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.

The Advisor may absorb certain Fund expenses, without which total return would have been lower. These expense agreements are in effect through August 31, 2020. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Grandeur Peak Emerging Markets Opportunities Fund (GPEOX/GPEIX) - Inception date of 12/16/2013
Expense ratios as of prospectus dated - are: GPEOX: - Gross / - Net, GPEIX: - Gross / - Net

Grandeur Peak Global Contrarian Fund (GPGCX) - Inception date of 09/17/2019
Expense ratios as of prospectus dated - are: GPGCX: - Gross / - Net

Grandeur Peak Global Micro Cap Fund (GPMCX) - Inception date of 10/20/2015
Expense ratios as of prospectus dated - are: GPMCX: - Gross / - Net

Grandeur Peak Global Opportunities Fund (GPGOX/GPGIX) - Inception date of 10/17/2011
Expense ratios as of prospectus dated - are: GPGOX: - Gross / - Net, GPGIX: - Gross / - Net

Grandeur Peak Global Reach Fund (GPROX/GPRIX) - Inception date of 06/19/2013
Expense ratios as of prospectus dated - are: GPROX: - Gross / - Net, GPRIX: - Gross / - Net

Grandeur Peak Global Stalwarts Fund (GGSOX/GGSYX) - Inception date of 09/01/2015
Expense ratios as of prospectus dated - are: GGSOX: - Gross / - Net, GGSYX: - / Gross - Net

Grandeur Peak International Opportunities Fund (GPIOX/GPIIX) - Inception date of 10/17/2011
Expense ratios as of prospectus dated - are: GPIOX: - Gross / - Net, GPIIX: - Gross / - Net

Grandeur Peak International Stalwarts Fund (GISOX/GISYX) - Inception date of 09/01/2015
Expense ratios as of prospectus dated - are: GISOX: - Gross / - Net, GISYX: - Gross / - Net

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

See the prospectus for additional information regarding Fund expenses.
Grandeur Peak Global Advisors will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. Performance data does not reflect the deduction of this redemption fee or taxes, which if reflected, would reduce the performance quoted. For more complete information including charges, risks and expenses, read the prospectus carefully.

Diversification does not eliminate the risk of experiencing investment loss.

Performance for less than one year is cumulative.

*Existing investors in the fund may purchase additional shares. Open to new direct investors.

**Closed to all investors, except for certain exceptions for participants in certain qualified retirement plans with an existing position and direct shareholders with existing accounts who may purchase up to the amount of the current IRA catch up limit per year in additional shares, regardless of account type.

***Remains open to new and existing direct shareholders.

1The MSCI Emerging Markets SMID Cap Index is designed to measure the equity market performance of small and mid-cap companies across emerging markets. You cannot invest directly in these or any indices.

2The MSCI Emerging Markets IMI index is designed to measure the equity market performance of large, mid, and small-cap companies across emerging markets. You cannot invest directly in these or any indices.

3The MSCI ACWI Small Cap Value Index is designed to measure the equity market performance of small-cap companies exhibiting overall value-style characteristics across developed and emerging markets globally. You cannot invest directly in these or any indices.

4The MSCI ACWI Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally. You cannot invest directly in these or any indices.

5The MSCI World Micro Cap Index is designed to measure the equity market performance of micro-cap companies across developed markets globally.  It does not include emerging markets. You cannot invest directly in these or any indices.

6The MSCI ACWI IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across developed and emerging markets globally. You cannot invest directly in these or any indices.

7The MSCI ACWI Mid Cap Index is designed to measure the equity market performance of mid-cap companies across developed and emerging markets globally. You cannot invest directly in these or any indices.

8The MSCI ACWI ex USA Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally, excluding the United States. You cannot invest directly in these or any indices.

9The MSCI ACWI ex USA IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across developed and emerging markets globally, excluding the United States. You cannot invest directly in these or any indices.

10The MSCI ACWI ex USA Mid Cap Index is designed to measure the equity market performance of mid-cap companies across developed and emerging markets globally, excluding the United States. You cannot invest directly in these or any indices.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products.