2024 Prospectus Changes

Dear Fellow Shareholders,

Each year, alongside the August 31^st annual update of the Grandeur Peak Funds Prospectus, we share a brief overview of what we believe to be the meaningful changes made to the Prospectus. There are a couple of changes to note this year:

1. We are making a few small changes to the portfolio manager (PM) assignments, which we believe will strengthen our PM coverage and focus.

Global Reach Fund (GPROX/GPRIX)

• Conner Whipple was removed as a Portfolio Manager on this Fund, which will allow him to give more focus to his Analyst and Europe responsibilities.
• The lead Industry PMs for Global Reach remain unchanged:
  • Healthcare: Liping Cai
  • Technology: Phil Naylor
  • Consumer: Tyler Glauser
  • Financials: Brad Barth
  • Industrials, Energy & Materials: Mark Madsen
• Because the Fund is an important umbrella portfolio for the Grandeur Peak Funds, Randy Pearce, Juliette Douglas, and Amy Hu Sunderland remain PMs on the Fund in supporting and oversight roles.

Global Explorer Fund (GPGEX)

• Dane Nielson returned full-time to Grandeur Peak last fall after completing an MBA at Cambridge. He has been a member of the Grandeur Peak team since 2017. Dane was just promoted to be a Portfolio Manager on the Global Explorer Fund and will be the lead geography PM for North America.
• Phil Naylor was removed as a Portfolio Manager on this Fund, which will allow him to give more focus to his Analyst and Technology responsibilities.
• The lead Geography PMs for Global Explorer remain unchanged, except North America, where Dane Nielson replaces Randy Pearce as the lead:
  • Asia Pacific: Spencer Hackett
  • Europe: Conner Whipple
  • North America: Dane Nielson
  • Emerging Markets: Amy Hu Sunderland, Liping Cai (China), and Ben Gardiner (India)
• Because the Fund is an important umbrella portfolio for the Grandeur Peak Funds, Blake Walker, Randy Pearce, and Juliette Douglas remain PMs on the Fund in supporting and oversight roles.

2. Due to the SEC’s new Tailored Shareholder Reports (TSR) rule, which just went into effect, we are required to change the primary benchmark index for each fund to what the SEC is calling a “broad-based” index. Because of the niche nature of our portfolios, these broad-based indices are broader than what we have historically considered to be the primary index for each of our Funds. As such, you will see the newly required broad-based index listed first in the Prospectus, as well as in other materials going forward, followed by indices we believe are nearer comparisons to the Fund portfolio. Here’s a quick view of what the benchmarks were last year and what they are now. The bolded benchmark is the one we believe is most closely aligned with the respective Fund strategy. We of course remain benchmark agnostic in our portfolio creation and management.

Note: The new TSR rule will also change both the format and content of the Semi-Annual and Annual Reports. You will now see individual reports for each share class of each fund, beginning with the October 31st Semi-Annual Report.

Feel free to reach out anytime with questions. You may also reach our shareholder services team at 855-377-7325(PEAK) and find our latest updates at www.grandeurpeakglobal.com.

Best Regards,

Todd, Jesse, & Amy

Todd Matheny, CAIA®
Head of Client Relations
801.384.0095

Jesse Pricer, CFA®
Exec. Director, Client Relations
801.384.0010

Amy Johnson, CFP®
Sr. Manager, Client Relations
801.384.0044

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

CFA® is a trademark owned by CFA Institute. The Chartered Financial Analyst (CFA) designation is issued by the CFA Institute. Candidates must meet one of the following prerequisites: undergraduate degree and 4 years of professional experience involving investment decision-making, or 4 years qualified work experience (full time, but not necessarily investment related). Candidates are then required to undertake extensive self-study programs (250 hours of study for each of the 3 levels) and pass examinations for all 3 levels.

Grandeur Peak Funds are distributed by Northern Lights Distributors, LLC (Member FINRA). Todd Matheny, Jesse Pricer and Amy Johnson are registered representatives of Foreside Financial Services, LLC. Northern Lights Distributors, LLC, Foreside Financial Services, LLC, and Grandeur Peak Global Advisors, LLC are not affiliated. ©2024 Grandeur Peak Global Advisors, LLC.

The MSCI ACWI Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally.
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The 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.
The 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.
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The MSCI ACWI Mid Cap Index is designed to measure the equity market performance of mid-cap companies across developed and emerging markets globally.
The 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.
The 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.
The MSCI Emerging Markets SMID Cap Index is designed to measure the equity market performance of small and mid-cap companies across emerging markets.
The MSCI Emerging Markets IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across emerging markets.
The MSCI USA Mid-Cap Index is designed to measure the performance of the mid cap segment of the US market. 
The MSCI USA Small Cap Index is designed to measure the performance of the small cap segment of the US equity market. 
The MSCI USA IMI Index is designed to measure the equity market performance of large, mid, and small cap segments of the US market.