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0001965454 cik0001965454:C000242721Member cik0001965454:MSCIUSASmallCapIndexMember 2021-01-01 2025-12-31 0001965454 cik0001965454:C000242721Member cik0001965454:MSCIUSASmallCapIndexMember 2020-03-19 2025-12-31 0001965454 cik0001965454:C000242721Member cik0001965454:MSCIUSAIMIIndexMember 2025-01-01 2025-12-31 0001965454 cik0001965454:C000242721Member cik0001965454:MSCIUSAIMIIndexMember 2021-01-01 2025-12-31 0001965454 cik0001965454:C000242721Member cik0001965454:MSCIUSAIMIIndexMember 2020-03-19 2025-12-31 iso4217:USD pure false 485BPOS N-1A 0001965454 2026-08-28 GRANDEUR PEAK GLOBAL TRUST 2026-09-01 Grandeur Peak Emerging Markets Opportunities Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zATgWi230b0j"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zb77jDGXoDV6" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_49B_20260828__20260828__dei--LegalEntityAxis__custom--S000080366Member__oef--ClassAxis__custom--C000242719Member_z0vWkNIjURQ4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Investor Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_49F_20260828__20260828__dei--LegalEntityAxis__custom--S000080366Member__oef--ClassAxis__custom--C000242720Member_zdQUdksIlUx9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Shares</td></tr> <tr id="xdx_402_eoef--RedemptionFeeOverRedemption_iN_dpin_z24uX7f7GDjj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; width: 68%; text-align: left">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> -0.0200 -0.0200 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_z7fEH0oolfce"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zruruNJsAqGb" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 0pt; width: 68%"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_49D_20260828__20260828__dei--LegalEntityAxis__custom--S000080366Member__oef--ClassAxis__custom--C000242719Member_znl41w9pwaPg" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_493_20260828__20260828__dei--LegalEntityAxis__custom--S000080366Member__oef--ClassAxis__custom--C000242720Member_zgHKBmAM3cxa" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; text-indent: -0.125in; padding-left: 0.155in; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_z5n4qJe9FNXk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Management Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.35%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.35%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zrA97icaR3E1" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.25%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_ztS5nhAUgPal" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Other Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.50%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.50%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zXjpet7cJZj8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">2.10%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.85%</td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zPZ1PjnpR6I3" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Fee Waiver and Expense Reimbursement(1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.15)%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.15)%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_zkGdTIO9nuV2" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement(2)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.95%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.70%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0in"></td> <td style="width: 0.25in">(1)</td> <td style="text-align: justify">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 Reimbursement (excluding (i) any front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses,(iv)borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and (vi) extraordinary expenses such as litigation expenses (which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.95% and 1.70% 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”) shall continue at least through September 1, 2027. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees.</td></tr> <tr style="vertical-align: top"> <td></td> <td>(2)</td> <td style="text-align: justify">Restated to reflect current fees.</td></tr> </table> 0.0135 0.0135 0.0025 0.0000 0.0050 0.0050 0.0210 0.0185 -0.0015 -0.0015 0.0195 0.0170 September 1, 2027 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zS7dHuYOECL3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zDhIxCVETRQ" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_988_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080366Member_z5CQacW6eqmh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_489_eoef--ExpenseExampleYear01_zfmgqPOToepl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_484_eoef--ExpenseExampleYear03_zxpH2gRJ6Rxl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_489_eoef--ExpenseExampleYear05_zV2wJTt1rtZc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_487_eoef--ExpenseExampleYear10_zyc2JPpEKMYd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260828__20260828__dei--LegalEntityAxis__custom--S000080366Member__oef--ClassAxis__custom--C000242719Member_zevMSMelufm7" style="vertical-align: bottom"> <td style="padding-left: 0.155in; width: 36%; text-align: left; text-indent: -0.125in">Investor Shares</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$198</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$628</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$1,101</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$2,407</td></tr> <tr id="xdx_414_20260828__20260828__dei--LegalEntityAxis__custom--S000080366Member__oef--ClassAxis__custom--C000242720Member_zgXT8LuWbLQi" style="vertical-align: bottom"> <td style="padding-left: 0.155in; text-align: left; text-indent: -0.125in">Institutional Shares</td> <td> </td> <td style="text-align: center">$173</td> <td style="text-align: center"> </td> <td style="text-align: center">$552</td> <td style="text-align: center"> </td> <td style="text-align: center">$972</td> <td style="text-align: center"> </td> <td style="text-align: center">$2,144</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 198 628 1101 2407 173 552 972 2144 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. During the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 30% of the average value of its portfolio. 0.30 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus The Fund invests primarily in micro- to mid-cap companies (as further described below) that are economically tied to emerging or frontier markets. Under normal market conditions, the Adviser invests at least 80% of the Fund’s assets in equity securities of companies economically tied to emerging or frontier markets. The Fund also typically invests in securities issued by companies economically tied to each of at least three emerging or frontier markets. The Fund invests the Fund’s assets primarily in 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 $1.5 billion (up to 90% at the time of purchase under normal market conditions). The Fund may also invest a portion of its total assets (up to 50% 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 the Adviser’s investment criteria. 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 company’s 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. Emerging and frontier markets include all countries excluded from the MSCI World Index of developed countries. 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 growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company’s 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 company’s 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 Adviser’s assessment of any single criterion. The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies with limited or no earnings history and in Initial Public Offerings (IPOs). The Adviser invests in what it believes to be the best 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 growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. The Fund is subject to the following principal investment risks: <div style="display: none"></div> As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. <div style="display: none"></div> Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. <div style="display: none"></div> Micro-Cap Company Stock Risk. The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies. <div style="display: none"></div> Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument. <div style="display: none"></div> Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. <div style="display: none"></div> Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. <div style="display: none"></div> Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. Taiwan. Taiwan is a small island state with few raw material resources and limited land area and is reliant on imports for its commodity needs. Any fluctuations or shortages in the commodity markets could have a negative impact on the Taiwanese economy. Also, continued labor outsourcing may adversely affect the Taiwanese economy. Taiwan’s economy is intricately linked with economies of Asian countries that have experienced over-extensions of credit, frequent and pronounced currency fluctuations, currency devaluations, currency repatriation, rising unemployment and fluctuations in inflation. Taiwan’s geographic proximity to China and Taiwan’s history of political contention with China have resulted in ongoing tensions with China, including the risk of war with China. <div style="display: none"></div> Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. <div style="display: none"></div> Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. <div style="display: none"></div> Regulatory Risk. Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. <div style="display: none"></div> Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. <div style="display: none"></div> Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services. <div style="display: none"></div> Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. <div style="display: none"></div> Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. <div style="display: none"></div> Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. Mid-Cap Company Stock Risk. Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> <div style="display: none"></div> Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments, at unfavorable times or prices in order to satisfy its obligations. <div style="display: none"></div> Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <div style="display: none"></div> Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies. <div style="display: none"></div> <div style="display: none"></div> Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. <div style="display: none"></div> Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. <div style="display: none"></div> Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. <div style="display: none"></div> ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. <div style="display: none"></div> Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. A Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. <div style="display: none"></div> Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund. The bar chart below depicts the change in the performance of the Fund’s Institutional Shares for each of the last 10 calendar years. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325) Annual Total Returns (years ended 12/31) <img alt="" src="pro_001.jpg" style="height: 240px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zegCj0hJLBva" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_985_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000242720Member_z7JjFFTiNqE6" style="display: none; text-align: center; width: 50%">6.89%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_980_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000242720Member_zJVrSW5lMZb6" style="display: none; text-align: center">28.33%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000242720Member_ziJDd3vFLNFh" style="display: none; text-align: center">-20.48%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_980_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000242720Member_zuLcwqJHVd0a" style="display: none; text-align: center">23.62%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000242720Member_zjESnN94Knqb" style="display: none; text-align: center">31.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000242720Member_zbSVOG3yySGd" style="display: none; text-align: center">8.99%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242720Member_zSQc7bcagiBc" style="display: none; text-align: center">-24.50%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242720Member_zkjORAw88e2a" style="display: none; text-align: center">12.23%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242720Member_zvG3OF9Lu3B9" style="display: none; text-align: center">-8.62%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242720Member_z9qwIQf7scT1" style="display: none; text-align: center">9.08%</td></tr> </table> <div></div> 0.0689 0.2833 -0.2048 0.2362 0.3103 0.0899 -0.2450 0.1223 -0.0862 0.0908 <div id="xdx_A82_eoef--BarChartClosingTextBlock_zXOoU9cBLdSb"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; vertical-align: top; text-align: left; vertical-align: top; width: 70%">Best Quarter – June 30, 2020</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; vertical-align: bottom; width: 30%; text-align: right; vertical-align: bottom">29.37%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Worst Quarter – March 31, 2020</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">-23.00%</td> </tr> </table> As of June 30, 2026, the year-to-date return on the Fund’s Institutional Class shares was 19.70%. Best Quarter 2020-06-30 0.2937 Worst Quarter 2020-03-31 -0.2300 2026-06-30 year-to-date return 0.1970 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A85_eoef--PerformanceTableTextBlock_zQbC98GtBoz1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zH1b9WSUqdj4" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_490_20250101__20251231_zHNdpgklzutc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_492_20210101__20251231_zkAnIkiCP8m3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_495_20160101__20251231_zExPH9sDh4bi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left">Institutional Class</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242720Member_zqMFeEwRatFk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; width: 52%; text-align: left">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">9.08%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">-1.64%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">4.99%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242720Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zRfIJUSTjBK9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">5.18%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-2.94%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">4.23%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242720Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z38vjc51xBFd" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">10.66%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-0.73%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">4.27%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left; width: 52%">Investor Class</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 15%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 15%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 15%"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242719Member_zhpqCa4neli4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.88%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-1.87%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">4.74%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)*</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242719Member__oef--PerformanceMeasureAxis__custom--MSCIEMSMIDCapIndexMember_zFwYhlGnv1ei" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left">MSCI EM SMID Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">24.86%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.30%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.91%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242719Member__oef--PerformanceMeasureAxis__custom--MSCIEMIMIIndexMember_zriyZrJUH443" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left">MSCI EM IMI Index (Net)**</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">31.38%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">4.66%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.37%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify"> The MSCI EM IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI EM SMID Cap Index better represents the Fund’s investment strategy.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F03_zH2hMzQivZs" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F19_zzaKeQ61pLW7" style="text-align: justify"> Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td> </tr> </table> Return Before Taxes 0.0908 -0.0164 0.0499 0.0518 -0.0294 0.0423 0.1066 -0.0073 0.0427 Return Before Taxes 0.0888 -0.0187 0.0474 reflects no deduction for fees, expenses or taxes 0.2486 0.0730 0.0791 0.3138 0.0466 0.0837 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. Grandeur Peak Global Contrarian Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zpLwMEnTSiXc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zFW7JoSqHXQe" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; vertical-align: bottom; font-weight: normal; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_495_20260828__20260828__dei--LegalEntityAxis__custom--S000080368Member__oef--ClassAxis__custom--C000242722Member_zY3JEIur846j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Shares</td></tr> <tr id="xdx_406_eoef--RedemptionFeeOverRedemption_iN_dpin_zfSNQUfzVKx" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 84%; text-align: left; padding-bottom: 1pt">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> -0.0200 <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_z2krunbr9Jwi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zP06fZUmcOS8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 0pt; width: 84%"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_498_20260828__20260828__dei--LegalEntityAxis__custom--S000080368Member__oef--ClassAxis__custom--C000242722Member_zmh4Qs7e71u2" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zi5QjyChfDF8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.00%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTwGpxD7G4Ak" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zIYoPpDDtwzg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.21%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zTRIbAq27cW6" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.21%</td></tr> </table> 0.0100 0.0000 0.0021 0.0121 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_ze8ksN2WzTBk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zYaVbDaI1Jml" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_98A_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080368Member_zC1PXWzrOoq7" style="border-bottom: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_zbUZzKualSnc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_489_eoef--ExpenseExampleYear03_zjQff4Rmejfi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_482_eoef--ExpenseExampleYear05_zY8aL2ZsHxFh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_482_eoef--ExpenseExampleYear10_zfDYW4MMZnq7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_416_20260828__20260828__dei--LegalEntityAxis__custom--S000080368Member__oef--ClassAxis__custom--C000242722Member_z9ye4xQwADt2" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 36%; text-align: left">Institutional Shares</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$123</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$384</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$665</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$1,466</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 123 384 665 1466 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 67% of the average value of its portfolio. 0.67 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus The Fund invests primarily in foreign and domestic small- and micro-cap companies. Under normal market conditions, Grandeur Peak Global Advisers, LLC (the “Adviser”) invests 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 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: <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">“Core Contrarian”—what the Adviser believes to be best-in-class growth companies, but which are part of a currently out-of-favor industry, sector, or geography.</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">“Fallen Angels”—high quality growth companies that the Adviser believes have hit a temporary setback relative to their long-term growth potential.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">“Undiscovered Gems”—smaller 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.</td> </tr> </table> 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 company’s 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 company’s 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 company’s 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 Adviser’s 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. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: <div style="display: none"></div> As a result, you may lose money if you invest in the Fund The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate- related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. <div style="display: none"></div> Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. <div style="display: none"></div> Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. <div style="display: none"></div> Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse, or in the event of a default on a debt instrument. <div style="display: none"></div> Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. <div style="display: none"></div> Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. <div style="display: none"></div> Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. <div style="display: none"></div> Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. <div style="display: none"></div> Regulatory Risk. Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. <div style="display: none"></div> Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. <div style="display: none"></div> Healthcare Sector Risk. Companies in the healthcare sector may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the governments and regulatory authorities. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some healthcare companies may be dependent on a relatively limited number of products, and their products can become obsolete due to sector innovation, changes in technologies or other market developments. <div style="display: none"></div> Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. <div style="display: none"></div> Micro-Cap Company Stock Risk. The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies. <div style="display: none"></div> Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Mid-Cap Company Stock Risk. Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments, at unfavorable times or prices in order to satisfy its obligations. <div style="display: none"></div> Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <div style="display: none"></div> Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies. <div style="display: none"></div> Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. <div style="display: none"></div> Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. <div style="display: none"></div> Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. <div style="display: none"></div> ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. <div style="display: none"></div> Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. <div style="display: none"></div> Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023, is that of the Predecessor Fund. The bar chart below depicts the change in the Predecessor Fund’s performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund’s average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325 Annual Total Returns (years ended 12/31) <img alt="" src="pro_002.jpg" style="height: 192px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zNOiyg6zkUO4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="text-align: center; display: none">Years</th> <th style="text-align: center; display: none">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none; width: 50%">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000242722Member_zdm9UZ1Cczoi" style="text-align: center; display: none; width: 50%">24.97%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000242722Member_zV4xJ5OySj52" style="text-align: center; display: none">19.98%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2022</td> <td id="xdx_981_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242722Member_zY8y6a34SI81" style="text-align: center; display: none">-14.61%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242722Member_zFgK5EnjBsx8" style="text-align: center; display: none">21.30%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242722Member_z0betGnWqn4a" style="text-align: center; display: none">14.93%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242722Member_zYMMMY9K3ub" style="text-align: center; display: none">20.03%</td></tr> </table> <div></div> 0.2497 0.1998 -0.1461 0.2130 0.1493 0.2003 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_zra66RvjcZ5i"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; vertical-align: top; text-align: left; vertical-align: top; width: 70%">Best Quarter – December 31, 2020</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; vertical-align: bottom; width: 30%; text-align: right; vertical-align: bottom">26.01%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Worst Quarter – March 31, 2020</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">-29.19%</td> </tr> </table> As of June 30, 2026, the year-to-date return of the Fund’s Institutional Class shares was 7.87%. Best Quarter 2020-12-31 0.2601 Worst Quarter 2020-03-31 -0.2919 2026-06-30 year-to-date return 0.0787 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_z9kiOcEp4Qh3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_znoDu9l3sZs7" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_494_20250101__20251231_zeJbSj3SdUtf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20210101__20251231_zrOq6iE61YD4" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_497_20190917__20251231_ze9UYjs8y3Pf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (September 17, 2019)</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left">Institutional Class</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242722Member_zFHmMltPQFB8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 52%; text-align: left">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">20.03%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 15%">11.38%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">14.54%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242722Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zH8ztPzyEXG8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">15.12%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">9.34%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">12.75%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242722Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zmxn9MNVChq8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">13.60%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.45%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">11.30%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)*</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242722Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexMember_zgc3toSZOFT2" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left">MSCI ACWI Small Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">19.72%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.29%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">9.66%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242722Member__oef--PerformanceMeasureAxis__custom--MSCIACWIIMIIndexNetMember_zP9Ifgc5wx33" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left">MSCI ACWI IMI Index (Net)**</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">22.05%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">10.75%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">12.44%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify"> The MSCI ACWI IMI Index is considered the primary index to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund’s investment strategy.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F01_zane5Hws4hq8" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F13_zUaOPIpxWYC" style="text-align: justify"> Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td> </tr> </table> 2019-09-17 Return Before Taxes 0.2003 0.1138 0.1454 0.1512 0.0934 0.1275 0.1360 0.0845 0.1130 reflects no deduction for fees, expenses or taxes 0.1972 0.0729 0.0966 0.2205 0.1075 0.1244 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. Grandeur Peak Global Explorer Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_znk9HJxEvlqa"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zl2dLbp16jr2" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_497_20260828__20260828__dei--LegalEntityAxis__custom--S000080369Member__oef--ClassAxis__custom--C000242723Member_zQ9rs0SFkOVe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Shares</td></tr> <tr id="xdx_402_eoef--RedemptionFeeOverRedemption_iN_dpin_z40qQMQz1mqf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; width: 84%; text-align: left">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> -0.0200 <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zxsikRs6KrFb"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zg1igPloFoRl" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 0pt; width: 84%"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_49E_20260828__20260828__dei--LegalEntityAxis__custom--S000080369Member__oef--ClassAxis__custom--C000242723Member_zqoOdtdXj7bi" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; text-indent: -0.125in; padding-left: 0.155in; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zL047wMk7mL1" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Management Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.80%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVme7ADN4Cd" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zURDEq25cDgl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Other Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.32%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zeLnQ80kBaq7" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">2.12%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zwCtTTfJ0oj4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Fee Waiver and Expense Reimbursement(1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(1.02)%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_zWGZ5cbxxaA3" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement(2)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.10%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"> Grandeur Peak Global Advisors, LLC (the “Adviser”), has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding (i) front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and extraordinary expenses such as litigation expenses(which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.10% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) is in effect through September 1, 2027. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">(2)</td> <td style="text-align: justify"> Restated to reflect current fees.</td></tr> </table> 0.0080 0.0000 0.0132 0.0212 -0.0102 0.0110 September 1, 2027 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8Kw79AP4hua"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zzEHklKM4Uv4" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_98E_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080369Member_z9XJ5UmB7sm7" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear01_zdldhGH28vgf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_485_eoef--ExpenseExampleYear03_z2CzArdNWS0g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_480_eoef--ExpenseExampleYear05_zCTNXSbMo1Sd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zsPptA37dxEc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_419_20260828__20260828__dei--LegalEntityAxis__custom--S000080369Member__oef--ClassAxis__custom--C000242723Member_zBdCGvw7WNM9" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 36%; text-align: left">Institutional Shares</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$112</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$461</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$945</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$2,284</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 112 461 945 2284 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 153% of the average value of its portfolio. 1.53 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus The Fund invests primarily in foreign and domestic companies. Under normal market conditions, the Adviser invests the Fund’s assets primarily in equity securities (including common stock, preferred stock, and securities convertible into common stock) of companies with market capitalization of more than $1.5 billion at the time of purchase. 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 countries outside the United States, which includes emerging and frontier market economies. 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 company’s 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. 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 growth companies that it believes to be among the “best-in-class” in their global peer group. This fundamental analysis generally includes a comparative study of the company and its peers, including the company’s 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 company’s 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 Adviser’s assessment of any single criterion. The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback (for example, announced an unexpected expense or delayed contract, missed sales targets for the quarter, or experienced an unplanned management change, etc.), and therefore have a particularly appealing valuation relative to their long-term growth potential. The Fund may also 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. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. Regulatory Risk. Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument. Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services. Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. Mid-Cap Company Stock Risk. Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations. Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies. <div style="display: none"></div> Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. Portfolio Turnover Risk. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023, is that of the Predecessor Fund. The bar chart below depicts the change in the Predecessor Fund’s performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund’s average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325) Annual Total Returns (years ended 12/31) <img alt="" src="pro_003.jpg" style="height: 190px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zUw3yuoYBCl7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242723Member_zVrOwNnsYC6d" style="display: none; text-align: center; width: 50%">-30.32%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242723Member_zb6L0z38ecih" style="display: none; text-align: center">14.93%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242723Member_zQBRsKFEOd1g" style="display: none; text-align: center">-0.85%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242723Member_za8m0MEk1FTe" style="display: none; text-align: center">10.66%</td></tr> </table> <div></div> -0.3032 0.1493 -0.0085 0.1066 <div id="xdx_A81_eoef--BarChartClosingTextBlock_z3DpIRiWaYAa"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; vertical-align: top; text-align: left; vertical-align: top; width: 70%">Best Quarter – June 30, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; vertical-align: bottom; width: 30%; text-align: right; vertical-align: bottom">14.25%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Worst Quarter – June 30, 2022</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">-19.50%</td> </tr> </table> As of June 30, 2026, the year-to-date return of the Fund’s Institutional Class shares was 18.31%. Best Quarter 2025-06-30 0.1425 Worst Quarter 2022-06-30 -0.1950 2026-06-30 year-to-date return 0.1831 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A83_eoef--PerformanceTableTextBlock_z0mI2GcLbgSe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zeXHDyhBnfIg" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_491_20250101__20251231_zmsSvYwWBKSg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_49C_20211216__20251231_zEaY6E2ncmP8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (December 16, 2021)</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left">Institutional Class*</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; width: 68%; text-align: left">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000242723Member_fKg_____zQM9owTr1BS2" style="border-bottom: Black 1pt solid; width: 15%; text-align: center" title="Return Before Taxes">10.66%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20211216__20251231__oef--ClassAxis__custom--C000242723Member_fKg_____z93IHS0LqX3i" style="border-bottom: Black 1pt solid; width: 15%; text-align: center" title="Return Before Taxes">-2.60%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKg_____zlY4IcnG2hsh" style="border-bottom: Black 1pt solid; text-align: center" title="Return After Taxes on Distributions">10.63%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20211216__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKg_____zhYCQUXPy45g" style="border-bottom: Black 1pt solid; text-align: center" title="Return After Taxes on Distributions">-2.69%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKg_____zqCYCpKbp9e4" style="border-bottom: Black 1pt solid; text-align: center" title="Return After Taxes on Distributions and Sale of Fund Shares">6.63%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20211216__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKg_____zTTEkpRQvynk" style="border-bottom: Black 1pt solid; text-align: center" title="Return After Taxes on Distributions and Sale of Fund Shares">-1.91%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)**</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left">MSCI ACWI Mid Cap Index (Net)***</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__custom--MSCIACWIMidCapIndexNetMember_fKCopKCoqKik___zCusTKdZn7pd" style="border-bottom: Black 1pt solid; text-align: center" title="MSCI ACWI Mid Cap Index (Net)***">18.92%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20211216__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__custom--MSCIACWIMidCapIndexNetMember_fKCopKCoqKik___z9dTs0CXmtz2" style="border-bottom: Black 1pt solid; text-align: center" title="MSCI ACWI Mid Cap Index (Net)***">5.72%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left">MSCI ACWI Small-Cap Index (Net)***</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexNetMember_fKCopKCoqKik___z74QbXm9v7Il" style="border-bottom: Black 1pt solid; text-align: center" title="MSCI ACWI Small-Cap Index (Net)***">19.72%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20211216__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexNetMember_fKCopKCoqKik___zYiEHMpuelDk" style="border-bottom: Black 1pt solid; text-align: center" title="MSCI ACWI Small-Cap Index (Net)***">6.06%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left">MSCI ACWI IMI Index (Net)***</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__custom--MSCIACWIIMIIndexNetMember_fKCopKCoqKik___z1s7KiNXsqEj" style="border-bottom: Black 1pt solid; text-align: center" title="MSCI ACWI IMI Index (Net)***">22.05%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20211216__20251231__oef--ClassAxis__custom--C000242723Member__oef--PerformanceMeasureAxis__custom--MSCIACWIIMIIndexNetMember_fKCopKCoqKik___z5S9YpEIRxxh" style="border-bottom: Black 1pt solid; text-align: center" title="MSCI ACWI IMI Index (Net)***">9.43%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td></td><td id="xdx_F0B_zp4bFONALadb" style="text-align: left">*</td> <td id="xdx_F16_zW9PPdaTRGdk" style="text-align: justify"> As of September 1, 2025, the Fund invests primarily in equity securities of companies with market capitalization of more than $1.5 billion at the time of purchase. Prior to September 1, 2025, the Fund invested primarily in equity securities of companies with market capitalization of less than $5 billion at the time of purchase.</td></tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F0E_zhIkmg3n7932" style="width: 0.3in; text-align: left">**</td> <td id="xdx_F13_z3xh5rQJJfYa" style="text-align: justify"> The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund’s investment strategy.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td id="xdx_F0C_z0Udo6UziOk8" style="text-align: left">***</td> <td id="xdx_F16_zDynCa9SltV3" style="text-align: justify">Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td></tr> </table> 2021-12-16 Return Before Taxes 0.1066 -0.0260 0.1063 -0.0269 0.0663 -0.0191 reflects no deduction for fees, expenses or taxes 0.1892 0.0572 0.1972 0.0606 0.2205 0.0943 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. Grandeur Peak Global Micro Cap Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zLXPXkBNN4c8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zwFoWX4JWpU9" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 84%">Shareholder Fees (fees paid directly from your investment)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 1%"> </td> <td id="xdx_49A_20260828__20260828__dei--LegalEntityAxis__custom--S000080370Member__oef--ClassAxis__custom--C000242724Member_zMn6qT8iSfE9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; width: 15%">Institutional Shares</td> </tr> <tr id="xdx_402_eoef--RedemptionFeeOverRedemption_iN_dpin_ztAGO6LTycMi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2.00%</td> </tr> </table> -0.0200 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z5pCuPmDsj0f"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zEyjSKLOnmJ8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top; padding-bottom: 0pt; width: 84%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: left; vertical-align: top; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_498_20260828__20260828__dei--LegalEntityAxis__custom--S000080370Member__oef--ClassAxis__custom--C000242724Member_zusfIig6WT8c" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: center; vertical-align: bottom; padding-bottom: 0pt; width: 15%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: bottom">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> </tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_ztRSKGt9gYsi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Management Fees</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">1.50%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZZxQUUmMg6i" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.00%</td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zx2B4AWH4fo4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Other Expenses</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.50%</td> </tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dpn_zDmbbGueImsk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2.00%</td> </tr> </table> 0.0150 0.0000 0.0050 0.0200 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdp1AOLJpKA6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_z9z37yzjHDWi" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_986_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080370Member_z6w75Zxhudmd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_481_eoef--ExpenseExampleYear01_zU7UcPeDRw02" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zMiuaLEj34k6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_481_eoef--ExpenseExampleYear05_znKOOBihbgci" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zJp9fnRDVXei" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_415_20260828__20260828__dei--LegalEntityAxis__custom--S000080370Member__oef--ClassAxis__custom--C000242724Member_zwyzYoASeqp7" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.155in; width: 36%; text-align: left">Institutional Shares</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$203</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$627</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$1,078</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$2,327</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 203 627 1078 2327 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 51% of the average value of its portfolio. 0.51 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus The Fund invests primarily in foreign and domestic micro-cap companies. Under normal market conditions, the Adviser invests at least 80% of the Fund’s assets in equity securities of foreign and domestic companies with market capitalizations of less than $1.5 billion at the time of purchase. The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) in securities issued by companies that are economically tied to 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 company’s 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 in securities issued by companies economically tied to emerging and frontier market countries. 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 growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company’s 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 company’s 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 Adviser’s assessment of any single criterion. The Fund may invest in early-stage companies and Initial Public Offerings (IPOs). The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. The Adviser invests in what it believes to be the best 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 growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. Micro-Cap Company Stock Risk. The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies. Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument. Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. Japan. The Fund’s performance may be influenced by political, social and economic factors affecting Japan. From the late 1990’s, Japan’s economic growth rate has remained relatively low compared to that of its Asian neighbors and other major developed economies. The economy is characterized by an aging demographic, a declining population, a large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, deregulation and consistent government policy. The Japanese economy is more dependent on international trade than the United States, and may be adversely affected by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. Japan has a growing economic relationship with China and other Southeast Asian countries, and economic, political or social instability in those countries, whether resulting from country, regional or global events, could have an adverse effect on Japan’s economy. The Japanese yen has fluctuated widely at times, and any material increase in its value may cause a decline in exports that could weaken the Japanese economy. Some of these factors, as well as other adverse political developments, increases in government debt, changes to fiscal, monetary or trade policies, and natural disasters, may affect Japanese markets and the Fund’s performance. Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. Regulatory Risk. Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Healthcare Sector Risk. Companies in the healthcare sector may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the governments and regulatory authorities. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some healthcare companies may be dependent on a relatively limited number of products, and their products can become obsolete due to sector innovation, changes in technologies or other market developments. Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations. Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investment in the Fund more volatile and potentially less liquid than other types of investments. Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund. The bar chart below depicts the change in the Predecessor Fund’s performance for each of the last 10 years. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund’s average annual returns for the periods indicated to a broad-based securities market index and two supplemental indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325 Annual Total Returns (years ended 12/31) <img alt="" src="pro_004.jpg" style="height: 195px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_ztYs6Pro8746" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_985_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000242724Member_zY6siyI9RKRl" style="display: none; text-align: center; width: 50%">9.76%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000242724Member_zCBeZ41r3bX" style="display: none; text-align: center">31.48%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000242724Member_z7Zw8PqxbfE" style="display: none; text-align: center">-17.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000242724Member_ziKdeK4nmnga" style="display: none; text-align: center">23.78%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000242724Member_zhzHQ7LjHq6h" style="display: none; text-align: center">52.85%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000242724Member_zhoSAfG1p395" style="display: none; text-align: center">17.19%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242724Member_zU2MiOfoIWcl" style="display: none; text-align: center">-31.66%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242724Member_zFgUfF31ZINc" style="display: none; text-align: center">12.46%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242724Member_zWPVo7b9IHT4" style="display: none; text-align: center">3.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242724Member_zBgGWODNBuH6" style="display: none; text-align: center">13.24%</td></tr> </table> <div></div> 0.0976 0.3148 -0.1777 0.2378 0.5285 0.1719 -0.3166 0.1246 0.0322 0.1324 <div id="xdx_A82_eoef--BarChartClosingTextBlock_z9AmNBvw6RKd"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: left; vertical-align: top">Best Quarter – June 30, 2020</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: right; vertical-align: bottom">37.61%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 70%">Worst Quarter – March 31, 2020</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; width: 30%">-25.08%</td> </tr> </table> As of June 30, 2026, the year-to-date return of the Fund’s Institutional Class shares was 0.58%. Best Quarter 2020-06-30 0.3761 Worst Quarter 2020-03-31 -0.2508 2026-06-30 year-to-date return 0.0058 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8B_eoef--PerformanceTableTextBlock_ztDmml888hT5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zs73dNX4n6Wl" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.155in; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td id="xdx_49E_20250101__20251231_zfKNMCH0HEQ4" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td id="xdx_49D_20210101__20251231_zZjiDiljPnp4" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td id="xdx_49F_20160101__20251231_zWRuSP7mN0l9" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">10 Years</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left">Institutional Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242724Member_zebDTKTEgkH7" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 52%; text-align: left">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">13.24%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">1.03%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">8.98%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242724Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zXPzgBkvmQN1" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">12.34%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.23%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.92%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242724Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zi8tV943UJqd" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.44%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.88%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.24%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)*</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242724Member__oef--PerformanceMeasureAxis__custom--MSCIWorldMicroCapIndexNetMember_zyAyiaiWOHV9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">MSCI World Micro Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">30.79%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">5.84%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.73%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242724Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexNetMember_zG6aL7lVAyw9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left">MSCI ACWI Small-Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">19.72%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.29%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">9.32%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242724Member__oef--PerformanceMeasureAxis__custom--MSCIACWIIMIIndexNetMember_zR2XkXM3R341" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left">MSCI ACWI IMI Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">22.05%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">10.75%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">11.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td></td><td id="xdx_F02_z0YQgn61rga5" style="text-align: left">*</td> <td id="xdx_F12_ztUGdwZgLkzk" style="text-align: justify"> The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI World Micro Cap Index better represents the Fund’s investment strategy.</td></tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F03_zzPiuYaOKlH2" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F1F_zNp8q2EJhxab" style="text-align: justify"> Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td> </tr> </table> Return Before Taxes 0.1324 0.0103 0.0898 0.1234 0.0023 0.0792 0.0844 0.0088 0.0724 reflects no deduction for fees, expenses or taxes 0.3079 0.0584 0.0873 0.1972 0.0729 0.0932 0.2205 0.1075 0.1145 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. Grandeur Peak Global Opportunities Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zeD4vlQnU5wg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zWS4fUTzh3H4" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; vertical-align: bottom; font-weight: normal; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_49C_20260828__20260828__dei--LegalEntityAxis__custom--S000080371Member__oef--ClassAxis__custom--C000242726Member_z3rlt3NXAwBb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Investor Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_498_20260828__20260828__dei--LegalEntityAxis__custom--S000080371Member__oef--ClassAxis__custom--C000242725Member_zXqR50P9tXo7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Shares</td></tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_iN_dpin_zmZA2m5fXU12" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 68%; text-align: left; padding-bottom: 1pt">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> -0.0200 -0.0200 <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_z2l91ahHyb3l"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zx4RzWFS2kX3" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 0pt; width: 68%"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_499_20260828__20260828__dei--LegalEntityAxis__custom--S000080371Member__oef--ClassAxis__custom--C000242726Member_zOyTY98ubPsa" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_491_20260828__20260828__dei--LegalEntityAxis__custom--S000080371Member__oef--ClassAxis__custom--C000242725Member_z5ynW412QVc9" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.155in; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zkhblU2BIMCb" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.25%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.25%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zkgXVSXhInge" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.25%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zQ87PsHku9cf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.15%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z8CQgOtYAqYg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses(1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.65%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.40%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"> Restated to reflect current fees.</td> </tr> </table> 0.0125 0.0125 0.0025 0.0000 0.0015 0.0015 0.0165 0.0140 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zI8ZY1aW42R"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_z8EiMl79eknl" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_98F_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080371Member_zWjwHi0oPHnd" style="border-bottom: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zcsp6HKk1j8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zIdmuzFeo4G8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_481_eoef--ExpenseExampleYear05_zveMXl5t7YN5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zgDj2qLJ0HB4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_418_20260828__20260828__dei--LegalEntityAxis__custom--S000080371Member__oef--ClassAxis__custom--C000242726Member_zshPK4mZJrOh" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 36%; text-align: left">Investor Shares</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$168</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$520</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$897</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$1,955</td></tr> <tr id="xdx_413_20260828__20260828__dei--LegalEntityAxis__custom--S000080371Member__oef--ClassAxis__custom--C000242725Member_zIOv3igdaAOi" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Institutional Shares</td> <td style="text-align: center"> </td> <td style="text-align: center">$143</td> <td style="text-align: center"> </td> <td style="text-align: center">$443</td> <td style="text-align: center"> </td> <td style="text-align: center">$766</td> <td style="text-align: center"> </td> <td style="text-align: center">$1,680</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 168 520 897 1955 143 443 766 1680 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 60% of the average value of its portfolio. 0.60 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus The Fund invests primarily in foreign and domestic small- and micro-cap companies. Under normal market conditions, the Adviser invests 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 typically invests in securities issued by companies economically tied to at least three countries, including the United States. 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 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 company’s 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 economically tied to emerging and frontier market countries. 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 growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company’s 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 company’s 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 Adviser’s assessment of any single criterion. The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs). The Adviser invests in what it believes to be the best 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 growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument. Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. Regulatory Risk. Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services. Healthcare Sector Risk. Companies in the healthcare sector may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the governments and regulatory authorities. Further, these companies are dependent on patent protection, and the expiration of patents may adversely affect the profitability of the companies. Additionally, the profitability of some healthcare companies may be dependent on a relatively limited number of products, and their products can become obsolete due to sector innovation, changes in technologies or other market developments. Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. Micro-Cap Company Stock Risk. The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies. Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. Mid-Cap Company Stock Risk. Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations. Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies. <div style="display: none"></div> Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund. The bar chart below depicts the change in the performance of the Predecessor Fund’s Institutional Class shares for each of the last 10 calendar years. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund’s average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325) Annual Total Returns (years ended 12/31) <img alt="" src="pro_005.jpg" style="height: 216px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zWgCXwOxc9N7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_987_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000242725Member_zcxoqq8TUzM5" style="display: none; text-align: center; width: 50%">6.96%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000242725Member_zZ1CbOA1Gs5l" style="display: none; text-align: center">32.95%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_988_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000242725Member_znKHVDRc3Ypb" style="display: none; text-align: center">-18.07%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_987_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000242725Member_z7VSv2Q6zbi3" style="display: none; text-align: center">31.49%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000242725Member_zdmidk93gpq7" style="display: none; text-align: center">45.19%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_985_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000242725Member_zkZcLjbMMGik" style="display: none; text-align: center">21.86%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242725Member_z9vWj0gToK0f" style="display: none; text-align: center">-33.28%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242725Member_zaDR58fcq1kl" style="display: none; text-align: center">16.44%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242725Member_z2xfePEyqAsb" style="display: none; text-align: center">-10.05%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242725Member_zskukGHqWrWk" style="display: none; text-align: center">8.95%</td></tr> </table> <div></div> 0.0696 0.3295 -0.1807 0.3149 0.4519 0.2186 -0.3328 0.1644 -0.1005 0.0895 <div id="xdx_A88_eoef--BarChartClosingTextBlock_zAPez9iZekgj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3pt; width: 70%; text-align: left">Best Quarter – June 30, 2020</td> <td style="padding-bottom: 3pt; width: 30%; text-align: right">37.50%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Worst Quarter – March 31, 2020</td> <td style="text-align: right">-24.12%</td></tr> </table> As of June 30, 2026, the year-to-date return of the Fund’s Institutional Class shares was 11.65% Best Quarter 2020-06-30 0.3750 Worst Quarter 2020-03-31 -0.2412 2026-06-30 year-to-date 0.1165 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A87_eoef--PerformanceTableTextBlock_zYMqEwW4xFP2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zdNZzhGfB7G3" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_498_20250101__20251231_zX1D9SFoPKu6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_497_20210101__20251231_z3ixX8wZMew2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_49C_20160101__20251231_zfNR4E1OEWff" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left">Institutional Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242725Member_zBwYC7RrvLIf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 52%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">8.95%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">-1.49%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">7.51%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242725Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zjJ0Ii2ZYlDj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.77%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-2.65%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.15%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242725Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zuVvwuZLnI32" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.33%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-0.92%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.07%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Investor Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242726Member_zPmFdNHJG2e8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.57%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-1.72%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.23%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)*</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242726Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexNetMember_zA5z1EZY5vc8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left; padding-bottom: 1pt">MSCI ACWI Small Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000080371Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexMember_zv10diXhYgkl" style="border-bottom: Black 1pt solid; text-align: center">19.72%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__dei--LegalEntityAxis__custom--S000080371Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexMember_zH45QlX023Jb" style="border-bottom: Black 1pt solid; text-align: center">7.29%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__dei--LegalEntityAxis__custom--S000080371Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexMember_zWcw0pxhKQsi" style="border-bottom: Black 1pt solid; text-align: center">9.32%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242726Member__oef--PerformanceMeasureAxis__custom--MSCIACWIIMIIndexNetMember_zWYGrpzxFsE5" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left; padding-bottom: 1pt">MSCI ACWI IMI Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">22.05%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">10.75%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">11.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td></td><td id="xdx_F07_zMSZ9LSjY1B2" style="text-align: left">*</td> <td id="xdx_F14_zb15UfukD0O8" style="text-align: justify"> The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund’s investment strategy.</td></tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F0C_zQHcIIwxBltd" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F1B_zkUhYl12BUU5" style="text-align: justify"> Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td> </tr> </table> Return Before Taxes 0.0895 -0.0149 0.0751 0.0777 -0.0265 0.0615 0.0633 -0.0092 0.0607 Return Before Taxes 0.0857 -0.0172 0.0723 reflects no deduction for fees, expenses or taxes 0.1972 0.1972 0.0729 0.0729 0.0932 0.0932 0.2205 0.1075 0.1145 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are only shown for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. Grandeur Peak Global Reach Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zCkiNqWM2Cj3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zmGOpWwZ4x7b" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; vertical-align: bottom; font-weight: normal; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_49D_20260828__20260828__dei--LegalEntityAxis__custom--S000080372Member__oef--ClassAxis__custom--C000242728Member_zrLBg2oemzIg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Investor Shares</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_497_20260828__20260828__dei--LegalEntityAxis__custom--S000080372Member__oef--ClassAxis__custom--C000242727Member_zdLMXkcj0Suh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Shares</td></tr> <tr id="xdx_404_eoef--RedemptionFeeOverRedemption_iN_dpin_zbFTww5MilU4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 68%; text-align: left; padding-bottom: 1pt">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> -0.0200 -0.0200 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zQPZBIi5pI5h"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_z9o6KIl5XqYk" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 0pt; width: 68%"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_497_20260828__20260828__dei--LegalEntityAxis__custom--S000080372Member__oef--ClassAxis__custom--C000242728Member_z76cIQWnurPj" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_49F_20260828__20260828__dei--LegalEntityAxis__custom--S000080372Member__oef--ClassAxis__custom--C000242727Member_zVhWUkZazgh9" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.155in; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_z1ChwnUYu2Hc" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.10%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.10%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOG5fQ8fAcF4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.25%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zho8d9YWCf2d" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.39%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.39%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zKLaptqKvgv8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.74%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.49%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_zRAa8uf4JLNi" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Fee Waiver and Expense Reimbursement(1)</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.24)%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.24)%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_z3AABuFiI7g7" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement(2)</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.50%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.25%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: top; text-align: left"> <td style="width: 0.25in">(1)</td> <td> 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 Reimbursement (excluding (i) any front-end or contingent deferred loads,(2) brokerage fees and commissions, (iii) acquired fund fees and expenses,(iv) borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and (vi) extraordinary expenses such as litigation expenses(which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.50% and 1.25% 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”) shall continue at least through September 1, 2027. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees. </td></tr> <tr style="vertical-align: top; text-align: left"> <td>(2)</td> <td>Restated to reflect current fees.</td></tr> </table> 0.0110 0.0110 0.0025 0.0000 0.0039 0.0039 0.0174 0.0149 -0.0024 -0.0024 0.0150 0.0125 September 1, 2027 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zh6MoPwDbQSa"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_z2A070MXOUx3" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_984_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080372Member_zf7UrghMvj3f" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zWINw76RT8m8" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_482_eoef--ExpenseExampleYear03_zoXYfYfvI14" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_482_eoef--ExpenseExampleYear05_z0W1hkc5DKH8" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zVpB65jAbC1j" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41A_20260828__20260828__dei--LegalEntityAxis__custom--S000080372Member__oef--ClassAxis__custom--C000242728Member_zVfKAO99sIw2" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 36%; text-align: left">Investor Class</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$153</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$500</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$898</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$2,011</td></tr> <tr id="xdx_413_20260828__20260828__dei--LegalEntityAxis__custom--S000080372Member__oef--ClassAxis__custom--C000242727Member_z4r5RJCOILQe" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Institutional Class</td> <td> </td> <td style="text-align: center">$127</td> <td> </td> <td style="text-align: center">$423</td> <td> </td> <td style="text-align: center">$766</td> <td> </td> <td style="text-align: center">$1,737</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 153 500 898 2011 127 423 766 1737 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 65% of the average value of its portfolio. 0.65 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus The Fund invests primarily in foreign and domestic small- and micro-cap companies. Under normal market conditions, the Adviser invests 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 typically invests in securities issued by companies economically tied to at least ten countries, including the United States. 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 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 company’s 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 economically tied to emerging and frontier market countries. 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 growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company’s 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 company’s 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 Adviser’s assessment of any single criterion. The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs). The Adviser invests in what it believes to be the best 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 growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument. Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. Regulatory Risk. Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services. Micro-Cap Company Stock Risk. The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies. Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. Mid-Cap Company Stock Risk. Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations. Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund. The bar chart below depicts the change in the performance of the Predecessor Fund’s Institutional Class shares for each of the last 10 years. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund’s average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325) Annual Total Returns (years ended 12/31) <img alt="" src="pro_006.jpg" style="height: 191px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z2iHdLdOFkEg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_987_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000242727Member_zJtrTei4VMZ9" style="display: none; text-align: center; width: 50%">7.81%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_986_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000242727Member_z6Nh28kDQtle" style="display: none; text-align: center">30.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000242727Member_zsjSaEACTtYe" style="display: none; text-align: center">-15.63%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000242727Member_zzff5lQTuJxe" style="display: none; text-align: center">29.62%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000242727Member_zaKd6tBLXVQ4" style="display: none; text-align: center">41.51%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000242727Member_zRbMvBjNGFJ8" style="display: none; text-align: center">20.07%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242727Member_zw52QAr3UDqd" style="display: none; text-align: center">-34.37%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242727Member_zCcC7cg3nMh4" style="display: none; text-align: center">15.10%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242727Member_z5nsZTGzsS53" style="display: none; text-align: center">-0.65%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242727Member_zQkhF0LrM9C3" style="display: none; text-align: center">9.10%</td></tr> </table> <div></div> 0.0781 0.3077 -0.1563 0.2962 0.4151 0.2007 -0.3437 0.1510 -0.0065 0.0910 <div id="xdx_A89_eoef--BarChartClosingTextBlock_z9qppn2YXRzg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3pt; width: 70%; text-align: left">Best Quarter – June 30, 2020</td> <td style="padding-bottom: 3pt; width: 30%; text-align: right">34.12%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Worst Quarter – March 31, 2020</td> <td style="text-align: right">-23.63%</td></tr> </table> As of June 30, 2026, the year-to-date return of the Fund’s Institutional Class shares was 7.66%. Best Quarter 2020-06-30 0.3412 Worst Quarter 2020-03-31 -0.2363 2026-06-30 year-to-date return 0.0766 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A84_eoef--PerformanceTableTextBlock_zRJx3hM3PE0k"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zgY35cUkGsed" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; font-style: italic; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_498_20250101__20251231_zn4TfqKsajxa" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_49A_20210101__20251231_ztJW7xohyAVd" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_498_20160101__20251231_ziVfNpZt83Ah" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">10 Years</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; vertical-align: top; font-weight: bold; font-style: italic; text-align: left">Institutional Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242727Member_zUa6pcSsPolb" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; vertical-align: top; width: 52%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">9.10%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">-0.34%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">7.93%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242727Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z5ke6j2SCTJ4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">4.83%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-2.03%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.44%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242727Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z9RtltLsYwGf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.47%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-0.14%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.41%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; vertical-align: top; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Investor Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242728Member_zixFVCl1ySOk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.80%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-0.58%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.67%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; vertical-align: top; text-align: left; padding-bottom: 1pt">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)*</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242728Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexMember_znlJjtR7yM5e" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; vertical-align: top; text-align: left; padding-bottom: 1pt">MSCI ACWI Small Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">19.72%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.29%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">9.32%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242728Member__oef--PerformanceMeasureAxis__custom--MSCIACWIIMIIndexMember_zDakaVAH4P7i" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; vertical-align: top; text-align: left; padding-bottom: 1pt">MSCI ACWI IMI Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">22.05%</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">10.75%</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">11.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F08_zV02pnLc6ftg" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F15_z3eP09Kmmgr2" style="text-align: justify"> The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund’s investment strategy.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F00_zvJp150frs7l" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F1A_zBSxit3kKcNf" style="text-align: justify"> Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td> </tr> </table> Return Before Taxes 0.0910 -0.0034 0.0793 0.0483 -0.0203 0.0644 0.0847 -0.0014 0.0641 Return Before Taxes 0.0880 -0.0058 0.0767 reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted 0.1972 0.0729 0.0932 0.2205 0.1075 0.1145 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. Grandeur Peak Global Stalwarts Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zQa6FOJlA4dl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zuGRDYnqt792" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_493_20260828__20260828__dei--LegalEntityAxis__custom--S000080373Member__oef--ClassAxis__custom--C000242729Member_zd31VOJwsBw4" style="text-align: center">Investor Shares</td> <td style="text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_499_20260828__20260828__dei--LegalEntityAxis__custom--S000080373Member__oef--ClassAxis__custom--C000242730Member_zgEgPERE96ek" style="text-align: center">Institutional Shares</td></tr> <tr id="xdx_407_eoef--RedemptionFeeOverRedemption_iN_dpin_z4XLMHqWTLIg" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 68%; text-align: left">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-top: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-top: Black 1pt solid; width: 15%; text-align: center">2.00%</td> <td style="border-top: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-top: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> -0.0200 -0.0200 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_znSYOGNPdsD3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zC8LJlDLSaWg" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td id="xdx_494_20260828__20260828__dei--LegalEntityAxis__custom--S000080373Member__oef--ClassAxis__custom--C000242729Member_zBSdeiBJU7Uj" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td id="xdx_49A_20260828__20260828__dei--LegalEntityAxis__custom--S000080373Member__oef--ClassAxis__custom--C000242730Member_zhZIcxrrHFQ8" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zAd5Q00s2phl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 68%; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">0.80%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">0.80%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvDbm6oy80kk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.25%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zLACZDEVLf1f" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.38%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.37%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zPGUnxibcnbl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.43%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.17%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_z0yXhtunFmV2" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Fee Waiver and Expense Reimbursement(1)</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.08)%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.07)%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zsI4tbLKo9K4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement(2)</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.35%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.10%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"> Grandeur Peak Global Advisors, LLC (the “Adviser”), has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding (i) any front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and (vi) extraordinary expenses such as litigation expenses (which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.35% and 1.10% 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 September 1, 2027. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: left">(2)</td> <td style="text-align: justify">Restated to reflect current fees.</td></tr> </table> 0.0080 0.0080 0.0025 0.0000 0.0038 0.0037 0.0143 0.0117 -0.0008 -0.0007 0.0135 0.0110 September 1, 2027 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zihxwodiO2H9"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zJYGj1qJWCc" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_983_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080373Member_znotSwAWL8mb" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_481_eoef--ExpenseExampleYear01_zNCVRyjNnSp3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zROK60eOcmGi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_486_eoef--ExpenseExampleYear05_zJg1WCWp2Uc6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_z76M364GSLS5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_419_20260828__20260828__dei--LegalEntityAxis__custom--S000080373Member__oef--ClassAxis__custom--C000242729Member_zFJLTT1TBg02" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 36%; text-align: left">Investor Shares</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$137</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$436</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$766</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$1,699</td></tr> <tr id="xdx_415_20260828__20260828__dei--LegalEntityAxis__custom--S000080373Member__oef--ClassAxis__custom--C000242730Member_z8jQB2DXurqc" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Institutional Shares</td> <td style="text-align: center"> </td> <td style="text-align: center">$112</td> <td style="text-align: center"> </td> <td style="text-align: center">$357</td> <td style="text-align: center"> </td> <td style="text-align: center">$630</td> <td style="text-align: center"> </td> <td style="text-align: center">$1,408</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 137 436 766 1699 112 357 630 1408 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 74% of the average value of its portfolio. 0.74 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus The Fund invests primarily in foreign and domestic companies. Under normal market conditions, the Adviser invests the Fund’s assets primarily in equity securities of foreign and domestic companies with market capitalizations of more than $1.5 billion at the time of purchase. The Fund invests a significant portion of its total assets (at least 40% under normal market conditions) in securities issued by companies that are economically tied to 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 company’s 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 in securities issued by companies economically tied to emerging and frontier market countries. 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 growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company’s 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 company’s long-term potential. The Adviser also travels on an as-needed basis to visit companies, when it is considered safe to do so, 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 Adviser’s assessment of any single criterion. The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs). The Adviser invests in what it believes to be the best 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 growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: <div style="display: none"></div> As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. <div style="display: none"></div> Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. <div style="display: none"></div> Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument. <div style="display: none"></div> Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. <div style="display: none"></div> Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. <div style="display: none"></div> Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. <div style="display: none"></div> Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. <div style="display: none"></div> Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. <div style="display: none"></div> Regulatory Risk. Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. <div style="display: none"></div> Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services. <div style="display: none"></div> Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. <div style="display: none"></div> Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Mid-Cap Company Stock Risk. Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations. <div style="display: none"></div> Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <div style="display: none"></div> Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies. <div style="display: none"></div> Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. <div style="display: none"></div> Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. <div style="display: none"></div> Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. <div style="display: none"></div> <div style="display: none"></div> ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. <div style="display: none"></div> Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. <div style="display: none"></div> Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund. The bar chart below depicts the change in the performance of the Predecessor Fund’s Institutional Class shares for each of the last 10 calendar years. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund’s average annual returns for the periods indicated to a broad-based securities market index and two supplemental indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325) Annual Total Returns (years ended 12/31) <img alt="" src="pro_007.jpg" style="height: 214px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zUDzfUDWJ1xi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000242730Member_zQSUyokMKmc3" style="display: none; text-align: center; width: 50%">8.29%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_986_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000242730Member_zGXI3t2Z4Qd6" style="display: none; text-align: center">31.58%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_989_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000242730Member_zngTxfFCrpK4" style="display: none; text-align: center">-14.90%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_981_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000242730Member_zV3aUe9cn1X4" style="display: none; text-align: center">32.34%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000242730Member_z0SW7gHGThgf" style="display: none; text-align: center">41.13%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_980_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000242730Member_zkFqwEbU8U23" style="display: none; text-align: center">21.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242730Member_zbHRfTB8Dci8" style="display: none; text-align: center">-39.39%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242730Member_z6AZTB3ZLyRc" style="display: none; text-align: center">17.19%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242730Member_zZVfqAiEnVT7" style="display: none; text-align: center">-4.36%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center"> 2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242730Member_zanUm7HyYx37" style="display: none; text-align: center">2.89%</td></tr> </table> <div></div> 0.0829 0.3158 -0.1490 0.3234 0.4113 0.2122 -0.3939 0.1719 -0.0436 0.0289 <div id="xdx_A8E_eoef--BarChartClosingTextBlock_zL38CuftRWC1"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3pt; vertical-align: top; width: 70%; text-align: left">Best Quarter – June 30, 2020</td> <td style="padding-bottom: 3pt; width: 30%; text-align: right">37.85%</td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left">Worst Quarter – June 30, 2022</td> <td style="text-align: right">-23.33%</td></tr> </table> As of June 30, 2026, the year-to-date return of the Fund’s Institutional Class shares was 13.13% Best Quarter 2020-06-30 0.3785 Worst Quarter 2022-06-30 -0.2333 2026-06-30 year-to-date return 0.1313 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A83_eoef--PerformanceTableTextBlock_zxIoVOebat02"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zJeiYj2B7fAd" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_49D_20250101__20251231_zEMMe9rcpyaa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_49A_20210101__20251231_zS2ZeZjDtMX5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_499_20160101__20251231_zNiy1Jcslzsc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Institutional Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242730Member_zzN9J2mUfZsg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 52%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.89%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">-3.26%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">6.73%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242730Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_znxCizshsyxl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">2.95%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-3.73%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.22%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242730Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z909ij05tVKl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.83%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-2.31%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">5.50%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Investor Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242729Member_zh3tHxkXJeue" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">2.60%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-3.50%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.46%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)*</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242729Member__oef--PerformanceMeasureAxis__custom--MSCIACWIMidCapIndexMember_ze3pLIfoBvY8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">MSCI ACWI Mid Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">18.92%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.26%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">9.08%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242729Member__oef--PerformanceMeasureAxis__custom--MSCIACWISmallCapIndexMember_zXp4VNEthgGi" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">MSCI ACWI Small Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">19.72%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.29%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">9.32%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242729Member__oef--PerformanceMeasureAxis__custom--MSCIACWIIMIIndexMember_zVZZ1w74IMN2" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">MSCI ACWI IMI Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">22.05%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">10.75%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">11.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F0A_z2q4FP85Atmf" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1C_zjcJKg9L7lb7" style="text-align: justify"> The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Mid Cap Index better represents the Fund’s investment strategy.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td id="xdx_F0F_zDTSevivCep1" style="text-align: left">**</td> <td id="xdx_F1D_zhukalPhcyId" style="text-align: justify"> Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td></tr> </table> Return Before Taxes 0.0289 -0.0326 0.0673 0.0295 -0.0373 0.0622 0.0183 -0.0231 0.0550 Return Before Taxes 0.0260 -0.0350 0.0646 reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted 0.1892 0.0726 0.0908 0.1972 0.0729 0.0932 0.2205 0.1075 0.1145 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. Grandeur Peak International Contrarian Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zsbKIEcsylD1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zbICocZaNARc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top; text-align: left"> <td style="border-bottom: Black 1pt solid; text-align: left; width: 85%; vertical-align: bottom">Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_49A_20260828__20260828__dei--LegalEntityAxis__custom--S000092965Member__oef--ClassAxis__custom--C000261018Member_ztak2E6Qnr42" style="border-bottom: Black 1pt solid; text-align: center; width: 15%">Institutional Shares</td></tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_iN_dpin_zPWP8LCCJDNf" style="vertical-align: top; text-align: left"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-bottom: Black 1pt solid; text-align: center">2.00%</td></tr> </table> -0.0200 <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_z6suu3uhy7u1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zITp2VPt3WKh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top; text-align: left"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top; width: 85%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49D_20260828__20260828__dei--LegalEntityAxis__custom--S000092965Member__oef--ClassAxis__custom--C000261018Member_zFYpt2i7ubt2" style="border-bottom: Black 1pt solid; text-align: center; width: 15%"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zDrvecZ24a59" style="vertical-align: top; text-align: left"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Management Fees</td> <td style="border-bottom: Black 1pt solid; text-align: center">1.00%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5US2wgQScci" style="vertical-align: top; text-align: left"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_z4CyAYzX3a1e" style="vertical-align: top; text-align: left"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Other Expenses(1)</td> <td style="border-bottom: Black 1pt solid; text-align: center">0.53%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zIIt67OSwHPl" style="vertical-align: top; text-align: left"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid; text-align: center">1.53%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_zDWD7Wdg6he3" style="vertical-align: top; text-align: left"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Fee Waiver and Expense Reimbursement(2)</td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.18)%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zRX0sJAD5ZT5" style="vertical-align: top; text-align: left"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.155in; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</td> <td style="border-bottom: Black 1pt solid; text-align: center">1.35%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"> Estimated for the current year.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td> <td style="text-align: justify"> Grandeur Peak Global Advisors, LLC (the “Adviser”), has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding (i) any front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and (vi) extraordinary expenses such as litigation expenses (which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.35% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) is in effect through September 1, 2027. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees.</td> </tr> </table> 0.0100 0.0000 0.0053 0.0153 -0.0018 0.0135 Estimated for the current year. September 1, 2027 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAofA8Ol78vd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zhLjyLBajEA1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_984_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000092965Member_z37rhB81e6P1" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_zEDM7U8pnQ5e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zyrVqDCrgOJk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_413_20260828__20260828__dei--LegalEntityAxis__custom--S000092965Member__oef--ClassAxis__custom--C000261018Member_zxvceXy6QJ7l" style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left; width: 68%">Institutional Shares</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$137</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$447</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 137 447 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus The Fund invests primarily in foreign small- and micro-cap companies. Under normal market conditions, the Adviser invests the Fund’s assets primarily in equity securities of foreign companies with market capitalizations of less than $5 billion at the time of purchase. The Fund primarily invests in companies which typically fall into one of these categories at the time or purchase: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">“Core Contrarian”—what the Adviser believes to be best-in-class growth companies, but which are part of a currently out-of-favor industry, sector, or geography.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">“Fallen Angels”—high quality growth companies that the Adviser believes have hit a temporary setback relative to their long-term growth potential. </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">“Undiscovered Gems”—smaller 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.</td> </tr> </table> 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 Fund invests a significant portion of its total assets (at least 80% under normal market conditions) at the time of purchase in securities issued by companies that are economically tied to a number of 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 company’s 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 company’s 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 company’s 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 Adviser’s 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 directs the Fund to invest 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 (e.g., the financials sector or technology sector) or regions (e.g., Europe or Asia). All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse, or in the event of a default on a debt instrument. Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. Regulatory Risk. Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Financials Sector Risk. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted. Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. Micro-Cap Company Stock Risk. The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies. Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments, at unfavorable times or prices in order to satisfy its obligations. Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to such factors as the absence of a prior public market, the small number of shares available for trading and limited investor information. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. Limited History of Operations Risk. The Fund has no history for investors to evaluate. There can be no assurance that the Fund will grow to or maintain an economically viable size. Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. PERFORMANCE INFORMATION Because the Fund is not yet operational, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Updated performance will be available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK (7325). Because the Fund is not yet operational, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. www.grandeurpeakglobal.com 855-377-PEAK (7325) Grandeur Peak International Opportunities Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE PORTFOLIO This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zgnqauCRi6p"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zk3GXvs82jX7" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_491_20260828__20260828__dei--LegalEntityAxis__custom--S000080374Member__oef--ClassAxis__custom--C000242732Member_zhEgc1KODp61" style="border-bottom: Black 1pt solid; text-align: center">Investor Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20260828__20260828__dei--LegalEntityAxis__custom--S000080374Member__oef--ClassAxis__custom--C000242731Member_zT27NStYD3kc" style="border-bottom: Black 1pt solid; text-align: center">Institutional Shares</td></tr> <tr id="xdx_408_eoef--RedemptionFeeOverRedemption_iN_dpin_z0uRbOFlwa0d" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 68%; text-align: left; padding-bottom: 1pt">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> -0.0200 -0.0200 <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zVMdri3oD2Ef"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zui3PTJycN33" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt"> </td> <td id="xdx_49C_20260828__20260828__dei--LegalEntityAxis__custom--S000080374Member__oef--ClassAxis__custom--C000242732Member_zONp59ss0sYl" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt"> </td> <td id="xdx_498_20260828__20260828__dei--LegalEntityAxis__custom--S000080374Member__oef--ClassAxis__custom--C000242731Member_zAJGjrof5rxa" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_z7nh6RSWOaf3" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 68%; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">1.25%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">1.25%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zwsMMCRqeiyl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.25%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_ziGxctckwaLj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.21%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.21%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z2uCic0xIzU4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses(1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.71%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.46%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1) </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Restated to reflect current fees.</td></tr> </table> 0.0125 0.0125 0.0025 0.0000 0.0021 0.0021 0.0171 0.0146 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zqMMa9zZ2Pbi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zhygreRhd61e" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_98E_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080374Member_z2BaxOTb2VL1" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_zG9oe2gCoXKd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_485_eoef--ExpenseExampleYear03_zhfzVhEtNGHa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_486_eoef--ExpenseExampleYear05_zSOyKoElfD3j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zTQZ3vbwc1ii" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_417_20260828__20260828__dei--LegalEntityAxis__custom--S000080374Member__oef--ClassAxis__custom--C000242732Member_zkok16pdC3Bg" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 36%; text-align: left">Investor Class</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$174</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$539</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$928</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$2,019</td></tr> <tr id="xdx_41B_20260828__20260828__dei--LegalEntityAxis__custom--S000080374Member__oef--ClassAxis__custom--C000242731Member_zjxZEZZIXEcj" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Institutional Class</td> <td style="text-align: center"> </td> <td style="text-align: center">$149</td> <td style="text-align: center"> </td> <td style="text-align: center">$462</td> <td style="text-align: center"> </td> <td style="text-align: center">$797</td> <td style="text-align: center"> </td> <td style="text-align: center">$1,746</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 174 539 928 2019 149 462 797 1746 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 41% of the average value of its portfolio. 0.41 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus The Fund invests primarily in small- and micro-cap companies economically tied to countries outside the United States. Under normal market conditions, the Adviser invests the Fund’s assets primarily in equity securities of foreign companies with market capitalizations of less than $5 billion at the time of purchase. Under normal market conditions, the Fund invests in companies economically tied to at least five of the countries included in the MSCI AC World Ex-U.S.A. Small Cap Index. The Fund may invest a significant amount of its total assets (up to 60% under normal market conditions) at the time of purchase in securities issued by companies economically tied to emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets. 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 company’s 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. 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 growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company’s 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 company’s 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 Adviser’s assessment of any single criterion. The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs). The Adviser invests in what it believes to be the best 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 growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: <div style="display: none"></div> As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. <div style="display: none"></div> Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. <div style="display: none"></div> Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. <div style="display: none"></div> Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument. <div style="display: none"></div> Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. <div style="display: none"></div> Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. <div style="display: none"></div> Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. <div style="display: none"></div> Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. <div style="display: none"></div> Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. <div style="display: none"></div> Regulatory Risk. Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. <div style="display: none"></div> Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services. <div style="display: none"></div> Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. <div style="display: none"></div> Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. <div style="display: none"></div> Micro-Cap Company Stock Risk. The securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small- or mid-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, may be more vulnerable to adverse business or market developments, and may have less publicly available information relative to larger companies. <div style="display: none"></div> Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Mid-Cap Company Stock Risk. Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations. <div style="display: none"></div> Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <div style="display: none"></div> Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded and more volatile and speculative than the securities of larger companies. <div style="display: none"></div> Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. <div style="display: none"></div> Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. <div style="display: none"></div> Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. <div style="display: none"></div> <div style="display: none"></div> ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. <div style="display: none"></div> Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a or deduction for U.S. tax purposes. <div style="display: none"></div> Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund. The bar chart below depicts the change in the performance of the Predecessor Fund’s Institutional Class shares for each of the last 10 calendar years. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund’s average annual returns for the periods indicated to a broad-based securities market index and a supplemental index. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Predecessor Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325) Annual Total Returns (years ended 12/31) <img alt="" src="pro_008.jpg" style="height: 214px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zbaoIcn7cBeb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">Years</td> <td style="display: none; text-align: center; width: 50%">Returns</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2016</td> <td id="xdx_985_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000242731Member_zVoS0A3svTml" style="display: none; text-align: center">3.10%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000242731Member_zscqPfE5MBk6" style="display: none; text-align: center">38.81%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000242731Member_zGyLWXhEGvWg" style="display: none; text-align: center">-21.48%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000242731Member_zTFIwqkNLiU5" style="display: none; text-align: center">28.21%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000242731Member_ze1xLr66r3U" style="display: none; text-align: center">37.08%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000242731Member_zg3VAvbZTkOb" style="display: none; text-align: center">18.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_987_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242731Member_znl4SSEtvBtj" style="display: none; text-align: center">-34.21%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242731Member_zFxYcIgtZwy5" style="display: none; text-align: center">11.53%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242731Member_z5czPlMR3VP3" style="display: none; text-align: center">-11.48%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242731Member_zrtQNDx0xZO5" style="display: none; text-align: center">11.93%</td></tr> </table> <div></div> 0.0310 0.3881 -0.2148 0.2821 0.3708 0.1877 -0.3421 0.1153 -0.1148 0.1193 <div id="xdx_A82_eoef--BarChartClosingTextBlock_z6PZznvLRM21"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3pt; width: 70%; text-align: left">Best Quarter – June 30, 2020</td> <td style="padding-bottom: 3pt; width: 30%; text-align: right">36.23%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Worst Quarter – March 31, 2020</td> <td style="text-align: right">-25.35%</td></tr> </table> As of June 30, 2026, the year-to-date return of the Fund’s Institutional Class shares was 8.43% Best Quarter 2020-06-30 0.3623 Worst Quarter 2020-03-31 -0.2535 2026-06-30 year-to-date return 0.0843 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A83_eoef--PerformanceTableTextBlock_z3NOKQjJMflc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_ztdZ3EdzmGud" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_497_20250101__20251231_zT1caqyTKgK7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_49A_20210101__20251231_zoZ8HGWdfXOd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_496_20160101__20251231_zOeCgxk5rZ7l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Institutional Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242731Member_z1epotzKzJqi" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 52%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">11.93%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">-2.89%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">5.48%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242731Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zysO5mGCwWp6" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">10.76%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-3.81%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">4.36%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242731Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zIRDOgV8aPY4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.56%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-2.06%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">4.33%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Investor Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242732Member_zFOJLZHRlTQk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">11.76%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-3.13%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">5.25%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)*</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242732Member__oef--PerformanceMeasureAxis__custom--MSCIACWIexUSASmallCapIndexMember_zTrgEKRAFl0d" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">MSCI ACWI ex USA Small Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">29.26%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.91%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.13%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242732Member__oef--PerformanceMeasureAxis__custom--MSCIACWIexUSAIMIIndexMember_zffbqvGm6p7g" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left; padding-bottom: 1pt">MSCI ACWI ex USA IMI Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">31.96%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.77%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.37%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F0A_zgaT0fm65h6e" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1F_zlcIVYGOaCbh" style="text-align: justify"> The MSCI ACWI ex USA IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI ex USA Small Cap Index better represents the Fund’s investment strategy.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">**</td> <td style="text-align: justify"> Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td> </tr> </table> Return Before Taxes 0.1193 -0.0289 0.0548 0.1076 -0.0381 0.0436 0.0756 -0.0206 0.0433 Return Before Taxes 0.1176 -0.0313 0.0525 reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted 0.2926 0.0691 0.0813 0.3196 0.0777 0.0837 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are only shown for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. Grandeur Peak International Stalwarts Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE PORTFOLIO This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_z23dIEiaEN98"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zagy3fnsbNXl" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_49E_20260828__20260828__dei--LegalEntityAxis__custom--S000080375Member__oef--ClassAxis__custom--C000242734Member_zEFJm1d6hzea" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Investor Shares</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_49E_20260828__20260828__dei--LegalEntityAxis__custom--S000080375Member__oef--ClassAxis__custom--C000242733Member_zkjNLewBuTw5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Shares</td></tr> <tr id="xdx_408_eoef--RedemptionFeeOverRedemption_iN_dpin_zqzXdaityefk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 68%; text-align: left; padding-bottom: 1pt">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> -0.0200 -0.0200 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zpUTnAX0Pymi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_z7D3mNi8G8Bi" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 0pt; width: 68%"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_492_20260828__20260828__dei--LegalEntityAxis__custom--S000080375Member__oef--ClassAxis__custom--C000242734Member_zI8ShOntrsrg" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_49A_20260828__20260828__dei--LegalEntityAxis__custom--S000080375Member__oef--ClassAxis__custom--C000242733Member_zlGS9OexZ5K1" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zG3kXF33nIBj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.80%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.80%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zyI4mDHcKRr1" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.25%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zSywLMgRgQ77" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.13%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.13%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zcPNuOOPZaxc" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses(1)</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.18%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.93%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify">Restated to reflect current fees.</td> </tr> </table> 0.0080 0.0080 0.0025 0.0000 0.0013 0.0013 0.0118 0.0093 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zk7869NjmlMd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zHubOEkYzoO4" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_98E_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080375Member_zAMSRLIeI6Gc" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zLuPyHkqmX8j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_482_eoef--ExpenseExampleYear03_zIq635YvFybe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zVA7P3USBwfb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zC5ZuEsDC3bf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_418_20260828__20260828__dei--LegalEntityAxis__custom--S000080375Member__oef--ClassAxis__custom--C000242734Member_zlGqNhh5tUh9" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 36%; text-align: left">Investor Class</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$120</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$375</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$649</td> <td style="text-align: center; width: 1%"> </td> <td style="width: 15%; text-align: center">$1,432</td></tr> <tr id="xdx_41A_20260828__20260828__dei--LegalEntityAxis__custom--S000080375Member__oef--ClassAxis__custom--C000242733Member_zwc7J7e48Hqb" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Institutional Class</td> <td style="text-align: center"> </td> <td style="text-align: center">$95</td> <td style="text-align: center"> </td> <td style="text-align: center">$296</td> <td style="text-align: center"> </td> <td style="text-align: center">$515</td> <td style="text-align: center"> </td> <td style="text-align: center">$1,143</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 120 375 649 1432 95 296 515 1143 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 71% of the average value of its portfolio. 0.71 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus Under normal market conditions, the Adviser invests the Fund’s assets primarily in equity securities of companies economically tied to countries outside the United States with market capitalizations of more than $1.5 billion at the time of purchase. The Fund may invest a significant amount of its total assets (up to 60% under normal market conditions) in securities issued by companies economically tied to emerging and frontier market countries. 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 company’s 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. 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 growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company’s 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 company’s 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 Adviser’s assessment of any single criterion. The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs). The Adviser invests in what it believes to be the best 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 growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors or regions. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: <div style="display: none"></div> As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. <div style="display: none"></div> Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument. <div style="display: none"></div> Emerging and Frontier Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies economically tied, including by domicile, to emerging and frontier market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties who fail to complete transactions, and the potential for government seizure of assets or nationalization of companies. <div style="display: none"></div> Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. <div style="display: none"></div> Region Risk. Social, political, and economic conditions and changes in regulatory, tax or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region. <div style="display: none"></div> Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. <div style="display: none"></div> Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. <div style="display: none"></div> Regulatory Risk. Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. <div style="display: none"></div> Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services. <div style="display: none"></div> Technology Sector Risk. Technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. <div style="display: none"></div> Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. <div style="display: none"></div> Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Mid-Cap Company Stock Risk. Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such less liquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of the investment, or other investments at unfavorable times or prices in order to satisfy its obligations. <div style="display: none"></div> Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <div style="display: none"></div> Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded and more volatile and speculative than the securities of larger companies. <div style="display: none"></div> Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. <div style="display: none"></div> Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. <div style="display: none"></div> Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. <div style="display: none"></div> <div style="display: none"></div> ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities. ADRs listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. <div style="display: none"></div> Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. <div style="display: none"></div> Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023 is that of the Predecessor Fund. The bar chart depicts the change in the performance of the Predecessor Fund’s Institutional Class shares for each of the last 10 calendar years. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund’s average annual returns for the periods indicated to a broad-based securities market index and two supplemental indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325) Annual Total Returns (years ended 12/31) <img alt="" src="pro_009.jpg" style="height: 215px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z886OAlsJEz9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000242733Member_zgcQf0ONbkak" style="display: none; text-align: center; width: 50%">5.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000242733Member_zeCKMKbxt6ub" style="display: none; text-align: center">36.85%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_982_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000242733Member_zHxVCWUXE5ze" style="display: none; text-align: center">-17.40%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_984_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000242733Member_zuOjoZzUGvM7" style="display: none; text-align: center">31.92%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000242733Member_zqky6SyXmlFe" style="display: none; text-align: center">38.49%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000242733Member_zQV1aMuRjjm1" style="display: none; text-align: center">24.72%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242733Member_zWDn314xDcJ9" style="display: none; text-align: center">-37.48%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242733Member_zedXx3gznLI5" style="display: none; text-align: center">14.91%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242733Member_zxW7hhPl27M3" style="display: none; text-align: center">-9.79%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242733Member_zRvwpjA016Ui" style="display: none; text-align: center">10.12%</td></tr> </table> <div></div> 0.0522 0.3685 -0.1740 0.3192 0.3849 0.2472 -0.3748 0.1491 -0.0979 0.1012 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_zultfD8wWdkc"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3pt; width: 70%; text-align: left">Best Quarter – June 30, 2020</td> <td style="padding-bottom: 3pt; width: 30%; text-align: right">36.28%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Worst Quarter – June 30, 2022</td> <td style="text-align: right">-23.02%</td></tr> </table> As of June 30, 2026, the year-to-date return on the Fund’s Institutional Class shares was 17.49%. Best Quarter 2020-06-30 0.3628 Worst Quarter 2022-06-30 -0.2302 2026-06-30 year-to-date return 0.1749 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zd4MOW9fVbHl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zPUSZh3XAjdb" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_492_20250101__20251231_zdcHcaPxPlJb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_497_20210101__20251231_zscOeEXjgy44" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td id="xdx_499_20160101__20251231_zJS6Gx5a5mTd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Institutional Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242733Member_zUayJCYsMTzl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 52%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">10.12%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">-2.30%</td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">6.82%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242733Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_znEQP5ftLvEb" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">10.03%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-2.72%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.46%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242733Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3tnhj9XaUhd" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.25%</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-1.56%</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">5.60%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Investor Class</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242734Member_ziczUrDzeAOd" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">9.81%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">-2.55%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.55%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)*</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242734Member__oef--PerformanceMeasureAxis__custom--MSCIACWIexUSAMidCapIndexMember_zhqEo3VmZYxc" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">MSCI ACWI ex USA Mid Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">31.92%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.70%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.66%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242734Member__oef--PerformanceMeasureAxis__custom--MSCIACWIexUSASmallCapIndexMember_zXTJLFwLX9fg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left; padding-bottom: 1pt">MSCI ACWI ex USA Small Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">29.26%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.91%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.13%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242734Member__oef--PerformanceMeasureAxis__custom--MSCIACWIexUSAIMIIndexMember_zDn6fPzjpcF5" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-style: normal; text-align: left; padding-bottom: 1pt">MSCI ACWI ex USA IMI Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">31.96%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.77%</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.37%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F0A_z50FhSyGZHBi" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F14_zzCndrsPFqGf" style="text-align: justify"> The MSCI ACWI ex USA IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI ex USA Mid Cap Index better represents the Fund’s investment strategy.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F0D_zd7zFJECkRkd" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F19_zfKOZO38xMC5" style="text-align: justify"> Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td> </tr> </table> Return Before Taxes 0.1012 -0.0230 0.0682 0.1003 -0.0272 0.0646 0.0625 -0.0156 0.0560 Return Before Taxes 0.0981 -0.0255 0.0655 reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted 0.3192 0.0670 0.0766 0.2926 0.0691 0.0813 0.3196 0.0777 0.0837 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. Grandeur Peak US Stalwarts Fund (THE “FUND”) INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zvGUvrLZsJ91"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zBMDEo112u8i" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_492_20260828__20260828__dei--LegalEntityAxis__custom--S000080367Member__oef--ClassAxis__custom--C000242721Member_zxlwC1WgVRi8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Shares</td></tr> <tr id="xdx_40A_eoef--RedemptionFeeOverRedemption_iN_dpin_z7WTe6pIz6of" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 84%; text-align: left; padding-bottom: 1pt">Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> -0.0200 <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zdnIoGl5Hog3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zGOMXoIeRji" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 0pt; width: 84%"> </td> <td style="padding-top: 0pt; padding-bottom: 0pt; width: 1%"> </td> <td id="xdx_497_20260828__20260828__dei--LegalEntityAxis__custom--S000080367Member__oef--ClassAxis__custom--C000242721Member_zsOsNPUkOMlc" style="padding-top: 0pt; text-align: center; padding-bottom: 0pt; width: 15%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.155in; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zFhMq2MyeHDf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.75%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zuiLcBmmb8B7" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Distribution and service (12b-1) fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z0Z651IFstxd" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.18%</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zCSs6MWFN74c" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses(1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.03%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zUhd3YXyhCo4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.96%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in">(1) </td> <td style="text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.</td></tr> <tr style="vertical-align: top"> <td>(2) </td> <td style="text-align: justify">Restated to reflect current fees.</td></tr> </table> 0.0075 0.0000 0.0018 0.0003 0.0096 EXAMPLE This example helps you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAE8tBIYR6te"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zsS8DlB5ZNNc" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_98C_eoef--ExpenseExampleByYearCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000080367Member_znq9dmj95S5" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Although your actual costs may be higher or lower, based on these assumptions your cost would be:</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zQ2ojLQgWqO2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_488_eoef--ExpenseExampleYear03_zoMIZLZTUJak" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zNtIOgoM3Cyj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_486_eoef--ExpenseExampleYear10_zXtypMQG9NP1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20260828__20260828__dei--LegalEntityAxis__custom--S000080367Member_zj0h6gLH3MDj" style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; width: 36%; text-align: left">Institutional Shares</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$98</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$306</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$531</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">$1,178</td></tr> </table> Although your actual costs may be higher or lower, based on these assumptions your cost would be: 98 306 531 1178 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher portfolio turnover rate may also result in more income taxes when Fund shares are held in a taxable account. For the fiscal year ended April 30, 2026, the portfolio turnover rate for the Fund was 172% of the average value of its portfolio. 1.72 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Strategic Focus Under normal market conditions, the Adviser invests at least 80% of the Fund’s assets at the time of purchase in equity securities of companies that are economically tied to 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 company’s 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 also invest in securities of companies economically tied to countries outside of the United States. The Adviser invests the Fund’s assets primarily in equity securities with market capitalizations of more than $1.5 billion at the time of purchase. 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 growth companies that it believes are among the highest quality in their global peer group. This fundamental analysis generally includes a study of the company’s 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 company’s 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 Adviser’s assessment of any single criterion. The Fund may also invest in growth companies that the Adviser believes have hit a temporary setback and therefore have a particularly appealing valuation relative to their long-term growth potential. At times, the Fund may invest in early-stage companies and Initial Public Offerings (IPOs). The Fund seeks to invest in what the Adviser believes to be the best investments available without regard to benchmark weightings. The Adviser may significantly shift Fund assets between sectors based on where it believes the best growth opportunities and valuations currently exist. The Fund may invest a significant percentage of its assets in a few sectors. All investments carry some degree of risk that will affect the value of the Fund, its investment performance, and the price of its shares. As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Fund is subject to the following principal investment risks: <div style="display: none"></div> As a result, you may lose money if you invest in the Fund. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Stock Market Risk. The Fund’s investments may decline due to movements in the overall stock market. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities and derivatives markets. Particularly during periods of declining or illiquid markets, the Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value and could cause the remaining shareholders in the Fund to lose money. <div style="display: none"></div> Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. <div style="display: none"></div> Managed Portfolio Risk. The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. <div style="display: none"></div> Small-Cap Company Stock Risk. Small-cap company stocks may be very sensitive to changing economic conditions and market downturns. Small-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Mid-Cap Company Stock Risk. Mid-cap company stocks may be very sensitive to changing economic conditions and market downturns. Mid-cap companies’ earnings and revenues may be less predictable, their share prices may be more volatile, and markets less liquid than companies with larger market capitalizations. There may be less publicly available information about these companies, which can affect the pricing of their shares or the Fund’s ability to dispose of those shares. <div style="display: none"></div> Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. <div style="display: none"></div> Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth and is subject to the risk that the stocks’ intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately priced. <div style="display: none"></div> Sector Exposure Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. <div style="display: none"></div> Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services. Sector and Geography Weightings Risk. Market conditions, interest rates and economic, regulatory, or financial developments could significantly affect all the securities in a single sector or geography. If the Fund invests in only a few sectors or geographies, it may have increased relative exposure to the price movements of those sectors and geographies. <div style="display: none"></div> Foreign Securities and Foreign Markets Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In some foreign markets, there may not be protection or legal recourse against failure by other parties to complete transactions or in the event of a default on a debt instrument. <div style="display: none"></div> Foreign Country Exposure Risk. The Fund may have exposure to foreign countries as a result of investments in domestic companies with foreign exposure. This includes possible exposure to emerging and frontier countries. To the extent the Fund invests in securities of companies with exposure to foreign markets, including in emerging and frontier countries, such investments would be subject to the same risks as a direct investment in such markets and countries. It also may not be possible for companies to repatriate capital, interest, and other income from a particular foreign country. Such risks may impact the stock valuation of companies with foreign exposure. Currency Risk. The U.S. dollar value of the Fund’s assets will be affected by foreign currency exchange rates and may be affected by exchange control regulations. A change in the value of any foreign currency will change the U.S. dollar value of the Fund’s assets that are denominated or traded in that country. In addition, the Fund may incur costs in connection with conversions between various currencies. Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly in countries with emerging economies and securities markets, which may have relatively unstable governments and economies based on only a few industries. In some countries, there is the risk that the government could seize or nationalize companies, impose additional withholding taxes on dividends or interest income payable on securities, impose exchange controls or adopt other restrictions that could affect the Fund’s investments. Regulatory Risk. Foreign companies not publicly traded in the United States are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. <div style="display: none"></div> Early-Stage Companies Risk. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded, and more volatile and speculative than the securities of larger companies. <div style="display: none"></div> Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limit7ed investor information. Foreign Tax Risk. The Fund’s income from foreign issuers may be subject to non-U.S. withholding taxes. The Fund may also be subject to taxes on trading profits or on transfers of securities in some countries. To the extent foreign income taxes are paid by the Fund, shareholders may not be entitled to a credit or deduction for U.S. tax purposes. <div style="display: none"></div> <div style="display: none"></div> Transaction Costs. The costs of buying and selling foreign securities including brokerage, tax and custody costs are generally higher than those for domestic transactions. Portfolio Turnover Risk. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions. PERFORMANCE INFORMATION The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Performance shown below prior to October 20, 2023, is that of the Predecessor Fund. The bar chart below depicts the change in the Predecessor Fund’s performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund’s average annual returns for the periods indicated to a broad-based securities market index and two supplemental indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available on the Fund’s website www.grandeurpeakglobal.com or by calling 855-377-PEAK(7325). The following information provides some indication of the risks of investing in the Fund. The Fund acquired all of the assets and liabilities of the Predecessor Fund in a tax-free reorganization on October 20, 2023. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.grandeurpeakglobal.com 855-377-PEAK(7325) Annual Total Returns (years ended 12/31) <img alt="" src="pro_010.jpg" style="height: 244px; width: 450px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z7KMrvLjnfw5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000242721Member_zcRnstYb6jZ2" style="display: none; text-align: center; width: 50%">21.41%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000242721Member_zLPb63ioIJsc" style="display: none; text-align: center">-35.28%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000242721Member_zJYzbcZm6twh" style="display: none; text-align: center">22.00%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000242721Member_zgaYuS8VTky" style="display: none; text-align: center">5.63%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000242721Member_z8JeaQLh9gSl" style="display: none; text-align: center">1.09%</td></tr> </table> <div></div> 0.2141 -0.3528 0.2200 0.0563 0.0109 <div id="xdx_A8E_eoef--BarChartClosingTextBlock_zhfAZW5DNi9f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3pt; width: 70%; text-align: left">Best Quarter – December 31, 2023</td> <td style="padding-bottom: 3pt; width: 30%; text-align: right">18.75%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Worst Quarter – June 30, 2022</td> <td style="text-align: right">-20.83%</td></tr> </table> As of June 30, 2026, the year-to-date return of the Fund’s Institutional Class shares was 14.64% Best Quarter 2023-12-31 0.1875 Worst Quarter 2022-06-30 -0.2083 2026-06-30 year-to-date return 0.1464 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A80_eoef--PerformanceTableTextBlock_zQeMNW6PZ62k"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zoQEEqPdeBF8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td id="xdx_499_20250101__20251231_zvSvk9NXSEt1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td id="xdx_494_20210101__20251231_zpSFoQeHKeMi" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td id="xdx_497_20200319__20251231_zHKavtM8ILie" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception (March 19, 2020)</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt">Institutional Class</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000242721Member_zbq6UxfDEgnh" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">1.09%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 15%">0.47%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">13.65%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000242721Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zw6BC1M0C902" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.09%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.37%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">13.51%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000242721Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zJeEQabJK2i6" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.64%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.35%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">11.05%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">Indexes (reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted)*</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242721Member__oef--PerformanceMeasureAxis__custom--MSCIUSAMidCapIndexMember_zKrAOaHHEcIf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt">MSCI USA Mid Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">8.36%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.75%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">17.85%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242721Member__oef--PerformanceMeasureAxis__custom--MSCIUSASmallCapIndexMember_zUl1UkW0fSii" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt; font-weight: normal">MSCI USA Small-Cap Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">11.63%</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">7.59%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">18.89%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000242721Member__oef--PerformanceMeasureAxis__custom--MSCIUSAIMIIndexMember_z1u8Sjd8eSTj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-style: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.155in; text-align: left; padding-bottom: 1pt; font-weight: normal">MSCI USA IMI Index (Net)**</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">16.81%</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">12.82%</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">20.94%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify"> The MSCI USA IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI USA Mid-Cap Index better represents the Fund’s investment strategy.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">**</td> <td style="text-align: justify"> Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.</td> </tr> </table> 2020-03-19 Return Before Taxes 0.0109 0.0047 0.1365 0.0109 0.0037 0.1351 0.0064 0.0035 0.1105 reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted 0.0836 0.0775 0.1785 0.1163 0.0759 0.1889 0.1681 0.1282 0.2094 After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns are shown only for Institutional Class shares of the Fund. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA. After-tax returns for Investor Class shares will vary from those shown for Institutional Class shares due to varying sales charges and expenses among the classes. 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 Reimbursement (excluding (i) any front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses,(iv)borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and (vi) extraordinary expenses such as litigation expenses (which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.95% and 1.70% 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”) shall continue at least through September 1, 2027. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees. Restated to reflect current fees. The MSCI EM IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI EM SMID Cap Index better represents the Fund’s investment strategy. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. The MSCI ACWI IMI Index is considered the primary index to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund’s investment strategy. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. Grandeur Peak Global Advisors, LLC (the “Adviser”), has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding (i) front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and extraordinary expenses such as litigation expenses(which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.10% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) is in effect through September 1, 2027. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees Restated to reflect current fees. As of September 1, 2025, the Fund invests primarily in equity securities of companies with market capitalization of more than $1.5 billion at the time of purchase. Prior to September 1, 2025, the Fund invested primarily in equity securities of companies with market capitalization of less than $5 billion at the time of purchase. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund’s investment strategy. The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI World Micro Cap Index better represents the Fund’s investment strategy. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. Restated to reflect current fees. The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund’s investment strategy. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. 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 Reimbursement (excluding (i) any front-end or contingent deferred loads,(2) brokerage fees and commissions, (iii) acquired fund fees and expenses,(iv) borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and (vi) extraordinary expenses such as litigation expenses(which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.50% and 1.25% 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”) shall continue at least through September 1, 2027. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees. Restated to reflect current fees. The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Small Cap Index better represents the Fund’s investment strategy. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. Grandeur Peak Global Advisors, LLC (the “Adviser”), has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding (i) any front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and (vi) extraordinary expenses such as litigation expenses (which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.35% and 1.10% 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 September 1, 2027. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees. Restated to reflect current fees. The MSCI ACWI IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI Mid Cap Index better represents the Fund’s investment strategy. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. Estimated for the current year. Grandeur Peak Global Advisors, LLC (the “Adviser”), has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding (i) any front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) borrowing costs (such as interest and dividend expense on securities sold short), (v) taxes, and (vi) extraordinary expenses such as litigation expenses (which may include indemnification of the Fund’s officers and Trustees and contractual indemnification of the Fund’s service providers (other than the Adviser))) to 1.35% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) is in effect through September 1, 2027. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to September 1, 2027, except with the approval of the Trust’s Board of Trustees. Restated to reflect current fees. The MSCI ACWI ex USA IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI ex USA Small Cap Index better represents the Fund’s investment strategy. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. Restated to reflect current fees. The MSCI ACWI ex USA IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI ACWI ex USA Mid Cap Index better represents the Fund’s investment strategy. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Restated to reflect current fees. The MSCI USA IMI Index is considered the primary benchmark to comply with regulations requiring comparison of the Fund to a broad-based securities market index. The Adviser believes the MSCI USA Mid-Cap Index better represents the Fund’s investment strategy. Net performance reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.