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Grandeur Peak Global Reach Fund

(GPROX/GPRIX)

Overview

Investment Objective

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

Investment Strategy

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

Under normal market conditions, the Adviser will invest 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 may invest a significant portion of its total assets in micro cap companies with market capitalizations below $1 billion (up to 90% under normal market conditions). The Fund may also invest a meaningful portion of its total assets (up to 35% 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 our investment criteria.

The Fund will typically invest in securities issued by companies domiciled in each of at least ten countries, including the United States. The Fund will invest 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 domiciled outside the United States. Domicile is determined by where the company is organized, located, has the majority of its assets, or receives the majority the majority of its revenue.

Fund Managers

Brad Barth, MSc

Portfolio Manager & Sr. Research Analyst

Mr. Barth is a portfolio manager of the Global Reach Fund. Mr. Barth is our primary analyst on the Financials sector. He’s a key member of the team covering the Middle East and North Africa, Germany, Austria, Switzerland and the Nordics. Mr. Barth spent four years at Goldman Sachs covering French and Benelux banks during the European sovereign debt crisis.

Liping Cai, CFA, MS, MBA

Portfolio Manager & Sr. Research Analyst

Ms. Cai is a portfolio manager of the Global Reach Fund and is our primary analyst on the Healthcare sector. She is a key member of the team covering China, Hong Kong, Taiwan, Singapore, Malaysia, Indonesia and Papua New Guinea. She joined Grandeur Peak in 2013 after six years at William Blair where she led the firm’s China-based research team. Previously, Ms. Cai spent seven years in the health care field as a research associate, market analyst, and consultant. Ms. Cai is native Chinese and speaks Mandarin and Cantonese.

Zach Larkin, MBA

Portfolio Manager & Sr. Research Analyst

Mr. Larkin is a portfolio manager of the Global Reach Fund and the Emerging Opportunities Fund. He is our primary analyst on the Industrials sector. He is a key member of the team covering Taiwan, Thailand, Vietnam, Laos, Cambodia, Myanmar and Sub-Saharan Africa. Mr. Larkin has been a research analyst since 2003, first at Wasatch Advisors and more recently at Stephens. Mr. Larkin lived in Paraguay for two years and speaks Spanish.

Mark Madsen, CFA, MAcc

Portfolio Manager & Sr. Research Analyst

Mr. Madsen is a portfolio manager of the Global Reach Fund and the Global Micro Cap Fund. He is our primary analyst on the Energy & Materials sector. Mr. Madsen is a key member of the team covering the United States. South Africa, Australia, New Zealand and Canada. Mr. Madsen has been a research analyst since 2004, beginning his career at Wasatch Advisors. He most recently worked as a Senior Equity Analyst for a family office. Mr. Madsen holds the CFA designation and a Master’s in Accounting.

Stuart Rigby, MBA

Portfolio Manager & Sr. Research Analyst

Mr. Rigby is a portfolio manager of the Global Reach Fund and is our primary analyst on the Technology sector. He is a key member of the team covering India, South Korea, Turkey, Sri Lanka, Bangladesh, the “Stans”, and Israel. Prior to joining Grandeur Peak in 2012, Mr. Rigby worked as a Product Manager at Alliance Health Networks and as a Software Engineer at Intelisum. During his MBA program at Cornell, Mr. Rigby interned at Opteris and Epic Ventures. Mr. Rigby has lived in Mexico and Spain and speaks Spanish.

Amy Hu Sunderland, CFA

Portfolio Manager & Sr. Research Analyst

Ms. Sunderland is a portfolio manager of the Global Micro Cap Fund and Global Reach Fund. She is guardian portfolio manager of the Global Opportunities Fund and the International Opportunities Fund. Ms. Sunderland is our primary analyst on the Consumer sector. She is a key member of the team covering China, Hong Kong, Singapore, Malaysia, Philippines, Indonesia and Papua New Guinea. Ms. Sunderland was a small cap analyst at Wasatch Advisors from 2003-2011. She is native Chinese, speaks Mandarin and holds the CFA designation.

Guardian Portfolio Manager

Randy Pearce, CFA, MBA

Portfolio Manager, Sr. Research Analyst & Chief Investment Officer

Mr. Pearce is a portfolio manager of the Global Stalwarts and International Stalwarts Funds. Mr. Pearce is a guardian portfolio manager on the Global Reach Fund. Mr. Pearce is Chief Investment Officer and is part of the Financials team. He is a key member of the team covering Brazil and Australia. Mr. Pearce was a financial sector and general analyst at Wasatch Advisors from 2005-09. Mr. Pearce lived in Brazil for two years, speaks Portuguese and holds the CFA designation.

Performance

Monthly Performance as of 06/30/2016

  Cumulative Annualized Status
Fund 1 Month 3 Month YTD 1 Year 3 Year 5 Year Since Inception Open/Closed
< Swipe table for more info >

Quarterly Performance as of 06/30/2016

  Cumulative Annualized Status
Fund 1 Month 3 Month YTD 1 Year 3 Year 5 Year Since Inception Open/Closed
< Swipe table for more info >

Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For the most current month-end performance data please visit www.grandeurpeakglobal.com.

Diversification does not eliminate the risk of experiencing investment loss.

() - Inception date of
Expense ratios as of prospectus dated are:

Calendar Year Inception vs. Benchmark

Hypothetical Growth of $10,000

 

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to . All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested. The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to . All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions. Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Portfolio Detail

Portfolio Characteristics
as of 03/31/2017, subject to change

Top 10 Holdings

View Full Holdings

Sector Weights

Market Cap
as of 03/31/2017, subject to change

Regions

View Countries

Top 7 Countries

Holdings subject to change.

1 Estimated weighted average annual increase in Earnings Per Share (EPS) of the fund's holdings over the next 3 years. These returns are not guaranteed. Actual EPS growth may be higher or lower.

2 The trailing 12-month Price/Earnings (P/E) of the portfolio, calculated as a weighted harmonic average.

3 Weighted average Return on Assets (ROA) of the portfolio's holdings, calculated by dividing a company's annual returns by its total assets.

4 Operating Margin is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. It is calculated by dividing Operating Income by Net Sales.

5 Debt/Equity is a measure of a company's financial leverage. It is calculated by dividing its total liabilities by stockholders' equity.

6 The average market capitalization of companies held by the fund, weighted in proportion to their percentage of net assets in the fund.

7 A measure of annual trading activity in the fund's portfolio, expressed as a percentage of the fund's average total assets.

8 The median market cap is the midpoint of market capitalization of companies held by the fund.