Grandeur Peak Funds

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Grandeur Peak International Opportunities Fund (GPIOX/GPIIX)

The International Opportunities Fund focuses on identifying best-in-class small and micro cap companies outside of the U.S.

Fund Facts
Style: International Small/Micro Growth
Status: Hard Close
Inception: 10/17/2011
Total Net Assets: $700.0 Million as of 05/27/2016
Investor Class
Symbol: GPIOX
CUSIP: 317609378
Net Asset Value: $3.08as of 05/27/2016
Expense Ratio1: Gross 1.63% / Net 1.63% as of 08/31/2015
Minimum Investment: $2000/$100 UTMA
Institutional Class
Symbol: GPIIX
CUSIP: 317609352
Net Asset Value: $3.09as of 05/27/2016
Expense Ratio1: Gross 1.38% / Net 1.38% as of 08/31/2015
Minimum Investment: $100,000

Description

An equities portfolio focused on small and micro cap companies outside of the United States. Investments will include companies based in developed foreign countries and emerging/frontier markets. The portfolio has flexibility to adjust its investment mix by country and sector in order to invest where we believe the best small/micro cap opportunities currently exist. Expected to typically have 125-175 holdings.

Fund Managers

BLAKE WALKER
CHIEF INVESTMENT OFFICER & PORTFOLIO MANAGER
Mr. Walker is a portfolio manager of the Emerging Markets Opportunities, Global Reach, Global Stalwarts, International Opportunities and International Stalwarts Funds. Mr. Walker is a guardian portfolio manager of the Global Micro Cap Fund and Global Opportunities Fund. He plays a lead role in covering Western and Southern Europe and Canada. Mr. Walker is Canadian and a veteran manager who has been investing globally in small and micro cap companies since 2001. Mr. Walker ran the Wasatch International Opportunities Fund ('05-'11) and co-managed the Wasatch Global Opportunities Fund ('08-'11).

SPENCER STEWART
PORTFOLIO MANAGER & SR. RESEARCH ANALYST
Mr. Stewart is a portfolio manager on the Emerging Markets Opportunities and International Opportunities Funds. He plays a lead role in covering South and Southeast Asia. Mr. Stewart spent four years at Wasatch Advisors and five years at small cap boutique Sidoti & Co. before joining Grandeur Peak in 2011. Mr. Stewart is the son of Wasatch Advisors founder, Sam Stewart.

Guardian Portfolio Managers

ROBERT GARDINER, CFA
CEO, DIRECTOR OF RESEARCH, & PORTFOLIO MANAGER
Mr. Gardiner is a portfolio manager of the Global Micro Cap Fund and Global Opportunities Fund and a guardian portfolio manager on all other Grandeur Peak Funds. He plays a lead role in covering the United Kingdom. Mr. Gardiner is a distinguished portfolio manager who has been managing micro and small cap portfolios since 1986, including the Wasatch Micro Cap Fund ('95-'06), Wasatch Small Cap Value Fund ('97-'01), and Wasatch Global Opportunities Fund ('08-'11).

RANDY PEARCE, CFA, MBA
PORTFOLIO MANAGER, SR. RESEARCH ANALYST & CO-DIRECTOR OF RESEARCH
Mr. Pearce is a portfolio manager on the Global Reach, Global Stalwarts and International Stalwarts Funds. Mr. Pearce is a guardian portfolio manager on the Emerging Markets Opportunities and International Opportunities Funds. Mr. Pearce is our primary analyst on the Financials sector. Mr. Pearce was a financial sector and general analyst at Wasatch Advisors from 2005-09. Mr. Pearce lived in Brazil for two years and speaks Portuguese.

Why We Started This Fund

We had previous experience managing an international small/micro cap growth fund. Through our travels around the world visiting companies we continue to find a tremendous number of high quality, growing, and underfollowed small/micro cap companies abroad. We believe this is the single most interesting segment of the global equities landscape for the coming decade.

Closed to all investors, except existing investors with an established automatic investment plan and/or an established position in a retirement account.

1 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 Reimbursements (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary 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") is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this agreement or in previous agreements. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expenses were deferred. This agreement may not be terminated or modified prior to this date except with the approval of the Fund’s Board of Trustees.

CFA is a trademark owned by the CFA Institute.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click the link to obtain a Grandeur Peak Emerging Markets Opportunities Fund Prospectus, Grandeur Peak Global Micro Cap Fund Prospectus, Grandeur Peak Global Opportunities Fund Prospectus, Grandeur Peak Global Reach Fund Prospectus, Grandeur Peak Global Stalwarts Fund Prospectus, Grandeur Peak International Opportunities Fund Prospectus, or Grandeur Peak International Stalwarts Fund Prospectus, which contain this and other information, or call 1.855.377.PEAK (7325). Read the prospectus carefully before investing.

Important Risks

Mutual fund investing involves risks and loss of principal is possible.

Investing in small and micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.

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

Investing in foreign and smaller companies risks may increase the volatility of the funds and the potential loss of principal.

Grandeur Peak Funds are distributed by ALPS Distributors, Inc. (ADI). Separately Managed Accounts and related investment advisory services are provided by Grandeur Peak Global Advisors, a federally regulated Investment Advisor. ADI is not affiliated with Grandeur Peak Global Advisors.

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