H & R Block entered the personal financial software market in late 1993 with the purchase of MECA Software, which was best known for its "Managing Your Money" program. Block decided, however, to sell MECA in March 1995 for $35,000, while retaining the right to publish tax preparation software under the name TaxCut. By 1998 its subsidiary, Block Financial Corporation, was the second largest publisher of personal financial software, with record sales of Kiplinger TaxCut, as more people were using their computer and the Internet to prepare their own tax returns.

http://www.fundinguniverse.com/company-histories/h-r-block-incorporated-history/

On October 31, 2011, the U.S. District Court for the District of Columbia announced its decision to issue a permanent injunction blocking H&R Block's proposed acquisition of the company that markets the TaxACT line of tax-preparation software. The court found that the proposed acquisition would substantially lessen competition. ... [In 2011] H&R Block market[ed] a line of tax-preparation software under the brand name "H&R Block At Home" (formerly known as "TaxCut").

https://www.jdsupra.com/legalnews/federal-district-judge-issues-permanent-12068/
If you used something in 2011 or 2012 called Tax <something> it wasn't Tax Cut. These days, H&R doesn't even seem to have a name for its software. Here's what Tax Cut looked like in the early 2000's when it ran on Windows XP and a Pentium (90MHz, 133MHz preferred).

Source: https://www.bhphotovideo.com/c/product/480145-REG/H_R_Block_1016600_06_TaxCut_Premium_Federal_and.html/specs

“The study findings, released Friday, portend a long era of muted returns for higher education institutions, which will likely encourage them to have a fresh look at financial and investment strategies in order to meet critical return targets and sustain their mission of providing urgently needed support to students. The new study was based on responses of 705 institutions representing $638 billion in endowment assets, and covers the fiscal year July 1, 2019, to June 30, 2020.”
“Endowments’ average one-year returns were 1.8% as of June 30, compared with 5.3% for the previous fiscal year. The historical target return for endowments has been 7.5%, comprising spending requirements, but in recent years, endowments have been challenged to meet this target, according to the study.”
Article
NOTE - Study may be a bit misleading since it measures the one-year returns as of June 30 - shortly after the pandemic induced selloff. However, 1.8% seems like a dismal one-year return. My sense is that both 2019 and 2020 were pretty good years for most investors - despite the March / April pummeling.

Thanks @hank,
I can read it using Safari's Private Window (this somewhat works less than 50%). Otherwise I search for the title when it is posted elsewhere.
The comments below the article reveals various investor views. I tend to agree with this poster.

What this article is missing is that the stock market starting point is already too high. All the good news mentioned here should already be discounted. The high market level has only one cause: money for nothing and QE galore. Furthermore, the level of indebtedness is such that a moderate interest rate rise will have a huge effect (unlike previous times). Any tightening in financial conditions (higher long-term yields for example) with the Fed margin for maneuver more limited (inflation ticking up) will cause a cataclysm in the markets. The timing is anyone's guess. Therefore advising readers to "stay in equities for a while yet" or worse buying the dips is totally irresponsible, given the current over-inflated stock levels.

Feb 20th Episode:

Beyond Diversification: What Every Investor Needs to Know About Asset Allocation:

On October 28th, Sébastien Page and Chris Dillon discussed principles from Sébastien’s recent book, “Beyond Diversification.” Sébastien combines his 20 years of investing experience; analysis from more than 200 academic articles; insights shared from a cast of expert colleagues at T. Rowe Price; and, perhaps most importantly, practical lessons passed down by his father, a renowned finance professor.

beyond-diversification-insights-webinar-replay
Against the Wind (CNBC Interview):

Sebastien Page's Bio and Articles:
Sébastien Page, CFA, Head of Global Multi-Asset

@Derf
I thought several of the funds were going to be "hard closed" to all investors. After reading the footnotes, it appears that the funds are closing primarily through financial intermediaries. This should signal to potential investors/existing investors that these funds may close at any time. At least by leaving the funds open through GP allows GP to control and monitor incoming monies into these funds.

"[1]"Hard Closure": means that these Funds will no longer accept purchases, from new or existing investors, through financial intermediaries unless the purchase is part of: (1) a retirement plan which held the Fund prior to this closure, (2) an automatic reinvestment of a distribution made by the Fund, or (3) a de minimis annual rebalancing approved by a member of the Grandeur Peak client team. The Funds will remain open to purchases from existing investors, and to new investors who purchase directly from Grandeur Peak Funds. The Funds retain the right to make exceptions to any Fund closure or limitation on purchases.
So it appears one can still buy directly through the fund , YES or NO ?
Derf

Here's a bit of additional information excerpted from a recent article in the WSJ:

The billionaire Warren Buffett added two more big, American brands to Berkshire Hathaway Inc.’s investment portfolio.
Mr. Buffett’s conglomerate has purchased $8.6 billion in stock in Verizon Communications Inc., the largest U.S. mobile carrier, and $4.1 billion in Chevron Corp. according to a snapshot of investments held in the quarter ended Dec. 31.
In 2020, Chevron had its worst year since 2016, and Verizon’s fourth-quarter profit fell after it booked higher costs and gained fewer new customers than usual.
It isn’t clear whether Mr. Buffett made the decision to invest in the two firms or if the decision was made by Berkshire money managers Todd Combs and Ted Weschler. The two are expected to take over all of Berkshire’s investments once Mr. Buffett is no longer in the top job.
Berkshire adjusted some of its drugmaker investments bets. The conglomerate sold off its $136 million investment in the Covid-19 vaccine maker Pfizer Inc., while increasing stakes in the pharmaceutical brands AbbVie Inc., Merck & Co. and Bristol Myers Squibb Co.
It also continued to cut back from financial firms, selling off its remaining $93 million investment in JPMorgan Chase & Co., and whittling away at its stake in Wells Fargo & Co. by $1.4 billion.
Last year Berkshire Hathaway sold stakes in airlines, including United Airlines Holdings Inc., American Airlines Group Inc., Delta Air Lines Inc. and Southwest Airlines Co. Mr. Buffett said he thought consumer behavior regarding travel had changed for the long term.

Additionally, I believe that in the past few days I read an article reporting that Berkshire had significantly cut back it's investments in Apple, but I'm unable to locate that source at this time.

House hearing marks first time major figures have all been forced to publicly reckon with trading saga
Following are edited excerpts from a current article in The Guardian:

Frenzied trading in the shares of GameStop and other companies will be the subject of what is expected to be a fiery hearing in Congress on Thursday, when US politicians get their first chance to quiz executives from the trading app Robinhood, Reddit and other players in the saga.
The House financial services committee will hold a hearing at noon in a first step to untangling the furore surrounding trading in GameStop, AMC cinemas and other companies whose share values soared to astronomical levels as small investors piled into the stocks.
Shares in GameStop, a troubled video games chain store, soared 1,600% in January, as an army of small investors, many using the trading app Robinhood, appeared to have bet that Wall Street hedge funds had overplayed their hand when betting the stock price would collapse – a practice known as short-selling. Spurred on by meme-toting members of the Reddit forum WallStreetBets, investors kept buying the shares, driving up the price and triggering huge losses for some hedge funds.
Robinhood briefly suspended trading in GameStop and other hot stocks at the end of January and sparked allegations that the hedge funds and others may have pushed Robinhood and other trading platforms to stop the rout.
Among those testifying are: Robinhood’s CEO, Vlad Tenev, Reddit’s CEO, Steve Huffman, Gabe Plotkin, founder of the Melvin Capital Management hedge fund (which was forced into a rescue after retail traders crushed its bets against GameStop), Ken Griffin, billionaire CEO of Citadel, an investment firm that executes Robinhood clients’ trades and also helped to bail out Melvin, and Keith Gill, a trader variously known online as "Roaring Kitty" and "DeepFuckingValue" and a longtime GameStop booster.
The associate director for economic policy at the Center for American Progress, said: “The GameStop drama raised quite a few public policy questions but first it’s important for members of Congress to understand how events played out.”
More broadly, he said, GameStop had highlighted many crucial issues for regulators, including the role and regulation of hedge funds, whether or how Wall Street is using social media to drive investment strategy, the “gamification” of investing by trading apps and the economic incentives at play for the trading platforms.
“What would have happened if Robinhood had failed? What would have been the knock-on effects for financial markets?” he asked. “These are huge investor protection questions.
The hearing will not be the last inquiry that the executives at the center of the controversy will face. Federal prosecutors have begun an investigation, according to the Wall Street Journal, and the Securities and Exchange Commission, the US’s top financial watchdog, is reportedly combing through social media posts for signs of potential fraud.
In the meantime, evidence has emerged that small investors were not the largest buyers of GameStop and other hot companies. According to an analysis by JP Morgan, institutional investors may have been behind much of the dramatic rise in the share price: “Although retail buying was portrayed as the main driver of the extreme price rally experienced by some stocks, the actual picture may be much more nuanced”.

Hi @LewisBraham and @Old_Joe

Is it me or is there something unsavory sounding to the word "money" as a verb? It makes it sound like money is something you do instead of something you earn through work.

Financial Literacy ??? Is this the question related to "money" as a verb or just a random thought placed in this thread?
I've been outside removing too much snow and the static temp is -10 F. Perhaps I just have a brain freeze with the money and verb statement.
Lastly, if I didn't want to expand the reserve of our money by something I do (investing); with the base money having arrived over many years of what was earned through hard work; I would be spending my time at web pages discussing why my fudge brownie recipe is better than yours.
Thank you for the reply.
Catch

follow-up:
https://www.sec.gov/Archives/edgar/data/1545440/000139834421003462/fp0062438_497.htm
497 1 fp0062438_497.htm
February 16, 2021
KARNER BLUE BIODIVERSITY IMPACT FUND
Investor Class (KAIAX)
Institutional Class (KAIIX)
ButterflyTM Class (KAIBX)
Each A Series of Ultimus Managers Trust
Supplement to Summary Prospectus, Prospectus, and Statement of Additional Information dated September 28, 2020
This supplement updates certain information in the Summary Prospectus (“Summary Prospectus”), the Prospectus (“Prospectus”) and the Statement of Additional Information (“SAI”) of the Karner Blue Biodiversity Impact Fund (the “Fund”), a series of the Ultimus Managers Trust. For more information or to obtain a copy of the Fund’s Summary Prospectus, Prospectus or SAI, free of charge, please visit the Fund’s website at www.biodiversityimpactfund.com or call the Fund toll free at 1-855-KBANIML (855-522-6465).
Closure and Conversion of Shares
On March 18, 2021, all existing shares of the Investor Class and Institutional Class of the Fund will be converted into shares of the ButterflyTM Class of the Fund (the “Conversion”). There will be no fees charged in connection with the Conversion. After the Conversion, the Fund will offer only a single class of shares – the ButterflyTM Class.
There are no tax consequences anticipated with the Conversion, and no action is necessary on your part to effect the Conversion. Shareholders should consult with their own tax advisors to ensure proper treatment on their income tax returns.
Shareholders may continue to purchase and redeem Investor Class and Institutional Class shares of the Fund on each business day until the Conversion on March 18, 2021.
After the Conversion, all references to the Investor Class and Institutional Class of the Fund are hereby struck from the Fund’ Summary Prospectus, Prospectus, and SAI.
Changes to the ButterflyTM Class Shares
Effective on February March 18, 2021, the minimum initial investment amount for ButterflyTM Class shares of the Fund will be $2,000. References in the Fund’s Summary Prospectus and Prospectus to the ButterflyTM Class’ minimum investment amounts in the section titled “Purchase and Sale of Fund Shares” and in the section titled “How to Buy Shares” are hereby modified accordingly.
Also Effective on March 18, 2021, the ButterflyTM Class of the Fund will be subject to the Fund’s Administrative Service Plan, and may make service fee payments to financial intermediaries for certain administrative, recordkeeping, and other non-distribution related services at an annual rate of up to 0.10% of the Fund’s average daily net assets. The Administrative Service Plan and the accompanying fee, is identical to that which applied to the Institutional Class shares of the Fund, and the section in the Fund’s Prospectus and SAI titled “Administrative Services Plan” should now be read to apply to the ButterflyTM Class of the Fund, rather than to the Institutional Class.
Change to the Investment Adviser’s Address
Effective immediately, the address of the Fund’s investment adviser, Karner Blue Capital, LLC, is as follows:
Karner Blue Capital, LLC
7315 Wisconsin Avenue #650W
Bethesda, MD 20814
All references to the address of the Fund’s investment adviser in the Prospectus and SAI are hereby modified accordingly.
If you have any questions regarding the Fund, please call 1-855-KBANIML (855-522-6465).

https://finance.yahoo.com/news/stock-market-record-high-gamestop-spacs-bitcoin-morning-brief-111019949.html?.tsrc=fin-notif
Stay safe & warm, Derf

I listened to that Grantham interview on Bloomberg 2-3 times one day recently. He lays out a convincing case. But there are equally good arguments on both sides.
As far as Grantham’s argument goes he’s focused on three areas: (1) He thinks artificial risk asset impetus has been supplied from over a decade of easing by the Fed and other central banks. Since he doesn’t think this can continue much longer (deficits / unrealistically low rates) he sees an eventual popping of the “bubble”. (2) He sees a near hysterical chasing of return today irregardless of risk - a euphoria he equates with the final stages of bull markets. (3) He takes issue with high valuations in some sectors - technology particularity.
It should be noted that Grantham is more sanguine re value stocks, thinking there are pockets of opportunity in that depressed sector. He sounds downright bullish on emerging markets - if one has a long enough time horizon.
Each investor needs to consider his own time frame, risk tolerance, overall financial situation before undertaking any changes. I’ve grown a bit more cautious over the past couple months. The last two years were good to most investors. So, irrespective of Grantham, I see no compelling reason for a retiree to be overly aggressive at this point. I’m sharing how my allocation has changed in recent months as I try to protect 50+ years of accumulated retirement savings. Your situation is doubtless different and so should be your approach.
* End of 2020: Alternatives 25%, Equity/Balanced Funds 25%, Diversified Bond 25%, Cash & cash alternatives 15%, Real Assets & Commodity 10%.
* Today: Alternatives 33%, Equity/Balanced 20%, Diversified Bond 20%, Cash & cash alternatives 15%, Real Assets & Commodity 7%, Benchmark Fund (PRSIX) 5%.
Explanatory Notes:
- TMSRX accounts for about 50% of the alternative portion. PRPFX comprises most of the rest.
- I’ve gone much shorter on the diversified bond holdings. DODLX is the riskiest one at 50%. The rest consists of short term bond funds like newly opened TSDLX.
- I’ve moved most of the cash into a medium duration TIPS index fund,
- I’ve switched from TRRIX to PRSIX as my benchmark and have added a small allocation to that fund. One difference between the two above funds ... PRSIX commits 0-10% to a Blackstone hedge fund. TRRIX does not.
- There remains a small spec position in a mining fund.

"With so many adverse effects not sure many will take c19 vacc in 2022. Many Healthcare workers report feeling very sick fevers tireness and flu symptoms after 2nd dose...takes 4 6 wks to develop immunity against c19 which may explains reinfection even after 2nd dose vaccines"
OK, so let's just take this apart a little...
"With so many adverse effects".. .
• Exactly how many, as a percentage of shots given?
• Can you cite a reliable source for this?
"Many Healthcare workers report feeling very sick fevers tireness and flu symptoms after 2nd dose."
• Again, exactly how many, as a percentage of shots given?
• Again, can you cite a reliable source for this claim?
"takes 4 6 wks to develop immunity against c19 which may explains reinfection even after 2nd dose vaccines"
• Exactly what is that supposed to mean? What "reinfection"? Are you stating that people who have already had the virus have become reinfected?
John, over the years you have compiled quite a record of unreliable, unsubstantiated, or obviously incorrect statements here on MFO, which you present, often completely out of any reasonable context, as "facts".
While that unenviable record has usually dealt with financial or political matters, I suggest that the issues concerning Covid 19 are far too serious for such careless and unhelpful comments.

Howdy @JonGaltIII
Since the 2010 census, about 10,000 baby boomers a day (retire, too) have crossed the age 65 threshold and by 2030, all boomers will be at least age 65. From 2019 data the boomers are about 72 million in population. Our house is boomers x 2. While there are now and will be failures of individual holdings within healthcare, I still fully consider this a growth area for equity. These folks will require more maintenance than the under 40 age group, yes? There will be the fails of hospitals, health insurance companies and the best laid plans for the next magic drug. There will likely also be continued mergers and acquisitions of big and small companies in many areas. This sector has had its recent funky periods (2015-2016), so it is not a slam dunk; but I still have faith in the broad sectors.
From the devils advocate perspective, One would have to perform an overview of personal holdings to discover how much exposure your holdings have to healthcare now and how much you desire. The 3 below breakdowns give a hint to health sectors from various funds.
Our own personal perspective is provide equity exposure that is meaningful to performance of the entire portfolio. We generally do not hold less than 10% of total portfolio in a given investment area. Performance may allow this number to become 25%; but this is an individuals judgement; based upon portfolio risk and faith in the sector.
Our healthcare holdings travel the road between United Healthcare and genomics and whatever else is in the mix. The healthcare holdings over the years has more than paid for our supplemental insurance plans via United Healthcare. Invest in what you (and many others) use.
Though FSMEX is currently open, the last hard close was a no-notify close at the end of a business; without a grace period.
Lastly, if one were to have a full tour of various medical areas in a large hospital; you'd be able to view a large number of products from companies where you hold investments.
My 2 cents worth.
Take care,
Catch
AS OF 12/31/2020
FSPHX Portfolio Weight
Biotechnology 24.27%
Health Care Equipment 20.25%
Managed Health Care 18.10%
Pharmaceuticals 18.03%
Health Care Services 8.04%
Life Sciences Tools & Services 6.93%
Health Care Technology 1.51%
Health Care Facilities 1.36%
Application Software 0.65%
Research & Consulting Services 0.29%
Other Diversified Financial Services 0.08%
Investment Banking & Brokerage 0.02%
FSMEX Portfolio Weight
Health Care Equipment 55.23%
Life Sciences Tools & Services 23.09%
Managed Health Care 5.75%
Health Care Supplies 3.90%
Health Care Technology 3.79%
Health Care Services 3.46%
Biotechnology 2.34%
Application Software 0.86%
Insurance Brokers 0.52%
Apparel, Accessories & Luxury Goods 0.38%
Research & Consulting Services 0.36%
Textiles 0.22%
Investment Banking & Brokerage 0.03%
FSPGX Portfolio Weight (likely a typical growth index weighting)
Information Technology 44.88%
Consumer Discretionary 16.67%
Health Care 13.49%
Communication Services 10.99%
Consumer Staples 4.53%
Industrials 4.51%
Financials 1.86%
Real Estate 1.61%
Materials 0.80%
Multi Sector 0.54%
Energy 0.08%
Utilities 0.02%

Just received an email from GP. Here is the email:
February 12, 2021
Dear Fellow Shareholders,
With the continued strength of global markets and the performance of the Grandeur Peak Funds, we find it necessary to announce the following fund closures effective as of market close on Friday, February 26, 2021.
Moving to Hard Closure[1]:
Grandeur Peak Global Opportunities Fund (GPGOX/GPGIX)
Grandeur Peak International Opportunities Fund (GPIOX/GPIIX)
Grandeur Peak International Stalwarts Fund (GISOX/GISYX)
Grandeur Peak Global Micro Cap Fund (GPMCX)
Moving to Soft Closure[2]:
Grandeur Peak Emerging Markets Opportunities Fund (GPEOX/GPEIX)
As you know, we carefully review capacity at both the strategy and firm level. We are committed to keeping our investment strategies nimble to fully pursue their investment objectives without being encumbered by their individual asset base or the firm’s collective assets. Achieving performance for our clients remains our paramount objective as always.
Funds Remaining Open:
Grandeur Peak Global Reach Fund (GPROX/GPRIX)
Grandeur Peak Global Stalwarts Fund (GGSOX/GGSYX)
Grandeur Peak Global Contrarian Fund (GPGCX)
Grandeur Peak US Stalwarts Fund (GUSYX)
Thank you for your continued trust. If you have any questions, don’t hesitate to reach out to me or a member of our Client Relations Team.
[1]"Hard Closure": means that these Funds will no longer accept purchases, from new or existing investors, through financial intermediaries unless the purchase is part of: (1) a retirement plan which held the Fund prior to this closure, (2) an automatic reinvestment of a distribution made by the Fund, or (3) a de minimis annual rebalancing approved by a member of the Grandeur Peak client team. The Funds will remain open to purchases from existing investors, and to new investors who purchase directly from Grandeur Peak Funds. The Funds retain the right to make exceptions to any Fund closure or limitation on purchases.
[2] "Soft Closure" means that the Fund will close to new investors seeking to purchase shares of the Fund through third-party intermediaries subject to certain exceptions for financial advisors with an established position in the Fund and participants in certain qualified retirement plans with an existing position in the Fund. The Fund will remain open to purchases from existing investors, and to new investors who purchase directly from Grandeur Peak Funds. The Funds retain the right to make exceptions to any Fund closure or limitation on purchases.

updated:
https://www.sec.gov/Archives/edgar/data/915802/000139834421003133/fp0062314_497.htm
497 1 fp0062314_497.htm
FINANCIAL INVESTORS TRUST
Emerald Small Cap Value Fund
(the “Fund”)
Supplement dated February 12, 2021
to the Fund’s Prospectus and Statement of Additional Information
dated August 31, 2020, as supplemented
As previously disclosed, on December 8, 2020, the Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Emerald Mutual Fund Advisers Trust (the “Adviser”), the investment adviser to the Fund, a series of the Trust, determined to close and liquidate the Fund on or about January 11, 2021. The date for such liquidation is now expected to be on or about February 26, 2021 (the “Liquidation Date”).
If the Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of the Liquidation Date, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/1545440/000139834421003163/fp0062350_497.htm
97 1 fp0062350_497.htm
February 12, 2021
KARNER BLUE BIODIVERSITY IMPACT FUND
Investor Class (KAIAX)
Institutional Class (KAIIX)
ButterflyTM Class (KAIBX)
Each A Series of Ultimus Managers Trust
Supplement to Summary Prospectus, Prospectus, and Statement of Additional Information
dated September 28, 2020
This supplement updates certain information in the Summary Prospectus (“Summary Prospectus”), the Prospectus (“Prospectus”) and the Statement of Additional Information (“SAI”) of the Karner Blue Biodiversity Impact Fund (the “Fund”), a series of the Ultimus Managers Trust. For more information or to obtain a copy of the Fund’s Summary Prospectus, Prospectus or SAI, free of charge, please visit the Fund’s website at www.biodiversityimpactfund.com or call the Fund toll free at 1-855-KBANIML (855-522-6465).
Closure and Conversion of Shares
Effective immediately, all sales and acceptance of purchase orders for shares of the Investor Class and Institutional Class of the Fund shall be discontinued.
On March 18, 2021, all existing shares of the Investor Class and Institutional Class of the Fund will be converted into shares of the ButterflyTM Class of the Fund (the “Conversion”). There will be no fees charged in connection with the Conversion. After the Conversion, the Fund will offer only a single class of shares – the ButterflyTM Class.
There are no tax consequences anticipated with the Conversion, and no action is necessary on your part to effect the Conversion. Shareholders should consult with their own tax advisors to ensure proper treatment on their income tax returns.
Shareholders may continue to redeem their Investor Class and Institutional Class shares of the Fund on each business day until the Conversion on March 18, 2021.
After the Conversion, all references to the Investor Class and Institutional Class of the Fund are hereby struck from the Fund’ Summary Prospectus, Prospectus, and SAI.
Changes to the ButterflyTM Class Shares
Effective on February March 18, 2021, the minimum initial investment amount for ButterflyTM Class shares of the Fund will be $2,000. References in the Fund’s Summary Prospectus and Prospectus to the ButterflyTM Class’ minimum investment amounts in the section titled “Purchase and Sale of Fund Shares” and in the section titled “How to Buy Shares” are hereby modified accordingly.
Also Effective on March 18, 2021, the ButterflyTM Class of the Fund will be subject to the Fund’s Administrative Service Plan, and may make service fee payments to financial intermediaries for certain administrative, recordkeeping, and other non-distribution related services at an annual rate of up to 0.10% of the Fund’s average daily net assets. The Administrative Service Plan and the accompanying fee, is identical to that which applied to the Institutional Class shares of the Fund, and the section in the Fund’s Prospectus and SAI titled “Administrative Services Plan” should now be read to apply to the ButterflyTM Class of the Fund, rather than to the Institutional Class.
Change to the Investment Adviser’s Address
Effective immediately, the address of the Fund’s investment adviser, Karner Blue Capital, LLC, is as follows:
Karner Blue Capital, LLC
7315 Wisconsin Avenue #650W
Bethesda, MD 20814
All references to the address of the Fund’s investment adviser in the Prospectus and SAI are hereby modified accordingly.
If you have any questions regarding the Fund, please call 1-855-KBANIML (855-522-6465).

https://www.sec.gov/Archives/edgar/data/915802/000139834421003172/fp0062329_497.htm
497 1 fp0062329_497.htm
FINANCIAL INVESTORS TRUST: GRANDEUR PEAK FUNDS
GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND
GRANDEUR PEAK GLOBAL MICRO CAP FUND
GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND
GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND
GRANDEUR PEAK INTERNATIONAL STALWARTS FUND
(Each, a “Fund,” and together, the “Funds”)
SUPPLEMENT DATED FEBRUARY 12, 2021 TO THE SUMMARY PROSPECTUS AND PROSPECTUS OF THE FUNDS DATED AUGUST 31, 2020, AS SUPPLEMENTED FROM TIME TO TIME
Effective as of the close of business on February 26, 2021, the Grandeur Peak Global Opportunities Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak Global Micro Cap will no longer accept purchases, from new or existing investors, through financial intermediaries unless the purchase is part of:
●a retirement plan which held the Fund prior to this closure,
●an automatic reinvestment of a distribution made by the Fund, or
●a de minimis annual rebalancing approved by a member of the Grandeur Peak client team.
Also, effective as of the close of business on February 26, 2021, the Grandeur Peak Emerging Markets Opportunities Fund will close to new investors seeking to purchase shares of the Fund through third party intermediaries subject to certain exceptions for financial advisors with an established position in the Fund and participants in certain qualified retirement plans with an existing position in the Fund.
The Funds remain open to purchases from existing investors, and to new investors who purchase directly from Grandeur Peak Funds.
The Funds retain the right to make exceptions to any Fund closure or limitation on purchases.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Financial Literacy initiatives are always helpful:

With incredible support from GoFundMe backers, we created the pilot episode of a 10-part video curriculum that teaches the basics of financial literacy with a fresh voice.
It is accompanied by a curriculum website and PDF handout for classrooms. See all the pilot materials here.

https://learntomoney.org/

Thanks for providing @Mark. Yes IYG scores well. I was chatting with @Charles yesterday and he had a very helpful suggestion to look at the last time when rates were rising and which financial funds performed well. This was 2016-2018 and you can run screens on this period on MFO premium. IAI was top performer. IAI also is the top performer over 3 and 5 year timeframes. This is a broker/dealer focused fund rather than banks. Im strongly considering it.