Strategy. 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 Funds 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 Contrarianwhat the Adviser believes to be best-in-class growth companies, but which are part of a currently out-of-favor industry, sector, or … Show more… 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 Funds 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 Contrarianwhat 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 Angelshigh quality growth companies that the Adviser believes have hit a temporary setback relative to their long-term growth potential. ? Undiscovered Gemssmaller 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 companys 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 companys 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 companys 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 Advisers 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. Show less