FATCA.

Options, Futures, Forward Contracts and Swap Agreements

To the extent such investments are permissible for the Funds, the Funds' transactions in options, futures contracts, hedging transactions, forward contracts, straddles and foreign currencies will be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale and short sale rules), the effect of which may be to accelerate income to the Funds, defer losses to the Funds, cause adjustments in the holding periods of the Funds' securities, convert long-term capital gains into short-term capital gains and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to shareholders.

To the extent such investments are permissible, certain of the Funds' hedging activities (including its transactions, if any, in foreign currencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income. If the Funds' book income exceeds its taxable income, the distribution (if any) of such excess book income will be treated as (i) a dividend to the extent of the Funds' remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset. If the Funds' book income is less than taxable income, the Funds could be required to make distributions exceeding book income to qualify as a regular investment company that is accorded special tax treatment.

Passive Foreign Investment Companies

Investment by the Funds in certain passive foreign investment companies ("PFICs") could subject the Funds to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company, which tax cannot be eliminated by making distributions to Fund shareholders. However, the Funds may elect to treat a PFIC as a qualified electing fund ("QEF"), in which case the Funds are required to include its share of the company's income and net capital gains annually, regardless of whether they receives any distribution from the company.

The Funds also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of each Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed for the Funds to avoid taxation. Making either of these elections therefore may require the Funds to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Funds' total return.

Foreign Currency Transactions

Each Fund's transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

Other Regulated Investment Companies

Generally, the character of the income or capital gains that the Funds receives from another investment company will pass through to the Funds' shareholders as long as the Funds and the other investment company each qualify as a regulated investment company. However, to the extent that another investment company that qualifies as a regulated investment company realizes net losses on its investments for a given taxable year, the Funds will not be able to recognize their share of those losses until they dispose of shares of such investment company. Moreover, even when the Funds do make such a disposition, a portion of their loss may be recognized as a long-term capital loss, which will not be treated as favorably for federal income tax purposes as an ordinary deduction. In particular, the Funds will not be able to offset any capital losses from its dispositions of shares of other investment companies against its ordinary income. As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gains that the Funds will be required to distribute to shareholders will be greater than such amounts would have been had the Funds invested directly in the securities held by the investment companies in which it invests, rather than investing in shares of the investment companies. For similar reasons, the character of distributions from the Funds (e.g., long-term capital gain, qualified dividend income, etc.) will not necessarily be the same as it would have been had the Funds invested directly in the securities held by the investment companies in which it invests.

Foreign Taxation

Income received by the Funds from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of the Funds' total assets at the close of its taxable year consists of securities of foreign corporations, the Funds may be able to elect to "pass through" to the Funds' shareholders the amount of eligible foreign income and similar taxes paid by the Funds. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Funds, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder is notified within 60 days after the close of the Funds' taxable year whether the foreign taxes paid by the Funds will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Funds' income will flow through to shareholders of the Funds. With respect to the Funds, gains from the sale of securities are treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables are treated as ordinary income derived from

U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by the Funds. The foreign tax credit can be used to offset only 90% of the revised alternative minimum tax imposed on corporations and individuals and foreign taxes generally are not deductible in computing alternative minimum taxable income.

Original Issue Discount and Pay-In-Kind Securities

Current federal tax law requires the holder of a U.S. Treasury or other fixed income zero coupon security to accrue as income each year a portion of the discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during the year. In addition, pay-in-kind securities give rise to income which is required to be distributed and is taxable even though the Funds holding the security receives no interest payment in cash on the security during the year.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Funds may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Funds in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. The Funds may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

Some debt securities (with a fixed maturity date of one year or less from the date of issuance) that may be acquired by the Funds may be treated as having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Funds are required to include the acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. The Funds may make one or more of the elections applicable to debt securities having acquisition discount, or OID, which could affect the character and timing of recognition of income.

If the Funds hold the foregoing kinds of securities, it may be required to pay out as an income distribution each year an amount, which is greater than the total amount of cash interest the Funds actually received. Such distributions may be made from the cash assets of the Funds or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Funds may realize gains or losses from such liquidations. In the event the Funds realize net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

Shareholders of the Funds may be subject to state and local taxes on distributions received from the Funds and on redemptions of the Funds' shares.

A brief explanation of the form and character of the distribution accompany each distribution. After the end of each year, the Funds issue to each shareholder a statement of the federal income tax status of all distributions.

Shareholders should consult their tax advisers about the application of federal, state and local and foreign tax law in light of their particular situation.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program. The Trust's secretary serves as its Anti-Money Laundering Compliance Officer.

Procedures to implement the Program include, but are not limited to, determining that the Funds' Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and providing a complete and thorough review of all new opening account applications. The Trust does not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Trust may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Trust may be required to transfer the account or proceeds of the account to a governmental agency.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a fund. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Persons controlling a Fund can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the advisory agreement with the Adviser.

As of August 4, 2025, the following persons owned 5% or more of the respective Fund's outstanding shares per class.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Shareholder Name and Address** | **Percentage of<br> Interest** | **Type of**<br> **Ownership** |
| Grandeur Peak Emerging Markets Opportunities Fund - Investor Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 39.24% | Beneficial |
| Grandeur Peak Emerging Markets Opportunities Fund - Investor Class | National Financial Services, LLC <br>New York, NY | 35.42% | Beneficial |
| Grandeur Peak Emerging Markets Opportunities Fund - Investor Class | Vanguard Marketing Corporation<br>Malvern, PA | 13.67% | Record |
| Grandeur Peak Emerging Markets Opportunities Fund - Institutional Class | National Financial Services, LLC <br>New York, NY | 24.57% | Record |

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| | | | |
|:---|:---|:---|:---|
| Grandeur Peak Emerging Markets Opportunities Fund - Institutional Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 29.83% | Record |
| Grandeur Peak Emerging Markets Opportunities Fund - Institutional Class | UBS, Weehawken, NJ | 16.96% | Record |
| Grandeur Peak Global Contrarian Fund - Institutional Class | National Financial Services, LLC <br>New York, NY | 15.75% | Beneficial |
| Grandeur Peak Global Contrarian Fund - Institutional Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 59.79% | Beneficial |
| Grandeur Peak Global Explorer Fund - Institutional Class | Charles Schwab & Co., Inc. <br>San Francisco, CA | 31.12% | Beneficial |
| Grandeur Peak Global Explorer Fund - Institutional Class | Grandeur Peak Global Advisors, LLC <br>Salt Lake City, UT | 35.89% | Beneficial |
| Grandeur Peak Global Explorer Fund - Institutional Class | State Street Bank, Boston, MA | 7.68% | Record |
| Grandeur Peak Global Micro Cap Fund - Institutional Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 26.80% | Record |
| Grandeur Peak Global Micro Cap Fund - Institutional Class | National Financial Services, LLC <br>New York, NY | 10.23% | Record |
| Grandeur Peak Global Opportunities Fund - Institutional Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 37.92% | Beneficial |
| Grandeur Peak Global Opportunities Fund - Institutional Class | National Financial Services, LLC <br>News York, NY | 21.71% | Record |
| Grandeur Peak Global Opportunities Fund - Investor Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 55.06% | Beneficial |
| Grandeur Peak Global Opportunities Fund - Investor Class | National Financial Services, LLC <br>New York, NY | 19.16% | Record |
| Grandeur Peak Global Reach Fund - Institutional Class | National Financial Services, LLC <br>Boston, MA | 16.37% | Beneficial |
| Grandeur Peak Global Reach Fund - Institutional Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 37.38% | Beneficial |
| Grandeur Peak Global Reach Fund - Institutional Class | Edward D. Jones & Co., L.P. <br>Maryland Heights, MO | 15.89% | Beneficial |
| Grandeur Peak Global Reach Fund - Institutional Class | State Street Bank, <br>Boston, MA | 5.04% | Beneficial |
| Grandeur Peak Global Reach Fund - Investor Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 55.43% | Beneficial |
| Grandeur Peak Global Reach Fund - Investor Class | National Financial Services, LLC <br>Boston, MA | 32.63% | Beneficial |
| Grandeur Peak Global Stalwarts Fund - Investor Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 46.20% | Record |
| Grandeur Peak Global Stalwarts Fund - Investor Class | National Financial Services, LLC <br>New York, NY | 40.75% | Beneficial |
| Grandeur Peak Global Stalwarts Fund - Institutional Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 26.29% | Beneficial |
| Grandeur Peak Global Stalwarts Fund - Institutional Class | National Financial Services, LLC <br>New York, NY | 21.41% | Beneficial |

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| | | | |
|:---|:---|:---|:---|
| Grandeur Peak International Opportunities Fund - Investor Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 40.91% | Beneficial |
| Grandeur Peak International Opportunities Fund - Investor Class | National Financial Services, LLC <br>New York, NY | 28.54% | Beneficial |
| Grandeur Peak International Opportunities Fund - Investor Class | Morgan Stanley Smith Barney, New York, NY | 5.12% | Record |
| Grandeur Peak International Opportunities Fund - Institutional Class | National Financial Services, LLC <br>New York, NY | 22.70% | Beneficial |
| Grandeur Peak International Opportunities Fund - Institutional Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 12.82% | Record |
| Grandeur Peak International Opportunities Fund - Institutional Class | Mitra & Co. <br>Milwaukee, WI | 12.99% | Beneficial |
| Grandeur Peak International Opportunities Fund - Institutional Class | U.S. Bank <br>Milwaukee, WI | 5.41% | Record |
| Grandeur Peak International Opportunities Fund - Institutional Class | Ceylon Blue LLC, <br>Bountiful, UT | 5.08% | Record |
| Grandeur Peak International Opportunities Fund - Institutional Class | Deseret Mutual Benefit Administrators <br>Salt Lake City, UT | 6.58% | Beneficial |
| Grandeur Peak International Opportunities Fund - Institutional Class | SEI Private Trust Company <br>Oaks, PA | 5.05% | Beneficial |
| Grandeur Peak International Opportunities Fund - Institutional Class | Mitra & Co. <br>Milwaukee, WI | 7.53 | Beneficial |
| Grandeur Peak International Stalwarts Fund - Investor Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 55.94% | Beneficial |
| Grandeur Peak International Stalwarts Fund - Investor Class | National Financial Services, LLC <br>New York, NY | 37.81% | Beneficial |
| Grandeur Peak International Stalwarts Fund - Institutional Class | National Financial Services, LLC <br>New York, NY | 5.04% | Record |
| Grandeur Peak International Stalwarts Fund - Institutional Class | Northern Trust Company <br>Chicago, IL | 19.21% | Record |
| Grandeur Peak International Stalwarts Fund - Institutional Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 9.67% | Record |
| Grandeur Peak International Stalwarts Fund - Institutional Class | Edward D. Jones & Co., L.P. <br>Maryland Heights, MO | 19.84% | Record |
| Grandeur Peak US Stalwarts Fund - Institutional Class | Charles Schwab & Co, Inc. <br>San Francisco, CA | 52.64% | Record |

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*Management Ownership Information.* The Trustees and Officers of the Trust as a group owned less than 1% of any Fund's shares.

**MANAGEMENT**

The business of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws (the "Governing Documents"), which have been filed with the SEC and are available upon request. The Board consists of four individuals, all of whom are not "interested persons" (as defined under the 1940 Act) of the Trust and the Adviser ("Independent Trustees"). Pursuant to the Governing Documents, the Board shall elect officers including a President, a Secretary, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or

incidental to carry out any of the Trust's purposes. The Board, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties.

*Board Leadership Structure*. The Board is led by John V. Palancia, who has served as the Chairman of the Board since inception. The Board has not appointed a Lead Independent Trustee becausethe Chairman is an Independent Trustee. Under the Governing Documents, the Chairman of the Board is responsible for (a) presiding at Board meetings, (b) calling special meetings on an as-needed basis, and (c) execution and administration of Trust policies, including (i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of each Board meeting and between Board meetings. Generally, the Trust believes it best to have a non-executive Chairman of the Board, who together with the President (principal executive officer), are seen by our shareholders, business partners and other stakeholders as providing strong leadership. The Trust believes that its Chairman, the independent chair of the Audit Committee, and, as an entity, the full Board, provide effective leadership that is in the best interests of the Trust, the Funds and each shareholder.

*Board Risk Oversight*. The Board maintains an Audit Committee with a separate chair. The Board is responsible for overseeing risk management, and receives compliance reports that inform its oversight of risk management from the Trust's Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial risk and reporting within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information.

*Trustee Qualifications*.

Generally, the Fund believes that each Trustee is competent to serve because of his or her individual overall merits including his or her: (i) experience, (ii) qualifications, (iii) attributes and (iv) skills.

Patricia Luscombe, CFA, has more than 30 years in financial advisory and valuation services. She has delivered a broad range of corporate finance advice including fairness opinions and valuations. Ms. Luscombe joined Lincoln International in 2007 as a Managing Director and co-head of Lincoln's Valuations & Opinions Group. In this position, she assists regulated investment funds, business development companies, private equity funds and hedge funds in the valuation of illiquid securities for fair value accounting purposes. Ms. Luscombe's clients range from closely held businesses to large, publicly traded companies. Previously, Ms. Luscombe spent 16 years with Duff & Phelps Corporation, as a Managing Director in the firm's valuation and financial advisory business. Prior to joining Duff & Phelps Corporation, Ms. Luscombe was an Associate at Smith Barney, a division of Citigroup Capital Markets, Inc., where she managed a variety of financial transactions, including mergers and acquisitions, leveraged buyouts, and equity and debt financings. Ms. Luscombe is a member of the Chicago Chapter of the Association for Corporate Growth, the Chartered Financial Analyst Society of Chicago and former president of the Chicago Finance Exchange. Ms. Luscombe holds a Bachelor of Arts degree in economics from Stanford University, a Masters degree in economics from the University of Chicago and a Master of Business Administration degree from the University of Chicago Booth School of Business. In addition, Ms. Luscombe is licensed under the Series 24, 79 and 63 of FINRA.

John V. Palancia has over 40 years of business experience in the financial services industry including serving as the Director of Global Futures Operations for Merrill Lynch, Pierce, Fenner & Smith, Inc. ("Merrill Lynch"). Mr. Palancia possesses an in depth understanding of broker-dealer operations from having served in various management capacities and has held industry registrations in both securities and futures. Based on his service at Merrill Lynch, he also possesses a strong understanding of risk

management, balance sheet analysis, compliance and the regulatory framework under which regulated financial entities must operate. Additionally, he is well versed in the regulatory framework under which investment companies must operate based on his service as a member of three other mutual fund boards. This practical and extensive experience in the securities industry provides valuable insight into fund operations and enhances his ability to effectively serve as chairman of the Board. Mr. Palancia is a member of the Investment Company Institute and Mutual Fund Directors Forum. Mr. Palancia holds a Bachelor of Science degree in Economics.

Mark H. Taylor has over 30 years of academic and professional experience in the accounting and auditing fields, which makes him particularly qualified to chair the Board's Audit Committee. Dr. Taylor holds PhD, Master's and Bachelors degrees in Accountancy and is a licensed Certified Public Accountant and serves as a member of two other mutual fund boards within the Northern Lights Fund Complex. Dr. Taylor is the Director of the Lynn Pippenger School of Accountancy at the Muma College of Business at the University of South Florida and served a three-year term as President of the American Accounting Association (AAA) beginning in August 2022 (as President-Elect 8/22-7/23, President 8/23-8/24, and Past President 8/24-8/25). Dr. Taylor previously served as Vice President-Finance of the AAA, and as President of the Auditing Section of the AAA. He previously served a three-year term on the AICPA's Auditing Standards Board and completed a fellowship in the Professional Practice Group of the Office of the Chief Accountant at the headquarters of the United States Securities Exchange Commission. Dr. Taylor is a member of two research teams that received grants from the Center for Audit Quality to study how accounting firms' tone-at-the-top messaging impacts audit performance and how auditors manage the process of auditing fair value measurements and other complex estimates in financial statements. Dr. Taylor has had his research widely published in leading academic accounting and practice journals. He has teaching interests in corporate governance and accounting policy as well as auditing and assurance services at the graduate and undergraduate levels and possesses a strong understanding of the regulatory framework under which investment companies operate.

Jeffery D. Young has over 40 years of business management experience, including in the transportation industry and operations and information technologies. He is currently Co-owner and Vice President of the Latin America Agriculture Development Corporation, an agribusiness exporting fruit to the United States and other Central American countries. He has served as Assistant Vice President of Transportation Systems at Union Pacific Railroad Company, where he was responsible for the development and implementation of large-scale command and control systems that support railroad operations and safety. In this position, Mr. Young was heavily involved in the regulatory compliance of safety and mission critical systems. Mr. Young also served as Chairman of the Association of American Railroads Policy Committee and represented both Union Pacific Railroad and the railroad industry in safety and regulatory hearings with the National Transportation Safety Board and the Federal Railroad Administration in Washington, DC. Mr. Young was a member of the Board of Directors of PS Technologies, a Union Pacific affiliate serving as a technology supplier to the railroad industry. His practical business experience and understanding of regulatory compliance provides a different perspective that brings diversity to Board deliberations.

*Trustees and Officers.* The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name,<br> Address,<br> Year of Birth** | **Position(s)<br> Held with<br> Registrant** | **Length of<br> Service and<br> Term** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Funds<br> Overseen In<br> The Fund<br> Complex\*** | **Other<br> Directorships<br> Held During<br> Past 5 Years\*\*** |
| Patricia Luscombe<br> 1961 | Trustee | Since January 2023, Indefinite | Managing Director of the Valuations and Opinions Group, Lincoln International LLC (since August 2007). | 11 | Northern Lights Fund Trust III (for series not affiliated with the Fund since 2015); Monetta Mutual Funds (since November 2015). |
| John V. Palancia<br> 1954 | Trustee, Chairman | Trustee, since January 2023, Indefinite; Chairman of the Board since January 2023 | Retired (since 2011); formerly, Director of Global Futures Operations Control, Merrill Lynch, Pierce, Fenner & Smith, Inc. (1975-2011). | 11 | Northern Lights Fund Trust III (for series not affiliated with the Fund since 2012); Northern Lights Fund Trust (since 2011); Northern Lights Variable Trust (since 2011); Alternative Strategies Fund (since 2012). |
| Mark H. Taylor<br> 1964 | Trustee, Chairman of the Audit Committee | Since January 2023, Indefinite | PhD (Accounting), CPA; Professor and Director, Lynn Pippenger School of Accountancy, Muma College of Business, University of South Florida (2019-present); Professor and Department of Accountancy Chair, Case Western Reserve University (2009-2019); President, American Accounting Association (AAA) since August 2022 (President-Elect 20222023, President 2023-2024; Past President 2024-2025). AAA Vice President-Finance (2017-2020); President, Auditing Section of the AAA; Member, AICPA Auditing Standards Board (2009-2012); Academic Fellow, Office of the Chief Accountant, United States Securities Exchange Commission (2005-2006); Center for Audit Quality research grants (2014, 2012). | 11 | Northern Lights Fund Trust III (for series not affiliated with the Fund since 2012); Northern Lights Fund Trust (since 2007); Northern Lights Variable Trust (since 2007); Alternative Strategies Fund (since June 2010). |
| Jeffery D. Young<br> 1956 | Trustee | Since January 2023, Indefinite | Co-owner and Vice President, Latin America Agriculture Development Corp. (since May 2015); President, Celeritas Rail Consulting (since June 2014); Asst. Vice President - Transportation Systems, Union Pacific Railroad Company (June 1976 to April 2014). | 11 | Northern Lights Fund Trust III (for series not affiliated with the Fund since 2015). |

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\* As of April 30, 2025, the Trust was comprised solely of the 11 active portfolios managed by the Adviser.

\*\* Only includes directorships held within the past 5 years in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or subject to the requirements of Section 15(d) of the Securities Exchange Act of 1934, or any company registered as an investment company under the 1940 Act.

**Officers of the Trust**

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| | | | |
|:---|:---|:---|:---|
| **Name,<br> Address,<br> Year of Birth** | **Position(s)<br> Held with<br> Registrant** | **Length of<br> Service and<br> Term** | **Principal Occupation(s)<br> During Past 5 Years** |
| Brian Curley<br> 1970 | President | Since May 2023, indefinite | Vice President, Ultimus Fund Solutions, LLC (since 2020); Vice President, Gemini Fund Services, LLC (2015-2020). |
| Timothy Burdick<br> 1986 | Vice President | Since May 2023, indefinite | Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (2023-present); Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2022-2023); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019-2022). |
| Richard Gleason<br> 1977 | Treasurer | Since May 2023, indefinite | Assistant Vice President, Ultimus Fund Solutions, LLC (since 2020); Assistant Vice President, Gemini Fund Services, LLC (2015-2020). |
| Joseph Kulbacki<br> 1967 | Secretary | Since November 2024, indefinite | Senior Legal Administrator, Ultimus Fund Solutions, LLC (since 2024); Senior Corporate Paralegal II, Argo AI (2022); Contract Paralegal (2020-2022); Corporate Governance Paralegal, GNC (2019-2020). |
| Amy Hone<br> 1975 | Assistant Secretary | Since August 2025, indefinite | Chief Compliance Officer, Grandeur Peak Global Advisors, LLC (since March 2025), Deputy CCO, Grandeur Peak Global Advisors, LLC (2020-March 2025), Vice President, Compliance & Operations, Grandeur Peak Global Advisors, LLC (2011-March 2025) |
| William Kimme<br> 1962 | Chief Compliance Officer | Since January, 2023, indefinite | Senior Compliance Officer of Northern Lights Compliance Services, LLC (since 2011). |

---

*Audit Committee.* The Board has an Audit Committee that consists solely of Independent Trustees. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter. Dr. Taylor is Chairman of the Audit Committee. During the past fiscal year, the Audit Committee held three meetings.

*Compensation of Directors*. Each Trustee who is not affiliated with the Trust or the Adviser receives a fee of $35,000 per year, allocated among each of the various portfolios comprising the Trust, as well as reimbursement for any reasonable expenses incurred. In addition to the annual fees and reimbursements, the Chairman of the Board receives a fee of $8,400 per year, and the Audit Committee Chairman receives a fee of $6,000 per year, in each case paid in quarterly installments.

None of the executive officers receive compensation from the Trust.

The table below details the amount of compensation the Board received from the Fund Complex during the fiscal year ended April 30, 2025. The Trust does not have a bonus, profit sharing, pension or retirement plan.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Position** | **Pension or<br>Retirement<br>Benefits<br>Accrued<br>as Part of<br>Fund<br>Expenses** | **Estimated<br>Annual<br>Benefits<br>Upon<br>Retirement** | **Total<br>Compensation<br>From Fund<br>Complex Paid to<br>Trustees** |
| Patricia Luscombe |  |  | $35000 |
| John V. Palancia |  |  | $43400 |
| Mark H. Taylor |  |  | $41000 |
| Jeffery D. Young |  |  | $35000 |

---

*Board's Ownership of Shares in the Fund*. As of December 31, 2024, the Board beneficially owned the following amounts in the Funds:

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity<br> Securities in the Funds** | **Aggregate Dollar Range of Equity Securities in<br> All Registered Investment Companies Overseen by<br> Trustee in Family of Investment Companies** |
| Patricia Luscombe | None | None |
| John V. Palancia | None | None |
| Mark H. Taylor | None | None |
| Jeffery D. Young | None | None |

---

**FINANCIAL STATEMENTS**

Certain Funds are a continuation of a corresponding Predecessor Fund. The financial statements and report of the independent registered public accounting firm required to be included in this SAI are hereby incorporated by reference to the Fund's Financial Statements for the fiscal year ended April 30, 2025. As of the date of this SAI, the Grandeur Peak International Contrarian Fund has yet to commence operations. Therefore, no financial statements are available for the Fund at this time.

You can obtain a copy of the financial statements without charge by contacting the Fund at the address or number on the front page of this SAI.

**APPENDIX A**

**BOND RATINGS**

***Standard & Poor's Ratings Group*** — A brief description of the applicable Standard & Poor's ("S&P") rating symbols and their meanings (as published by S&P) follows:

***Long-Term Issue Credit Ratings***

AAA An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA An obligation rated 'AA' differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

Obligations rated 'BB', 'B', 'CCC', 'CC' and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

CCC An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC An obligation rated 'CC' is currently highly vulnerable to nonpayment.

C A 'C' rating is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages allowed by the terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action which have not experienced a payment default. Among others, the 'C' rating may be assigned to subordinated debt, preferred stock or other obligations on which cash payments have been suspended in accordance with the instrument's terms or when preferred stock is the subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

D An obligation rated 'D' is in payment default. The 'D' rating category is used when payments on an obligation, including a regulatory capital instrument, are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking

of similar action if payments on an obligation are jeopardized. An obligation's rating is lowered to 'D' upon completion of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

Plus (+) or Minus (-): The ratings from 'AA' to 'CCC' may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

NR This indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy.

**Short-Term Issue Credit Ratings**

A-1 A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2 A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

A-3 A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

B A short-term obligation rated 'B' is regarded as having significant speculative characteristics. Ratings of 'B-1', 'B-2', and 'B-3' may be assigned to indicate finer distinctions within the 'B' category. The obligor currently has the capacity to meet its financial commitment on the obligation; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B-1 A short-term obligation rated 'B-1' is regarded as having significant speculative characteristics, but the obligor has a relatively stronger capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors.

B-2 A short-term obligation rated 'B-2' is regarded as having significant speculative characteristics, and the obligor has an average speculative-grade capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors.

B-3 A short-term obligation rated 'B-3' is regarded as having significant speculative characteristics, and the obligor has a relatively weaker capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors.

C A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.

D A short-term obligation rated 'D' is in payment default. The 'D' rating category is used when payments on an obligation including a regulatory capital instrument, are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

***Moody's Investors Service, Inc***. — A brief description of the applicable Moody's Investors Service, Inc. ("Moody's") rating symbols and their meanings (as published by Moody's) follows:

***Long-Term Obligation Ratings***

Aaa Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk.

Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A Obligations rated A are considered upper-medium grade and are subject to low credit risk.

Baa Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics.

Ba Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.

B Obligations rated B are considered speculative and are subject to high credit risk.

Caa Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk.

Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C Obligations rated C are the lowest rated class and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

***Short-Term Obligation Ratings***

P-1 Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2 Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3 Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Note: Canadian issuers rated P-1 or P-2 have their short-term ratings enhanced by the senior-most long-term rating of the issuer, its guarantor or support-provider.

**APPENDIX B - PROXY VOTING POLICY – Dated October 1, 2024**

**GRANDEUR PEAK GLOBAL ADVISORS, LLC**

**Regulatory Background - Proxy Voting Provisions of the Investment Advisers Act**

Rule 206(4)-6 of the Investment Advisers Act of 1940 requires that, for an investment adviser to exercise voting authority with respect to client securities, the adviser must:

● Adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes client securities in the best interest of clients, which procedures must include how the adviser addresses material conflicts that may arise between the adviser's interests and those of the adviser's clients;

● Disclose to clients how they may obtain information from the adviser about how the adviser voted with respect to their securities; and

● Describe to clients the adviser's proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures to the requesting client.

In accordance with our obligations under the Rule, the Firm has adopted and implemented the following Proxy Voting Policy to ensure that client proxies are voted in the best interest of clients at all times.

**I.** **POLICY OVERVIEW** 

One way the Firm fulfills its fiduciary responsibility is by exercising proxy voting rights. Corporate governance, including but not limited to, compensation plans, corporate actions and the composition of a board of directors, can have a significant influence upon the behavior of a management team and the value of a corporation. The proxy voting process is the primary means by which investors are able to influence such activities. As such, the Firm considers how we vote proxies to be a meaningful activity.

One fundamental tenet of the Firm's investment philosophy is to invest in companies with high quality management teams. We spend a significant amount of time evaluating the performance, behavior, and actions of company executives in order to gain an understanding of how they think about protecting and increasing shareholder value. As a result of being invested with high quality management teams, the Firm generally supports the recommendations of boards of directors when voting proxies. However, we ultimately vote for or against recommendations based on the fundamental premise that at all times we are attempting to maximize the value of our investments for the benefit of our clients, with a bias towards long-term value over short-term value.

The Firm has developed the following general proxy voting guidelines to assist us in making decisions about how to vote proposals concerning certain issues. These guidelines are not exhaustive, as the variety of issues on which shareholders may be asked to vote is unlimited. The disclosure of these guidelines is intended to provide clients with a better understanding of how the Firm attempts to maximize shareholder value via the proxy voting process.

**II.** **GENERAL GUIDELINES** 

**Board of Directors**

The Firm considers the board of directors to be an important component of strong corporate governance. The board is responsible for overseeing the management team of a company and helping to ensure that it acts in the best interest of shareholders. The primary means by which the Firm can influence the board of directors is to vote for the election of directors who have relevant and valuable experience that will enhance the management of the company. Further, the Firm prefers that a board of directors have a majority of independent directors because we believe that a board with such a composition is generally a strong advocate for shareholders.

However, while we endorse proposals that support the creation of boards with a majority of independent directors, as well as proposals which call for the audit, compensation and nominating committees to be comprised solely of independent directors, the failure of the company to nominate only independent directors, or to have only independent directors serve on key committees, may not cause us to vote against the election of a director who lacks independence. The Firm appreciates the importance of these standards but we do not believe it is always in the best interest of shareholders to blindly vote against all directors who may not be considered independent. For example, a large shareholder who serves as a director is not considered independent but may be a very important advocate for investors since his interests are closely aligned with those of shareholders.

**Executive Compensation**

The Firm supports compensation plans which are designed to align the interests of management and shareholders as well as relate executive compensation to the performance of the company. To evaluate compensation plans, we may use quantitative criteria that measure the total cost to shareholders if a plan is passed.

**Capital Structure**

The Firm may be asked to vote on proposals pertaining to changes in the capital structure of a company. Such proposals include, but are not limited to, common stock authorizations, capital issuance requests, share repurchase programs, stock splits, and debt restructurings. We will vote for board-recommended capital structure changes so long as the proposals are well aligned with shareholder interests.

**Mergers, Acquisitions and Other Transactions**

Companies may undertake a variety of strategic transactions aimed at enhancing shareholder value including mergers, acquisitions, recapitalizations, spin-offs, asset sales, and liquidations. In evaluating proposed transactions, we will consider the benefits and costs to shareholders over both the short and long term. Specific items we will consider include the financial impact of the transaction on future operating results, the increase or decrease in shareholder value, and any changes in corporate governance and their impact on shareholder rights. When shareholders are asked to vote on mergers, acquisitions and other similar proposals, they are considered to be material to the company and could require the analysis of a wide variety of factors in order to determine if the transaction is in the best interest of shareholders. As a result, the Firm will review and vote each proposal on a case-by-case basis.

**Anti-Takeover Provisions**

In an attempt to prevent a company from being acquired without the approval of the board of directors, shareholders may be asked to vote on a variety of proposals such as shareholder rights plans (commonly referred to as "poison pills"), supermajority voting, blank check preferred stock, fair price provisions, and the creation of a separate class of stock with disparate voting rights. The Firm recognizes that such proposals may enhance shareholder value in certain situations. However, the Firm will review proposals pertaining to anti-takeover provisions on a case-by-case basis. The Firm may vote against such proposals if they are perceived as merely intended to entrench management and prevent the company from being acquired at a fair price.

**Auditors**

An audit of a company's financial statements is an important part of the investment process, for while an audit cannot fully protect investors against fraud, it does verify that the financial statements accurately represent the position and performance of the company. The Firm generally votes for proposals to ratify auditors unless the auditors do not appear to be independent. Auditor independence may be compromised if the auditor has a financial interest and/or association with the company or receives substantial compensation for non-audit related services. The Firm also generally votes for proposals to authorize the board of directors to determine the remuneration of the auditors unless there is evidence of excessive compensation relative to the size and nature of the company.

**Social and Environmental Issues**

The Firm believes corporations have an obligation to be responsible corporate members of society, and we will support proposals concerning social, political or environmental issues if we believe the proposals are in the best interest of shareholders.

**III.** **EXCLUSIONS AND EXCEPTIONS** 

The Firm has developed the general guidelines to assist us in making decisions about how to vote proposals concerning anticipatable issues. However, we recognize that the general guidelines are not exhaustive and cannot anticipate all of the potential issues, or the facts and circumstances surrounding a particular vote. Although we have general guidelines, the Firm may supplement or deviate from these guidelines in the situations outlined below.

**Case-by-case Issues**

Several of the issues mentioned above in the general guidelines recognize that the proper vote to maximize shareholder value will be dependent upon the facts in the actual situation. These facts cannot be anticipated and will be reviewed on a case-by-case basis with the aim of maximizing shareholder value. In addition, any issues that are not addressed by the foregoing guidelines will be reviewed on a case-by-case basis.

**Exceptions**

From time to time the Firm will review an issue that is addressed by the foregoing guidelines and determine that in the specific case it is appropriate to vote against the recommendation provided in the guidelines with the aim of maximizing shareholder value. At these times it is permissible for the Firm to vote against the general guidelines, but it is required that the rationale behind the deviation from the guidelines is sufficiently documented.

**Foreign Issuers**

With respect to some non-U.S. issuers, the exercise of voting rights can cause an account to incur a cost or cause the underlying shares to be blocked from trading. Although we recognize the importance of the right to vote, the Firm believes that clients may be better served by avoiding unnecessary costs and preserving the right to trade shares promptly should conditions warrant. Accordingly, there may be times when no vote is cast because the Firm's analysis of a particular proxy leads us to believe that the cost of voting the proxy exceeds the expected benefit to clients.

**Conflicts of Interest**

The Firm will at all times make its best effort to vote proxies in the best interest of clients and avoid material conflicts of interest. A material conflict of interest refers to a situation in which the Firm or affiliated persons of the Firm have a financial interest in a matter presented by a proxy which could potentially compromise the Firm's independence of judgment and action with respect to the voting of the proxy. We will attempt to identify any material conflicts that may exist by, among other things, reviewing the identity of each issuer soliciting proxy votes to determine if the issuer or an affiliate of the issuer (i) is a client of the Firm, (ii) has a relationship with the Firm, (iii) there is a reasonable expectation that the issuer or an affiliate would become a client of the Firm or develop a material relationship with the Firm, or (iv) the Firm holds a significant amount<sup>1</sup> of the issuer's shares outstanding. In addition, any employee with knowledge of a personal conflict of interest (e.g., a familial relationship with company management) relating to an issuer soliciting proxy votes must disclose that conflict to the Proxy Manager and Compliance and remove himself or herself from the proxy voting process for that issuer. Any questions regarding whether a particular issue may present a material conflict of interest with respect to the Firm's voting of client proxies should be directed to Compliance.

In the event that the Firm has a material conflict of interest in any proposal that is the subject of a proxy to be voted for a client account, the Firm will not vote on that proposal. Proposals on the same proxy ballot for which the Firm does not have a material conflict of interest will be voted in accordance with the Firm's Proxy Voting Policy.

<sup>1</sup> The Firm's relative level of ownership of certain issuer's soliciting proxy votes, as a percent of the company's shares outstanding, may give the appearance of control. The Firm's clients hold the issuer's stock solely for investment purposes, with no intent to control the business or affairs of the issuer. In such instances, the Firm may elect not to vote.

**IV.** **PROCEDURES** 

**Proxy Manager's Role**

The Firm has hired ISS to serve as its Proxy Manager, to assist in coordinating and voting securities. The Proxy Manager keeps track of upcoming shareholder meetings and vote deadline information, generates vote recommendations, coordinates with custodian banks to ensure votes are executed, maintains voting records, and serves as a general resource for proxy matters.

**Research Team's Role**

The Proxy Committee has assigned proxy voting processing to the Sustainability Analyst, with support from Operations. The Sustainability Analyst will process proxy votes, coordinate with the Research Team for input on individual voting items where the Proxy Manager's recommendation is inconsistent with (or there exists an exception to) the Firm's Proxy Voting Policy, and endeavor to document any instances where a proxy vote is against the voting policy.

Members of the Firm's Research Team are responsible for reviewing the proxies raised to them by the Sustainability Analyst of the companies for which they serve as an analyst and providing vote recommendations and rationale that conform with this Policy.

**Operations Team's Role**

The Proxy Committee has designated a person within Operations to support the Sustainability Analyst in ensuring votes are cast, coordinating with the Research Team and Proxy Manager, and monitoring the Firm's proxy voting procedures.

**Proxy Committee**

The Firm has established a Proxy Committee to oversee the implementation and monitoring of this Policy. No less than annually, the Proxy Committee shall:

● Review a sample of the record of voting delegation, including ERISA accounts, maintained by the Proxy Manager to determine if the Firm is exercising its authority to vote proxies on portfolio securities held in the selected accounts;

● Request and review voting data to determine if accurate and timely communication of proxy votes is reasonably accomplished during the period reviewed;

● Engage with the Proxy Manager to review the voting of proxies, communication of proxy votes, and the general functioning of this policy; and

● Review any of the Proxy Manager's changes to business practices and/or policies and procedures to confirm there are no conflicts of interest.

● Share proxy votes with the mutual fund Board of Trustees for their review and process oversight.

**V.** **RECORDKEEPING, TRAINING, AND MAINTENANCE** 

**Recordkeeping**

Under rule 204-2, the Firm must retain the following:

&nbsp;&nbsp;&nbsp;&nbsp;a) proxy voting policies;

&nbsp;&nbsp;&nbsp;&nbsp;b) proxy statements received regarding client securities;

&nbsp;&nbsp;&nbsp;&nbsp;c) records of votes they cast on behalf of clients;

&nbsp;&nbsp;&nbsp;&nbsp;d) any documents prepared by the Firm that were material to making a decision how to vote, or that memorialized the basis for the decision – this will generally be the proxy policy and documentation regarding any votes cast contrary to the policy;

&nbsp;&nbsp;&nbsp;&nbsp;e) record of the voting resolution of any conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;f) records of any client requests for information on how a client's proxies were voted and records of the Firm's responses to client requests;

&nbsp;&nbsp;&nbsp;&nbsp;g) all written reports arising from annual reviews of the policy.

The Firm may also use the Securities and Exchange Commission's EDGAR database for the items referred to in item c above. Records shall be maintained by the Firm for a period of not less than five years from the end of the Firm's fiscal year during which the last entry was made on the record.

**Training**

At least annually, appropriate personnel will be trained regarding the Proxy Voting Policy. Such training program may review applicable laws, regulations, procedures and recent trends in proxy voting and their relation to the Firm's business.

**Annual Certification**

Each employee involved in the proxy voting process is required to certify annually that he/she has read, understands and has complied with, to the best of his/her knowledge, the Firm's Proxy Voting Policy.

**ERISA**

The Firm acknowledges our responsibility to vote proxies for ERISA clients in a manner that ensures the exclusive benefit for the underlying participants and beneficiaries. The Firm casts such proxy votes for the sole purpose of extending benefits to participants and beneficiaries while using the care, skill and diligence that a prudent person acting in a like capacity and familiar with such matters would use under the circumstances then prevailing.

**Undue Influence**

Any attempts by any of the Firm's personnel to influence the voting of client proxies in a manner that is inconsistent with the Firm's Policy should be reported to the CCO. If the CCO is the person attempting to influence the voting, the report should be made to the Firm's CEO.

**VI.** **DISCLOSURE TO CLIENTS** 

Interested Clients are encouraged to request information on how the Firm has voted their proxies. In order to request this information, clients should contact their Client Relations representative. The proxy voting record of the Firm's mutual funds is available on the SEC's website at www.sec.gov.

PART C

OTHER INFORMATION

Item 28. Exhibits.

Each of the Exhibits incorporated by reference below are found in File Nos. 811-23852, 333-269914.

(a) Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Registrant's Agreement and Declaration of Trust dated January 3, 2023 is incorporated herein by reference to Registrant's registration statement on Form N-1A ("Registration Statement") filed on February 22, 2023.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223000974/exai.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Certificate of Trust dated January 9, 2023 is incorporated herein by reference to Registrant's Registration Statement on Form N-1A filed on February 22, 2023.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223000974/exaii.htm)

(b) [By-Laws. Registrant's By-Laws are incorporated herein by reference to Registrant's Registration Statement on Form N-1A filed on February 22, 2023.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223000974/exb.htm)

(c) Instruments Defining Rights of Security Holder. None other than in the Declaration of Trust and By-Laws of the Registrant.

(d) Investment Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Investment Advisory Agreement between Grandeur Peak Global Advisors, LLC and Registrant as previously filed on September 26, 2023 to the Registrant's Registration Statement in Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99d_i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) [Amended Appendix A to Investment Advisory Agreement between Grandeur Peak Global Advisors, LLC and Registrant is filed herewith.](ex99dia.htm)

(e) Underwriting Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Underwriting Agreement between the Registrant and Northern Lights Distributors, LLC as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99e_1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Amended Schedule A to the Underwriting Agreement between the Registrant and Northern Lights Distributors LLC to be filed by subsequent amendment.

(f) Bonus or Profit Sharing Contracts. None.

(g) Custodial Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Custody and Transfer Agency Agreement between the Registrant and Brown Brothers Harriman & Co. as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99g_i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Amended Exhibit A to Custody and Transfer Agency Agreement between the Registrant and Brown Brothers Harriman & Co. to be filed by subsequent amendment.

(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Fund Services Agreement between Ultimus Fund Solutions, LLC and the Registrant as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99h_i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Amended Schedule A to Fund Services Agreement between Ultimus Fund Solutions, LLC and the Registrant to be filed by subsequent amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Expense Limitation Agreement between Grandeur Peak Global Advisors, LLC and the Registrant to filed by subsequent amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Consulting Services Agreement between Registrant and Northern Lights Compliance Services, LLC as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99h_iii.htm)

(i) [Legal Opinion and Consent of Thompson Hine LLP as previously filed on May 30, 2025 to the Registrant's Registration Statement on Post-Effective Amendment No, 3 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064225003351/ex99i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Legal Consent of Thompson Hine LLP is filed herewith.](ex99ia.htm)

(j) Other Opinions. [Consent of the Independent Registered Public Accounting Firm is filed herewith.](ex99j.htm)

(k) Omitted Financial Statements. None.

(l) Initial Capital Agreements. None.

(m) Rule 12b-1 Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Investor Class Shares to as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99m_i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Amended Exhibit A to Master Distribution and Shareholder Servicing Plan Pursuant to Rule 12b-1 for Investor Class Shares to be filed by subsequent amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Rule 18f-3 Plan as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99m_ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Amended Exhibit A to Rule 18f-3 Plan to be filed by subsequent amendment.

(n) Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Code of Ethics for the Trust as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99n_i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Code of Ethics for Northern Lights Distributors, LLC as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99n_ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Code of Ethics of Grandeur Peak Global Advisors, LLC as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99n_iii.htm)

(o) Powers of Attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Power of Attorney for the Trust, each trustee and a certificate with respect thereto, and each executive officer as previously filed on September 26, 2023 to the Registrant's Registration Statement on Pre-Effective Amendment No. 1 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1965454/000158064223005137/ex99o_1.htm)

Item 29. Control Persons.

None.

Item 30. Indemnification.

Generally, certain of the agreements with the Trust, or related to the Trust, provide indemnification of the Trust's Trustees, officers, the underwriter, and certain Trust affiliates. Insurance carried by the Trust provides indemnification of the Trustees and officers. The details of these sources of indemnification and insurance follow.

Article VIII, Section 2(a) of the Agreement and Declaration of Trust provides that to the fullest extent that limitations on the liability of Trustees and officers are permitted by the Delaware Statutory Trust Act of 2002, the officers and Trustees shall not be responsible or liable in any event for any act or omission of: any agent or employee of the Trust; any investment adviser or principal underwriter of the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively. The Trust, out of the Trust Property, is required to indemnify and hold harmless each and every officer and Trustee from and against any and all claims and demands whatsoever arising out of or related to such officer's or Trustee's performance of his or her duties as an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a person serves as a Trustee or officer of the Trust whether or not such person is a Trustee or officer at the time of any proceeding in which liability is asserted. Nothing contained in the Agreement and Declaration of Trust indemnifies, holds harmless or protects any officer or Trustee from or against any liability to the Trust or any shareholder to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Article VIII, Section 2(b) provides that every note, bond, contract, instrument, certificate or undertaking and every other act or document whatsoever issued, executed or done by or on behalf of the Trust, the officers or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in such Person's capacity as Trustee and/or as officer, and such Trustee or officer, as applicable, shall not be personally liable therefore, except as described in the last sentence of the first paragraph of Section 2 of Article VIII.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the provisions of Delaware law and the Agreement and Declaration of the Registrant or the By-Laws of the Registrant, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Pursuant to the Underwriting Agreement between the Trust and Northern Lights Distributors, LLC ("NLD"), the Trust agrees to indemnify, defend and hold NLD, its several officers and managers, and any person who controls NLD within the meaning of Section 15 of the Securities Act free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which NLD, its officers and managers, or any such controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising out of or based upon: (i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration Statement or any Prospectus, (ii) the breach of any representations, warranties or obligations set forth in the Underwriting Agreement, (iii) any omission, or alleged omission, to state a material fact required to be stated in any Registration Statement or any Prospectus or necessary to make the statements in any of them not misleading, (iv) the Trust's failure to maintain an effective Registration Statement and Prospectus with respect to Shares of the Funds that are the subject of the claim or demand, (v) the Trust's failure to provide NLD with advertising or sales materials to be filed with the FINRA on a timely basis, (vi) the Trust's failure to properly register Fund Shares under applicable state laws, or (vii) reasonable actions taken by NLD resulting from NLD's reliance on instructions received from an officer, agent or legal counsel of the Trust.

Pursuant to the Underwriting Agreement, NLD agrees to indemnify, defend and hold the Trust, its several officers and Board members, and any person who controls the Trust within the meaning of Section 15 of the Securities Act, free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which the Trust, its officers or Board members, or any such controlling person, may incur under the Securities Act, the 1940 Act, or under common law or otherwise, but only to the extent that such liability or expense incurred by the Trust, its officers or Board members, or such controlling person results from such claims or demands: (i) arising out of or based upon any sales literature, advertisements, information, statements or representations made by NLD and unauthorized by the Trust or any Disqualifying Conduct in connection with the offering and sale of any Shares, or (ii) arising out of or based upon any untrue, or alleged untrue, statement of a material fact contained in information furnished in writing by NLD to the Fund specifically for use in the Trust's Registration Statement and used in the answers to any of the items of the Registration Statement or in the corresponding statements made in the Prospectus, or shall arise out of or be based upon any omission, or alleged omission, to state a material fact in connection with such information furnished in writing by NLD to the Trust and required to be stated in such answers or necessary to make such information not misleading.

The Registrant maintains a mutual fund directors and officers liability policy. The policy, under certain circumstances, such as the inability of the Trust to indemnify Trustees and officers provides coverage to Trustees and officers. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or certain breaches of duty.

The investment advisory agreement provides that neither the adviser nor any director, manager, officer or employee of the adviser performing services for the Trust at the direction or request of the adviser in connection with the adviser's discharge of its obligations under the agreement shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with any matter to which the agreement relates, and the adviser shall not be responsible for any action of the Trustees of the Trust in following or declining to follow any advice or recommendation of the adviser or any sub-adviser retained by the adviser pursuant to Section 9 of the agreement; PROVIDED, that nothing contained in the agreement shall be construed (i) to protect the adviser against any liability to the Trust or its shareholders to which the adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the adviser's duties, or by reason of the adviser's reckless disregard of its obligations and duties under the agreement, or (ii) to protect any director, manager, officer or employee of the adviser who is or was a Trustee or officer of the Trust against any liability of the Trust or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with the Trust.

Item 31. Activities of Investment Advisor.

Certain information pertaining to the business and other connections of the Advisor of each series of the Trust is hereby incorporated herein by reference to the section of the respective Prospectus captioned "Investment Advisor" and to the section of the respective Statement of Additional Information captioned "Investment Advisory and Other Services." The information required by this Item 31 with respect to each director, officer or partner of the Advisor is incorporated by reference to the Advisor's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the Securities and Exchange Commission ("SEC"). The Advisor's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov, and may be requested by File No. as follows:

Grandeur Peak Global Advisors, LLC is the Advisor of the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund – File No. 801-72540.

Item 32. Principal Underwriter.

(a) Northern Lights Distributors, LLC ("NLD"), is the principal underwriter for all series of Grandeur Peak Global Trust. NLD also acts as principal underwriter for the following:

NLD also acts as a principal underwriter to the following investment companies: Absolute Core Strategy ETF, Advisor One Funds, Arrow ETF Trust, DWA Tactical ETF, Arrow QVM Equity Factor ETF, Arrow Reserve Capital Management ETF, Arrow Dogs of the World ETF, Arrow DWA Country Rotation ETF, Arrow ETF Trust, Ballast Small/Mid Cap ETF, Boyar Value Fund Inc., Copeland Trust, Humankind Benefit Corporation, Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, New Age Alpha Trust, Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable Trust, PREDEX, Princeton Everest Fund, The North Country Funds, The Saratoga Advantage Trust, Tributary Funds, Inc., Two Roads Shared Trust, and Uncommon Investment Funds Trust.

(b) NLD is registered with the Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). The principal business address of NLD is 4221 North 203<sup>rd</sup> St., Suite 100, Elkhorn, NE 68022 NLD is an affiliate of Ultimus Fund Solutions, LLC. Both NLD and Ultimus Fund Solutions, LLC are under common ownership of The Ultimus Fund Group, LLC. To the best of Registrant's knowledge, the following are the members and officers of NLD:

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices with Underwriter** | **Positions and Offices with the Fund** |
| Kevin Guerette | President | None |
| Stephen Preston | Chief Compliance Officer, Financial Operations Principal, and AML Compliance Officer | None |
| William J. Strait | Manager, Secretary, and General Counsel | None |
| David James | Manager | None |

---

(c) Not Applicable. No underwriting commissions are paid in connection with the sale of Registrant's Shares.

Item 33. Location of Accounts and Records.

All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant, Adviser, Principal Underwriter, Transfer Agent, Fund Accountant, Administrator and Custodian at the addresses stated in the SAI.

Grandeur Peak Global Advisors, LLC 136 South Main Street, Suite 720, Salt Lake City, Utah 84101, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund.

Item 34. Management Services.

Not applicable.

Item 35. Undertakings.

The Registrant undertakes that each Subsidiary and each Director of each Subsidiary hereby consents to service of process within the United States, and to examination of its books and records.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Fort Salonga, and State of New York, on the 28<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| **Grandeur Peak Global Trust** | **Grandeur Peak Global Trust** |
| By: | /s/ Brian Curley |
|  | Brian Curley, President |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities indicated on the dates indicated.

**Grandeur Peak Global Trust**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Brian Curley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard Gleason\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer and Principal Accounting Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timothy Burdick\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patricia Luscombe\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John V. Palancia\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark H. Taylor\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffery D. Young\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Trustee |

---

---

| | | |
|:---|:---|:---|
| \*By: | /s/ Brian Curley | <u>Date</u>: |
|  | Brian Curley | August 28, 2025 |

---

\* Attorney-in-Fact – Pursuant to Powers of Attorney as previously filed September 26, 2023.

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| **Exhibit** | **Exhibit No.** |
| [Amended Appendix A to the Investment Advisory Agreement](ex99dia.htm) | (d)(i)(A) |
| [Legal Consent of Thompson Hine LLP](ex99ia.htm) | (i)(a) |
| [Consent of the Independent Registered Public Accounting Firm](ex99j.htm) | (j) |

---

## Ex-99.D

**INVESTMENT ADVISORY AGREEMENT**

**Between**

**GRANDEUR PEAK GLOBAL TRUST**

**and**

**GRANDEUR PEAK GLOBAL ADVISORS, LLC**

This AGREEMENT is made as of October 6, 2023 between GRANDEUR PEAK GLOBAL TRUST, a Delaware statutory trust (the "Trust"), and Grandeur Peak Global Advisors, LLC, a Delaware limited liability company (the "Adviser") located at 136 South Main Street, Suite 720, Salt Lake City, Utah 84101.

**RECITALS:**

WHEREAS, the Trust is an open-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "Act");

WHEREAS, the Trust is authorized to issue shares of beneficial interest in separate series, each having its own investment objective or objectives, policies and limitations;

WHEREAS, the Trust offers shares in the series named on Appendix A hereto (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with Section 1.3, being herein referred to as a "Fund," and collectively as the "Funds");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "1940 Act"); and

WHEREAS, the Trust desires to retain the Adviser to render investment advisory services to the Trust with respect to the Fund in the manner and on the terms and conditions hereinafter set forth;

NOW, THEREFORE, the parties hereto agree as follows:

**1. <u>Services of the Adviser</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Investment Advisory Services</u>. Subject to the supervision of the Trust's Board of Trustees (the "Board"), the Adviser shall regularly provide each Fund with investment research, advice, management and supervision and shall furnish a continuous investment program for the Fund's portfolio of securities and other investments. The Adviser shall determine from time to time what securities and other investments and instruments will be purchased, retained, sold or exchanged by the Fund and what portion of the assets of the Fund's portfolio will be held in the various securities and other investments in which the Fund invests, and shall implement those decisions (including the execution of investment documentation and agreements), all subject to the provisions of the Trust's Declaration of Trust and By-Laws (collectively, the "Governing Documents"), the 1940 Act and the applicable rules and regulations promulgated thereunder by the Securities and Exchange Commission (the "SEC") and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund, and any other specific policies adopted by the Board and disclosed to the Adviser. The Adviser is authorized as the agent of the Trust to give instructions to the custodian of the Fund as to deliveries of securities and other investments and payments of cash for the account of the Fund. Subject to applicable provisions of the 1940 Act and direction from the Board, the

investment program to be provided hereunder may entail the investment of all or substantially all of the assets of the Fund in one or more investment companies.

The Adviser will place orders pursuant to its investment determinations for the Fund either directly with the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund and/or the other accounts over which the Adviser or its affiliates exercise investment discretion. The Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Adviser's authority regarding the execution of the Fund's portfolio transactions provided herein.

The Trust hereby authorizes any entity or person associated with the Adviser or any sub-adviser retained by the Adviser pursuant to Section 9 of this Agreement, which is a member of a national securities exchange, to effect any transaction on the exchange for the account of the Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934 and Rule 11a2-2(T) thereunder, and the Trust hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv) provided the transaction complies with the Trust's Rule 17e-1 policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Administrative Services</u>. The Trust has engaged the services of an administrator. The Adviser shall provide such additional administrative services as reasonably requested by the Board or officers of the Trust; provided, that the Adviser shall not have any obligation to provide under this Agreement any direct or indirect services to Trust shareholders, any services related to the distribution of Trust shares, or any other services which are the subject of a separate agreement or arrangement between the Trust and the Adviser. Subject to the foregoing, in providing administrative services hereunder, the Adviser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 <u>Office Space, Equipment and Facilities</u>. Provide such office space, office equipment and office facilities as are adequate to fulfill the Adviser's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 <u>Personnel</u>. Provide, without remuneration from or other cost to the Trust, the services of individuals competent to perform the administrative functions, which are not performed by employees or other agents engaged by the Trust or by the Adviser acting in some other capacity pursuant to a separate agreement or arrangement with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 <u>Agents</u>. Assist the Trust in selecting and coordinating the activities of the other agents engaged by the Trust, including the Trust's shareholder servicing agent, custodian, administrator, independent auditors and legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 <u>Trustees and Officers</u>. Authorize and permit the Adviser's directors, officers and employees who may be elected or appointed as Trustees or officers of the Trust to serve in such capacities, without remuneration from or other cost to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 <u>Books and Records</u>. Assure that all financial, accounting and other records required to be maintained and preserved by the Adviser on behalf of the Trust are maintained and preserved by it in accordance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 <u>Reports and Filings</u>. Assist in the preparation of (but not pay for) all periodic reports by each Fund to its shareholders and all reports and filings required to maintain the registration and qualification of the Fund and Fund shares, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Additional Series</u>. In the event that the Trust establishes one or more series after the effectiveness of this Agreement ("Additional Series"), Appendix A to this Agreement may be amended to make such Additional Series subject to this Agreement upon the approval of the Board and the shareholder(s) of the Additional Series, in accordance with the provisions of the Act. The Trust or the Adviser may elect not to make any such series subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Change in Management or Control</u>. The Adviser shall provide at least sixty (60) days' prior written notice to the Trust of any material change in the ownership or management of the Adviser, or any event or action that may constitute a change in "control," as that term is defined in Section 2 of the Act. The Adviser shall provide prompt notice of any change in the portfolio manager(s) responsible for the day-to-day management of each Fund.

**2. <u>Expenses of the Fund</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Expenses to be Paid by Adviser</u>. The Adviser shall pay all salaries, expenses and fees of the officers, Trustees and employees of the Trust who are officers, directors, members or employees of the Adviser.

In the event that the Adviser pays or assumes any expenses of the Trust not required to be paid or assumed by the Adviser under this Agreement, the Adviser shall not be obligated hereby to pay or assume the same or any similar expense in the future; provided, that nothing herein contained shall be deemed to relieve the Adviser of any obligation to the Funds under any separate agreement or arrangement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Expenses to be Paid by the Fund</u>. Each Fund shall bear all expenses of its operation, except those specifically allocated to the Adviser under this Agreement or under any separate agreement between the Trust and the Adviser. Subject to any separate agreement or arrangement between the Trust and the Adviser, the expenses hereby allocated to the Fund, and not to the Adviser, include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 <u>Custody</u>. All charges of depositories, custodians, and other agents for the transfer, receipt, safekeeping, and servicing of the Fund's cash, securities, and other property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <u>Shareholder Servicing</u>. All expenses of maintaining and servicing shareholder accounts, including but not limited to the charges of any shareholder servicing agent, dividend disbursing agent, transfer agent or other agent engaged by the Trust to service shareholder accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 <u>Shareholder Reports</u>. All expenses of preparing, setting in type, printing and distributing reports and other communications to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 <u>Prospectuses</u>. All expenses of preparing, converting to EDGAR format, filing with the Securities and Exchange Commission or other appropriate regulatory body, setting in type, printing and mailing annual or more frequent revisions of the Fund's Prospectus and Statement of Additional Information and any supplements thereto and of supplying them to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 <u>Pricing and Portfolio Valuation</u>. All expenses of computing the Fund's net asset value per share, including any equipment or services obtained for the purpose of pricing shares or valuing the Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 <u>Communications</u>. All charges for equipment or services used for communications between the Adviser or the Trust and any custodian, shareholder servicing agent, portfolio accounting services agent, or other agent engaged by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7 <u>Legal and Accounting Fees</u>. All charges for services and expenses of the Trust's legal counsel and independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8 <u>Trustees' Fees and Expenses</u>. All compensation of Trustees other than those affiliated with the Adviser, all expenses incurred in connection with such unaffiliated Trustees' services as Trustees, and all other expenses of meetings of the Trustees and committees of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9 <u>Shareholder Meetings</u>. All expenses incidental to holding meetings of shareholders, including the printing of notices and proxy materials, and proxy solicitations therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10 <u>Federal Registration Fees</u>. All fees and expenses of registering and maintaining the registration of the Fund under the Act and the registration of the Fund's shares under the Securities Act of 1933 (the "1933 Act"), including all fees and expenses incurred in connection with the preparation, converting to EDGAR format, setting in type, printing, and filing of any Registration Statement, Prospectus and Statement of Additional Information under the 1933 Act or the Act, and any amendments or supplements that may be made from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.11 <u>State Registration Fees</u>. All fees and expenses of taking required action to permit the offer and sale of the Fund's shares under securities laws of various states or jurisdictions, and of registration and qualification of the Fund under all other laws applicable to the Trust or its business activities (including registering the Trust as a broker-dealer, or any officer of the Trust or any person as agent or salesperson of the Trust in any state).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.12 <u>Confirmations</u>. All expenses incurred in connection with the issue and transfer of Fund shares, including the expenses of confirming all share transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.13 <u>Bonding and Insurance</u>. All expenses of bond, liability, and other insurance coverage required by law or regulation or deemed advisable by the Trustees of the Trust, including, without limitation, such bond, liability and other insurance expenses that may from time to time be allocated to the Fund in a manner approved by its Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.14 <u>Brokerage Commissions</u>. All brokers' commissions and other charges incident to the purchase, sale or lending of the Fund's portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.15 <u>Taxes</u>. All taxes or governmental fees payable by or with respect to the Fund to federal, state or other governmental agencies, domestic or foreign, including stamp or other transfer taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.16 <u>Trade Association Fees</u>. All fees, dues and other expenses incurred in connection with the Trust's membership in any trade association or other investment organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.18 <u>Compliance Fees</u>. All charges for services and expenses of the Trust's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.19 <u>Nonrecurring and Extraordinary Expenses</u>. Such nonrecurring and extraordinary expenses as may arise including the costs of actions, suits, or proceedings to which the Trust is a party and the expenses the Trust may incur as a result of its legal obligation to provide indemnification to its officers, Trustees and agents.

**3. <u>Advisory Fee</u>**

As compensation for all services rendered, facilities provided and expenses paid or assumed by the Adviser under this Agreement, each Fund shall pay the Adviser on the last day of each month, or as promptly as possible thereafter, a fee calculated by applying a monthly rate, based on an annual percentage rate, to the Fund's average daily net assets for the month. The annual percentage rate applicable to the Fund is set forth in Appendix A to this Agreement, as it may be amended from time to time in accordance with Section 1.3 of this Agreement. If this Agreement shall be effective for only a portion of a month with respect to a Fund, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect for the Fund.

**4. Proxy Voting**

The Adviser will vote, or make arrangements to have voted, all proxies solicited by or with respect to the issuers of securities in which assets of a Fund may be invested from time to time. Such proxies will be voted in a manner that the Adviser deems, in good faith, to be in the best interest of the Fund and in accordance with the Adviser's proxy voting policy. The Trust acknowledges that it has received a copy of the Adviser's proxy voting policy prior to the execution of this Agreement, and the Adviser agrees promptly to provide the Trust with any amendments thereto.

**5. <u>Records</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Tax Treatment</u>. Both the Adviser and the Trust shall maintain, or arrange for others to maintain, the books and records of the Trust in such a manner that treats each Fund as a separate entity for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Ownership</u>. All records required to be maintained and preserved by the Trust pursuant to the provisions or rules or regulations of the Securities and Exchange Commission under Section 31(a) of the Act and maintained and preserved by the Adviser on behalf of the Trust are the property of the Trust and shall be surrendered by the Adviser promptly on request by the Trust; provided, that the Adviser may at its own expense make and retain copies of any such records.

**6. <u>Reports to Adviser</u>**

The Trust shall furnish or otherwise make available to the Adviser such copies of each Fund's Prospectus, Statement of Additional Information, financial statements, proxy statements, reports and other information relating to its business and affairs as the Adviser may, at any time or from time to time, reasonably require in order to discharge its obligations under this Agreement.

**7. <u>Reports to the Trust</u>**

The Adviser shall prepare and furnish to the Trust such reports, statistical data and other information in such form and at such intervals as the Trust may reasonably request.

**8. Code of Ethics**

The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Act and will provide the Trust with a copy of the code and evidence of its adoption. The Adviser will provide to the Board at least annually or as more frequently requested by the Trust a written report that describes any issues arising under the code of ethics since the last report to the Board, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations; and which certifies that the Adviser has adopted procedures reasonably necessary to prevent "access persons" (as that term is defined in Rule 17j-1) from violating the code.

**9. <u>Retention of Sub-Adviser</u>**

Subject to the Trust's obtaining the initial and periodic approvals required under Section 15 of the Act, the Adviser may retain one or more sub-advisers, at the Adviser's own cost and expense, for the purpose of managing the investments of the assets of one or more Funds. Retention of one or more sub-advisers shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall, subject to Section 11 of this Agreement, be responsible to the Trust for all acts or omissions of any sub-adviser in connection with the performance of the Adviser's duties hereunder.

**10. <u>Services to Other Clients</u>**

Nothing herein contained shall limit the freedom of the Adviser or any affiliated person of the Adviser to render investment management and administrative services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities.

**11. <u>Limitation of Liability of Adviser and its Personnel</u>**

Neither the Adviser nor any director, manager, officer or employee of the Adviser performing services for the Trust at the direction or request of the Adviser in connection with the Adviser's discharge of its obligations hereunder shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with any matter to which this Agreement relates, and the Adviser shall not be responsible for any action of the Trustees of the Trust in following or declining to follow any advice or recommendation of the Adviser or any sub-adviser retained by the Adviser pursuant to Section 9 of this Agreement; PROVIDED, that nothing herein contained shall be construed (i) to protect the Adviser against any liability to the Trust or its shareholders to

which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Adviser's duties, or by reason of the Adviser's reckless disregard of its obligations and duties under this Agreement, or (ii) to protect any director, manager, officer or employee of the Adviser who is or was a Trustee or officer of the Trust against any liability of the Trust or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with the Trust. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of such rights which the Trust or the Fund may have under federal securities laws.

**12. <u>Effect of Agreement</u>**

Nothing herein contained shall be deemed to require the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of their responsibility for and control of the conduct of the business and affairs of the Trust.

**13. <u>Term of Agreement</u>**

With respect to each Fund, the term of this Agreement shall begin as of the date and year upon which the Fund commences investment operations, and unless sooner terminated as hereinafter provided, this Agreement shall remain in effect for a period of two years. Thereafter, this Agreement shall continue in effect with respect to the Fund from year to year, subject to the termination provisions and all other terms and conditions hereof; PROVIDED, such continuance with respect to the Fund is approved at least annually by vote of the holders of a majority of the outstanding voting securities of the Fund or by the Trustees of the Trust; PROVIDED, that in either event such continuance is also approved annually by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto. The Adviser shall furnish to the Trust, promptly upon its request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

**14. <u>Amendment or Assignment of Agreement</u>**

Any amendment to this Agreement shall be in writing signed by the parties hereto; PROVIDED, that no such amendment shall be effective unless authorized (i) by resolution of the Trustees of the Trust, including the vote or written consent of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, and (ii) by vote of a majority of the outstanding voting securities of each Fund affected by such amendment if required by applicable law. This Agreement shall terminate automatically and immediately in the event of its assignment.

**15. <u>Termination of Agreement</u>**

Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to one or more Funds, without payment of any penalty:

(i) By vote of the Board, including the vote or written consent of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, or by "vote of a majority of the outstanding voting securities" of the Fund (as defined in the 1940 Act), in each case, upon not more than 60 days' written notice to the Adviser;

(ii) By any party hereto upon written notice to the other party in the event of a breach of any provision of this Agreement by the other party if the breach is not cured within 15 days of notice of the breach; or

(iii) By the Adviser upon 60 days' written notice to the Trust.

**16. <u>Use of Name</u>**

The Adviser has proprietary rights in the names and marks "Grandeur Peak" and "Grandeur Peak Global" and hereby grants a perpetual, royalty-free license for use of such names and marks in connection with the name of the Trust as Grandeur Peak Global Trust and the identification of each Fund. The Adviser may withdraw or modify such license on sixty (60) days' written notice to the Trust.

**17. <u>Declaration of Trust</u>**

The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust's Declaration of Trust and agrees that the obligations assumed by the Trust or a Fund, as the case may be, pursuant to this Agreement shall be limited in all cases to the Trust or a Fund, as the case may be, and its assets, and the Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Trust. In addition, the Adviser shall not seek satisfaction of any such obligations from the Trustees or any individual Trustee. The Adviser understands that the rights and obligations of any Fund under the Declaration of Trust are separate and distinct from those of any and all other Funds. The Adviser further understands and agrees that no Fund of the Trust shall be liable for any claims against any other Fund of the Trust and that the Adviser must look solely to the assets of the pertinent Fund of the Trust for the enforcement or satisfaction of any claims against the Trust with respect to that Fund.

**18. Confidentiality**

The Adviser agrees to treat all records and other information relating to the Trust and the securities holdings of the Funds as confidential and shall not disclose any such records or information to any other person unless (i) the Board has approved the disclosure or (ii) such disclosure is compelled by law. In addition, the Adviser and the Adviser's officers, directors, members and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of a Fund, as a result of disclosing the Fund's portfolio holdings. The Adviser agrees that, consistent with the Adviser's Code of Ethics, neither the Adviser nor the Adviser's officers, directors, members or employees may engage in personal securities transactions based on nonpublic information about a Fund's portfolio holdings.

**19. <u>Governing Law</u>**

This Agreement shall be governed and construed in accordance with the laws of the State of Delaware.

**20. <u>Interpretation and Definition of Terms</u>**

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Act shall be resolved by reference to such term or provision of the Act and to interpretation thereof, if any, by the United States courts, or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities and Exchange Commission validly issued pursuant to the Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated person," as used in this Agreement shall have the meanings assigned to them by Section 2(a) of the Act. In addition, when the effect of a requirement of the Act reflected in any provision of this Agreement is modified, interpreted or relaxed by a rule, regulation or order of the Securities and Exchange Commission, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**21. <u>Captions</u>**

The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

**22. <u>Execution in Counterparts</u>**

This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the date and year first above written.

**GRANDEUR PEAK GLOBAL TRUST**

By: /s/ Brian Curley_______________

Name: Brian Curley

Title: President

**GRANDEUR PEAK GLOBAL ADVISORS, LLC**

By: /s/ Eric Huefner_______________

Name: Eric Huefner

Title: President

**GRANDEUR PEAK GLOBAL TRUST**

**INVESTMENT ADVISORY AGREEMENT**

**APPENDIX A**

**FUNDS OF THE TRUST** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>NAME OF FUND | &nbsp;&nbsp; ANNUAL ADVISORY FEE AS A % OF<br> AVERAGE NET ASSETS OF THE FUND |
| &nbsp;&nbsp; Grandeur Peak Emerging Markets Opportunities Fund<br> Grandeur Peak Global Contrarian Fund<br> Grandeur Peak Global Explorer Fund<br> Grandeur Peak Global Micro Cap Fund<br> Grandeur Peak Global Opportunities Fund<br> Grandeur Peak Global Reach Fund<br> Grandeur Peak Global Stalwarts Fund<br> Grandeur Peak International Opportunities Fund<br> Grandeur Peak International Stalwarts Fund<br> Grandeur Peak US Stalwarts Fund<br> Grandeur Peak International Contrarian Fund | &nbsp;&nbsp; 1.35%<br> 1.00%<br> 0.80%<br> 1.50%<br> 1.25%<br> 1.10%<br> 0.80%<br> 1.25%<br> 0.80%<br> 0.75%<br> 1.00% |

---

Amended: September 1, 2025

## Ex-99.I

![](image_003.gif)

August 28, 2025

Grandeur Peak Global Trust

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Re: <u>Grandeur Peak Global Trust, File Nos. 333-269914 and 811-23852</u>**

Ladies and Gentlemen:

A legal opinion (the "Legal Opinion") that we prepared was filed with Pre-Effective Amendment No. 3 to the Grandeur Peak Global Trust Registration Statement. We hereby give you our consent to incorporate by reference the Legal Opinion into Post-Effective Amendment No. 4 under the Securities Act of 1933 (Amendment No. 5 under the Investment Company Act of 1940) (the "Amendment") and consent to all references to us in the Amendment.

Very truly yours,

/s/ Thompson Hine LLP

THOMPSON HINE LLP

![](image_004.gif)

## Ex-99.J

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 333-269914 on Form N-1A of our report dated June 27, 2025, relating to the financial statements and financial highlights of Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund, and Grandeur Peak US Stalwarts Fund (the "Funds"), appearing in the Annual Report on Form N-CSR of the Funds for the year ended April 30, 2025, and to the references to us under the headings "Financial Highlights" and "Independent Registered Public Accounting Firm" in the Prospectus, and "Independent Registered Public Accounting Firm" and "Policies and Procedures for Disclosure of Portfolio Holdings" in the Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Costa Mesa, California

August 27, 2025