Just found the SEC Filing so it is not an April Fools joke!
https://www.sec.gov/Archives/edgar/data/915802/000139834420007183/fp0052318_497.htm
497 1 fp0052318_497.htm
FINANCIAL INVESTORS TRUST
SUPPLEMENT DATED MARCH 31, 2020 TO THE SUMMARY PROSPECTUSES AND PROSPECTUS FOR THE GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND, GRANDEUR PEAK GLOBAL MICRO CAP FUND, GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND, GRANDEUR PEAK GLOBAL REACH FUND AND GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND (EACH A “FUND,” AND TOGETHER, THE “GRANDEUR PEAK FUNDS”) DATED AUGUST 31, 2019
Effective April 1, 2020, the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak International Opportunities Fund will reopen to all shareholders.
Also, effective April 1, 2020, the Grandeur Peak Global Micro Cap Fund will reopen to all shareholders who purchase directly from Grandeur Peak Funds. The Fund remains open through financial intermediaries to shareholders who currently hold a position in the Fund. Financial advisors with clients in the Fund are able to invest in the Fund for both existing as well as new clients. The Fund also remains open to all participants of retirement plans currently holding a position in the Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Mike, I’ve been invested in a AKREX/AKRIX since 2017. Although it’s highly concentrated and particularly in financials, I don’t think that’s too much to worry about.
26% of the 45% invested in financials is with MasterCard, Visa and Moody’s. They should do well going forward unless we truly fall into a deep recession or depression.
IMO it is not going to happen. A slow down yes, maybe a quarter or possibly two, but nothing more than that unless something very unexpected occurs.

@Mark Yes, a home is an illiquid asset that is hard to value or to liquidate to pay debts. Yet looking at just that is thinking like the average person whose home is his/her largest asset. According to Brookings, "Almost three-quarters of aggregate household assets are in the form of financial assets—namely stocks and mutual funds, retirement accounts, and closely-held businesses. Real estate makes up the vast majority of nonfinancial assets."https://brookings.edu/blog/up-front/2019/06/25/six-facts-about-wealth-in-the-united-states/Since the top 20% controls 77% of America's net worth, much of their assets is not in their residence but in more liquid forms--cash, stocks, bonds, funds, etc: "In fact, the top one percent alone holds more wealth than the middle class. They owned 29 percent—or over $25 trillion—of household wealth in 2016, while the middle class owned just $18 trillion.[iii]" When Bernie Sanders talked about a 2.5% wealth tax he wasn't asking people to sell their homes to pay it.

Just received this email (the table in the email has been adjusted below)
March 31, 2020
Dear Clients and Fellow Shareholders,
We are re-opening the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak International Opportunities Fund to all shareholders as of Wednesday, April 1, 2020.
We continue to be encouraged by the limited redemptions by our shareholders as we experience increasing volatility in the markets, and believe it is in the best interest of both shareholders and portfolio managers to have the funds open at this time. Opening the Funds to new shareholders may provide an opportunity to make investment decisions in today’s depressed markets that we believe will benefit shareholders for the long term.
Grandeur Peak Emerging Markets Opportunities Fund GPEOX/GPEIX Open
Grandeur Peak Global Contrarian Fund GPGCX Open
Grandeur Peak Global Micro Cap GPMCX Open*
Grandeur Peak Global Opportunities Fund GPGOX/GPGIX Open
Grandeur Peak Global Reach Fund GPROX/GPRIX Open
Grandeur Peak Global Stalwarts Fund GGSOX/GGSXY Open
Grandeur Peak International Stalwarts Fund GPIOX/GPIIX Open
Grandeur Peak International Stalwarts Fund GISOX/GISYX Open
Grandeur Peak US Stalwarts Fund GUSYX Open
In the event the market has an unexpected rebound or the flows into the funds exceed our target asset levels, we are prepared to return back to a Soft Closed status to maintain a relatively small asset base and preserve the nimbleness for our research team. We will, of course, notify you in advance of any future changes to the funds’ status.
To learn more about any of our funds, call any of us on the client team (contacts below) or our shareholder services team at 855-377-7325. Additional information is also posted on our website: www.grandeurpeakglobal.com.
Best Regards,
Mark Siddoway, CFA, CAIA, MBA
Head of Client Relations
* The Grandeur Peak Global Micro Cap Fund is open through financial intermediaries to shareholders who currently hold a position in the Fund. Financial advisors with clients in the Fund are able to invest in the Fund for both existing as well as new clients. The Fund also remains open to all participants of retirement plans currently holding a position in the Fund.
The objective of all the Grandeur Peak Funds is long-term growth of capital. The Global Contrarian and US Stalwarts Funds are new and have limited operating history.
RISKS:
Mutual fund investing involves risks and loss of principal is possible. Diversification does not eliminate the risk of experiencing investment loss. Investing in small-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.
An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus, containing this and other information, visit www.grandeurpeakglobal.com or call 1-855-377-PEAK (7325). Please read it carefully before investing.
Grandeur Peak Funds will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. For more complete information including charges, risks and expenses, read the prospectus carefully.

Global fund managers tilted towards bonds in March and don't hold much near term hope for a sustained stock market rebound....

Global fund managers are convinced the world economy is already in recession, and recommended increasing bond holdings in March to the highest level in at least seven years while buffering up on cash at the expense of equities, a Reuters poll showed.
“The recent fall in equities reflects the wrongdoings over the past decade such as share buy-backs at a time when investment growth was warranted."
“The monumental scale of stimulus announced by central banks can only bring bond yields lower."
Asset managers reduced recommendations to equity exposure to the lowest since September, to 45.9% of the model global portfolio from 49.1%. Cash holdings were increased to the highest since October, to 5.2% from 3.8%. Asked on the outlook for equities over the next three months, nearly 90% of respondents said stocks would fall further or stay around current levels.
U.S. funds suggested a cut to equity exposure to the lowest in Reuters poll records for that country going back to early 2011 and an increase to bond holdings to the highest since then.

https://reuters.com/article/us-funds-global-poll/global-funds-still-recommend-bonds-over-stocks-reuters-poll-idUSKBN21I1PO

If you were to evaluate a man's finances to see whether he was credit worthy or not, would you only look at his annual income or his assets as well--how much cash he had in the bank, the value of his home, the value of his brokerage account? Especially with a man who is aging wouldn't it make more sense to pay attention to his assets as opposed to just his income since his earnings power would be declining? The same goes with a blue chip company like Apple. Would you say Apple's ability to repay its debts is only based on its earnings potentional or the massive hoard of cash it has on its balance sheet. All of which is to in this constant discussion of the debt level of nations, especially aging developed superpower nations with less growth potential but immense stores of already existing wealth, why is the debt to annual GDP the primary focus? Why isn't this also part of the discussion?

@Crash. If today's S&P holds, I have it down (only) 18.5% from last peak, which means the bull market has not ended ... using month ending data only, which is pretty common.

AKREX is a small position for me. Im actually more worried about its 45% allocation to financials than I am about manager succession. Performance has been outstanding but I worry that his 4x weighting of financials vs the benchmark will bite him one day. Hasnt yet.

If S&P500 holds tomorrow, for those of us that only track to month-ending levels, March 2020 will represent the 133 month of the bull market that began March 2009. The bear we've been reading about this month, has not yet appeared. If only that helped the hurt I've been feeling lately.

...Or, responding to the title of this thread: "remains of the bull market?"
Vintage Freak is correct, I bet. I confess to feeling lucky that things in my portfolio did not get any worse than they did. PRDSX is still my laggard through all of this, but I reduced it to just a smidgeon of the portfolio in 2019. It was riding high back then, so I took from Peter to pay Paul, elsewhere within my stuff. It is still down -23%.

msf, thanks for your post.
VMSXX - up to and including 3-13, the daily market value was $1.00 and above. 3-16 through 3-24, the daily market value ranged from $0.9986 to $0.9998 (fortunately carried out to four decimal places). 3-26 and 3-27, the value was back to $1.00.
SWTXX - up to and including 3-17, the daily market value was $1.00 and above. 3-18 through 3-25, the daily market value ranged from $0.9988 to $0.9994. 3-26 and 3-27, the value was back to $1.00.
While two days is not a trend, does this give you any sense that muni money market funds are stabilizing? It seems the answer is it depends on the daily net shareholder cash flows.
Mona

If S&P500 holds tomorrow, for those of us that only track to month-ending levels, March 2020 will represent the 133 month of the bull market that began March 2009. The bear we've been reading about this month, has not yet appeared. If only that helped the hurt I've been feeling lately.

In fact, Muni MM and prime MM can have the following: "The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors.".

Not "can have", but must have.
The SEC regulation mandating this precise verbiage in MMF advertising is 17 CFR § 230.482(b)(4)(ii). That regulation also allows, but does not require, government MMFs to make the same statement that they might impose a gate or redemption fee.
https://www.law.cornell.edu/cfr/text/17/230.482#ii1f2023c2-4879-11ea-8b86-0a6e5d7645f8
It may be difficult to parse the part of the regulation that allows government MMFs to advertise the same restrictions. This SEC PR page says it more clearly:

Government Money Market Funds – Government money market funds would not be subject to the new fees and gates provisions. However, under the proposed rules, these funds could voluntarily opt into them, if previously disclosed to investors.

https://www.sec.gov/news/press-release/2014-143
IMHO liquidity is not the issue now, NAV is (risk of breaking a buck). While muni bonds may have been the most volatile, muni MMFs have had much greater liquidity than prime MMFs. Vanguard funds tend to be both the highest yielding and the most liquid of the bunch. See below.
Liquidity thresholds are 30% weekly / 10% daily (funds must not fall below these).
Lowest liquidity weekly/daily over the past six months, and current weekly/daily for various MMFs ...
Fidelity: SPRXX/FZDXX 33%(12/24) / 12%(12/24); now 49% and 39%
Fidelity: FTEXX (weekly only): 63% (12/31); now at 67%
Fidelity: FMOXX (weekly only): (current and lowest) 69%
Vanguard: VMMXX 37.60%(3/25) / 23.16%(1/3); now at 44.32% and 35.40%
Vanguard: VMSXX (weekly only): 64.83%(10/28); now at 66.67%
Schwab: SWVXX/SNAXX 35.33%(12/10) / 14.49%(1/7); now 41.62% and 30.11%
Schwab: SWTXX/SWOXX (weekly only): 64.69% (3/23); now at 68.57%
Schwab: SWWXX (weekly only): 64.44% (12/20); now at 73.40%
T.Rowe Price: TSCXX 33.32% (2/24) / 11.77% (3/18); now 36.72% and 15.35%
T.Rowe Price: TRSXX (weekly only): 46.24% (2/13); now at 73.46%

I have been looking for a reliable trading system for many years. I ran hundreds of scenarios, mostly technical analysis. I wanted to find something easy, if you use too many indicators it's too complicated. You also don't want too many trades. I could find anything I like so I made my own system.
I looked at
50/200 moving averages--too late/early many time
10 months MA by Faber-It works only in crashes but not good at mild one. You can see it in this (link)
I tracked the performance of GMO, Arnott and AQR Capital Management and they were not good.
Inverted yield, PE, PE10 can be off by months and years
When I was younger I was very heavy in stocks but in the last 7-8 years I learned a lot about bonds, starting with PIMIX.
In the last 5 years and close to retirement I based my timing on the following
1) Bonds rule. Bonds must work rationally for me to be confident. Stocks don't have to be rational, they can go up regardless, at some point they will go down but they can be off by years/months
2) I simply set a rule of max loss from the last top for each fund I own. Years ago it was 3% for bonds and 6% for stocks. Now it's 1% for any bond fund I own, at 0.5% I start checking why.
If I sell a fund then I look at other funds in the same category, it the category bad or just this fund. Then I look at other categories, maybe they are doing OK.
example: rates go up most bond categories go down but wait, bank loans may go up.
make the switch.
When you have enough, it's just a number game. If I sell too soon and it rebounded and I miss the performance...I don't care.
3) Look at VIX. If it's over 30, it's a warning sign. Over 40 a stop sign. continue up, it's a danger zone. The key here is to look at extreme because it's hardly there.
4) Pay attention to the traders. I record fast money and watch it every day, at least the first 15 minutes. Pay attention to Carter Worth. Pay attention especially to an unusual guess Tony Dwyer with pretty good calls. These people give me the market internals, spirit and what the big Wall Street firms are doing. Investing for me is a passion for years.
5) I use simple tech indicators because many algos use it too. 50+200 MA, MACD, trends,
3-line-break (link) This fast indicator tells you to get ready to buy/sell. I used these for riskier stuff for short term trading.
When stocks lose and rebound, they will capture most times 40-50%. I look at the SP500 + 3 line break + daily MACD(weekly MACD is better) when to enter and stay for 1-2 days of trade. The more it's down the more you can make and stay with the trade. It's feeling but if I made money I sell anyway if I think it's enough.
For my longer term bond holdings, I use a simple trend. I have several bond funds I like and just switch.
6) Common sense based on the news.
Examples:
The Fed says they will raise rates, watch your bond fund, stay away from simple IG bonds
The Fed said last week they will support IG bonds, start buying.
Fast trading:
A very known stock had bad news after hours and falls 20%. The next day, you can see the trading prior to the opening. It opens even lower at -22%, you buy, it will go up several %, you sell.
PCI is one of the best known CEFs. It was going down sharply and more than the SPY, then one day it was down another 20%, this means, investors are desperate, then I buy, I made 5% in 30 minutes. The next 2 days it was up another 15% but I don't care. I made money.
So, why I sold almost everything weeks ago because 1) bonds, including treasuries were acting irrationally 2) VIX over 45-50. These 2 are enough to sell but then stocks were crashing and all the news media were talking 24/7 about the Coronavirus.
Bottom line: I have strict written rules that I follow but I'm also flexible. Never say never, I learn stuff all the time and then I test it to see if it works. It took me years to be comfortable to trade and use big %.

Here is the story link:
https://www.morningstar.com/articles/975378/7-funds-reopening-amid-equity-meltdown

@Charles - you mentioned "Our friend Junkster always touted the importance of having predefined "exit" criteria. He was/is a day trader so he watches for instabilities typically in price movements of what he calls "tight channel" funds. If he sees them, he exits the trade.
Others like Meb Faber practice trend following ... when price drops below say the 10-mo running average, they exit their position, either to cash or something (thought) safer."
Then asked "So curious if any on the board practice, in disciplined fashion, such techniques?
And, perhaps even more curious of whether buy-and-hold investors, especially retired ones, EVER think of exiting. Or, is it always just about re balancing?"
Tough questions but I'll try. NO I do not ever think about exiting. I'm pretty much all invested 99% of the time. While accumulating it was 95/5 figuring that SS would cover my wild abandon. Once retired I drifted down to roughly 75/25 by swapping some REIT's for PCI and PDI. MY portfolio is primarily a mix of individual dividend growth stocks and a handful of equity CEF's for income, PIMCO bond CEF's + IOFIX and 5 mutual funds BIAWX, GLFOX, MGGPX, POAGX and VLAAX. I do hold a pittance in SFGIX but I'm not sure why, maybe in case it ever becomes unstuck from it's funk. It is hard to apply the techniques I use across all holdings equally so I use certain ones for certain types.
I pretty much never touch the mutual funds. That's what I hired their managers for.
Likewise the bond holdings although I do check them occasionally trying to follow Junksters lessons along with a weekly MACD signal. I won't get into what it's all about suffice to say that MACD is an indicator used in technical analysis to identify aspects of a security's overall trend. Most notably these aspects are momentum, as well as trend direction and duration. MACD uses moving averages (trend lines and duration) and plots that difference between the two lines as a histogram which oscillates above and below a center Zero Line. The histogram is a good indication of a security's momentum and so I watch for crossovers signalling buying when moving up from a trough or selling from a peak. Ideally I'd check them more often than I do but I try to pretend I have a life away from watching market action so sometimes I'm behind the curve unless price action screams at me.
My equity holdings are also rarely touched because most were bought during previous market debacles and now have considerable capital gains even after this current hosing. If I found suitable similar replacements I might swap them. Or not.
With these holdings, in addition to the MACD signal I also watch the RSI and the Chaikin Money Flow indicators. Again I am never on top of these 100% of the time but I check them occasionally and whenever Mr. Price beats on me. I use RSI to identify the general trend and watch for divergence especially from overbought or oversold conditions.
The Chaikin Money Flow tells the real story of how much demand there is for a stock whether positive or negative. The concepts of divergences comes into play here as well. If money flow starts to fall while price is rising, then the price will generally follow downward soon. Again, a change in money flow is a signal that something is about to change with price. The weekly and monthly tell you the real big money trend and I want to be on the side of the big money. A day trader could use daily I suppose.
Anyway, in this current meltdown all things seemed to have suffered equally so I see no reason to play with rebalancing and frankly I never look at my portfolio and think that I should. Crazy right? But my portfolio works for me and was planned out to do what I needed it to do which was to provide me with enough income to cover my modest needs along with a little extra to play with. To date I have only had one holding that suspended their dividend (can you say lucky) but I fear that we may be just in the first few innings of this game. Good luck out there.

Hi guys. If one is down 20% then they have to go back up 25% to get even. This is why Old_Skeet bought the downdraft because when the rebound comes I will not have to travel as far to get back to even.

Even at -20% loss, the 60/40 stocks/bonds allocation is still a lot better than 30+ % loss of S&P500.
The massive QE seem to stabilize the bond market and the liquidity. One data point on commercial (corporate) bonds was released today.

Friday’s data represents the most consistent fall in those rates across the quality spectrum since March 4. It suggests that there has finally been a return of some liquidity to the market since the Fed on March 17 said that it would reinstate the Commercial Paper Funding Facility (CPFF), an operation used during the 2008 financial crisis, in which the central bank acts as a lender of last resort for companies otherwise unable to borrow in the short-term market.

https://reuters.com/article/us-usa-corporate-debt-commerical-paper/commercial-paper-rates-fall-signaling-feds-program-working-idUSKBN21H2FD
If the bond market returns and functioning, there is no reason the 60/40 porfolio will not fare well going forward. The psychological element of losing less allow one to maintain their perspective and stay invested until recovery. Going to all cash is only a temporary solution since it pays little in today's low interest rate environment.

Charles noted:

Our friend Junkster always touted the importance of having predefined "exit" criteria. He was/is a day trader so he watches for instabilities typically in price movements of what he calls "tight channel" funds. If he sees them, he exits the trade.

For me, the most important word above is, "see"; in regard to its meaning below.
@Junkster offered pieces now and then, of what he could "see". He didn't make such a notation to impel or compel any one investor to take a particular action within their own portfolio. But for me, his observation(s); based upon his credibility with me, would be enough to cause me to be more curious as to a given circumstance.
To see: discern or deduce mentally after reflection or from information; understand.
We all "see" differently. I noted on March 11 what I could see relative to our portfolio:

>>>>> From a long ago song lyric: "Nowhere to run to, nowhere to hide."
All of the below government bill through bond types are down in pricing.
Our 72% bond/28% equity portfolio has no support from any area as of 12:30 EST.
Has this happened before in modern times??? Where the correlation between UST issues and equity markets have little meaning to one another.
ADD: Is the U.S. Treasury playing in the background to support yields???
--- SHY = (1-3 yr bills)
--- IEI = (3-7 yr notes)
--- IEF = (7-10 yr notes)
--- TLT = (20+ Yr UST Bond
--- EDV = (Vanguard extended duration gov't)
--- ZROZ = (UST., AAA, long duration zero coupon bonds) >>>>
This was my observation then, from my years of watching and learning, I could "see" that something was broken to hell in the AAA Treasury issues. Was this actionable information for others? I don't know, as this was only my observation.
One's escape plan is personal to the point of what was "seen", to find a portfolio that has arrived to where it is now, and what one "see's" now, relative to the composition of the portfolio going forward.
As to an escape plan for this house. Barring a fully worthless portfolio, which would suggest a full collapse of the global financial structure, for any number of reasons; we will remain with a 75% bond/25% equity portfolio at this time. We're fully invested, and can not invest in other areas without a sale of some other area.
Hoping this is understandable for most.
NOTE: more could be added, but other priorities exist for the moment.
Take care of you and yours,
Catch

I am a 70 year old retiree. 80% of my portfolio is invested long term in OEFs. The other 20% is currently more actively invested.
What has changed for me since January 1? These are some off the top of my head thoughts....
There has been the onset of a pandemic. It will take maybe one to two years for a new normal to emerge (maybe significantly less). The worlds' economies will most likely recover successfully. (That's been typical after black swan events.)
There has been a major shock in bond land. The Feds actions last Monday have calmed the bond markets so far. This will need to be watched. (Central banks throughout the world seem to be acting in unison regarding this issue.)
It appears there will be a flood of deficit spending in most major countries throughout the world. This will tend to promote some inflation as time passes.
Cash has emerged in the short run as an alternative to owning stocks or bonds in our low interest rate world. Will that last? Too soon to tell but I doubt it.
I don't understand why a 1930's style depression will be a likely outcome from this event. Why might it be a likely outcome?
So far, the balance point for my investments remains at 55% stocks. It dipped to about 50% at the low so far this year. I fed the stock side a little during the initial downturn. Fido tells me I am at 53% stocks as I type this.

@Charles
I agree with your assessments. I also think that non-agency RMBS/CMBC/other will come around in several months(maybe weeks) and where I will start buying again.
The question is do I want to be in funds with mostly securitized (IOFIX,EIXIX,SEMMX,VCFAX,DPFNX) and making more money potentially or take a less risky approach and buy something like PIMIX(more diversified) or both.
If I look at YTD (chart), EIXIX would be my choice to get back into this category but we are not there yet :-)