# EDGAR Filing Document

**Accession Number:** 0001965454
**File Stem:** 0001580642-25-004174
**Filing Date:** 2025-7
**Character Count:** 393278
**Document Hash:** 3d8cfb719ad2180d1aca39e0cee613ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004174.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001580642-25-004174

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 101

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Grandeur Peak Global Trust
- **CENTRAL INDEX KEY:** 0001965454

**ORGANIZATION NAME:**
- **EIN:** 922196433
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23852
- **FILM NUMBER:** 251113190

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2688

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Grandeur Peak Emerging Markets Opportunities Fund (Series ID: S000080366)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242719 | Investor Class      | GPEOX           |
| C000242720 | Institutional Class | GPEIX           |

### Grandeur Peak US Stalwarts Fund (Series ID: S000080367)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242721 | Institutional Class | GUSYX           |

### Grandeur Peak Global Contrarian Fund (Series ID: S000080368)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242722 | Institutional Class | GPGCX           |

### Grandeur Peak Global Explorer Fund (Series ID: S000080369)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242723 | Institutional Class | GPGEX           |

### Grandeur Peak Global Micro Cap Fund (Series ID: S000080370)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242724 | Institutional Class | GPMCX           |

### Grandeur Peak Global Opportunities Fund (Series ID: S000080371)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242725 | Institutional Class | GPGIX           |
| C000242726 | Investor Class      | GPGOX           |

### Grandeur Peak Global Reach Fund (Series ID: S000080372)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242727 | Institutional Class | GPRIX           |
| C000242728 | Investor Class      | GPROX           |

### Grandeur Peak Global Stalwarts Fund (Series ID: S000080373)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242729 | Investor Class      | GGSOX           |
| C000242730 | Institutional Class | GGSYX           |

### Grandeur Peak International Opportunities Fund (Series ID: S000080374)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242731 | Institutional Class | GPIIX           |
| C000242732 | Investor Class      | GPIOX           |

### Grandeur Peak International Stalwarts Fund (Series ID: S000080375)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242733 | Institutional Class | GISYX           |
| C000242734 | Investor Class      | GISOX           |

?xml version='1.0' encoding='ASCII'?

---

| |
|:---|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| WASHINGTON, D.C. 20549 |
| **FORM N-CSR** |
| **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** |
| **MANAGEMENT INVESTMENT COMPANIES** |
| Investment Company Act file number 811-22655  |
| **Grandeur Peak Global Trust**  |
| (Exact name of registrant as specified in charter) |
| 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246  |
| (Address of principal executive offices) (Zip code) |
| CT Corporation Trust Company |
| 1209 Orange Street, Wilmington, DE 19801  |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>631-490-4300</u> <br>

Date of fiscal year end: <u>4/30</u> <br>Date of reporting period: <u>4/30/25</u>

**Item 1. Reports to Stockholders.**

(a) #### Grandeur Peak Emerging Markets Opportunities Fund

#### Institutional Class (GPEIX)

#### Annual Shareholder Report - April 30, 2025
![Image](i68306bc055ad721ee34b0818.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Emerging Markets Opportunities Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $147 | 1.52% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Emerging Markets Opportunities Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a -6.14% return. The Fund underperformed the MSCI Emerging Markets SMID Cap Index, which posted a +3.76% return. The negative return and underperformance compared to the benchmark is mainly attributed to underperformance in technology and financial stocks from a sector perspective. From a country perspective, the underperformance was due to an underweight and underperformance in Chinese stocks, plus underperformance in Brazilian stocks. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $159811796 |
| Number of Portfolio Holdings | 89 |
| Advisory Fee (net of waivers) | $3851908 |
| Portfolio Turnover | 25% |

---

#### How has the Fund performed over the last ten years?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2b528d6e5016bb6868999b97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grandeur Peak Emerging Markets - Institutional** | **MSCI Emerging Markets IMI Index** | **MSCI Emerging Markets SMID Cap Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $8856 | $8244 | $8374 |
| **Apr-2017** | $10488 | $9763 | $9519 |
| **Apr-2018** | $11876 | $11823 | $11257 |
| **Apr-2019** | $10887 | $11132 | $10170 |
| **Apr-2020** | $10231 | $9709 | $8259 |
| **Apr-2021** | $16400 | $14680 | $13419 |
| **Apr-2022** | $13804 | $12206 | $12236 |
| **Apr-2023** | $13205 | $11425 | $11723 |
| **Apr-2024** | $13545 | $12739 | $13518 |
| **Apr-2025** | $12713 | $13692 | $14027 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Grandeur Peak Emerging Markets - Institutional | -6.14% | 4.44% | 2.43% |
| MSCI Emerging Markets IMI Index | 7.49% | 7.12% | 3.19% |
| MSCI Emerging Markets SMID Cap Index | 3.76% | 11.17% | 3.44% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i63863f8fd5334ecd5642c82a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 21.5% |
| Biotech & Pharma | 2.4% |
| Internet Media & Services | 2.6% |
| Wholesale - Discretionary | 2.8% |
| Specialty Finance | 3.0% |
| Chemicals | 3.7% |
| Commercial Support Services | 4.6% |
| Household Products | 4.6% |
| Food | 4.7% |
| Retail - Discretionary | 4.8% |
| Semiconductors | 5.1% |
| Technology Services | 5.1% |
| Automotive | 5.9% |
| Banking | 6.9% |
| Retail - Consumer Staples | 8.1% |
| Technology Hardware | 13.8% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i743fd7a761ef63cf1ac265ce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Real Estate | 1.4% |
| Communications | 4.2% |
| Materials | 5.0% |
| Health Care | 5.7% |
| Industrials | 9.3% |
| Financials | 12.6% |
| Consumer Discretionary | 17.7% |
| Consumer Staples | 18.5% |
| Technology | 25.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i3e0c1dd96908d43550025930.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Countries | 13.9% |
| Singapore | 4.2% |
| Vietnam | 4.7% |
| Brazil | 5.6% |
| Indonesia | 5.7% |
| Poland | 5.8% |
| Mexico | 8.2% |
| South Korea | 8.2% |
| Taiwan | 11.7% |
| China | 14.0% |
| India | 17.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Silergy Corp | 4.6% |
| Sporton International, Inc. | 2.7% |
| Gulf Oil Lubricants India Ltd. | 2.4% |
| Dino Polska SA | 2.3% |
| SJS Enterprises Ltd | 2.3% |
| Sinbon Electronics Co., Limited | 2.1% |
| Regional SAB de cv | 2.1% |
| Sarantis SA | 2.1% |
| iFast Corporation | 1.9% |
| Plover Bay Tech | 1.8% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold, and Juliette Douglas was added as a portfolio manager of the Fund. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.10% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPEIX

![Image](i68306bc055ad721ee34b0818.jpg)

#### Grandeur Peak Emerging Markets Opportunities Fund - Institutional Class (GPEIX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Emerging Markets Opportunities Fund

#### Investor Class (GPEOX)

#### Annual Shareholder Report - April 30, 2025
![Image](i99cb8207fdeee1cc7bd3a335.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Emerging Markets Opportunities Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $171 | 1.77% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Emerging Markets Opportunities Fund's Investor Class ended the twelve-month period from 5/1/24 to 4/30/25 with a -6.35% return. The Fund underperformed the MSCI Emerging Markets SMID Cap Index, which posted a +3.76% return. The negative return and underperformance compared to the benchmark is mainly attributed to underperformance in technology and financial stocks from a sector perspective. From a country perspective, the underperformance was due to an underweight and underperformance in Chinese stocks, plus underperformance in Brazilian stocks. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $159811796 |
| Number of Portfolio Holdings | 89 |
| Advisory Fee (net of waivers) | $3851908 |
| Portfolio Turnover | 25% |

---

#### How has the Fund performed over the last ten years?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ica3125d541717182686d3e18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grandeur Peak Emerging Markets - Investor** | **MSCI Emerging Markets IMI Index** | **MSCI Emerging Markets SMID Cap Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $8838 | $8244 | $8374 |
| **Apr-2017** | $10436 | $9763 | $9519 |
| **Apr-2018** | $11791 | $11823 | $11257 |
| **Apr-2019** | $10792 | $11132 | $10170 |
| **Apr-2020** | $10113 | $9709 | $8259 |
| **Apr-2021** | $16173 | $14680 | $13419 |
| **Apr-2022** | $13584 | $12206 | $12236 |
| **Apr-2023** | $12967 | $11425 | $11723 |
| **Apr-2024** | $13265 | $12739 | $13518 |
| **Apr-2025** | $12423 | $13692 | $14027 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Grandeur Peak Emerging Markets - Investor | -6.35% | 4.20% | 2.19% |
| MSCI Emerging Markets IMI Index | 7.49% | 7.12% | 3.19% |
| MSCI Emerging Markets SMID Cap Index | 3.76% | 11.17% | 3.44% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](idcb39adb9aa1f46783090ada.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Industries | 21.5% |
| Biotech & Pharma | 2.4% |
| Internet Media & Services | 2.6% |
| Wholesale - Discretionary | 2.8% |
| Specialty Finance | 3.0% |
| Chemicals | 3.7% |
| Commercial Support Services | 4.6% |
| Household Products | 4.6% |
| Food | 4.7% |
| Retail - Discretionary | 4.8% |
| Semiconductors | 5.1% |
| Technology Services | 5.1% |
| Automotive | 5.9% |
| Banking | 6.9% |
| Retail - Consumer Staples | 8.1% |
| Technology Hardware | 13.8% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i9d586b50ff9c17b37bc5f984.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Real Estate | 1.4% |
| Communications | 4.2% |
| Materials | 5.0% |
| Health Care | 5.7% |
| Industrials | 9.3% |
| Financials | 12.6% |
| Consumer Discretionary | 17.7% |
| Consumer Staples | 18.5% |
| Technology | 25.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](id45d65bf5368dfac68a346d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Other Countries | 13.9% |
| Singapore | 4.2% |
| Vietnam | 4.7% |
| Brazil | 5.6% |
| Indonesia | 5.7% |
| Poland | 5.8% |
| Mexico | 8.2% |
| South Korea | 8.2% |
| Taiwan | 11.7% |
| China | 14.0% |
| India | 17.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Silergy Corp | 4.6% |
| Sporton International, Inc. | 2.7% |
| Gulf Oil Lubricants India Ltd. | 2.4% |
| Dino Polska SA | 2.3% |
| SJS Enterprises Ltd | 2.3% |
| Sinbon Electronics Co., Limited | 2.1% |
| Regional SAB de cv | 2.1% |
| Sarantis SA | 2.1% |
| iFast Corporation | 1.9% |
| Plover Bay Tech | 1.8% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold, and Juliette Douglas was added as a portfolio manager of the Fund. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.10% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPEOX

![Image](i99cb8207fdeee1cc7bd3a335.jpg)

#### Grandeur Peak Emerging Markets Opportunities Fund - Investor Class (GPEOX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Global Contrarian Fund

#### Institutional Class (GPGCX)

#### Annual Shareholder Report - April 30, 2025
![Image](i936c9fde83745cd2e33ea066.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Global Contrarian Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $128 | 1.19% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Global Contrarian Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +16.29% return. The Fund outperformed the MSCI ACWI Small Cap Index, which posted a +4.84% return. The positive return and outperformance compared to the benchmark is attributed to strong returns in financial and industrial stocks from a sector perspective. From a country perspective, the fund's overweight and outperformance in Japan was the largest contributor, followed by excess performance in Hong Kong and UK stocks. Comparing the Fund to the benchmark stylistically, the Fund benefited from the tailwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $135180039 |
| Number of Portfolio Holdings | 90 |
| Advisory Fee | $1546664 |
| Portfolio Turnover | 76% |

---

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i266c04f1a640020274cffbf8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Grandeur Peak Global Contrarian - Institutional** | **MSCI ACWI ex US Small Cap Index** | **MSCI ACWI IMI Index** | **MSCI ACWI Small Cap Index** |
| **Sep-2019** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2020** | $8804 | $8782 | $9291 | $8554 |
| **Apr-2021** | $15716 | $13908 | $13761 | $14285 |
| **Apr-2022** | $14693 | $12443 | $12906 | $12651 |
| **Apr-2023** | $14755 | $12098 | $13106 | $12363 |
| **Apr-2024** | $17156 | $13252 | $15310 | $13799 |
| **Apr-2025** | $19951 | $14343 | $17004 | $14467 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 17, 2019) |
| Grandeur Peak Global Contrarian - Institutional | 16.29% | 17.78% | 13.08% |
| MSCI ACWI ex US Small Cap Index | 8.23% | 10.31% | 6.63% |
| MSCI ACWI IMI Index | 11.07% | 12.85% | 9.91% |
| MSCI ACWI Small Cap Index | 4.84% | 11.08% | 6.79% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](ib7f7ede28abbadc07424dd8b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Industries | 26.5% |
| Retail - Discretionary | 2.7% |
| Wholesale - Consumer Staples | 2.7% |
| Machinery | 3.0% |
| Semiconductors | 3.0% |
| Wholesale - Discretionary | 3.1% |
| E-Commerce Discretionary | 3.4% |
| Banking | 3.5% |
| Specialty Finance | 3.8% |
| Technology Hardware | 4.0% |
| Medical Equipment & Devices | 4.0% |
| Health Care Facilities & Services | 4.2% |
| Technology Services | 5.6% |
| Commercial Support Services | 6.8% |
| Retail - Consumer Staples | 9.9% |
| Asset Management | 13.2% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i05d611e7d51873ef85abadf7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Communications | 1.3% |
| Utilities | 1.3% |
| Materials | 4.4% |
| Health Care | 10.3% |
| Consumer Staples | 12.6% |
| Technology | 14.0% |
| Consumer Discretionary | 15.4% |
| Industrials | 16.5% |
| Financials | 23.6% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ica6e01e2e8961c2addbf9c45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Countries | 18.5% |
| Belgium | 2.1% |
| Sweden | 2.1% |
| Mexico | 3.0% |
| Brazil | 3.3% |
| Vietnam | 3.3% |
| China | 4.3% |
| Australia | 6.0% |
| Japan | 15.8% |
| United Kingdom | 15.8% |
| United States | 25.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 3.2% |
| Rise Consulting Group Inc | 3.2% |
| Marex Group PLC | 2.4% |
| Petershill Partners PLC | 2.3% |
| P10 Inc | 2.2% |
| CVS Group plc | 2.0% |
| Grocery Outlet Holding Corporation | 2.0% |
| Dollar General Corporation | 2.0% |
| Riverstone Holdings Ltd. | 1.8% |
| Arizona Sonoran Copper Company, Inc. | 1.8% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective February 12, 2025, Mark Madsen no longer serves as a portfolio manager of the Fund.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPGCX

![Image](i936c9fde83745cd2e33ea066.jpg)

#### Grandeur Peak Global Contrarian Fund - Institutional Class (GPGCX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Global Explorer Fund

#### Institutional Class (GPGEX)

#### Annual Shareholder Report - April 30, 2025
![Image](i9ff2c18565d972028f29be60.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Global Explorer Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $128 | 1.25% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Global Explorer Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +4.47% return. The Fund slightly underperformed the MSCI ACWI Small Cap Index, which posted a +4.84% return. The positive return is mainly attributed to strong performance in financial and industrial stocks from a sector perspective, and Japanese stocks from a country perspective. The underperformance compared to the benchmark is attributed to a large underweight and underperformance in US stocks. An overweight and underperformance to Chinese stocks was another drag on relative performance. Other detractors were overweights and underperformance in technology and consumer discretionary stocks. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11525944 |
| Number of Portfolio Holdings | 261 |
| Advisory Fee (net of waivers) | $39112 |
| Portfolio Turnover | 50% |

---

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6330e2d4a17a32967ac57d57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grandeur Peak Global Explorer - Institutional** | **MSCI ACWI IMI Index** | **MSCI ACWI Small Cap Index** |
| **Dec-2021** | $10000 | $10000 | $10000 |
| **Apr-2022** | $7800 | $8887 | $8983 |
| **Apr-2023** | $7379 | $9025 | $8779 |
| **Apr-2024** | $7678 | $10543 | $9799 |
| **Apr-2025** | $8021 | $11710 | $10273 |

---

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (December 16, 2021) |
| Grandeur Peak Global Explorer - Institutional | 4.47% | -6.33% |
| MSCI ACWI IMI Index | 11.07% | 4.79% |
| MSCI ACWI Small Cap Index | 4.84% | 0.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i17c987da482f217e43d2e1c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Other Industries | 24.2% |
| Automotive | 2.3% |
| Internet Media & Services | 2.5% |
| Industrial Support Services | 2.7% |
| Biotech & Pharma | 2.9% |
| Semiconductors | 2.9% |
| Electrical Equipment | 3.3% |
| Retail - Discretionary | 4.3% |
| Health Care Facilities & Services | 4.3% |
| Retail - Consumer Staples | 4.8% |
| Technology Hardware | 5.0% |
| Medical Equipment & Devices | 5.5% |
| Commercial Support Services | 7.1% |
| Asset Management | 8.0% |
| Technology Services | 9.2% |
| Software | 10.8% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i1387467b1a227292d0d6efb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Energy | 0.4% |
| Real Estate | 0.9% |
| Materials | 2.3% |
| Communications | 3.4% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 12.0% |
| Health Care | 12.7% |
| Financials | 15.3% |
| Industrials | 16.5% |
| Technology | 27.9% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](id0047f60576f3c9307a54cc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Other Countries | 23.4% |
| Mexico | 2.1% |
| Taiwan | 2.3% |
| Germany | 2.5% |
| Australia | 3.2% |
| Sweden | 3.4% |
| China | 4.3% |
| India | 5.1% |
| United Kingdom | 13.1% |
| Japan | 14.2% |
| United States | 26.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Visional Inc | 1.2% |
| B & M European Value Retail SA | 1.0% |
| Japan Elevator Service Holdings Company Ltd. | 1.0% |
| JTC plc | 1.0% |
| Silergy Corp | 1.0% |
| Virbac SA | 1.0% |
| ULS Group Inc | 0.9% |
| Lululemon Athletica, Inc. | 0.8% |
| Dermapharm Holding SE | 0.8% |
| Hartadinata Abadi Tbk PT | 0.8% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.10% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPGEX

![Image](i9ff2c18565d972028f29be60.jpg)

#### Grandeur Peak Global Explorer Fund - Institutional Class (GPGEX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Global Micro Cap Fund

#### Institutional Class (GPMCX)

#### Annual Shareholder Report - April 30, 2025
![Image](ibaefdb3601b0634ef4cbb869.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Global Micro Cap Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $209 | 2.00% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Micro Cap Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +10.16% return. The fund slightly outperformed the MSCI World Micro Cap Index, which posted a +9.98% return. The positive return is mainly attributed to strong performance in technology and financial stocks from a sector perspective, and Japanese stocks from a country perspective, followed by US holdings. The slight outperformance compared to the benchmark is attributed to an overweight and outperformance in health care, followed by outperformance in consumer discretionary stocks. Geographically, outperformance was driven by stocks in Canada and Hong Kong. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $44953568 |
| Number of Portfolio Holdings | 114 |
| Advisory Fee (net of recoupments) | $670469 |
| Portfolio Turnover | 33% |

---

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8c6792c13a23eef960f7bf78.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Grandeur Peak Global MicroCap - Institutional** | **MSCI ACWI IMI Index** | **MSCI ACWI Small Cap Index** | **MSCI World Micro Cap Index** |
| **Oct-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $10380 | $10055 | $10146 | $10327 |
| **Apr-2017** | $12125 | $11603 | $11882 | $12118 |
| **Apr-2018** | $14268 | $13259 | $13657 | $14397 |
| **Apr-2019** | $13173 | $13827 | $13554 | $13078 |
| **Apr-2020** | $12960 | $12967 | $11508 | $11234 |
| **Apr-2021** | $26234 | $19205 | $19218 | $20268 |
| **Apr-2022** | $19887 | $18012 | $17019 | $17231 |
| **Apr-2023** | $18326 | $18292 | $16632 | $15740 |
| **Apr-2024** | $19681 | $21367 | $18563 | $16273 |
| **Apr-2025** | $21680 | $23732 | $19462 | $17896 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (October 20, 2015) |
| Grandeur Peak Global MicroCap - Institutional | 10.16% | 10.84% | 8.46% |
| MSCI ACWI IMI Index | 11.07% | 12.85% | 9.49% |
| MSCI ACWI Small Cap Index | 4.84% | 11.08% | 7.24% |
| MSCI World Micro Cap Index | 9.98% | 9.76% | 6.30% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](if266c4388c6081e9ec3e23e3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.4% |
| Other Industries | 18.6% |
| Household Products | 1.9% |
| Banking | 2.2% |
| Chemicals | 2.2% |
| Food | 2.7% |
| Automotive | 2.8% |
| Technology Hardware | 2.8% |
| Retail - Discretionary | 3.8% |
| E-Commerce Discretionary | 3.9% |
| Internet Media & Services | 4.3% |
| Medical Equipment & Devices | 5.0% |
| Asset Management | 6.5% |
| Technology Services | 8.8% |
| Software | 10.3% |
| Health Care Facilities & Services | 10.4% |
| Commercial Support Services | 11.4% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](ieb26aceea1b5a2343451e3de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.4% |
| Utilities | 0.5% |
| Energy | 0.7% |
| Real Estate | 1.0% |
| Materials | 3.7% |
| Communications | 4.6% |
| Consumer Staples | 5.6% |
| Financials | 10.7% |
| Consumer Discretionary | 14.7% |
| Industrials | 16.2% |
| Health Care | 17.1% |
| Technology | 22.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i886a043644d590d8044ab766.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.4% |
| Other Countries | 13.6% |
| Indonesia | 1.8% |
| Taiwan | 2.0% |
| France | 2.3% |
| Greece | 2.4% |
| India | 5.8% |
| Sweden | 6.6% |
| Australia | 6.9% |
| United Kingdom | 12.8% |
| United States | 19.2% |
| Japan | 24.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Pennant Group, Inc. (The) | 3.3% |
| ULS Group Inc | 2.5% |
| Kogan.com Ltd | 2.3% |
| Fiducian Group Ltd | 2.2% |
| CVS Group plc | 2.1% |
| Barrett Business Services, Inc. | 2.1% |
| Bengo4.com Inc | 2.0% |
| Elixirr International PLC | 2.0% |
| System Support, Inc. | 2.0% |
| Sun\* Inc | 2.0% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold. Effective February 12, 2025, Mark Madsen no longer serves as a portfolio manager of the Fund.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPMCX

![Image](ibaefdb3601b0634ef4cbb869.jpg)

#### Grandeur Peak Global Micro Cap Fund - Institutional Class (GPMCX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Global Opportunities Fund

#### Institutional Class (GPGIX)

#### Annual Shareholder Report - April 30, 2025
![Image](i535cd84fc47b8f829a816372.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Global Opportunities Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $128 | 1.30% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Global Opportunities Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a -1.40% return. The Fund underperformed the MSCI ACWI Small Cap Index, which posted a +4.84% return. The negative return and underperformance compared to the benchmark is mainly attributed to underperformance in technology, financial, and consumer discretionary stocks from a sector perspective. From a country perspective, the underperformance was due to an underweight and underperformance in US stocks, plus underperformance in UK stocks. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $457091747 |
| Number of Portfolio Holdings | 127 |
| Advisory Fee (net of waivers) | $6585105 |
| Portfolio Turnover | 44% |

---

#### How has the Fund performed over the last ten years?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5efd6a43765586f6f5ef10e0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grandeur Peak Global Opportunities - Institutional** | **MSCI ACWI IMI Index** | **MSCI ACWI Small Cap Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9488 | $9455 | $9597 |
| **Apr-2017** | $11178 | $10911 | $11238 |
| **Apr-2018** | $13259 | $12468 | $12917 |
| **Apr-2019** | $13015 | $13002 | $12820 |
| **Apr-2020** | $12831 | $12194 | $10885 |
| **Apr-2021** | $23537 | $18060 | $18177 |
| **Apr-2022** | $18995 | $16938 | $16097 |
| **Apr-2023** | $17906 | $17201 | $15731 |
| **Apr-2024** | $17725 | $20092 | $17558 |
| **Apr-2025** | $17478 | $22316 | $18408 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Grandeur Peak Global Opportunities - Institutional | -1.40% | 6.38% | 5.74% |
| MSCI ACWI IMI Index | 11.07% | 12.85% | 8.36% |
| MSCI ACWI Small Cap Index | 4.84% | 11.08% | 6.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i2a78cd8fa8ca4ec2131d74e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Other Industries | 19.3% |
| Banking | 2.9% |
| Machinery | 3.5% |
| Retail - Discretionary | 3.5% |
| Semiconductors | 4.1% |
| Medical Equipment & Devices | 4.2% |
| Software | 4.6% |
| Industrial Support Services | 4.6% |
| Technology Hardware | 4.9% |
| Biotech & Pharma | 5.2% |
| Electrical Equipment | 5.6% |
| Health Care Facilities & Services | 5.6% |
| Commercial Support Services | 5.9% |
| Retail - Consumer Staples | 6.7% |
| Asset Management | 9.1% |
| Technology Services | 9.4% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](id28296fd332fbfca18977376.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Real Estate | 0.4% |
| Energy | 0.6% |
| Materials | 1.1% |
| Communications | 3.0% |
| Consumer Staples | 9.2% |
| Consumer Discretionary | 9.8% |
| Financials | 14.8% |
| Health Care | 15.0% |
| Industrials | 22.2% |
| Technology | 23.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i358986296ced7c8f1a4d840d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Other Countries | 19.9% |
| Belgium | 2.1% |
| China | 2.2% |
| Germany | 2.4% |
| India | 2.4% |
| Italy | 2.9% |
| France | 4.7% |
| Sweden | 5.1% |
| Japan | 13.2% |
| United Kingdom | 19.3% |
| United States | 24.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 3.2% |
| Virbac SA | 2.8% |
| Littelfuse, Inc. | 2.2% |
| Diploma plc | 2.1% |
| Volution Group PLC | 1.9% |
| CVS Group plc | 1.9% |
| Visional Inc | 1.8% |
| BayCurrent Consulting, Inc. | 1.7% |
| JTC plc | 1.6% |
| Silergy Corp | 1.5% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.10% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPGIX

![Image](i535cd84fc47b8f829a816372.jpg)

#### Grandeur Peak Global Opportunities Fund - Institutional Class (GPGIX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Global Opportunities Fund

#### Investor Class (GPGOX)

#### Annual Shareholder Report - April 30, 2025
![Image](if63cf1c820e5276057009ecb.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Global Opportunities Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $153 | 1.55% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Global Opportunities Fund's Investor Class ended the twelve-month period from 5/1/24 to 4/30/25 with a -2.08% return. The Fund underperformed the MSCI ACWI Small Cap Index, which posted a +4.84% return. The negative return and underperformance compared to the benchmark is mainly attributed to underperformance in technology, financial, and consumer discretionary stocks from a sector perspective. From a country perspective, the underperformance was due to an underweight and underperformance in US stocks, plus underperformance in UK stocks. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $457091747 |
| Number of Portfolio Holdings | 127 |
| Advisory Fee (net of waivers) | $6585105 |
| Portfolio Turnover | 44% |

---

#### How has the Fund performed over the last ten years?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2607f86a7bc9f0dab00c1e08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grandeur Peak Global Opportunities - Investor** | **MSCI ACWI IMI Index** | **MSCI ACWI Small Cap Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9497 | $9455 | $9597 |
| **Apr-2017** | $11120 | $10911 | $11238 |
| **Apr-2018** | $13167 | $12468 | $12917 |
| **Apr-2019** | $12926 | $13002 | $12820 |
| **Apr-2020** | $12702 | $12194 | $10885 |
| **Apr-2021** | $23237 | $18060 | $18177 |
| **Apr-2022** | $18708 | $16938 | $16097 |
| **Apr-2023** | $17587 | $17201 | $15731 |
| **Apr-2024** | $17406 | $20092 | $17558 |
| **Apr-2025** | $17045 | $22316 | $18408 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Grandeur Peak Global Opportunities - Investor | -2.08% | 6.06% | 5.48% |
| MSCI ACWI IMI Index | 11.07% | 12.85% | 8.36% |
| MSCI ACWI Small Cap Index | 4.84% | 11.08% | 6.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i899f259ba99b592ab7a5472a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Other Industries | 19.3% |
| Banking | 2.9% |
| Machinery | 3.5% |
| Retail - Discretionary | 3.5% |
| Semiconductors | 4.1% |
| Medical Equipment & Devices | 4.2% |
| Software | 4.6% |
| Industrial Support Services | 4.6% |
| Technology Hardware | 4.9% |
| Biotech & Pharma | 5.2% |
| Electrical Equipment | 5.6% |
| Health Care Facilities & Services | 5.6% |
| Commercial Support Services | 5.9% |
| Retail - Consumer Staples | 6.7% |
| Asset Management | 9.1% |
| Technology Services | 9.4% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i9a9f54600167dd38182ce528.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Real Estate | 0.4% |
| Energy | 0.6% |
| Materials | 1.1% |
| Communications | 3.0% |
| Consumer Staples | 9.2% |
| Consumer Discretionary | 9.8% |
| Financials | 14.8% |
| Health Care | 15.0% |
| Industrials | 22.2% |
| Technology | 23.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ia96c35f57af09512e5f53fc9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Other Countries | 19.9% |
| Belgium | 2.1% |
| China | 2.2% |
| Germany | 2.4% |
| India | 2.4% |
| Italy | 2.9% |
| France | 4.7% |
| Sweden | 5.1% |
| Japan | 13.2% |
| United Kingdom | 19.3% |
| United States | 24.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 3.2% |
| Virbac SA | 2.8% |
| Littelfuse, Inc. | 2.2% |
| Diploma plc | 2.1% |
| Volution Group PLC | 1.9% |
| CVS Group plc | 1.9% |
| Visional Inc | 1.8% |
| BayCurrent Consulting, Inc. | 1.7% |
| JTC plc | 1.6% |
| Silergy Corp | 1.5% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.10% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPGOX

![Image](if63cf1c820e5276057009ecb.jpg)

#### Grandeur Peak Global Opportunities Fund - Investor Class (GPGOX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Global Reach Fund

#### Institutional Class (GPRIX)

#### Annual Shareholder Report - April 30, 2025
![Image](i8bc2abdf9f7b1cf92ea92f71.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Global Reach Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $128 | 1.25% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Global Reach Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +4.27% return. The Fund slightly underperformed the MSCI ACWI Small Cap Index, which posted a +4.84% return. The positive return is mainly attributed to strong performance in financial and industrial stocks from a sector perspective, and Japanese stocks from a country perspective. The underperformance compared to the benchmark is attributed to a large underweight and underperformance in US stocks. Other detractors were overweights and underperformance in technology and consumer discretionary stocks. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $122135415 |
| Number of Portfolio Holdings | 264 |
| Advisory Fee (net of waivers) | $1944805 |
| Portfolio Turnover | 58% |

---

#### How has the Fund performed over the last ten years?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i09b9aa6441a0a8ae17eedd35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grandeur Peak Global Reach - Institutional** | **MSCI ACWI IMI Index** | **MSCI ACWI Small Cap Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9382 | $9455 | $9597 |
| **Apr-2017** | $11104 | $10911 | $11238 |
| **Apr-2018** | $13178 | $12468 | $12917 |
| **Apr-2019** | $13003 | $13002 | $12820 |
| **Apr-2020** | $12600 | $12194 | $10885 |
| **Apr-2021** | $22405 | $18060 | $18177 |
| **Apr-2022** | $17925 | $16938 | $16097 |
| **Apr-2023** | $16438 | $17201 | $15731 |
| **Apr-2024** | $17113 | $20092 | $17558 |
| **Apr-2025** | $17868 | $22316 | $18408 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Grandeur Peak Global Reach - Institutional | 4.27% | 7.21% | 5.96% |
| MSCI ACWI IMI Index | 11.07% | 12.85% | 8.36% |
| MSCI ACWI Small Cap Index | 4.84% | 11.08% | 6.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i7c773feb0f4e7759cd4f1b51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Other Industries | 25.4% |
| Internet Media & Services | 2.2% |
| Electrical Equipment | 2.8% |
| Specialty Finance | 2.8% |
| Industrial Support Services | 2.9% |
| Biotech & Pharma | 3.2% |
| Health Care Facilities & Services | 3.3% |
| Semiconductors | 3.7% |
| Retail - Discretionary | 3.8% |
| Retail - Consumer Staples | 4.8% |
| Commercial Support Services | 5.5% |
| Medical Equipment & Devices | 5.7% |
| Technology Hardware | 5.9% |
| Technology Services | 6.6% |
| Asset Management | 9.1% |
| Software | 10.8% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](ic8498988f99b1f2d195d3507.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Utilities | 0.5% |
| Listed Private Equity Investments | 0.6% |
| Real Estate | 0.6% |
| Energy | 0.7% |
| Materials | 3.1% |
| Communications | 3.9% |
| Consumer Staples | 7.7% |
| Consumer Discretionary | 9.2% |
| Health Care | 12.2% |
| Industrials | 15.3% |
| Financials | 17.7% |
| Technology | 27.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i74c5cb5ccb1de4903c876147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Other Countries | 25.6% |
| Taiwan | 2.2% |
| South Korea | 2.4% |
| Italy | 2.6% |
| Australia | 2.9% |
| China | 3.1% |
| India | 4.2% |
| Sweden | 4.6% |
| Japan | 10.4% |
| United Kingdom | 14.1% |
| United States | 26.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 1.7% |
| BayCurrent Consulting, Inc. | 1.0% |
| Virbac SA | 1.0% |
| Sdiptech AB | 1.0% |
| Silergy Corp | 0.9% |
| MA Financial Group Ltd | 0.9% |
| Diploma plc | 0.9% |
| Elixirr International PLC | 0.9% |
| Tatton Asset Mgmt | 0.9% |
| JTC plc | 0.9% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold. Effective January 1, 2025 through December 31, 2025, the Adviser voluntarily waived 0.10% of its management fee. Effective February 12, 2025, Mark Madsen no longer serves as a portfolio manager of the Fund

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPRIX

![Image](i8bc2abdf9f7b1cf92ea92f71.jpg)

#### Grandeur Peak Global Reach Fund - Institutional Class (GPRIX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Global Reach Fund

#### Investor Class (GPROX)

#### Annual Shareholder Report - April 30, 2025
![Image](ib2b9b6c01d84fbea14717192.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Global Reach Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $153 | 1.50% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Global Reach Fund's Investor Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +4.06% return. The Fund slightly underperformed the MSCI ACWI Small Cap Index, which posted a +4.84% return. The positive return is mainly attributed to strong performance in financial and industrial stocks from a sector perspective, and Japanese stocks from a country perspective. The underperformance compared to the benchmark is attributed to a large underweight and underperformance in US stocks. Other detractors were overweights and underperformance in technology and consumer discretionary stocks. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $122135415 |
| Number of Portfolio Holdings | 264 |
| Advisory Fee (net of waivers) | $1944805 |
| Portfolio Turnover | 58% |

---

#### How has the Fund performed over the last ten years?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2991ab611d42c61e329e9630.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grandeur Peak Global Reach - Investor** | **MSCI ACWI IMI Index** | **MSCI ACWI Small Cap Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9355 | $9455 | $9597 |
| **Apr-2017** | $11050 | $10911 | $11238 |
| **Apr-2018** | $13087 | $12468 | $12917 |
| **Apr-2019** | $12876 | $13002 | $12820 |
| **Apr-2020** | $12450 | $12194 | $10885 |
| **Apr-2021** | $22084 | $18060 | $18177 |
| **Apr-2022** | $17629 | $16938 | $16097 |
| **Apr-2023** | $16132 | $17201 | $15731 |
| **Apr-2024** | $16740 | $20092 | $17558 |
| **Apr-2025** | $17442 | $22316 | $18408 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Grandeur Peak Global Reach - Investor | 4.06% | 6.95% | 5.71% |
| MSCI ACWI IMI Index | 11.07% | 12.85% | 8.36% |
| MSCI ACWI Small Cap Index | 4.84% | 11.08% | 6.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i0397607fabdca529d23058eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Other Industries | 25.4% |
| Internet Media & Services | 2.2% |
| Electrical Equipment | 2.8% |
| Specialty Finance | 2.8% |
| Industrial Support Services | 2.9% |
| Biotech & Pharma | 3.2% |
| Health Care Facilities & Services | 3.3% |
| Semiconductors | 3.7% |
| Retail - Discretionary | 3.8% |
| Retail - Consumer Staples | 4.8% |
| Commercial Support Services | 5.5% |
| Medical Equipment & Devices | 5.7% |
| Technology Hardware | 5.9% |
| Technology Services | 6.6% |
| Asset Management | 9.1% |
| Software | 10.8% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i3fb447364ae9285a2e996dd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Utilities | 0.5% |
| Listed Private Equity Investments | 0.6% |
| Real Estate | 0.6% |
| Energy | 0.7% |
| Materials | 3.1% |
| Communications | 3.9% |
| Consumer Staples | 7.7% |
| Consumer Discretionary | 9.2% |
| Health Care | 12.2% |
| Industrials | 15.3% |
| Financials | 17.7% |
| Technology | 27.0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](if8d5e52b168404c52e43c387.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Other Countries | 25.6% |
| Taiwan | 2.2% |
| South Korea | 2.4% |
| Italy | 2.6% |
| Australia | 2.9% |
| China | 3.1% |
| India | 4.2% |
| Sweden | 4.6% |
| Japan | 10.4% |
| United Kingdom | 14.1% |
| United States | 26.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 1.7% |
| BayCurrent Consulting, Inc. | 1.0% |
| Virbac SA | 1.0% |
| Sdiptech AB | 1.0% |
| Silergy Corp | 0.9% |
| MA Financial Group Ltd | 0.9% |
| Diploma plc | 0.9% |
| Elixirr International PLC | 0.9% |
| Tatton Asset Mgmt | 0.9% |
| JTC plc | 0.9% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold. Effective January 1, 2025 through December 31, 2025, the Adviser voluntarily waived 0.10% of its management fee. Effective February 12, 2025, Mark Madsen no longer serves as a portfolio manager of the Fund

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPROX

![Image](ib2b9b6c01d84fbea14717192.jpg)

#### Grandeur Peak Global Reach Fund - Investor Class (GPROX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Global Stalwarts Fund

#### Institutional Class (GGSYX)

#### Annual Shareholder Report - April 30, 2025
![Image](i7be0b42fb127f5af974ae006.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Global Stalwarts Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $111 | 1.10% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Global Stalwarts Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +0.97% return. The Fund underperformed the MSCI ACWI Mid Cap Index, which posted a +9.24% return. The positive return is mainly attributed to strong performance in industrial stocks from a sector perspective, and Japanese stocks from a country perspective. The underperformance compared to the benchmark is attributed to a large underweight and underperformance in US stocks. Other detractors were overweights and underperformance in technology and consumer discretionary stocks. Underperformance in financial stocks was the other main sector detractor. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $86058975 |
| Number of Portfolio Holdings | 104 |
| Advisory Fee (net of waivers) | $925760 |
| Portfolio Turnover | 79% |

---

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iee919c380ecb33cc2649c205.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Grandeur Peak Global Stalwarts - Institutional** | **MSCI ACWI IMI Index** | **MSCI ACWI Mid Cap Index** | **MSCI ACWI Small Cap Index** |
| **Sep-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $10876 | $10574 | $10605 | $10556 |
| **Apr-2017** | $12835 | $12203 | $12018 | $12361 |
| **Apr-2018** | $15408 | $13944 | $13752 | $14208 |
| **Apr-2019** | $15729 | $14541 | $13862 | $14101 |
| **Apr-2020** | $15416 | $13637 | $12316 | $11972 |
| **Apr-2021** | $25996 | $20197 | $19009 | $19993 |
| **Apr-2022** | $20468 | $18942 | $17355 | $17705 |
| **Apr-2023** | $17993 | $19237 | $17097 | $17303 |
| **Apr-2024** | $18949 | $22471 | $19143 | $19312 |
| **Apr-2025** | $19183 | $24958 | $20911 | $20247 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 1, 2015) |
| Grandeur Peak Global Stalwarts - Institutional | 0.97% | 4.41% | 6.95% |
| MSCI ACWI IMI Index | 11.07% | 12.85% | 9.93% |
| MSCI ACWI Mid Cap Index | 9.24% | 11.17% | 7.93% |
| MSCI ACWI Small Cap Index | 4.84% | 11.08% | 7.57% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](iffc8d9f446a24fc9be3ff7bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Other Industries | 19.1% |
| Specialty Finance | 2.3% |
| Institutional Financial Services | 2.4% |
| Industrial Intermediate Prod | 2.4% |
| Engineering & Construction | 2.5% |
| Health Care Facilities & Services | 4.0% |
| Biotech & Pharma | 4.2% |
| Asset Management | 4.6% |
| Medical Equipment & Devices | 4.7% |
| Technology Hardware | 6.1% |
| Technology Services | 6.2% |
| Industrial Support Services | 6.2% |
| Retail - Consumer Staples | 6.9% |
| Semiconductors | 7.3% |
| Electrical Equipment | 7.4% |
| Software | 13.5% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i28a49a8dbdeb7071b5d45e5d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Real Estate | 0.8% |
| Listed Private Equity Investments | 1.1% |
| Communications | 1.2% |
| Consumer Discretionary | 3.5% |
| Materials | 3.7% |
| Consumer Staples | 8.5% |
| Financials | 11.8% |
| Health Care | 12.9% |
| Industrials | 23.2% |
| Technology | 33.1% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](if3ca6c78b37aa1481e571ec9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Other Countries | 16.2% |
| India | 2.4% |
| Taiwan | 2.6% |
| China | 3.0% |
| Germany | 3.2% |
| Mexico | 3.7% |
| Sweden | 5.7% |
| Netherlands | 6.5% |
| Japan | 8.7% |
| United Kingdom | 11.2% |
| United States | 36.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 3.8% |
| Silergy Corp | 3.0% |
| Core & Main, Inc., Class A | 2.5% |
| BayCurrent Consulting, Inc. | 2.0% |
| JTC plc | 2.1% |
| Topicus.com, Inc. | 2.0% |
| Japan Elevator Service Holdings Company Ltd. | 2.0% |
| Diploma plc | 2.0% |
| Visional Inc | 2.0% |
| Dino Polska SA | 1.9% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.05% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GGSYX

![Image](i7be0b42fb127f5af974ae006.jpg)

#### Grandeur Peak Global Stalwarts Fund - Institutional Class (GGSYX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak Global Stalwarts Fund

#### Investor Class (GGSOX)

#### Annual Shareholder Report - April 30, 2025
![Image](i520416ee77c2415f191ac387.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak Global Stalwarts Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $136 | 1.35% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak Global Stalwarts Fund's Investor Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +0.66% return. The Fund underperformed the MSCI ACWI Mid Cap Index, which posted a +9.24% return. The positive return is mainly attributed to strong performance in industrial stocks from a sector perspective, and Japanese stocks from a country perspective. The underperformance compared to the benchmark is attributed to a large underweight and underperformance in US stocks. Other detractors were overweights and underperformance in technology and consumer discretionary stocks. Underperformance in financial stocks was the other main sector detractor. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $86058975 |
| Number of Portfolio Holdings | 104 |
| Advisory Fee (net of waivers) | $925760 |
| Portfolio Turnover | 79% |

---

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i06083a85f672ca018059ad02.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Grandeur Peak Global Stalwarts - Investor** | **MSCI ACWI IMI Index** | **MSCI ACWI Mid Cap Index** | **MSCI ACWI Small Cap Index** |
| **Sep-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $10855 | $10574 | $10605 | $10556 |
| **Apr-2017** | $12777 | $12203 | $12018 | $12361 |
| **Apr-2018** | $15306 | $13944 | $13752 | $14208 |
| **Apr-2019** | $15578 | $14541 | $13862 | $14101 |
| **Apr-2020** | $15233 | $13637 | $12316 | $11972 |
| **Apr-2021** | $25627 | $20197 | $19009 | $19993 |
| **Apr-2022** | $20131 | $18942 | $17355 | $17705 |
| **Apr-2023** | $17644 | $19237 | $17097 | $17303 |
| **Apr-2024** | $18542 | $22471 | $19143 | $19312 |
| **Apr-2025** | $18713 | $24958 | $20911 | $20247 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 1, 2015) |
| Grandeur Peak Global Stalwarts - Investor | 0.66% | 4.15% | 6.67% |
| MSCI ACWI IMI Index | 11.07% | 12.85% | 9.93% |
| MSCI ACWI Mid Cap Index | 9.24% | 11.17% | 7.93% |
| MSCI ACWI Small Cap Index | 4.84% | 11.08% | 7.57% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](ifd0a6e0b0aa99395b64aec99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Other Industries | 19.1% |
| Specialty Finance | 2.3% |
| Institutional Financial Services | 2.4% |
| Industrial Intermediate Prod | 2.4% |
| Engineering & Construction | 2.5% |
| Health Care Facilities & Services | 4.0% |
| Biotech & Pharma | 4.2% |
| Asset Management | 4.6% |
| Medical Equipment & Devices | 4.7% |
| Technology Hardware | 6.1% |
| Technology Services | 6.2% |
| Industrial Support Services | 6.2% |
| Retail - Consumer Staples | 6.9% |
| Semiconductors | 7.3% |
| Electrical Equipment | 7.4% |
| Software | 13.5% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](iacd4075c650b82ebd41a4fd1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Real Estate | 0.8% |
| Listed Private Equity Investments | 1.1% |
| Communications | 1.2% |
| Consumer Discretionary | 3.5% |
| Materials | 3.7% |
| Consumer Staples | 8.5% |
| Financials | 11.8% |
| Health Care | 12.9% |
| Industrials | 23.2% |
| Technology | 33.1% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](icc96afe575f8fed653cae7e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Other Countries | 16.2% |
| India | 2.4% |
| Taiwan | 2.6% |
| China | 3.0% |
| Germany | 3.2% |
| Mexico | 3.7% |
| Sweden | 5.7% |
| Netherlands | 6.5% |
| Japan | 8.7% |
| United Kingdom | 11.2% |
| United States | 36.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 3.8% |
| Silergy Corp | 3.0% |
| Core & Main, Inc., Class A | 2.5% |
| BayCurrent Consulting, Inc. | 2.0% |
| JTC plc | 2.1% |
| Topicus.com, Inc. | 2.0% |
| Japan Elevator Service Holdings Company Ltd. | 2.0% |
| Diploma plc | 2.0% |
| Visional Inc | 2.0% |
| Dino Polska SA | 1.9% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.05% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GGSOX

![Image](i520416ee77c2415f191ac387.jpg)

#### Grandeur Peak Global Stalwarts Fund - Investor Class (GGSOX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak International Opportunities Fund

#### Institutional Class (GPIIX)

#### Annual Shareholder Report - April 30, 2025
![Image](i267823380dc85ca433420bcc.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak International Opportunities Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $136 | 1.35% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak International Opportunities Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +1.01% return. The Fund underperformed the MSCI ACWI ex USA Small Cap Index, which posted a +8.23% return. The positive return is mainly attributed to strong performance in industrial and health care stocks from a sector perspective, and Japanese and German stocks from a country perspective. The underperformance compared to the benchmark is attributed to an overweight and underperformance in technology stocks and underperformance in financial stocks from a sector perspective. An overweight and underperformance in UK stocks in addition to underperformance in Chinese stocks detracted from a country perspective. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $308830581 |
| Number of Portfolio Holdings | 114 |
| Advisory Fee (net of waivers) | $5203585 |
| Portfolio Turnover | 25% |

---

#### How has the Fund performed over the last ten years?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id34b918ced47ff24c37e2705.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grandeur Peak International Opportunities - Institutional** | **MSCI ACWI ex US Small Cap Index** | **MSCI ACWI ex-USA IMI Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9498 | $9641 | $8972 |
| **Apr-2017** | $11168 | $10845 | $10100 |
| **Apr-2018** | $13332 | $12845 | $11743 |
| **Apr-2019** | $12374 | $11747 | $11276 |
| **Apr-2020** | $11681 | $10160 | $9948 |
| **Apr-2021** | $20592 | $16091 | $14419 |
| **Apr-2022** | $16189 | $14396 | $12929 |
| **Apr-2023** | $15235 | $13996 | $13214 |
| **Apr-2024** | $14648 | $15332 | $14451 |
| **Apr-2025** | $14796 | $16594 | $16100 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Grandeur Peak International Opportunities - Institutional | 1.01% | 4.84% | 4.00% |
| MSCI ACWI ex US Small Cap Index | 8.23% | 10.31% | 5.19% |
| MSCI ACWI ex-USA IMI Index | 11.41% | 10.11% | 4.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i1e9449860cb07b26565910ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Other Industries | 21.3% |
| Medical Equipment & Devices | 2.4% |
| Automotive | 2.5% |
| Retail - Discretionary | 2.5% |
| Industrial Support Services | 2.6% |
| Internet Media & Services | 2.7% |
| Health Care Facilities & Services | 4.6% |
| Biotech & Pharma | 4.8% |
| Electrical Equipment | 5.3% |
| Software | 5.6% |
| Semiconductors | 5.7% |
| Commercial Support Services | 6.2% |
| Retail - Consumer Staples | 6.8% |
| Technology Hardware | 7.7% |
| Technology Services | 8.8% |
| Asset Management | 9.6% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](i08a539b9630959883bf4b377.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Utilities | 0.5% |
| Energy | 1.3% |
| Real Estate | 1.3% |
| Materials | 1.4% |
| Communications | 4.1% |
| Consumer Staples | 8.0% |
| Consumer Discretionary | 9.1% |
| Health Care | 11.8% |
| Financials | 13.8% |
| Industrials | 20.0% |
| Technology | 27.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ib09899b5eadd085d8865b1b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Other Countries | 24.5% |
| Netherlands | 2.6% |
| Taiwan | 3.2% |
| Italy | 3.3% |
| India | 3.7% |
| France | 4.1% |
| China | 5.0% |
| Sweden | 5.3% |
| Germany | 6.5% |
| Japan | 17.4% |
| United Kingdom | 23.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 3.3% |
| JTC plc | 3.0% |
| Silergy Corp | 2.8% |
| Volution Group PLC | 2.7% |
| Virbac SA | 2.3% |
| Diploma plc | 2.1% |
| Sporton International, Inc. | 1.9% |
| CVS Group plc | 1.8% |
| Integral Corp | 1.7% |
| Visional Inc | 1.7% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold. Effective January 1, 2025 through December 31, 2025, the Adviser voluntarily waived 0.10% of its management fee. Effective February 12, 2025, Mark Madsen no longer serves as a portfolio manager of the Fund.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPIIX

![Image](i267823380dc85ca433420bcc.jpg)

#### Grandeur Peak International Opportunities Fund - Institutional Class (GPIIX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak International Opportunities Fund

#### Investor Class (GPIOX)

#### Annual Shareholder Report - April 30, 2025
![Image](ic5573f14892655612eb6cfc5.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak International Opportunities Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $161 | 1.60% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak International Opportunities Fund's Investor Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +0.67% return. The Fund underperformed the MSCI ACWI ex USA Small Cap Index, which posted a +8.23% return. The positive return is mainly attributed to strong performance in industrial and health care stocks from a sector perspective, and Japanese and German stocks from a country perspective. The underperformance compared to the benchmark is attributed to an overweight and underperformance in technology stocks and underperformance in financial stocks from a sector perspective. An overweight and underperformance in UK stocks in addition to underperformance in Chinese stocks detracted from a country perspective. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $308830581 |
| Number of Portfolio Holdings | 114 |
| Advisory Fee (net of waivers) | $5203585 |
| Portfolio Turnover | 25% |

---

#### How has the Fund performed over the last ten years?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](idc7eb8221b118998b64fd873.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grandeur Peak International Opportunities - Investor** | **MSCI ACWI ex US Small Cap Index** | **MSCI ACWI ex-USA IMI Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9447 | $9641 | $8972 |
| **Apr-2017** | $11100 | $10845 | $10100 |
| **Apr-2018** | $13243 | $12845 | $11743 |
| **Apr-2019** | $12263 | $11747 | $11276 |
| **Apr-2020** | $11553 | $10160 | $9948 |
| **Apr-2021** | $20318 | $16091 | $14419 |
| **Apr-2022** | $15929 | $14396 | $12929 |
| **Apr-2023** | $14997 | $13996 | $13214 |
| **Apr-2024** | $14330 | $15332 | $14451 |
| **Apr-2025** | $14425 | $16594 | $16100 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Grandeur Peak International Opportunities - Investor | 0.67% | 4.54% | 3.73% |
| MSCI ACWI ex US Small Cap Index | 8.23% | 10.31% | 5.19% |
| MSCI ACWI ex-USA IMI Index | 11.41% | 10.11% | 4.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](ided1222408639ec23715aff3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Other Industries | 21.3% |
| Medical Equipment & Devices | 2.4% |
| Automotive | 2.5% |
| Retail - Discretionary | 2.5% |
| Industrial Support Services | 2.6% |
| Internet Media & Services | 2.7% |
| Health Care Facilities & Services | 4.6% |
| Biotech & Pharma | 4.8% |
| Electrical Equipment | 5.3% |
| Software | 5.6% |
| Semiconductors | 5.7% |
| Commercial Support Services | 6.2% |
| Retail - Consumer Staples | 6.8% |
| Technology Hardware | 7.7% |
| Technology Services | 8.8% |
| Asset Management | 9.6% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](id2a7753ed4d1c6e0a6fef187.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Utilities | 0.5% |
| Energy | 1.3% |
| Real Estate | 1.3% |
| Materials | 1.4% |
| Communications | 4.1% |
| Consumer Staples | 8.0% |
| Consumer Discretionary | 9.1% |
| Health Care | 11.8% |
| Financials | 13.8% |
| Industrials | 20.0% |
| Technology | 27.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ic754c9fe1d3b3522c1e36a74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Other Countries | 24.5% |
| Netherlands | 2.6% |
| Taiwan | 3.2% |
| Italy | 3.3% |
| India | 3.7% |
| France | 4.1% |
| China | 5.0% |
| Sweden | 5.3% |
| Germany | 6.5% |
| Japan | 17.4% |
| United Kingdom | 23.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 3.3% |
| JTC plc | 3.0% |
| Silergy Corp | 2.8% |
| Volution Group PLC | 2.7% |
| Virbac SA | 2.3% |
| Diploma plc | 2.1% |
| Sporton International, Inc. | 1.9% |
| CVS Group plc | 1.8% |
| Integral Corp | 1.7% |
| Visional Inc | 1.7% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold. Effective January 1, 2025 through December 31, 2025, the Adviser voluntarily waived 0.10% of its management fee. Effective February 12, 2025, Mark Madsen no longer serves as a portfolio manager of the Fund.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GPIOX

![Image](ic5573f14892655612eb6cfc5.jpg)

#### Grandeur Peak International Opportunities Fund - Investor Class (GPIOX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak International Stalwarts Fund

#### Institutional Class (GISYX)

#### Annual Shareholder Report - April 30, 2025
![Image](icd4fddb59d6f536dd8e779e3.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak International Stalwarts Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $89 | 0.89% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak International Stalwarts Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a +0.18% return. The Fund underperformed the MSCI ACWI ex USA Mid Cap Index, which posted a +12.93% return. The flat performance is mainly attributed to strong performance in industrial stocks being offset by negative performance in technology and consumer discretionary stocks. The underperformance compared to the benchmark is attributed to an overweight and underperformance in technology stocks and underperformance in financial stocks from a sector perspective. An overweight and underperformance in UK stocks in addition to underperformance in German stocks detracted from a country perspective. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1437419925 |
| Number of Portfolio Holdings | 92 |
| Advisory Fee (net of waivers) | $12552587 |
| Portfolio Turnover | 69% |

---

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6a04246c6ed2b4ae2d6dfc72.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Grandeur Peak International Stalwarts - Institutional** | **MSCI ACWI ex US Small Cap Index** | **MSCI ACWI ex USA Mid Cap Index** | **MSCI ACWI ex-USA IMI Index** |
| **Sep-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $11034 | $10786 | $10659 | $10372 |
| **Apr-2017** | $13126 | $12132 | $11790 | $11677 |
| **Apr-2018** | $15854 | $14369 | $13750 | $13576 |
| **Apr-2019** | $15458 | $13142 | $12967 | $13036 |
| **Apr-2020** | $15227 | $11366 | $11276 | $11501 |
| **Apr-2021** | $25523 | $18001 | $16570 | $16670 |
| **Apr-2022** | $20710 | $16105 | $14514 | $14947 |
| **Apr-2023** | $19157 | $15657 | $14690 | $15277 |
| **Apr-2024** | $19374 | $17152 | $15755 | $16706 |
| **Apr-2025** | $19409 | $18563 | $17792 | $18613 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 1, 2015) |
| Grandeur Peak International Stalwarts - Institutional | 0.18% | 4.97% | 7.10% |
| MSCI ACWI ex US Small Cap Index | 8.23% | 10.31% | 6.61% |
| MSCI ACWI ex USA Mid Cap Index | 12.93% | 9.55% | 6.14% |
| MSCI ACWI ex-USA IMI Index | 11.41% | 10.11% | 6.64% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](ib04b97e0f3bd41460a4b84da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Other Industries | 12.0% |
| Chemicals | 2.5% |
| Industrial Intermediate Prod | 2.7% |
| Health Care Facilities & Services | 3.2% |
| Specialty Finance | 3.4% |
| Medical Equipment & Devices | 3.7% |
| Commercial Support Services | 4.2% |
| Biotech & Pharma | 5.1% |
| Industrial Support Services | 5.3% |
| Asset Management | 5.5% |
| Technology Services | 6.8% |
| Semiconductors | 7.1% |
| Technology Hardware | 7.2% |
| Electrical Equipment | 8.2% |
| Retail - Consumer Staples | 9.2% |
| Software | 10.3% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](iebf7fe32643c70353e466a43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Real Estate | 1.2% |
| Communications | 1.6% |
| Consumer Discretionary | 3.3% |
| Materials | 3.5% |
| Financials | 9.5% |
| Consumer Staples | 10.1% |
| Health Care | 12.0% |
| Industrials | 23.8% |
| Technology | 31.4% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ic0e5a280fc3a12ba60eee4f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Other Countries | 26.2% |
| Germany | 3.6% |
| India | 3.7% |
| Taiwan | 4.3% |
| Canada | 4.8% |
| Mexico | 5.2% |
| Sweden | 7.5% |
| Netherlands | 7.7% |
| United States | 8.4% |
| Japan | 10.5% |
| United Kingdom | 14.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 4.2% |
| Silergy Corp | 2.8% |
| BayCurrent Consulting, Inc. | 2.8% |
| Diploma plc | 2.7% |
| Visional Inc | 2.6% |
| Dino Polska SA | 2.3% |
| Recordati SpA | 2.3% |
| Voltronic Power Technology | 2.1% |
| Topicus.com, Inc. | 2.1% |
| Japan Elevator Service Holdings Company Ltd. | 2.1% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.05% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GISYX

![Image](icd4fddb59d6f536dd8e779e3.jpg)

#### Grandeur Peak International Stalwarts Fund - Institutional Class (GISYX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak International Stalwarts Fund

#### Investor Class (GISOX)

#### Annual Shareholder Report - April 30, 2025
![Image](ia0f63764f91d0766cbc9b8b8.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak International Stalwarts Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $114 | 1.14% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak International Stalwarts Fund's Investor Class ended the twelve-month period from 5/1/24 to 4/30/25 with a -0.03% return. The Fund underperformed the MSCI ACWI ex USA Mid Cap Index, which posted a +12.93% return. The flat performance is mainly attributed to strong performance in industrial stocks being offset by negative performance in technology and consumer discretionary stocks. The underperformance compared to the benchmark is attributed to an overweight and underperformance in technology stocks and underperformance in financial stocks from a sector perspective. An overweight and underperformance in UK stocks in addition to underperformance in German stocks detracted from a country perspective. Comparing the Fund to the benchmark stylistically, the Fund faced the headwind of value outperforming growth.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1437419925 |
| Number of Portfolio Holdings | 92 |
| Advisory Fee (net of waivers) | $12552587 |
| Portfolio Turnover | 69% |

---

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4aa1a40dc5212abcf9c2ee9c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Grandeur Peak International Stalwarts - Investor** | **MSCI ACWI ex US Small Cap Index** | **MSCI ACWI ex USA Mid Cap Index** | **MSCI ACWI ex-USA IMI Index** |
| **Sep-2015** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2016** | $11020 | $10786 | $10659 | $10372 |
| **Apr-2017** | $13078 | $12132 | $11790 | $11677 |
| **Apr-2018** | $15759 | $14369 | $13750 | $13576 |
| **Apr-2019** | $15335 | $13142 | $12967 | $13036 |
| **Apr-2020** | $15064 | $11366 | $11276 | $11501 |
| **Apr-2021** | $25177 | $18001 | $16570 | $16670 |
| **Apr-2022** | $20376 | $16105 | $14514 | $14947 |
| **Apr-2023** | $18800 | $15657 | $14690 | $15277 |
| **Apr-2024** | $18962 | $17152 | $15755 | $16706 |
| **Apr-2025** | $18956 | $18563 | $17792 | $18613 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (September 1, 2015) |
| Grandeur Peak International Stalwarts - Investor | -0.03% | 4.70% | 6.84% |
| MSCI ACWI ex US Small Cap Index | 8.23% | 10.31% | 6.61% |
| MSCI ACWI ex USA Mid Cap Index | 12.93% | 9.55% | 6.14% |
| MSCI ACWI ex-USA IMI Index | 11.41% | 10.11% | 6.64% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](iad7592ca9ae24a68c9f81ec9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Other Industries | 12.0% |
| Chemicals | 2.5% |
| Industrial Intermediate Prod | 2.7% |
| Health Care Facilities & Services | 3.2% |
| Specialty Finance | 3.4% |
| Medical Equipment & Devices | 3.7% |
| Commercial Support Services | 4.2% |
| Biotech & Pharma | 5.1% |
| Industrial Support Services | 5.3% |
| Asset Management | 5.5% |
| Technology Services | 6.8% |
| Semiconductors | 7.1% |
| Technology Hardware | 7.2% |
| Electrical Equipment | 8.2% |
| Retail - Consumer Staples | 9.2% |
| Software | 10.3% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](ife0d491a4663210bde89fd66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Real Estate | 1.2% |
| Communications | 1.6% |
| Consumer Discretionary | 3.3% |
| Materials | 3.5% |
| Financials | 9.5% |
| Consumer Staples | 10.1% |
| Health Care | 12.0% |
| Industrials | 23.8% |
| Technology | 31.4% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i1a12ce523c71f32a2dd4c3e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Other Countries | 26.2% |
| Germany | 3.6% |
| India | 3.7% |
| Taiwan | 4.3% |
| Canada | 4.8% |
| Mexico | 5.2% |
| Sweden | 7.5% |
| Netherlands | 7.7% |
| United States | 8.4% |
| Japan | 10.5% |
| United Kingdom | 14.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B & M European Value Retail SA | 4.2% |
| Silergy Corp | 2.8% |
| BayCurrent Consulting, Inc. | 2.8% |
| Diploma plc | 2.7% |
| Visional Inc | 2.6% |
| Dino Polska SA | 2.3% |
| Recordati SpA | 2.3% |
| Voltronic Power Technology | 2.1% |
| Topicus.com, Inc. | 2.1% |
| Japan Elevator Service Holdings Company Ltd. | 2.1% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025, the Fund reopened to new and existing shareholders through all channels where the Fund is sold. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.05% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GISOX

![Image](ia0f63764f91d0766cbc9b8b8.jpg)

#### Grandeur Peak International Stalwarts Fund - Investor Class (GISOX)

#### Annual Shareholder Report - April 30, 2025

#### Grandeur Peak US Stalwarts Fund

#### Institutional Class (GUSYX)

#### Annual Shareholder Report - April 30, 2025
![Image](i0d64e833e173626fcce937cc.jpg)

# Fund Overview
This annual shareholder report contains important information about Grandeur Peak US Stalwarts Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://grandeurpeakglobal.com/literature/**. You can also request this information by contacting us at 1.855.377.7325 (PEAK). **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $88 | 0.88% |

---

# How did the Fund perform during the reporting period?
The Grandeur Peak US Stalwarts Fund's Institutional Class ended the twelve-month period from 5/1/24 to 4/30/25 with a -0.56% return. The Fund underperformed the MSCI USA Mid Cap Index, which posted a +5.83% return. The negative return and underperformance is mainly attributed to weakness in technology and industrial stocks. Performance in financial stocks was strong, but not enough to overcome the detracting sectors.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $124649440 |
| Number of Portfolio Holdings | 71 |
| Advisory Fee (net of waivers) | $999890 |
| Portfolio Turnover | 98% |

---

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3e159a0bf45af99196ba90ab.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Grandeur Peak US Stalwarts - Institutional** | **MSCI U.S. Small Cap Index** | **MSCI USA IMI Index** | **MSCI USA Mid Cap Index** |
| **Mar-2020** | $10000 | $10000 | $10000 | $10000 |
| **Apr-2020** | $13150 | $12582 | $12203 | $12463 |
| **Apr-2021** | $22838 | $22080 | $18365 | $20203 |
| **Apr-2022** | $18057 | $19369 | $17777 | $19164 |
| **Apr-2023** | $16095 | $18972 | $17973 | $18359 |
| **Apr-2024** | $18418 | $21547 | $21908 | $21413 |
| **Apr-2025** | $18326 | $21925 | $24291 | $22660 |

---

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (March 19, 2020) |
| Grandeur Peak US Stalwarts - Institutional | -0.56% | 6.85% | 12.56% |
| MSCI U.S. Small Cap Index | 1.76% | 11.75% | 16.59% |
| MSCI USA IMI Index | 10.88% | 14.76% | 18.95% |
| MSCI USA Mid Cap Index | 5.83% | 12.70% | 17.34% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i8bc1d0dd5e71e7decb4adc8a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Industries | 17.2% |
| Specialty Finance | 2.5% |
| Food | 3.2% |
| Electrical Equipment | 3.6% |
| Machinery | 3.8% |
| Insurance | 3.9% |
| Asset Management | 4.5% |
| Industrial Support Services | 4.6% |
| Health Care Facilities & Services | 5.1% |
| Engineering & Construction | 5.5% |
| Retail - Discretionary | 5.5% |
| Semiconductors | 6.0% |
| Technology Services | 6.0% |
| Institutional Financial Services | 6.2% |
| Medical Equipment & Devices | 6.5% |
| Software | 14.8% |

---

# **Sector Weighting (% of net assets)**![Group By Asset Type Chart](if46dd529a9ae733d5873f3a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Listed Private Equity Investments | 0.4% |
| Communications | 2.3% |
| Materials | 4.4% |
| Consumer Staples | 5.3% |
| Consumer Discretionary | 10.6% |
| Health Care | 11.6% |
| Financials | 17.1% |
| Industrials | 18.3% |
| Technology | 28.9% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i084e90711e09d7f41da389e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Argentina | 0.5% |
| Ireland | 1.5% |
| Canada | 1.9% |
| Israel | 2.0% |
| United Kingdom | 2.5% |
| Mexico | 3.6% |
| United States | 86.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Core & Main, Inc., Class A | 3.2% |
| SPS Commerce, Inc. | 2.9% |
| Primoris Services Corporation | 2.8% |
| Monolithic Power Systems, Inc. | 2.7% |
| Marex Group PLC | 2.5% |
| Littelfuse, Inc. | 2.3% |
| Mama's Creations Incorporated | 2.2% |
| Grocery Outlet Holding Corporation | 2.1% |
| Burlington Stores, Inc. | 2.1% |
| JFrog Ltd. | 2.1% |

---

Go Paperless! Update your communication preferences on our website, www.grandeurpeakglobal.com, or call 1-855-377-7325 (PEAK).

# Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2025 or upon request at 1.855.377.7325. Effective January 1, 2025 through December 31, 2025, the Adviser is voluntarily waiving 0.05% of its management fee.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://grandeurpeakglobal.com/literature/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-GUSYX

![Image](i0d64e833e173626fcce937cc.jpg)

#### Grandeur Peak US Stalwarts Fund - Institutional Class (GUSYX)

#### Annual Shareholder Report - April 30, 2025
(b) Not applicable.

**Item 2. Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing
 similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed
 to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
 personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
 with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in
 the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions
 of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers
 from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant' website.

(f) A copy of the Code of Ethics is attached as an exhibit.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's board of trustees has determined that Mark H. Taylor is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Taylor is independent for purposes of this Item 3.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | In this regard, no member of the audit committee was identified as having all of the required technical attributes identified in instruction 2 (b) to item 3 of Form N-CSR to qualify as an "audit committee financial expert," whether through the type of specialized education or experience required by that instruction. At this time, the board believes the experience provided by each member of the audit committee collectively offers the fund adequate oversight by its audit committee given the fund's level of financial complexity. The board will from time to time reexamine such belief. |

---

**Item 4. Principal Accountant Fees and Services.**

(a) <u>**Audit Fees**</u> 

2025 - $200,800

2024 - $195,000

(b) <u>**Audit-Related Fees**</u> 

2025 - None

2024 - None

(c) <u>**Tax Fees**</u> 

2025 - $47,400

2024 - $46,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) <u>**All Other Fees**</u> 

2025 - None

2024 - None

(e) (1) <u>**Audit Committee's Pre-Approval Policies**</u> 

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>**Percentages of Services Approved by the Audit Committee**</u> 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
| Audit-Related Fees: | 0.00% | 0.00% |
| Tax Fees: | 0.00% | 0.00% |
| All Other Fees: | 0.00% | 0.00% |

---

(f) During the audit of registrant's
 financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement
 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed
 by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including
 any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and
 any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

2025 - $47,400

2024 - $46,000

(h) The registrant's audit committee
 has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose
 role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved
 pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable

(j) Not applicable

**Item 5. Audit Committee of Listed Companies.**

Not applicable to open-end investment companies.

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](cover.jpg)

![](logo.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Emerging Markets Opportunities Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Contrarian Fund | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Explorer Fund | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Micro Cap Fund | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Opportunities Fund | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Reach Fund | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Stalwarts Fund | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Opportunities Fund | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Stalwarts Fund | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak US Stalwarts Fund | 23 |
| Statements of Assets and Liabilities | 25 |
| Statements of Operations | 27 |
| Statement of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Emerging Markets Opportunities Fund | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Contrarian Fund | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Explorer Fund | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Micro Cap Fund | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Opportunities Fund | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Reach Fund | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Stalwarts Fund | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Opportunities Fund | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Stalwarts Fund | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak US Stalwarts Fund | 38 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Emerging Markets Opportunities Fund | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Contrarian Fund | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Explorer Fund | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Micro Cap Fund | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Opportunities Fund | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Reach Fund | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Stalwarts Fund | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Opportunities Fund | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Stalwarts Fund | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak US Stalwarts Fund | 54 |

---

![](logo.jpg)

**TABLE OF CONTENTS**

<u>Notes to Financial Statements</u>   <u>55</u> <br> <u>Report of Independent Registered Public Accounting Firm</u>   <u>68</u> <br> <u>Additional Information</u>   <u>70</u>

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.92%** |  |  |
| **Argentina — 1.38%** |  |  |
| Globant S.A.<sup>(a)</sup> | 18791 | $2209258 |
| **Brazil — 5.59%** |  |  |
| Armac Locacao Logistica | 1194700 | 915777 |
| BR Advisory Partners | 751900 | 1938412 |
| Grupo Mateus SA | 2029100 | 2753189 |
| Locaweb Servicos de Internet S<sup>(a)</sup> | 1648100 | 1039701 |
| Patria Investments Limited | 103760 | 1087405 |
| Raia Drogasil S.A. | 345508 | 1204276 |
|  |  | 8938760 |
| **China — 14.06%** |  |  |
| ANTA Sports Products Ltd. | 237900 | 2820505 |
| Beijing Huafeng Test & Control | 68700 | 1371638 |
| Bosideng International Holdings, Ltd.<sup>(a)</sup> | 2430000 | 1259543 |
| Centre Testing Int | 838400 | 1286742 |
| Chaoju Eye Care Holdings Ltd 144A<sup>(b)(c)</sup> | 2506900 | 866268 |
| DPC Dash LTD. 144A<sup>(b)(c)</sup> | 138000 | 1753542 |
| Man Wah Holdings Limited | 1581700 | 840237 |
| Proya Cosmetics Co Ltd | 153820 | 2020190 |
| Shenzhen Mindray Bio-Medical Electronics Co. | 35700 | 1078438 |
| Silergy Corp | 584288 | 7289932 |
| TK Group Holdings Ltd | 2878417 | 705161 |
| Yum China Holdings Inc | 25100 | 1173498 |
|  |  | 22465694 |
| **Czech Republic — 0.69%** |  |  |
| CTP NV 144A<sup>(a)(b)(c)</sup> | 59170 | 1108263 |
| **Greece — 2.08%** |  |  |
| Sarantis SA | 217602 | 3330643 |
| **Hong Kong — 3.15%** |  |  |
| Plover Bay Tech<sup>(b)</sup> | 4301600 | 2950681 |
| Techtronic Industries Co Limited | 205913 | 2081520 |
|  |  | 5032201 |
| **India — 17.69%** |  |  |
| Bajaj Finance Ltd | 8633 | 881186 |
| Cera Sanitaryware Ltd | 12687 | 803432 |
| City Union Bank Ltd | 982431 | 2050515 |
| Five-Star Business<sup>(a)</sup> | 213325 | 1780264 |
| GHCL Limited<sup>(a)</sup> | 113478 | 781271 |
| Gulf Oil Lubricants India Ltd. | 269021 | 3784124 |
| Home First Finance Co India Lt 144A<sup>(b)(c)</sup> | 152273 | 2212837 |
| Indigo Paints Ltd | 117068 | 1348963 |
| Jupiter Life Line Hospitals Lt<sup>(a)</sup> | 87705 | 1521601 |
| Likhitha Infrastructure Ltd | 82423 | 249094 |
| LT Foods Ltd | 609406 | 2496556 |
| Mankind Pharma Ltd.<sup>(a)</sup> | 49643 | 1446759 |
| Marksans Pharma Ltd. | 397849 | 1031820 |
| Motherson Sumi Wiring India Ltd | 2458417 | 1620492 |
| Prudent Corporate Advisory Ser<sup>(a)</sup> | 49583 | 1298476 |
| SJS Enterprises Ltd | 331794 | 3645748 |
| Supriya Lifescience Ltd | 171741 | 1309795 |
|  |  | 28262933 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.92% (continued)** |  |  |
| **Indonesia — 5.75%** |  |  |
| Arwana Citramulia Tbk P.T. | 30378800 | $1079728 |
| Aspirasi Hidup Ind | 39706200 | 1279688 |
| Cisarua Mountain Dairy PT TBK | 4486100 | 1237731 |
| Metrodata Electronics Tbk | 45290000 | 1527855 |
| Selamat Sempurna Tbk PT | 20270100 | 2173541 |
| Ultrajaya Milk Industry & Trad | 22663500 | 1890901 |
|  |  | 9189444 |
| **Malaysia — 1.81%** |  |  |
| Frontken Corporation Bhd. | 1522600 | 1235017 |
| Mr D.I.Y. Group Berhad 144A<sup>(b)(c)</sup> | 4261700 | 1659249 |
|  |  | 2894266 |
| **Mexico — 8.19%** |  |  |
| Arca Continental S.A.B. de C.V. | 167000 | 1758814 |
| BBB Foods Inc<sup>(a)</sup> | 57635 | 1761326 |
| Corp Inmobiliaria Vesta S.A.B. de C.V. – ADR | 39055 | 1070888 |
| Corporativo Fragua SAB de CV | 55100 | 1404888 |
| Grupo Cementos de Chihuahua, S.A.B. de C.V 144A<sup>(a)(b)(c)</sup> | 156900 | 1318401 |
| Grupo Financiero Banorte SAB de CV | 162900 | 1396813 |
| Regional SAB de cv | 474800 | 3338836 |
| Wal-Mart de Mexico S.A.B. de C.V. | 325900 | 1032538 |
|  |  | 13082504 |
| **Philippines — 3.74%** |  |  |
| Century Pacific Food, Inc. | 2755700 | 1884387 |
| International Container Terminal Services, Inc. | 172500 | 1051882 |
| Philippine Seven Corp | 1805800 | 1715494 |
| Puregold Price Club Inc | 2315700 | 1326163 |
|  |  | 5977926 |
| **Poland — 5.79%** |  |  |
| Auto Partner SA | 380478 | 2005536 |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 26270 | 3675896 |
| Inter Cars SA | 19389 | 2924434 |
| Shoper Spolka Akcyjna | 57367 | 648189 |
|  |  | 9254055 |
| **Singapore — 4.17%** |  |  |
| iFast Corporation | 652800 | 3109047 |
| Riverstone Holdings Ltd. | 2603500 | 1804110 |
| Venture Corp LTD. | 196900 | 1748882 |
|  |  | 6662039 |
| **South Korea — 8.24%** |  |  |
| APR Corp/Korea<sup>(a)</sup> | 37726 | 1995958 |
| Eo Technics Co Ltd | 9981 | 808573 |
| FNS Tech Co Ltd | 209673 | 1324396 |
| HPSP Company Ltd. | 88125 | 1390053 |
| iFamilySC Co Ltd | 56163 | 822758 |
| Kinx Inc. | 45973 | 2545334 |
| LEENO Industrial Inc. | 67955 | 1723632 |
| S&S Tech Corp<sup>(a)</sup> | 50000 | 1212006 |
| SOLUM Co Ltd<sup>(a)</sup> | 116988 | 1350500 |
|  |  | 13173210 |
| **Taiwan — 11.79%** |  |  |
| 91APP Inc | 511000 | 1334083 |
| Acer E-Enabling Service Business | 259000 | 1926747 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.92% (continued)** |  |  |
| **Taiwan — 11.79% (continued)** |  |  |
| Asia Vital Components Co., Ltd. | 161000 | $2330131 |
| ASPEED Technology, Inc. | 23000 | 2152215 |
| Gem Services Inc | 571000 | 1157673 |
| Sinbon Electronics Co., Limited | 486000 | 3350156 |
| Sporton International, Inc. | 829918 | 4335972 |
| Voltronic Power Technology | 48108 | 2250842 |
|  |  | 18837819 |
| **Thailand — 1.12%** |  |  |
| Humanica PCL | 7422400 | 1788610 |
| **Vietnam — 4.68%** |  |  |
| Asia Commercial Bank JSC | 2803965 | 2595165 |
| FPT Corp | 557009 | 2345075 |
| Hoa Phat Group JSC<sup>(a)</sup> | 860200 | 844145 |
| Vietnam Technological & Comm Joint-stock Bank | 1676638 | 1696963 |
|  |  | 7481348 |
| *Total Common Stocks (Cost $132,282,395)* |  | 159688973 |
| *Total Common Stocks/Investments — 99.92% (Cost $132,282,395)* |  | 159688973 |
| *Other Assets in Excess of Liabilities — 0.08%* |  | 122823 |
| *NET ASSETS — 100.00%* |  | $159811796 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $15,545,137 representing 9.73% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $12,594,456, representing 7.88% of net assets.

See accompanying notes to financial statements.

<u>Grandeur Peak Global Contrarian Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.32%** |  |  |
| **Australia — 5.99%** |  |  |
| Emeco Holdings Ltd.<sup>(a)</sup> | 2804367 | $1365267 |
| Fiducian Group Ltd | 304458 | 1891770 |
| IPD Group Ltd/Australia | 277066 | 709925 |
| Kogan.com Ltd. | 592435 | 1711538 |
| MA Financial Group Ltd | 473917 | 2006657 |
| PeopleIN Ltd | 859973 | 418666 |
|  |  | 8103823 |
| **Belgium — 2.13%** |  |  |
| Melexis NV | 20155 | 1203130 |
| X-Fab Silicon Foundries S.E. 144A<sup>(b)(c)</sup> | 303719 | 1681130 |
|  |  | 2884260 |
| **Brazil — 3.26%** |  |  |
| Armac Locacao Logistica | 932300 | 714639 |
| Grupo Mateus SA | 732400 | 993758 |
| Patria Investments Limited | 183467 | 1922734 |
| Track & Field Co. SA | 380400 | 774220 |
|  |  | 4405351 |
| **Canada — 1.47%** |  |  |
| BioSyent Inc | 113187 | 895032 |
| Winpak Ltd. | 35083 | 1087030 |
|  |  | 1982062 |
| **China — 4.31%** |  |  |
| Alibaba.Com Limited | 94100 | 1425634 |
| Bosideng International Holdings, Ltd.<sup>(a)</sup> | 2056300 | 1065843 |
| Chaoju Eye Care Holdings Ltd 144A<sup>(b)(c)</sup> | 4264000 | 1473441 |
| China Meidong Auto Holdings | 963000 | 257026 |
| Li Ning Company Limited | 431000 | 816912 |
| TK Group Holdings Ltd | 3188883 | 781219 |
|  |  | 5820075 |
| **France — 1.39%** |  |  |
| Virbac SA | 5334 | 1875669 |
| **Germany — 0.91%** |  |  |
| Elmos Semiconductor AG | 18222 | 1229262 |
| **Hong Kong — 1.47%** |  |  |
| Plover Bay Tech<sup>(b)</sup> | 2888439 | 1981324 |
| **India — 0.75%** |  |  |
| City Union Bank Ltd | 487001 | 1016461 |
| **Indonesia — 1.90%** |  |  |
| Aspirasi Hidup Ind | 40397400 | 1301965 |
| Hartadinata Abadi Tbk PT<sup>(a)</sup> | 29666800 | 1259945 |
|  |  | 2561910 |
| **Ireland — 1.09%** |  |  |
| ICON plc<sup>(a)</sup> | 9708 | 1470180 |
| **Italy — 1.27%** |  |  |
| Interpump Group SpA | 50237 | 1713298 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.32% (continued)** |  |  |
| **Japan — 15.75%** |  |  |
| Central Automotive NPV | 146700 | $1738804 |
| gremz Inc | 78400 | 1296244 |
| Halows Company Ltd. | 53400 | 1619710 |
| Integral Corporation | 65000 | 1234327 |
| Jeol Ltd. | 49300 | 1581933 |
| Kitz Corporation | 113500 | 866418 |
| Plus Alpha Consulting | 128000 | 1492080 |
| Rise Consulting Group Inc. | 660900 | 4314440 |
| Sun\*, Inc. | 273300 | 1084251 |
| System Support, Inc. | 141700 | 1988876 |
| Syuppin Company, Ltd. | 189200 | 1456199 |
| ULS Group Inc | 52800 | 1825021 |
| User Local, Inc. | 70000 | 811083 |
|  |  | 21309386 |
| **Luxembourg — 1.21%** |  |  |
| Eurofins Scientific S.E. | 26025 | 1637037 |
| **Mexico — 3.00%** |  |  |
| Grupo Cementos de Chihuahua, S.A.B. de C.V 144A<sup>(a)(b)(c)</sup> | 191500 | 1609138 |
| Regional SAB de CV | 131600 | 925423 |
| Wal-Mart de Mexico S.A.B. de C.V. | 479800 | 1520134 |
|  |  | 4054695 |
| **Netherlands — 0.93%** |  |  |
| Flow Traders Ltd. 144A<sup>(b)(c)</sup> | 42364 | 1259392 |
| **Philippines — 0.34%** |  |  |
| Pryce Corp | 2497200 | 455664 |
| **Poland — 1.92%** |  |  |
| Auto Partner SA | 268283 | 1414145 |
| Inter Cars SA | 7794 | 1175566 |
|  |  | 2589711 |
| **Singapore — 1.84%** |  |  |
| Riverstone Holdings Ltd. | 3588575 | 2486723 |
| **South Korea — 0.58%** |  |  |
| SOLUM Co Ltd<sup>(a)</sup> | 67539 | 779665 |
| **Sweden — 2.14%** |  |  |
| RVRC Holding AB | 183225 | 947531 |
| Sdiptech AB | 86743 | 1940451 |
|  |  | 2887982 |
| **Taiwan — 1.49%** |  |  |
| Acer E-Enabling Service Busine | 270000 | 2008578 |
| **United Kingdom — 15.80%** |  |  |
| B & M European Value Retail SA | 970695 | 4352208 |
| CVS Group plc | 194694 | 2792130 |
| Endava plc - ADR<sup>(a)</sup> | 46225 | 841757 |
| Foresight Group Holdings Ltd | 164263 | 812240 |
| FRP Advisory Group PLC | 842550 | 1504774 |
| Hill & Smith Holdings plc | 45898 | 1095009 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Contrarian Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.32% (continued)** |  |  |
| **United Kingdom — 15.80% (continued)** |  |  |
| Kitwave Group Plc | 255608 | $1011816 |
| Marex Group PLC | 71899 | 3188721 |
| Petershill Partners PLC 144A<sup>(b)(c)</sup> | 1074025 | 3099155 |
| Pollen Street Group Ltd | 129693 | 1265314 |
| Renew Holdings PLC | 141074 | 1419596 |
|  |  | 21382720 |
| **United States — 25.04%** |  |  |
| 4imprint Group PLC | 25763 | 1167471 |
| Abacus Life Inc<sup>(a)</sup> | 157700 | 1302602 |
| Alamo Group, Inc. | 8783 | 1466585 |
| Arizona Sonoran Copper Company, Inc.<sup>(a)</sup> | 1594389 | 2429008 |
| Ashtead Group PLC | 23898 | 1270882 |
| Bruker Corporation | 32037 | 1283402 |
| Burford Capital Ltd | 142966 | 1941478 |
| Crocs, Inc.<sup>(a)</sup> | 7913 | 762971 |
| Dollar General Corporation | 28500 | 2670166 |
| Five Below, Inc.<sup>(a)</sup> | 28547 | 2166432 |
| Gentex Corporation | 41541 | 904763 |
| GQG Partners Inc | 742902 | 1042185 |
| Grocery Outlet Holding Corporation<sup>(a)</sup> | 159393 | 2676208 |
| Hackett Group, Inc. (The) | 50865 | 1299092 |
| Installed Building Products, Inc. | 10275 | 1703903 |
| Littelfuse, Inc. | 7827 | 1426940 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 4675 | 1265850 |
| P10 Inc | 268931 | 2977067 |
| Perella Weinberg Partners | 93275 | 1601532 |
| Upwork, Inc.<sup>(a)</sup> | 50806 | 668099 |
| Yeti Holdings, Inc.<sup>(a)</sup> | 63781 | 1820948 |
|  |  | 33847584 |
| **Vietnam — 3.34%** |  |  |
| Asia Commercial Bank JSC | 1395870 | 1291925 |
| FPT Corp | 216192 | 910195 |
| Hoa Phat Group JSC<sup>(a)</sup> | 786600 | 771918 |
| Vietnam Technological & Comm Joint-stock Bank | 1523100 | 1541564 |
|  |  | 4515602 |
| *Total Common Stocks (Cost $121,292,417)* |  | 134258414 |
| *Total Common Stocks/Investments — 99.32% (Cost $121,292,417)* |  | 134258414 |
| *Other Assets in Excess of Liabilities — 0.68%* |  | 921625 |
| *NET ASSETS — 100.00%* |  | $135180039 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $11,103,580, representing 8.21% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $9,122,256, representing 6.75% of net assets.

See accompanying notes to financial statements.

<u>Grandeur Peak Global Explorer Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.84%** |  |  |
| **Argentina — 0.48%** |  |  |
| Globant S.A.<sup>(a)</sup> | 470 | $55258 |
| **Australia — 3.19%** |  |  |
| EQT Holdings Ltd | 1825 | 37842 |
| IPD Group Ltd/Australia | 10251 | 26266 |
| Johns Lyng Group Ltd | 24719 | 35152 |
| Kelly Partners Group Holdings<sup>(a)</sup> | 4600 | 34623 |
| Kogan.com Ltd | 24982 | 72173 |
| MA Financial Group Ltd | 16604 | 70305 |
| Pinnacle Investment Management Group | 3423 | 39644 |
| Steadfast Group Ltd | 13725 | 51608 |
|  |  | 367613 |
| **Belgium — 0.87%** |  |  |
| Melexis NV | 925 | 55217 |
| X-Fab Silicon Foundries S.E. 144A<sup>(b)(c)</sup> | 8161 | 45172 |
|  |  | 100389 |
| **Brazil — 1.53%** |  |  |
| BR Advisory Partners | 14700 | 37897 |
| Grupo Mateus SA | 30000 | 40706 |
| Patria Investments Limited | 3811 | 39939 |
| Raia Drogasil S.A. | 4600 | 16033 |
| Track & Field Co SA | 20600 | 41927 |
|  |  | 176502 |
| **Canada — 1.57%** |  |  |
| Aritzia Inc<sup>(a)</sup> | 534 | 18785 |
| BioSyent, Inc. | 2900 | 22932 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 420 | 44235 |
| Docebo Inc<sup>(a)</sup> | 905 | 28350 |
| Kinaxis Inc.<sup>(a)</sup> | 350 | 47265 |
| Richelieu Hardware, Ltd. | 833 | 19707 |
|  |  | 181274 |
| **China — 4.27%** |  |  |
| Adicon Holdings Ltd 144A<sup>(a)(b)(c)</sup> | 35100 | 32314 |
| Angelalign Technology Inc 144A<sup>(b)(c)</sup> | 4900 | 30737 |
| ANTA Sports Products Ltd. | 4400 | 52166 |
| Beijing Huafeng Test & Control | 2342 | 46759 |
| Centre Testing Int | 20000 | 30695 |
| Chaoju Eye Care Holdings Ltd 144A<sup>(b)(c)</sup> | 53100 | 18349 |
| DPC Dash LTD. 144A<sup>(b)(c)</sup> | 4000 | 50827 |
| Proya Cosmetics Co Ltd | 4800 | 63041 |
| Shenzhen Mindray Bio-Medical Electronics Co. | 1000 | 30208 |
| Shenzhen New Industries Biomed<sup>(a)</sup> | 3500 | 25227 |
| Silergy Corp | 9000 | 112289 |
|  |  | 492612 |
| **Denmark — 0.34%** |  |  |
| Rockwool A/S | 870 | 39477 |
| **Finland — 0.18%** |  |  |
| Revenio Group Oyj | 667 | 20796 |
| **France — 2.08%** |  |  |
| Neurones SA | 240 | 13007 |
| Planisware SAS<sup>(a)</sup> | 982 | 26610 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.84% (continued)** |  |  |
| **France — 2.08% (continued)** |  |  |
| Sidetrade<sup>(a)</sup> | 108 | $28285 |
| Thermador Groupe | 250 | 18736 |
| Virbac SA | 312 | 109713 |
| Wavestone | 812 | 43224 |
|  |  | 239575 |
| **Germany — 2.55%** |  |  |
| AIXTRON SE | 957 | 12820 |
| Atoss Software AG | 247 | 37022 |
| Dermapharm Holding SE | 2158 | 94199 |
| Elmos Semiconductor AG | 673 | 45400 |
| Mensch und Maschine Software S | 783 | 50602 |
| QIAGEN N.V. | 715 | 30566 |
| Schott Pharma AG & Co | 831 | 23319 |
|  |  | 293928 |
| **Greece — 0.21%** |  |  |
| Sarantis SA | 1551 | 23740 |
| **Hong Kong — 0.66%** |  |  |
| Plover Bay Tech<sup>(b)</sup> | 71861 | 49293 |
| Techtronic Industries Co Limited | 2700 | 27294 |
|  |  | 76587 |
| **India — 5.09%** |  |  |
| Bajaj Finance Ltd | 544 | 55527 |
| City Union Bank Ltd | 12110 | 25276 |
| Five-Star Business<sup>(a)</sup> | 4472 | 37320 |
| Gulf Oil Lubricants India Ltd. | 3685 | 51834 |
| Home First Finance Co India Lt 144A<sup>(b)(c)</sup> | 2560 | 37202 |
| Indigo Paints Ltd | 2231 | 25708 |
| Ksolves India Ltd. | 4588 | 23536 |
| LT Foods Ltd | 6337 | 25961 |
| Motherson Sumi Wiring India Ltd | 25701 | 16941 |
| PB Fintech Ltd<sup>(a)</sup> | 1673 | 32144 |
| Prudent Corporate Advisory Ser<sup>(a)</sup> | 1000 | 26188 |
| Rainbow Children's Medicare Ltd. | 1442 | 23553 |
| SJS Enterprises Ltd | 4747 | 52160 |
| Supriya Lifescience Ltd | 3500 | 26693 |
| Vimta Labs Ltd<sup>(a)</sup> | 7487 | 88409 |
| Yatharth Hospital<sup>(a)</sup> | 6663 | 38099 |
|  |  | 586551 |
| **Indonesia — 2.12%** |  |  |
| Arwana Citramulia Tbk P.T. | 677300 | 24073 |
| Aspirasi Hidup Ind | 953100 | 30717 |
| Cisarua Mountain Dairy PT TBK | 120500 | 33246 |
| Hartadinata Abadi Tbk PT<sup>(a)</sup> | 2196000 | 93264 |
| Selamat Sempurna Tbk PT | 445500 | 47770 |
| Ultrajaya Milk Industry & Trad | 188000 | 15686 |
|  |  | 244756 |
| **Ireland — 0.82%** |  |  |
| ICON plc<sup>(a)</sup> | 126 | 19081 |
| Uniphar PLC | 22495 | 75494 |
|  |  | 94575 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Explorer Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.84% (continued)** |  |  |
| **Israel — 1.53%** |  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 108 | $38033 |
| Monday.com Ltd<sup>(a)</sup> | 117 | 32876 |
| Next Vision Stabilized Systems | 1930 | 50743 |
| Wix.com Ltd.<sup>(a)</sup> | 323 | 54778 |
|  |  | 176430 |
| **Italy — 2.14%** |  |  |
| Diasorin SPA | 264 | 30082 |
| Interpump Group SpA | 1357 | 46280 |
| Moncler S.p.A.<sup>(a)</sup> | 364 | 22302 |
| Pharmanutra SpA<sup>(a)</sup> | 412 | 25131 |
| Recordati SpA | 904 | 53143 |
| Sesa SpA | 515 | 43267 |
| Stevenato Group SPA Ord | 1250 | 26075 |
|  |  | 246280 |
| **Japan — 14.19%** |  |  |
| AZOOM Co Ltd | 1000 | 54646 |
| BayCurrent Consulting, Inc. | 1500 | 80709 |
| Bengo4.com Inc | 4600 | 91858 |
| Charm Care Corp KK | 9100 | 80163 |
| eGuarantee Inc | 2400 | 29689 |
| eWeLL Co Ltd | 4700 | 73368 |
| FP Partner Inc | 1000 | 17010 |
| Hennge KK | 5600 | 67120 |
| Insource Co Ltd | 9400 | 59786 |
| Integral Corp | 2600 | 49373 |
| Japan Elevator Service Holdings Company Ltd. | 5500 | 118720 |
| Jeol Ltd. | 1000 | 32088 |
| JMDC Inc | 1600 | 36026 |
| Kitz Corporation | 3200 | 24428 |
| MarkLines Company Ltd. | 3900 | 62244 |
| Maruwa Co Ltd/Aichi<sup>(a)</sup> | 100 | 20333 |
| Plus Alpha Consulting Company Ltd. | 2100 | 24479 |
| Rakus Co Ltd | 4200 | 63314 |
| Rise Consulting Group Inc | 8600 | 56142 |
| Sun\* Inc | 21000 | 83313 |
| System Support, Inc. | 6400 | 89829 |
| Syuppin Company, Ltd. | 7200 | 55416 |
| Timee Inc | 4600 | 55231 |
| Tokyo Seimitsu Company Limited | 300 | 16730 |
| ULS Group Inc | 3100 | 107151 |
| User Local Inc | 2500 | 28967 |
| Visional Inc | 2300 | 139171 |
| WDB coco Co Ltd | 700 | 16751 |
|  |  | 1634055 |
| **Lithuania — 0.23%** |  |  |
| Baltic Classifieds Group | 5758 | 26093 |
| **Luxembourg — 0.73%** |  |  |
| Eurofins Scientific S.E. | 990 | 62273 |
| Sword Group | 615 | 21790 |
|  |  | 84063 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.84% (continued)** |  |  |
| **Mexico — 2.14%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 1650 | $50424 |
| Corp Inmobiliaria Vesta S.A.B. de C.V. – ADR | 883 | 24212 |
| Corporativo Fragua SAB de CV | 800 | 20398 |
| Grupo Cementos de Chihuahua, S.A.B. de C.V 144A<sup>(a)(b)(c)</sup> | 6700 | 56299 |
| Regional SAB de cv | 5750 | 40435 |
| Wal-Mart de Mexico S.A.B. de C.V. | 17300 | 54810 |
|  |  | 246578 |
| **Netherlands — 1.00%** |  |  |
| Allfunds Group PLC | 7767 | 43678 |
| ASM International N.V. | 45 | 21699 |
| IMCD N.V. | 198 | 26232 |
| Redcare Pharmacy N.V. 144A<sup>(b)(c)</sup> | 162 | 24080 |
|  |  | 115689 |
| **Norway — 1.00%** |  |  |
| Bouvet ASA | 7352 | 56461 |
| Medistim ASA | 1654 | 25516 |
| SmartCraft ASA 144A<sup>(a)(b)(c)</sup> | 13607 | 33743 |
|  |  | 115720 |
| **Philippines — 1.22%** |  |  |
| International Container Terminal Services, Inc. | 6000 | 36587 |
| Philippine Seven Corp | 50240 | 47728 |
| Puregold Price Club Inc | 85797 | 49135 |
| Wilcon Depot Inc | 63033 | 7705 |
|  |  | 141155 |
| **Poland — 1.49%** |  |  |
| Auto Partner SA | 5436 | 28654 |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 397 | 55550 |
| Inter Cars SA | 289 | 43590 |
| Shoper Spolka Akcyjna | 3909 | 44168 |
|  |  | 171962 |
| **Singapore — 0.61%** |  |  |
| iFast Corporation | 5800 | 27623 |
| Riverstone Holdings Ltd. | 61445 | 42579 |
|  |  | 70202 |
| **South Korea — 1.19%** |  |  |
| APR Corp/Korea<sup>(a)</sup> | 640 | 33860 |
| Coupang Inc<sup>(a)</sup> | 1868 | 43656 |
| Eo Technics Co Ltd | 100 | 8101 |
| LEENO Industrial Inc. | 985 | 24983 |
| MegaStudyEdu Co Ltd | 484 | 16391 |
| SOLUM Co Ltd<sup>(a)</sup> | 878 | 10136 |
|  |  | 137127 |
| **Sweden — 3.42%** |  |  |
| Idun Industrier AB<sup>(a)</sup> | 939 | 33131 |
| Momentum Group AB<sup>(a)</sup> | 2216 | 36594 |
| Roko AB<sup>(a)</sup> | 119 | 25100 |
| Sdiptech AB | 3199 | 71562 |
| Swedencare AB | 8697 | 34735 |
| Swedish Logistic | 14167 | 57901 |
| Teqnion AB | 2019 | 33216 |
| Vimian Group AB | 18140 | 73125 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Explorer Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.84% (continued)** |  |  |
| **Sweden — 3.42% (continued)** |  |  |
| Vitec Software Group | 628 | $28656 |
|  |  | 394020 |
| **Taiwan — 2.27%** |  |  |
| 91APP, Inc. | 9000 | 23497 |
| Acer E-Enabling Service Busine | 5000 | 37196 |
| Asia Vital Components Co., Ltd. | 2000 | 28946 |
| Sinbon Electronics Co., Limited | 7000 | 48253 |
| Sporton International, Inc. | 14700 | 76801 |
| Voltronic Power Technology | 1000 | 46787 |
|  |  | 261480 |
| **Thailand — 0.30%** |  |  |
| Humanica PCL | 144600 | 34845 |
| **United Kingdom — 13.07%** |  |  |
| AB Dynamics PLC | 1941 | 45531 |
| Advanced Medical Solutions Gro | 18936 | 48710 |
| Ashtead Technology Holdings plc | 7188 | 47662 |
| B & M European Value Retail SA | 26882 | 120527 |
| CVS Group plc | 5238 | 75119 |
| Diploma plc | 1267 | 66906 |
| dotdigital group plc | 30297 | 33354 |
| Elixirr International PLC | 7088 | 69907 |
| Endava plc - ADR<sup>(a)</sup> | 2093 | 38113 |
| Fevertree Drinks PLC<sup>(a)</sup> | 2634 | 27910 |
| Franchise Brands PLC | 14726 | 27380 |
| FRP Advisory Group PLC | 32241 | 57582 |
| GlobalData PLC | 21609 | 51122 |
| Halma plc | 707 | 25970 |
| Intermediate Capital Group PLC | 2643 | 66084 |
| JTC plc 144A<sup>(b)(c)</sup> | 10170 | 113046 |
| Kitwave Group Plc | 5778 | 22872 |
| Marex Group PLC | 1813 | 80407 |
| Marlowe plc | 8833 | 40263 |
| Pensionbee Group PLC<sup>(a)</sup> | 11468 | 23080 |
| Petershill Partners PLC 144A<sup>(b)(c)</sup> | 20037 | 57818 |
| Pets at Home Group PLC | 14481 | 45665 |
| Pollen Street Group Ltd | 4696 | 45815 |
| Softcat PLC | 2587 | 57616 |
| Tatton Asset Mgmt | 6041 | 49920 |
| Trustpilot Group PLC 144A<sup>(b)(c)</sup> | 15011 | 44776 |
| Victorian Plumbing Group PLC | 20314 | 26425 |
| Volution Group PLC | 9761 | 73895 |
| Warpaint London plc<sup>(a)</sup> | 4644 | 23211 |
|  |  | 1506686 |
| **United States — 26.24%** |  |  |
| 4imprint Group PLC | 1090 | 49394 |
| Abacus Life Inc<sup>(a)</sup> | 5948 | 49131 |
| Alamo Group, Inc. | 284 | 47423 |
| Ares Management Corporation, Class A | 162 | 24710 |
| Ashtead Group PLC | 863 | 45894 |
| Bel Fuse, Inc., Class B | 318 | 20915 |
| BILL Holdings, Inc.<sup>(a)</sup> | 475 | 21646 |
| Bio-Techne Corporation | 877 | 44157 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.84% (continued)** |  |  |
| **United States — 26.24% (continued)** |  |  |
| Blue Owl Capital, Inc. | 2079 | $38524 |
| Bruker Corporation | 971 | 38898 |
| Burlington Stores, Inc.<sup>(a)</sup> | 296 | 66612 |
| Clearwater Analytics Holdings, Inc., CLASS A<sup>(a)</sup> | 1902 | 43251 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 1435 | 75596 |
| DexCom, Inc.<sup>(a)</sup> | 638 | 45540 |
| Dollar General Corporation | 244 | 22860 |
| Dynatrace, Inc.<sup>(a)</sup> | 977 | 45890 |
| Elastic N.V.<sup>(a)</sup> | 1076 | 92751 |
| Enerpac Tool Group Corporation | 625 | 25231 |
| Ensign Group, Inc. (The) | 175 | 22573 |
| Esquire Financial Holdings, Inc. | 590 | 48923 |
| Five Below, Inc.<sup>(a)</sup> | 1044 | 79229 |
| Freshpet, Inc.<sup>(a)</sup> | 286 | 21032 |
| Gentex Corporation | 1685 | 36699 |
| Global Industrial Company | 1255 | 32228 |
| Goosehead Insurance, Inc., Class A | 607 | 59007 |
| GQG Partners Inc | 34327 | 48156 |
| Grocery Outlet Holding Corporation<sup>(a)</sup> | 4772 | 80122 |
| Hackett Group, Inc. (The) | 1686 | 43060 |
| HealthEquity, Inc.<sup>(a)</sup> | 800 | 68576 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 111 | 48024 |
| Insperity, Inc. | 478 | 31075 |
| Installed Building Products, Inc. | 248 | 41126 |
| Iradimed Corporation | 455 | 23847 |
| JFrog Ltd.<sup>(a)</sup> | 2734 | 92327 |
| Littelfuse, Inc. | 411 | 74929 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 351 | 95041 |
| Mama's Creations Incorporated<sup>(a)</sup> | 10369 | 68435 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 269 | 47718 |
| MarketAxess Holdings, Inc. | 225 | 49858 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 70 | 21587 |
| Modine Manufacturing Company<sup>(a)</sup> | 485 | 39596 |
| Monolithic Power Systems, Inc. | 131 | 77696 |
| Morningstar, Inc. | 79 | 22493 |
| Neogen Corporation<sup>(a)</sup> | 3794 | 19160 |
| NV5 Global, Inc.<sup>(a)</sup> | 2288 | 42443 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 190 | 20161 |
| P10 Inc | 6031 | 66763 |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 1070 | 27414 |
| Perella Weinberg Partners | 2932 | 50342 |
| Primoris Services Corporation | 452 | 27106 |
| Qualys, Inc.<sup>(a)</sup> | 362 | 45507 |
| Rexford Industrial Realty, Inc. | 781 | 25851 |
| RxSight, Inc.<sup>(a)</sup> | 1509 | 22212 |
| Ryan Specialty Holdings, Inc. | 757 | 49591 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 206 | 20963 |
| Skechers U.S.A., Inc., Class A<sup>(a)</sup> | 1113 | 53446 |
| SPS Commerce, Inc.<sup>(a)</sup> | 340 | 48793 |
| Staar Surgical Company<sup>(a)</sup> | 1691 | 30878 |
| Texas Roadhouse, Inc. | 145 | 24064 |
| TPG, Inc. | 753 | 34977 |
| Tradeweb Markets Inc. Class A | 322 | 44533 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Explorer Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.84% (continued)** |  |  |
| **United States — 26.24% (continued)** |  |  |
| Trex Company, Inc.<sup>(a)</sup> | 398 | $23012 |
| TWFG Inc<sup>(a)</sup> | 725 | 22968 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 136 | 53807 |
| Upwork, Inc.<sup>(a)</sup> | 3417 | 44934 |
| Valvoline, Inc.<sup>(a)</sup> | 1273 | 43613 |
| Yeti Holdings, Inc.<sup>(a)</sup> | 1416 | 40427 |
| Zscaler, Inc.<sup>(a)</sup> | 304 | 68756 |
|  |  | 3023501 |
| **Vietnam — 1.11%** |  |  |
| FPT Corp | 12240 | 51532 |
| Vietnam Technological & Comm Joint-stock Bank | 75400 | 76314 |
|  |  | 127846 |
| *Total Common Stocks (Cost $11,377,917)* |  | 11507365 |
| *Total Common Stocks/Investments — 99.84% (Cost $11,377,917)* |  | $11507365 |
| *Other Assets in Excess of Liabilities — 0.16%* |  | 18580 |
| *NET ASSETS — 100.00%* |  | $11525944 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $649,206, representing 5.63% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $599,913, representing 5.21% of net assets.

See accompanying notes to financial statements.

<u>Grandeur Peak Global MicroCap Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.63%** |  |  |
| **Australia — 6.94%** |  |  |
| Fiducian Group Ltd | 157819 | $980619 |
| IPD Group Ltd/Australia | 74199 | 190120 |
| Kelly Partners Group Holdings<sup>(a)</sup> | 31032 | 233570 |
| Kogan.com Ltd | 356087 | 1028731 |
| MA Financial Group Ltd | 103418 | 437892 |
| Megaport Ltd<sup>(a)</sup> | 33940 | 248283 |
|  |  | 3119215 |
| **Belgium — 0.42%** |  |  |
| X-Fab Silicon Foundries S.E. 144A<sup>(b)(c)</sup> | 34079 | 188632 |
| **Brazil — 1.00%** |  |  |
| Armac Locacao Logistica | 163200 | 125098 |
| BR Advisory Partners | 74100 | 191031 |
| Track & Field Co SA | 64700 | 131683 |
|  |  | 447812 |
| **Canada — 0.85%** |  |  |
| BioSyent Inc | 48100 | 380353 |
| **China — 0.83%** |  |  |
| Chaoju Eye Care Holdings Ltd 144A<sup>(b)(c)</sup> | 452000 | 156190 |
| TK Group Holdings Ltd | 877400 | 214948 |
|  |  | 371138 |
| **Finland — 0.44%** |  |  |
| Revenio Group Oyj | 6394 | 199359 |
| **France — 2.29%** |  |  |
| Neurones SA | 4051 | 219544 |
| Sidetrade<sup>(a)</sup> | 713 | 186738 |
| Thermador Groupe | 4607 | 345264 |
| Wavestone | 5180 | 275738 |
|  |  | 1027284 |
| **Germany — 0.80%** |  |  |
| Mensch und Maschine Software S | 5555 | 358997 |
| **Greece — 2.38%** |  |  |
| Kri-Kri Milk Industry SA | 25593 | 442219 |
| Sarantis SA | 40988 | 627368 |
|  |  | 1069587 |
| **Hong Kong — 0.51%** |  |  |
| Plover Bay Tech<sup>(b)</sup> | 331900 | 227667 |
| **India — 5.83%** |  |  |
| GHCL Limited<sup>(a)</sup> | 26000 | 179004 |
| Gulf Oil Lubricants India Ltd. | 34095 | 479591 |
| Indigo Paints Ltd | 26458 | 304873 |
| Ksolves India Ltd. | 26732 | 137132 |
| SJS Enterprises Ltd | 15525 | 170588 |
| Vaibhav Global Ltd | 80463 | 208433 |
| Vimta Labs Ltd<sup>(a)</sup> | 35627 | 420697 |
| Yatharth Hospital<sup>(a)</sup> | 126000 | 720469 |
|  |  | 2620787 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.63% (continued)** |  |  |
| **Indonesia — 1.84%** |  |  |
| Arwana Citramulia Tbk P.T. | 3364400 | $119578 |
| Aspirasi Hidup Ind | 4810100 | 155024 |
| Hartadinata Abadi Tbk PT<sup>(a)</sup> | 7227000 | 306930 |
| Selamat Sempurna Tbk PT | 2309700 | 247667 |
|  |  | 829199 |
| **Ireland — 0.67%** |  |  |
| Uniphar PLC | 90411 | 303420 |
| **Italy — 0.82%** |  |  |
| Pharmanutra SpA<sup>(a)</sup> | 6049 | 368975 |
| **Japan — 24.17%** |  |  |
| AZOOM Co Ltd | 10300 | 562853 |
| Bengo4.com Inc | 45800 | 914590 |
| Charm Care Corp KK | 85700 | 754942 |
| CrowdWorks Inc | 20100 | 158218 |
| Cyber Security Cloud Inc<sup>(a)</sup> | 12300 | 146392 |
| eGuarantee Inc | 26000 | 321634 |
| eWeLL Co Ltd | 19100 | 298154 |
| FP Partner Inc | 12700 | 216021 |
| Halows Company Ltd. | 7400 | 224454 |
| Hennge KK | 71700 | 859377 |
| Insource Co Ltd | 36100 | 229603 |
| Integral Corp<sup>(a)</sup> | 16400 | 311430 |
| MarkLines Company Ltd. | 23000 | 367079 |
| Oro Co Ltd | 38800 | 648839 |
| Plus Alpha Consulting Company Ltd. | 22300 | 259948 |
| Rise Consulting Group Inc | 63200 | 412578 |
| Sun\* Inc | 224700 | 891442 |
| System Support, Inc. | 64400 | 903907 |
| Syuppin Company, Ltd. | 52700 | 405612 |
| Timee Inc | 21400 | 256944 |
| ULS Group Inc | 33300 | 1151007 |
| User Local Inc | 9000 | 104282 |
| WDB coco Co Ltd | 5000 | 119647 |
| YMIRLINK Inc | 32600 | 347852 |
|  |  | 10866805 |
| **Luxembourg — 0.59%** |  |  |
| Sword Group | 7482 | 265094 |
| **Norway — 1.57%** |  |  |
| Bouvet ASA | 38828 | 298189 |
| Medistim ASA | 10500 | 161981 |
| SmartCraft ASA 144A<sup>(a)(b)(c)</sup> | 98296 | 243756 |
|  |  | 703926 |
| **Philippines — 0.48%** |  |  |
| Pryce Corp | 1190800 | 217285 |
| **Poland — 1.43%** |  |  |
| Auto Partner SA | 77576 | 408911 |
| Shoper Spolka Akcyjna | 20858 | 235674 |
|  |  | 644585 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global MicroCap Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.63% (continued)** |  |  |
| **Singapore — 1.30%** |  |  |
| Riverstone Holdings Ltd. | 841725 | $583278 |
| **South Korea — 1.42%** |  |  |
| FNS Tech Co Ltd | 54887 | 346692 |
| Kinx Inc. | 2500 | 138415 |
| MegaStudyEdu Co Ltd | 4572 | 154835 |
|  |  | 639942 |
| **Sweden — 6.55%** |  |  |
| Idun Industrier AB<sup>(a)</sup> | 9600 | 338718 |
| Momentum Group AB<sup>(a)</sup> | 20800 | 343486 |
| RVRC Holding AB | 45828 | 236995 |
| Sdiptech AB | 22232 | 497332 |
| Swedencare AB | 218921 | 874355 |
| Swedish Logistic | 105935 | 432961 |
| Teqnion AB | 13429 | 220929 |
|  |  | 2944776 |
| **Taiwan — 2.02%** |  |  |
| Acer E-Enabling Service Busine | 56000 | 416594 |
| Gem Services Inc | 107000 | 216937 |
| Sporton International, Inc. | 52699 | 275330 |
|  |  | 908861 |
| **Thailand — 0.46%** |  |  |
| Humanica PCL | 862300 | 207792 |
| **United Kingdom — 12.83%** |  |  |
| AB Dynamics PLC | 18515 | 434317 |
| Advanced Medical Solutions Gro | 225760 | 580731 |
| Ashtead Technology Holdings plc | 47686 | 316195 |
| CVS Group plc | 65938 | 945625 |
| Elixirr International PLC | 92586 | 913161 |
| Franchise Brands PLC | 180242 | 335121 |
| FRP Advisory Group PLC | 290991 | 519703 |
| Kitwave Group Plc | 52830 | 209126 |
| Pensionbee Group PLC<sup>(a)</sup> | 93570 | 188315 |
| Tatton Asset Mgmt | 37957 | 313657 |
| Victorian Plumbing Group PLC | 271436 | 353092 |
| Volution Group PLC | 57773 | 437365 |
| Warpaint London plc<sup>(a)</sup> | 44163 | 220730 |
|  |  | 5767138 |
| **United States — 19.19%** |  |  |
| Advanced Oxygen Therapy<sup>(a)</sup> | 92746 | 98891 |
| Arizona Sonoran Copper Company, Inc.<sup>(a)</sup> | 450634 | 686528 |
| Barrett Business Services, Inc. | 23091 | 936572 |
| Bowman Consulting Group Limited<sup>(a)</sup> | 33204 | 734472 |
| Esquire Financial Holdings, Inc. | 7091 | 587985 |
| Fatpipe Inc/UT<sup>(a)</sup> | 24470 | 203590 |
| Figs, Inc., Class A<sup>(a)</sup> | 51813 | 208806 |
| Global Industrial Company | 7586 | 194808 |
| Hackett Group, Inc. (The) | 33010 | 843075 |
| Iradimed Corporation | 3654 | 191506 |
| Kura Sushi USA, Inc.<sup>(a)</sup> | 7033 | 414103 |
| Mama's Creations Incorporated<sup>(a)</sup> | 120028 | 792185 |
| OrthoPediatrics Corp.<sup>(a)</sup> | 8496 | 176887 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.63% (continued)** |  |  |
| **United States — 19.19% (continued)** |  |  |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 58150 | $1489804 |
| Plumas Bancorp | 9339 | 411757 |
| The Joint Corporation<sup>(a)</sup> | 17690 | 177077 |
| The Lovesac Company<sup>(a)</sup> | 11039 | 214709 |
| Treace Medical<sup>(a)</sup> | 37399 | 264785 |
|  |  | 8627540 |
| *Total Common Stocks (Cost $37,387,519)* |  | 43889447 |
| *Total Common Stocks/Investments — 97.63% (Cost $37,387,519)* |  | $43889447 |
| *Other Assets in Excess of Liabilities — 2.37%* |  | 1064121 |
| *NET ASSETS — 100.00%* |  | $44953568 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $816,245, representing 1.82% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $588,578, representing 1.31% of net assets.

See accompanying notes to financial statements.

<u>Grandeur Peak Global Opportunities Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.22%** |  |  |
| **Argentina — 0.81%** |  |  |
| Globant S.A.<sup>(a)</sup> | 31412 | $3693109 |
| **Australia — 1.87%** |  |  |
| Fiducian Group Ltd | 201670 | 1253090 |
| IPD Group Ltd/Australia | 488516 | 1251723 |
| MA Financial Group Ltd | 414946 | 1756962 |
| Pinnacle Investment Management Group | 368463 | 4267382 |
|  |  | 8529157 |
| **Belgium — 2.07%** |  |  |
| Melexis NV | 101166 | 6038991 |
| X-Fab Silicon Foundries S.E. 144A<sup>(b)(c)</sup> | 615706 | 3408023 |
|  |  | 9447014 |
| **Brazil — 1.09%** |  |  |
| Grupo Mateus SA | 1624200 | 2203799 |
| Patria Investments Limited | 263643 | 2762979 |
|  |  | 4966778 |
| **Canada — 1.16%** |  |  |
| Aritzia Inc<sup>(a)</sup> | 78161 | 2749524 |
| Richelieu Hardware, Ltd. | 107888 | 2552344 |
|  |  | 5301868 |
| **China — 2.19%** |  |  |
| Proya Cosmetics Co Ltd | 238554 | 3133041 |
| Silergy Corp | 553008 | 6899663 |
|  |  | 10032704 |
| **France — 4.73%** |  |  |
| Neurones SA | 42262 | 2290390 |
| Thermador Groupe | 44522 | 3336626 |
| Virbac SA | 37083 | 13040015 |
| Wavestone | 55799 | 2970252 |
|  |  | 21637283 |
| **Germany — 2.39%** |  |  |
| Dermapharm Holding SE | 112953 | 4930488 |
| Elmos Semiconductor AG | 47445 | 3200655 |
| Schott Pharma AG & Co | 99775 | 2799809 |
|  |  | 10930952 |
| **Hong Kong — 0.38%** |  |  |
| Techtronic Industries Co Limited | 172800 | 1746789 |
| **India — 2.43%** |  |  |
| Five-Star Business<sup>(a)</sup> | 359500 | 3000140 |
| Gulf Oil Lubricants India Ltd. | 206082 | 2898806 |
| Indigo Paints Ltd | 179351 | 2066644 |
| SJS Enterprises Ltd | 286718 | 3150453 |
|  |  | 11116043 |
| **Indonesia — 1.48%** |  |  |
| Arwana Citramulia Tbk P.T. | 46926169 | 1667858 |
| Aspirasi Hidup Ind | 58356925 | 1880781 |
| Selamat Sempurna Tbk PT | 20274300 | 2173991 |
| Ultrajaya Milk Industry & Trad | 12631190 | 1053867 |
|  |  | 6776497 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.22% (continued)** |  |  |
| **Ireland — 0.70%** |  |  |
| ICON plc<sup>(a)</sup> | 21083 | $3192810 |
| **Italy — 2.95%** |  |  |
| Diasorin SPA | 19568 | 2229687 |
| Interpump Group SpA | 157019 | 5355024 |
| Recordati SpA | 100099 | 5884505 |
|  |  | 13469216 |
| **Japan — 13.20%** |  |  |
| BayCurrent Consulting, Inc. | 146526 | 7884026 |
| Charm Care Corp KK | 189129 | 1666061 |
| CrowdWorks Inc | 267291 | 2103991 |
| eWeLL Co Ltd | 127930 | 1997004 |
| FP Partner Inc | 62247 | 1058791 |
| Hennge KK | 483102 | 5790328 |
| Insource Co Ltd | 824726 | 5245424 |
| Integral Corp | 315736 | 5995714 |
| Japan Elevator Service Holdings Company Ltd. | 203590 | 4394592 |
| Jeol Ltd. | 57000 | 1829009 |
| Kitz Corp | 447384 | 3415169 |
| MarkLines Company Ltd. | 269404 | 4299682 |
| Rakus Co Ltd | 85800 | 1293424 |
| Rise Consulting Group Inc | 461640 | 3013645 |
| ULS Group Inc | 61035 | 2109662 |
| Visional Inc | 136123 | 8236718 |
|  |  | 60333240 |
| **Luxembourg — 1.56%** |  |  |
| Eurofins Scientific S.E. | 87499 | 5503905 |
| Sword Group | 45908 | 1626559 |
|  |  | 7130464 |
| **Mexico — 1.47%** |  |  |
| Regional SAB de cv | 657202 | 4621504 |
| Vesta Real Estate Corporation – ADR | 76071 | 2085867 |
|  |  | 6707371 |
| **Netherlands — 1.53%** |  |  |
| Allfunds Group PLC | 759928 | 4273518 |
| Redcare Pharmacy N.V. 144A<sup>(b)(c)</sup> | 18204 | 2705833 |
|  |  | 6979351 |
| **Norway — 0.83%** |  |  |
| Bouvet ASA | 250838 | 1926372 |
| SmartCraft ASA 144A<sup>(a)(b)(c)</sup> | 744089 | 1845205 |
|  |  | 3771577 |
| **Poland — 2.02%** |  |  |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 49030 | 6860645 |
| Inter Cars SA | 15780 | 2380091 |
|  |  | 9240736 |
| **Singapore — 1.11%** |  |  |
| Kulicke & Soffa Industries, Inc. | 43168 | 1391305 |
| Riverstone Holdings Ltd. | 5293742 | 3668328 |
|  |  | 5059633 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Opportunities Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.22% (continued)** |  |  |
| **South Korea — 1.40%** |  |  |
| Eo Technics Co Ltd | 25905 | $2098595 |
| LEENO Industrial Inc. | 126100 | 3198439 |
| SOLUM Co Ltd<sup>(a)</sup> | 96566 | 1114750 |
|  |  | 6411784 |
| **Sweden — 5.07%** |  |  |
| AddTech A.B. | 78489 | 2636148 |
| Momentum Group AB<sup>(a)</sup> | 182986 | 3021783 |
| RVRC Holding AB | 516276 | 2669874 |
| Sdiptech AB | 264425 | 5915217 |
| Swedencare AB | 804669 | 3213787 |
| Vimian Group AB | 1416780 | 5711286 |
|  |  | 23168095 |
| **Taiwan — 1.08%** |  |  |
| Sporton International, Inc. | 949151 | 4958914 |
| **United Kingdom — 19.35%** |  |  |
| Advanced Medical Solutions Gro | 1235309 | 3177633 |
| Ashtead Technology Holdings plc | 395031 | 2619359 |
| B & M European Value Retail SA | 3313464 | 14856246 |
| CVS Group plc | 590913 | 8474355 |
| Diploma plc | 182989 | 9662963 |
| Elixirr International PLC | 244518 | 2411645 |
| FRP Advisory Group PLC | 1331655 | 2378304 |
| GlobalData PLC | 1406343 | 3327059 |
| Halma plc | 67657 | 2485208 |
| Intermediate Capital Group PLC | 92284 | 2307438 |
| JTC plc 144A<sup>(b)(c)</sup> | 650139 | 7226751 |
| Marex Group PLC | 124811 | 5535368 |
| Petershill Partners PLC 144A<sup>(b)(c)</sup> | 1253554 | 3617194 |
| Renew Holdings PLC | 187449 | 1886257 |
| Softcat PLC | 279410 | 6222849 |
| Tatton Asset Mgmt | 427145 | 3529701 |
| Volution Group PLC | 1151876 | 8720169 |
|  |  | 88438499 |
| **United States — 24.88%** |  |  |
| 4Imprint Group | 46802 | 2120871 |
| Alamo Group, Inc. | 16816 | 2807936 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 22259 | 2322504 |
| Bruker Corporation | 66546 | 2665833 |
| Burlington Stores, Inc.<sup>(a)</sup> | 13679 | 3078322 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 123749 | 2814052 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 68173 | 3591353 |
| Elastic N.V.<sup>(a)</sup> | 40552 | 3495582 |
| Enerpac Tool Group Corporation | 68555 | 2767565 |
| Ensign Group, Inc. (The) | 14026 | 1809214 |
| Esquire Financial Holdings, Inc. | 26320 | 2182454 |
| Five Below, Inc.<sup>(a)</sup> | 53691 | 4074610 |
| Gentex Corporation | 94418 | 2056424 |
| Global Industrials, Co. | 81614 | 2095848 |
| Grocery Outlet Holding Corporation<sup>(a)</sup> | 282375 | 4741076 |
| Hackett Group, Inc. (The) | 106950 | 2731503 |
| HealthEquity, Inc.<sup>(a)</sup> | 45452 | 3896146 |
| Installed Building Products, Inc. | 15346 | 2544827 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.22% (continued)** |  |  |
| **United States — 24.88% (continued)** |  |  |
| JFrog Ltd.<sup>(a)</sup> | 119470 | $4034502 |
| Littelfuse, Inc. | 55770 | 10167429 |
| Mama's Creations Incorporated<sup>(a)</sup> | 361201 | 2383927 |
| MarketAxess Holdings, Inc. | 11743 | 2602131 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 6306 | 1944707 |
| Neogen Corporation<sup>(a)</sup> | 339123 | 1712571 |
| NV5 Global, Inc.<sup>(a)</sup> | 218381 | 4050967 |
| P10 Inc | 583810 | 6462777 |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 104848 | 2686206 |
| Perella Weinberg Partners | 195440 | 3355705 |
| Primoris Services Corporation | 54179 | 3249115 |
| Qualys, Inc.<sup>(a)</sup> | 27824 | 3497755 |
| RxSight, Inc.<sup>(a)</sup> | 77068 | 1134441 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 15825 | 1610352 |
| Sitime Corporation<sup>(a)</sup> | 7704 | 1131409 |
| SPS Commerce, Inc.<sup>(a)</sup> | 25859 | 3711026 |
| Texas Roadhouse, Inc. | 20418 | 3388571 |
| Upwork, Inc.<sup>(a)</sup> | 141403 | 1859449 |
| Yeti Holdings, Inc.<sup>(a)</sup> | 105071 | 2999777 |
|  |  | 113778937 |
| **Vietnam — 1.47%** |  |  |
| Asia Commercial Bank JSC | 3573165 | 3307086 |
| Vietnam Technological & Comm Joint-stock Bank | 3363608 | 3404382 |
|  |  | 6711468 |
| *Total Common Stocks (Cost $384,871,210)* |  | 453530289 |
| *Total Common Stocks/Investments — 99.22% (Cost $384,871,210)* |  | 453530289 |
| *Other Assets in Excess of Liabilities — 0.78%* |  | 3561458 |
| *NET ASSETS — 100.00%* |  | $457091747 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $25,663,651, representing 5.61% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $25,663,651, representing 5.61% of net assets.

See accompanying notes to financial statements.

<u>Grandeur Peak Global Reach Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.90%** |  |  |
| **Argentina — 0.61%** |  |  |
| Globant S.A.<sup>(a)</sup> | 6360 | $747745 |
| **Australia — 2.94%** |  |  |
| EQT Holdings Ltd | 17964 | 372490 |
| IPD Group Ltd/Australia | 178283 | 456814 |
| Kogan.com Ltd | 1357 | 3920 |
| MA Financial Group Ltd | 264108 | 1118285 |
| Mader Group Ltd | 98912 | 402972 |
| Pinnacle Investment Management Group | 75869 | 878683 |
| Steadfast Group Ltd | 97770 | 367632 |
|  |  | 3600796 |
| **Belgium — 1.20%** |  |  |
| Azelis Group N.V. | 21463 | 331922 |
| Melexis NV | 10966 | 654604 |
| X-Fab Silicon Foundries S.E. 144A<sup>(b)(c)</sup> | 85863 | 475264 |
|  |  | 1461790 |
| **Brazil — 1.79%** |  |  |
| Armac Locacao Logistica | 108500 | 83169 |
| BR Advisory Partners | 140000 | 360923 |
| Grupo Mateus SA | 366187 | 496861 |
| Locaweb Servicos de Internet S<sup>(a)</sup> | 605768 | 382148 |
| Patria Investments Limited | 35404 | 371034 |
| Track & Field Co SA | 243400 | 495386 |
|  |  | 2189521 |
| **Canada — 1.61%** |  |  |
| Aritzia Inc<sup>(a)</sup> | 6830 | 240264 |
| BioSyent, Inc. | 31300 | 247506 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 3400 | 358097 |
| Foran Mining Corp<sup>(a)</sup> | 127649 | 312078 |
| Kinaxis Inc.<sup>(a)</sup> | 4300 | 580693 |
| Richelieu Hardware, Ltd. | 9549 | 225904 |
|  |  | 1964542 |
| **China — 3.09%** |  |  |
| Angelalign Technology Inc 144A<sup>(b)(c)</sup> | 34000 | 213276 |
| ANTA Sports Products Ltd. | 23400 | 277427 |
| Beijing Huafeng Test & Control | 24000 | 479175 |
| Bosideng International Holdings, Ltd. | 438000 | 227029 |
| Centre Testing Int | 209200 | 321072 |
| DPC Dash LTD. 144A<sup>(b)(c)</sup> | 32300 | 410431 |
| Proya Cosmetics Co Ltd | 38800 | 509578 |
| Shenzhen Mindray Bio-Medical Electronics Co. | 7400 | 223542 |
| Silergy Corp | 89700 | 1119151 |
|  |  | 3780681 |
| **Denmark — 0.34%** |  |  |
| Rockwool A/S | 9140 | 414737 |
| **Finland — 0.21%** |  |  |
| Revenio Group Oyj | 8312 | 259161 |
| **France — 1.99%** |  |  |
| Planisware SAS<sup>(a)</sup> | 11232 | 304359 |
| Sidetrade<sup>(a)</sup> | 1279 | 334976 |
| Thermador Groupe | 3093 | 231800 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.90% (continued)** |  |  |
| **France — 1.99% (continued)** |  |  |
| Virbac SA | 3434 | $1207546 |
| Wavestone | 6771 | 360429 |
|  |  | 2439110 |
| **Germany — 1.97%** |  |  |
| 2G Energy AG | 10637 | 341904 |
| Atoss Software AG | 1543 | 231275 |
| Dermapharm Holding SE | 16500 | 720238 |
| Elmos Semiconductor AG | 6912 | 466286 |
| Mensch und Maschine Software S | 5895 | 380969 |
| Schott Pharma AG & Co | 9587 | 269023 |
|  |  | 2409695 |
| **Hong Kong — 1.01%** |  |  |
| Plover Bay Tech<sup>(b)</sup> | 1153300 | 791106 |
| Techtronic Industries Co Limited | 44200 | 446806 |
|  |  | 1237912 |
| **India — 4.18%** |  |  |
| Bajaj Finance Ltd | 5530 | 564457 |
| BLS International Services Ltd<sup>(a)</sup> | 47707 | 200404 |
| Five-Star Business<sup>(a)</sup> | 69189 | 577405 |
| Gulf Oil Lubricants India Ltd. | 28792 | 404996 |
| Home First Finance Co India Lt 144A<sup>(b)(c)</sup> | 27756 | 403351 |
| Indigo Paints Ltd | 24500 | 282311 |
| Jupiter Life Line Hospitals Lt<sup>(a)</sup> | 12486 | 216621 |
| Kfin Technologies<sup>(a)</sup> | 27860 | 394422 |
| LT Foods Ltd | 147476 | 604165 |
| PB Fintech Ltd<sup>(a)</sup> | 19732 | 379117 |
| Prudent Corporate Advisory Ser<sup>(a)</sup> | 14078 | 368674 |
| SJS Enterprises Ltd | 46425 | 510117 |
| Supriya Lifescience Ltd | 27767 | 211767 |
|  |  | 5117807 |
| **Indonesia — 1.06%** |  |  |
| Aspirasi Hidup Ind | 14889800 | 479882 |
| Cisarua Mountain Dairy PT TBK | 1025000 | 282801 |
| Selamat Sempurna Tbk PT | 4927700 | 528392 |
|  |  | 1291075 |
| **Ireland — 0.78%** |  |  |
| ICON plc<sup>(a)</sup> | 3463 | 524437 |
| Uniphar PLC | 129030 | 433026 |
|  |  | 957463 |
| **Israel — 1.36%** |  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 1754 | 617688 |
| Monday.com Ltd<sup>(a)</sup> | 1215 | 341403 |
| Next Vision Stabilized Systems | 17341 | 455928 |
| Wix.com Ltd.<sup>(a)</sup> | 1457 | 247093 |
|  |  | 1662112 |
| **Italy — 2.63%** |  |  |
| Diasorin SPA | 4252 | 484497 |
| Interpump Group SpA | 13560 | 462454 |
| Moncler S.p.A. | 3827 | 234480 |
| Pharmanutra SpA<sup>(a)</sup> | 12188 | 743440 |
| Recordati SpA | 13558 | 797032 |
| Sesa SpA | 5941 | 499125 |
|  |  | 3221028 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Reach Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.90% (continued)** |  |  |
| **Japan — 10.45%** |  |  |
| AZOOM Co Ltd | 11800 | $644822 |
| BayCurrent Consulting, Inc. | 23200 | 1248306 |
| Charm Care Corp KK | 26500 | 233442 |
| CrowdWorks Inc | 42700 | 336115 |
| eWeLL Co Ltd | 33700 | 526061 |
| FP Partner Inc | 32500 | 552809 |
| gremz Inc | 24100 | 398463 |
| Hennge KK | 41400 | 496209 |
| Insource Co Ltd | 135300 | 860535 |
| Integral Corp | 29900 | 567790 |
| Japan Elevator Service Holdings Company Ltd. | 20700 | 446820 |
| Jeol Ltd. | 12900 | 413934 |
| Kitz Corporation | 43600 | 332827 |
| MarkLines Company Ltd. | 36300 | 579347 |
| Maruwa Co Ltd/Aichi<sup>(a)</sup> | 1600 | 325329 |
| Plus Alpha Consulting Company Ltd. | 42900 | 500080 |
| PR Times Corp<sup>(a)</sup> | 17900 | 283930 |
| Rakus Co Ltd | 21600 | 325617 |
| Rise Consulting Group Inc | 65700 | 428898 |
| Sun\* Inc | 98000 | 388791 |
| Synchro Food Co Ltd | 77900 | 324856 |
| System Support, Inc. | 34600 | 485640 |
| Tokyo Seimitsu Company Limited | 5800 | 323440 |
| ULS Group Inc | 16100 | 556493 |
| User Local Inc | 49300 | 571234 |
| Visional Inc | 10200 | 617196 |
|  |  | 12768984 |
| **Lithuania — 0.27%** |  |  |
| Baltic Classifieds Group | 74118 | 335872 |
| **Luxembourg — 0.64%** |  |  |
| Eurofins Scientific S.E. | 12449 | 783073 |
| **Mexico — 2.02%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 25460 | 778058 |
| Corp Inmobiliaria Vesta SAB de | 146800 | 401396 |
| Corporativo Fragua SAB de CV | 11400 | 290667 |
| Grupo Cementos de Chihuahua, S.A.B. de C.V 144A<sup>(a)(b)(c)</sup> | 46300 | 389050 |
| Regional SAB de cv | 87700 | 616714 |
|  |  | 2475885 |
| **Netherlands — 1.99%** |  |  |
| Allfunds Group PLC | 109639 | 616565 |
| ASM International N.V. | 682 | 328860 |
| CVC Capital Partners PLC<sup>(a)</sup> | 22250 | 394042 |
| IMCD N.V. | 1897 | 251320 |
| Redcare Pharmacy N.V. 144A<sup>(b)(c)</sup> | 1675 | 248971 |
| Topicus.com, Inc.<sup>(a)</sup> | 5000 | 598434 |
|  |  | 2438192 |
| **Norway — 0.94%** |  |  |
| Bouvet ASA | 70432 | 540899 |
| Medistim ASA | 14562 | 224645 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.90% (continued)** |  |  |
| **Norway — 0.94% (continued)** |  |  |
| SmartCraft ASA 144A<sup>(a)(b)(c)</sup> | 157176 | $389768 |
|  |  | 1155312 |
| **Philippines — 1.70%** |  |  |
| International Container Terminal Services, Inc. | 64100 | 390873 |
| Philippine Seven Corp | 939780 | 892784 |
| Pryce Corp | 1337000 | 243962 |
| Puregold Price Club Inc | 956100 | 547542 |
|  |  | 2075161 |
| **Poland — 1.35%** |  |  |
| Auto Partner SA | 101318 | 534057 |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 5765 | 806682 |
| Shoper Spolka Akcyjna | 26933 | 304316 |
|  |  | 1645055 |
| **Singapore — 1.02%** |  |  |
| iFast Corporation | 163700 | 779643 |
| Riverstone Holdings Ltd. | 675000 | 467745 |
|  |  | 1247388 |
| **South Korea — 2.42%** |  |  |
| APR Corp/Korea<sup>(a)</sup> | 10148 | 536897 |
| Coupang Inc<sup>(a)</sup> | 10994 | 256930 |
| Eo Technics Co Ltd | 2611 | 211520 |
| FNS Tech Co Ltd | 38048 | 240330 |
| HPSP Company Ltd. | 20531 | 323849 |
| iFamilySC Co Ltd | 32521 | 476415 |
| Kinx Inc. | 5054 | 279819 |
| LEENO Industrial Inc. | 15705 | 398346 |
| Tokai Carbon Korea Co Ltd | 3900 | 234834 |
|  |  | 2958940 |
| **Sweden — 4.65%** |  |  |
| AddTech A.B. | 11931 | 400717 |
| Idun Industrier AB<sup>(a)</sup> | 7278 | 256791 |
| Lifco AB, Class B | 6696 | 258981 |
| Momentum Group AB<sup>(a)</sup> | 24519 | 404900 |
| Roko AB<sup>(a)</sup> | 1966 | 414673 |
| RVRC Holding AB | 52813 | 273118 |
| Sdiptech AB | 53640 | 1199932 |
| Swedencare AB | 134223 | 536077 |
| Swedish Logistic | 95094 | 388654 |
| Teqnion AB | 19553 | 321679 |
| Vimian Group AB | 204335 | 823710 |
| Vitec Software Group | 8799 | 401499 |
|  |  | 5680731 |
| **Switzerland — 0.25%** |  |  |
| Inficon Holding A.G. | 2930 | 309583 |
| **Taiwan — 2.19%** |  |  |
| 91APP, Inc. | 154000 | 402052 |
| Acer E-Enabling Service Business, Inc. | 38000 | 282689 |
| Asia Vital Components Co., Ltd. | 32000 | 463131 |
| ASPEED Technology, Inc. | 3000 | 280724 |
| Chroma Ate Inc | 32000 | 291953 |
| Sinbon Electronics Co., Limited | 56000 | 386026 |
| Sporton International, Inc. | 52868 | 276213 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Reach Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.90% (continued)** |  |  |
| **Taiwan — 2.19% (continued)** |  |  |
| Voltronic Power Technology | 6247 | $292280 |
|  |  | 2675068 |
| **United Kingdom — 14.09%** |  |  |
| AB Dynamics PLC | 21717 | 509429 |
| Advanced Medical Solutions Gro | 257235 | 661696 |
| Ashtead Technology Holdings plc | 71438 | 473689 |
| B & M European Value Retail SA | 463708 | 2079081 |
| CVS Group plc | 70611 | 1012641 |
| Diploma plc | 20863 | 1101697 |
| dotdigital group plc | 321288 | 353708 |
| Elixirr International PLC | 110850 | 1093297 |
| Fevertree Drinks PLC<sup>(a)</sup> | 22833 | 241936 |
| FRP Advisory Group PLC | 351133 | 627115 |
| Games Workshop Group PLC | 1301 | 267209 |
| Gamma Communications PLC | 14319 | 254589 |
| GlobalData PLC | 220296 | 521166 |
| Halma plc | 6764 | 248458 |
| Hill & Smith Holdings plc | 19724 | 470564 |
| Intermediate Capital Group PLC | 15200 | 380056 |
| JTC plc 144A<sup>(b)(c)</sup> | 94100 | 1045987 |
| Keystone Law Group PLC | 42735 | 291625 |
| Marex Group PLC | 20264 | 898708 |
| Marlowe plc | 53011 | 241637 |
| Pensionbee Group PLC<sup>(a)</sup> | 188669 | 379707 |
| Petershill Partners PLC 144A<sup>(b)(c)</sup> | 206549 | 596008 |
| Pollen Street Group Ltd | 38306 | 373722 |
| Raspberry PI Ltd<sup>(a)</sup> | 39967 | 234809 |
| Renew Holdings PLC | 34422 | 346381 |
| Softcat PLC | 19810 | 441196 |
| Tatton Asset Mgmt | 130125 | 1075283 |
| Victorian Plumbing Group PLC | 183100 | 238182 |
| Volution Group PLC | 64285 | 486664 |
| Warpaint London plc<sup>(a)</sup> | 55010 | 274944 |
|  |  | 17221184 |
| **United States — 25.61%** |  |  |
| 4Imprint Group | 13806 | 625630 |
| Abacus Life Inc<sup>(a)</sup> | 80450 | 664517 |
| Advanced Oxygen Therapy<sup>(a)</sup> | 119607 | 127531 |
| Alamo Group, Inc. | 2307 | 385223 |
| APPFOLIO, INC., A<sup>(a)</sup> | 1071 | 221183 |
| Ares Management Corporation, Class A | 4062 | 619577 |
| Arizona Sonoran Copper Company, Inc.<sup>(a)</sup> | 313945 | 478287 |
| Barrett Business Services, Inc. | 11522 | 467332 |
| Bel Fuse, Inc., Class B | 5045 | 331810 |
| BellRing Brands, Inc.<sup>(a)</sup> | 4200 | 323988 |
| Bio-Techne Corporation | 10051 | 506068 |
| Blue Owl Capital, Inc. | 19891 | 368580 |
| Bowman Consulting Group Limited<sup>(a)</sup> | 12628 | 279331 |
| Bruker Corporation | 13230 | 529994 |
| Burlington Stores, Inc.<sup>(a)</sup> | 948 | 213338 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 24613 | 559700 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 2183 | 263663 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 11840 | 623731 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.90% (continued)** |  |  |
| **United States — 25.61% (continued)** |  |  |
| Crocs, Inc.<sup>(a)</sup> | 2621 | $252717 |
| Cross Creek LP<sup>(a)(d)</sup> | 1008319 | 572039 |
| DexCom, Inc.<sup>(a)</sup> | 7139 | 509582 |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 8925 | 275783 |
| Dynatrace, Inc.<sup>(a)</sup> | 8467 | 397695 |
| Elastic N.V.<sup>(a)</sup> | 10785 | 929666 |
| Enerpac Tool Group Corporation | 8533 | 344477 |
| Ensign Group, Inc. (The) | 1960 | 252820 |
| Esquire Financial Holdings, Inc. | 4261 | 353322 |
| Five Below, Inc.<sup>(a)</sup> | 6801 | 516128 |
| Freshpet, Inc.<sup>(a)</sup> | 10042 | 738489 |
| Global Industrial Company | 11298 | 290133 |
| Goosehead Insurance, Inc., Class A | 3013 | 292894 |
| GQG Partners Inc | 275258 | 386148 |
| Grocery Outlet Holding Corporation<sup>(a)</sup> | 15536 | 260849 |
| Hackett Group, Inc. (The) | 24264 | 619703 |
| HealthEquity, Inc.<sup>(a)</sup> | 4159 | 356509 |
| Houlihan Lokey, Inc. | 2198 | 356252 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1182 | 511392 |
| Insperity, Inc. | 4518 | 293715 |
| Installed Building Products, Inc. | 1672 | 277268 |
| Iradimed Corporation | 4561 | 239042 |
| JFrog Ltd.<sup>(a)</sup> | 28254 | 954138 |
| Kadant, Inc. | 910 | 268450 |
| Kura Sushi USA, Inc.<sup>(a)</sup> | 4962 | 292163 |
| Littelfuse, Inc. | 5700 | 1039167 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 3425 | 927387 |
| Mama's Creations Incorporated<sup>(a)</sup> | 75244 | 496610 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 2199 | 390081 |
| MarketAxess Holdings, Inc. | 1630 | 361192 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 810 | 249796 |
| Monolithic Power Systems, Inc. | 768 | 455501 |
| Neogen Corporation<sup>(a)</sup> | 66703 | 336850 |
| NV5 Global, Inc.<sup>(a)</sup> | 24279 | 450376 |
| OrthoPediatrics Corp.<sup>(a)</sup> | 11443 | 238243 |
| P10 Inc | 53415 | 591304 |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 9488 | 243083 |
| Perella Weinberg Partners | 46192 | 793116 |
| Pjt Partners, Inc., Class A | 2800 | 396788 |
| Primoris Services Corporation | 6225 | 373313 |
| Qualys, Inc.<sup>(a)</sup> | 3457 | 434579 |
| RxSight, Inc.<sup>(a)</sup> | 16587 | 244161 |
| Ryan Specialty Holdings, Inc. | 11034 | 722837 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 3530 | 359213 |
| SPS Commerce, Inc.<sup>(a)</sup> | 3048 | 437418 |
| Staar Surgical Company<sup>(a)</sup> | 13302 | 242895 |
| Texas Roadhouse, Inc. | 1380 | 229025 |
| TPG, Inc. | 8531 | 396265 |
| Tradeweb Markets Inc. Class A | 2633 | 364144 |
| TWFG Inc<sup>(a)</sup> | 10612 | 336188 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 614 | 242923 |
| Upwork, Inc.<sup>(a)</sup> | 26920 | 353998 |
| Valvoline, Inc.<sup>(a)</sup> | 6393 | 219024 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Reach Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.90% (continued)** |  |  |
| **United States — 25.61% (continued)** |  |  |
| Yeti Holdings, Inc.<sup>(a)</sup> | 17059 | $487034 |
| Zscaler, Inc.<sup>(a)</sup> | 2683 | 606814 |
|  |  | 31150182 |
| **Vietnam — 1.54%** |  |  |
| Asia Commercial Bank JSC | 585145 | 541572 |
| FPT Corp | 105638 | 444749 |
| Hoa Phat Group JSC<sup>(a)</sup> | 358500 | 351809 |
| Vietnam Technological & Comm Joint-stock Bank | 541832 | 548399 |
|  |  | 1886529 |
| *Total Common Stocks (Cost $100,326,640)* |  | 119562313 |
| **PREFERRED STOCKS — 0.80%** |  |  |
| **United States — 0.80%** |  |  |
| Gusto Inc. Preferred Series E<sup>(a)(d)</sup> | 32241 | 980126 |
| *Total Preferred Stocks (Cost $979,976)* |  | 980126 |
| *Total Investments — 98.70% (Cost $101,306,616)* |  | 120542439 |
| *Other Assets in Excess of Liabilities — 1.30%* |  | 1592976 |
| *NET ASSETS — 100.00%* |  | $122135415 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $5,769,894, representing 4.72% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $4,978,788, representing 4.07% of net assets.

<sup>(d)</sup> As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.

See accompanying notes to financial statements.

<u>Grandeur Peak Global Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.41%** |  |  |
| **Australia — 1.74%** |  |  |
| Lovisa Holdings Limited | 21970 | $350850 |
| Pinnacle Investment Management Group | 66398 | 768994 |
| Technology One Ltd<sup>(a)</sup> | 19906 | 383303 |
|  |  | 1503147 |
| **Belgium — 1.19%** |  |  |
| Melexis NV | 17253 | 1029898 |
| **Canada — 1.61%** |  |  |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 6981 | 735258 |
| TerraVest Industries Inc<sup>(a)</sup> | 6300 | 656723 |
|  |  | 1391981 |
| **China — 3.04%** |  |  |
| Silergy Corp | 210000 | 2620087 |
| **France — 1.28%** |  |  |
| Virbac SA | 3152 | 1108382 |
| **Germany — 3.23%** |  |  |
| Atoss Software AG | 4488 | 672691 |
| Dermapharm Holding SE | 26580 | 1160238 |
| Schott Pharma AG & Co | 33989 | 953773 |
|  |  | 2786702 |
| **India — 2.39%** |  |  |
| Devyani International Ltd<sup>(a)</sup> | 212421 | 448610 |
| Jubilant Foodworks Ltd<sup>(a)</sup> | 45307 | 383162 |
| Kfin Technologies<sup>(a)</sup> | 32087 | 454266 |
| PB Fintech Ltd<sup>(a)</sup> | 23386 | 449322 |
| Rainbow Children's Medicare Ltd | 20185 | 329694 |
|  |  | 2065054 |
| **Ireland — 0.87%** |  |  |
| ICON plc<sup>(a)</sup> | 4937 | 747659 |
| **Israel — 1.38%** |  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 3381 | 1190653 |
| **Italy — 2.15%** |  |  |
| Interpump Group SpA | 14279 | 486975 |
| Recordati SpA | 23297 | 1369558 |
|  |  | 1856533 |
| **Japan — 8.67%** |  |  |
| BayCurrent Consulting, Inc. | 33000 | 1775609 |
| Japan Elevator Service Holdings Company Ltd. | 80500 | 1737633 |
| Jeol Ltd. | 26800 | 859955 |
| Maruwa Co Ltd/Aichi<sup>(a)</sup> | 300 | 60999 |
| Rakus Co Ltd | 55900 | 842685 |
| Tokyo Seimitsu Company Limited | 9000 | 501889 |
| Visional Inc | 28000 | 1694263 |
|  |  | 7473033 |
| **Lithuania — 0.65%** |  |  |
| Baltic Classifieds Group | 124442 | 563919 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.41% (continued)** |  |  |
| **Mexico — 3.72%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 30253 | $924532 |
| Corp Inmobiliaria Vesta SAB de | 252765 | 691137 |
| Grupo Cementos de Chihuahua, S.A.B. de C.V 144A<sup>(a)(b)(c)</sup> | 113100 | 950357 |
| Wal-Mart de Mexico S.A.B. de C.V. | 203000 | 643158 |
|  |  | 3209184 |
| **Netherlands — 6.48%** |  |  |
| Allfunds Group PLC | 77609 | 436441 |
| ASM International NV | 1103 | 531866 |
| BE Semiconductor Industries N.V. | 4143 | 442672 |
| CVC Capital Partners PLC<sup>(a)</sup> | 41145 | 728668 |
| IMCD N.V. | 9447 | 1251567 |
| Redcare Pharmacy N.V. 144A<sup>(b)(c)</sup> | 3047 | 452904 |
| Topicus.com, Inc.<sup>(a)</sup> | 14600 | 1747428 |
|  |  | 5591546 |
| **Norway — 0.40%** |  |  |
| Schibsted ASA<sup>(a)</sup> | 12122 | 348374 |
| **Poland — 1.85%** |  |  |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 11388 | 1593494 |
| **South Korea — 1.74%** |  |  |
| Eo Technics Co Ltd | 3608 | 292288 |
| HPSP Company Ltd. | 24619 | 388332 |
| LEENO Industrial Inc. | 32285 | 818886 |
|  |  | 1499506 |
| **Sweden — 5.72%** |  |  |
| AddTech A.B. | 25455 | 854937 |
| Asker Healthcare Group AB<sup>(a)</sup> | 16774 | 148394 |
| Beijer Ref AB | 44320 | 675025 |
| Hemnet Group AB | 8763 | 300119 |
| Lagercrantz Group A.B. | 35219 | 798785 |
| Lifco AB, Class B | 17044 | 659209 |
| Vimian Group AB | 169918 | 684969 |
| Vitec Software Group | 17777 | 811166 |
|  |  | 4932604 |
| **Switzerland — 0.87%** |  |  |
| Inficon Holding A.G. | 2790 | 294791 |
| VAT Group A.G. 144A<sup>(b)(c)</sup> | 1286 | 458590 |
|  |  | 753381 |
| **Taiwan — 2.59%** |  |  |
| ASPEED Technology, Inc. | 8000 | 748596 |
| Voltronic Power Technology | 31833 | 1489380 |
|  |  | 2237976 |
| **United Kingdom — 11.22%** |  |  |
| B & M European Value Retail SA | 733182 | 3287295 |
| Diploma plc | 32874 | 1735953 |
| Halma plc | 21500 | 789748 |
| Hill & Smith Holdings plc | 12891 | 307546 |
| JTC plc 144A<sup>(b)(c)</sup> | 158863 | 1765874 |
| Marex Group PLC | 34255 | 1519209 |
| Softcat PLC | 12043 | 268214 |
|  |  | 9673839 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.41% (continued)** |  |  |
| **United States — 35.14%** |  |  |
| 4imprint Group PLC | 8141 | $368916 |
| Ares Management Corporation, Class A | 4533 | 691418 |
| Bio-Techne Corporation | 10325 | 519864 |
| Bruker Corporation | 17011 | 681461 |
| Burlington Stores, Inc.<sup>(a)</sup> | 4973 | 1119124 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 35944 | 817367 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 40907 | 2154981 |
| Cross Creek LP<sup>(a)(d)</sup> | 1310815 | 743651 |
| DexCom, Inc.<sup>(a)</sup> | 5243 | 374245 |
| Dynatrace, Inc.<sup>(a)</sup> | 9709 | 456032 |
| Elastic N.V.<sup>(a)</sup> | 7724 | 665809 |
| Enerpac Tool Group Corporation | 13563 | 547538 |
| Ensign Group, Inc. (The) | 7077 | 912863 |
| Goosehead Insurance, Inc., Class A | 6116 | 594536 |
| Grocery Outlet Holding Corporation<sup>(a)</sup> | 52592 | 883020 |
| HealthEquity, Inc.<sup>(a)</sup> | 6631 | 568409 |
| Installed Building Products, Inc. | 4340 | 719702 |
| JFrog Ltd.<sup>(a)</sup> | 27612 | 932457 |
| Kadant, Inc. | 2097 | 618615 |
| Littelfuse, Inc. | 7314 | 1333415 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 2334 | 631977 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 4353 | 772179 |
| MarketAxess Holdings, Inc. | 2547 | 564390 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 2065 | 636825 |
| Monolithic Power Systems, Inc. | 2293 | 1359978 |
| nVent Electric PLC | 10288 | 564914 |
| Perella Weinberg Partners | 37926 | 651189 |
| Pjt Partners, Inc., Class A | 5892 | 834956 |
| Primoris Services Corporation | 24114 | 1446117 |
| Ryan Specialty Holdings, Inc. | 11228 | 735547 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 8321 | 846745 |
| Sitime Corporation<sup>(a)</sup> | 2567 | 376990 |
| SPS Commerce, Inc.<sup>(a)</sup> | 9581 | 1374969 |
| Tradeweb Markets Inc. Class A | 4396 | 607967 |
| Trex Company, Inc.<sup>(a)</sup> | 9021 | 521594 |
| TWFG Inc<sup>(a)</sup> | 12559 | 397869 |
| Valvoline, Inc.<sup>(a)</sup> | 12554 | 430100 |
| Yeti Holdings, Inc.<sup>(a)</sup> | 19800 | 565290 |
| Zscaler, Inc.<sup>(a)</sup> | 4742 | 1072498 |
|  |  | 30095517 |
| **Vietnam — 0.48%** |  |  |
| Asia Commercial Bank JSC | 448000 | 414639 |
| *Total Common Stocks (Cost $72,989,262)* |  | 84687108 |
| **PREFERRED STOCKS — 1.33%** |  |  |
| **United States — 1.33%** |  |  |
| Gusto Inc. Preferred Series E<sup>(a)(d)</sup> | 37637 | 1144165 |
| *Total Preferred Stocks (Cost $1,143,989)* |  | 1144165 |

---

---

| | |
|:---|:---|
| *Total Investments — 99.74% (Cost $74,133,251)* | $85831273 |
| *Other Assets in Excess of Liabilities — 0.26%* | 227702 |
| *NET ASSETS — 100.00%* | $86058975 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $5,221,219, representing 6.05% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $5,221,219, representing 6.05% of net assets.

<sup>(d)</sup> As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.

See accompanying notes to financial statements.

<u>Grandeur Peak International Opportunities Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.09%** |  |  |
| **Argentina — 0.76%** |  |  |
| Globant S.A.<sup>(a)</sup> | 19972 | $2348108 |
| **Australia — 1.72%** |  |  |
| IPD Group Ltd/Australia | 398222 | 1020363 |
| MA Financial Group Ltd | 374966 | 1587679 |
| Pinnacle Investment Management Group | 234272 | 2713239 |
|  |  | 5321281 |
| **Belgium — 2.54%** |  |  |
| Melexis NV | 72031 | 4299810 |
| X-Fab Silicon Foundries S.E. 144A<sup>(b)(c)</sup> | 639845 | 3541636 |
|  |  | 7841446 |
| **Brazil — 1.52%** |  |  |
| Armac Locacao Logistica | 1724100 | 1321580 |
| Grupo Mateus SA | 1446100 | 1962144 |
| Patria Investments Limited | 134457 | 1409109 |
|  |  | 4692833 |
| **Canada — 1.87%** |  |  |
| Aritzia Inc<sup>(a)</sup> | 65401 | 2300657 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 17000 | 1790486 |
| Richelieu Hardware, Ltd. | 70836 | 1675792 |
|  |  | 5766935 |
| **China — 5.05%** |  |  |
| Centre Testing Int | 1670000 | 2563048 |
| DPC Dash Ltd. 144A<sup>(b)(c)</sup> | 181000 | 2299937 |
| Proya Cosmetics Co Ltd | 156760 | 2058802 |
| Silergy Corp | 694996 | 8671191 |
|  |  | 15592978 |
| **France — 4.15%** |  |  |
| Neurones SA | 28133 | 1524668 |
| Planisware SAS<sup>(a)</sup> | 74147 | 2009199 |
| Thermador Groupe | 28163 | 2110628 |
| Virbac SA | 20377 | 7165450 |
|  |  | 12809945 |
| **Germany — 6.53%** |  |  |
| 2G Energy AG | 57492 | 1847957 |
| Atoss Software AG | 26578 | 3983687 |
| Dermapharm Holding SE | 90643 | 3956639 |
| Elmos Semiconductor AG | 53051 | 3578837 |
| Mensch und Maschine Software S | 60651 | 3919622 |
| RENK Group AG | 21636 | 1297179 |
| Schott Pharma AG & Co | 56337 | 1580885 |
|  |  | 20164806 |
| **India — 3.73%** |  |  |
| Five-Star Business<sup>(a)</sup> | 293910 | 2452771 |
| Gulf Oil Lubricants India Ltd. | 175106 | 2463089 |
| Indigo Paints Ltd | 162298 | 1870144 |
| Motherson Sumi Wiring India Ltd | 2715755 | 1790119 |
| SJS Enterprises Ltd | 268559 | 2950923 |
|  |  | 11527046 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.09% (continued)** |  |  |
| **Indonesia — 1.53%** |  |  |
| Aspirasi Hidup Ind | 52125900 | $1679961 |
| Cisarua Mountain Dairy PT TBK | 3310700 | 913434 |
| Selamat Sempurna Tbk PT | 13733900 | 1472671 |
| Ultrajaya Milk Industry & Trad | 7931000 | 661713 |
|  |  | 4727779 |
| **Ireland — 1.05%** |  |  |
| ICON plc<sup>(a)</sup> | 9919 | 1502133 |
| Uniphar PLC | 521373 | 1749733 |
|  |  | 3251866 |
| **Italy — 3.34%** |  |  |
| Interpump Group SpA | 135739 | 4629285 |
| Recordati SpA | 66061 | 3883518 |
| Sesa SpA | 21604 | 1815030 |
|  |  | 10327833 |
| **Japan — 17.45%** |  |  |
| BayCurrent Consulting, Inc. | 94100 | 5063174 |
| Charm Care Corp KK | 220400 | 1941531 |
| CrowdWorks Inc | 275500 | 2168608 |
| Cyber Security Cloud Inc<sup>(a)</sup> | 112600 | 1340139 |
| eWeLL Co Ltd | 65600 | 1024025 |
| gremz Inc | 95700 | 1582278 |
| Hennge KK | 406300 | 4869801 |
| Insource Co Ltd | 639900 | 4069893 |
| Integral Corp | 280800 | 5332292 |
| Japan Elevator Service Holdings Company Ltd. | 164800 | 3557290 |
| Jeol Ltd. | 47900 | 1537010 |
| Kitz Corp | 292100 | 2229787 |
| MarkLines Company Ltd. | 257900 | 4116079 |
| Plus Alpha Consulting | 156200 | 1820803 |
| Rakus Co Ltd | 56400 | 850223 |
| Sun\* Inc | 329500 | 1307210 |
| Synchro Food Co Ltd | 240100 | 1001257 |
| Tokyo Seimitsu Company Limited | 47900 | 2671166 |
| ULS Group Inc | 59900 | 2070430 |
| Visional Inc | 87700 | 5306672 |
|  |  | 53859668 |
| **Luxembourg — 1.61%** |  |  |
| Eurofins Scientific S.E. | 55288 | 3477753 |
| Sword Group | 42600 | 1509354 |
|  |  | 4987107 |
| **Mexico — 1.41%** |  |  |
| Regional SAB de cv | 363400 | 2555462 |
| Vesta Real Estate Corporation – ADR | 64778 | 1776213 |
|  |  | 4331675 |
| **Netherlands — 2.58%** |  |  |
| Allfunds Group PLC | 536273 | 3015775 |
| Redcare Pharmacy N.V. 144A<sup>(b)(c)</sup> | 17300 | 2571463 |
| Topicus.com, Inc.<sup>(a)</sup> | 19900 | 2381769 |
|  |  | 7969007 |
| **Norway — 0.90%** |  |  |
| Bouvet ASA | 223730 | 1718189 |
| SmartCraft ASA 144A<sup>(a)(b)(c)</sup> | 428058 | 1061506 |
|  |  | 2779695 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak International Opportunities Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.09% (continued)** |  |  |
| **Philippines — 0.65%** |  |  |
| Puregold Price Club Inc | 3512900 | $2011779 |
| **Poland — 2.07%** |  |  |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 31669 | 4431364 |
| Inter Cars SA | 13017 | 1963348 |
|  |  | 6394712 |
| **Singapore — 1.92%** |  |  |
| iFast Corporation | 408400 | 1945060 |
| Kulicke & Soffa Industries, Inc. | 56978 | 1836401 |
| Riverstone Holdings Ltd. | 3098800 | 2147330 |
|  |  | 5928791 |
| **South Korea — 2.03%** |  |  |
| Eo Technics Co Ltd | 17162 | 1390314 |
| HPSP Company Ltd. | 79257 | 1250172 |
| LEENO Industrial Inc. | 82455 | 2091414 |
| SOLUM Co Ltd<sup>(a)</sup> | 132762 | 1532594 |
|  |  | 6264494 |
| **Sweden — 5.29%** |  |  |
| AddTech A.B. | 49896 | 1675818 |
| Beijer Ref AB | 160616 | 2446297 |
| RVRC Holding AB | 268300 | 1387489 |
| Sdiptech AB | 167547 | 3748046 |
| Swedencare AB | 391666 | 1564284 |
| Swedish Logistic | 527307 | 2155128 |
| Vimian Group AB | 835663 | 3368702 |
|  |  | 16345764 |
| **Taiwan — 3.21%** |  |  |
| ASPEED Technology, Inc. | 17000 | 1590767 |
| Sinbon Electronics Co., Limited | 349000 | 2405770 |
| Sporton International, Inc. | 1134338 | 5926439 |
|  |  | 9922976 |
| **United Kingdom — 23.22%** |  |  |
| AB Dynamics PLC | 66020 | 1548671 |
| Advanced Medical Solutions Gro | 862025 | 2217420 |
| Ashtead Technology Holdings plc | 308581 | 2046129 |
| B & M European Value Retail SA | 2240043 | 10043456 |
| CVS Group plc | 386000 | 5535673 |
| Diploma plc | 123326 | 6512383 |
| Endava plc - ADR<sup>(a)</sup> | 49911 | 908879 |
| FRP Advisory Group PLC | 1096387 | 1958121 |
| GlobalData PLC | 847904 | 2005931 |
| Halma plc | 49394 | 1814363 |
| Hill & Smith Holdings plc | 83320 | 1987802 |
| Intermediate Capital Group PLC | 93989 | 2350069 |
| JTC plc 144A<sup>(b)(c)</sup> | 825565 | 9176735 |
| Marex Group PLC | 65712 | 2914327 |
| Petershill Partners PLC 144A<sup>(b)(c)</sup> | 974152 | 2810965 |
| Renew Holdings PLC | 176211 | 1773172 |
| Softcat PLC | 178403 | 3973283 |
| Tatton Asset Mgmt | 289542 | 2392622 |
| Volution Group PLC | 1090973 | 8259109 |
| YouGov PLC | 386742 | 1474206 |
|  |  | 71703316 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.09% (continued)** |  |  |
| **United States — 0.80%** |  |  |
| JFrog Ltd.<sup>(a)</sup> | 72952 | $2463589 |
| **Vietnam — 2.16%** |  |  |
| Asia Commercial Bank JSC | 3076180 | 2847109 |
| FPT Corp | 440177 | 1853199 |
| Vietnam Technological & Comm Joint-stock Bank | 1961346 | 1985122 |
|  |  | 6685430 |
| *Total Common Stocks (Cost $255,423,378)* |  | 306020859 |
| *Total Common Stocks/Investments — 99.09% (Cost $255,423,378)* |  | 306020859 |
| *Other Assets in Excess of Liabilities — 0.91%* |  | 2809722 |
| *NET ASSETS — 100.00%* |  | $308830581 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $25,893,606, representing 8.39% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $25,893,606, representing 8.39% of net assets.

See accompanying notes to financial statements.

<u>Grandeur Peak International Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.41%** |  |  |
| **Argentina — 0.51%** |  |  |
| Globant S.A.<sup>(a)</sup> | 61998 | $7289105 |
| **Australia — 2.18%** |  |  |
| Lovisa Holdings Limited | 443275 | 7078884 |
| Pinnacle Investment Management Group | 1544775 | 17890930 |
| Technology One Ltd<sup>(a)</sup> | 331632 | 6385791 |
|  |  | 31355605 |
| **Belgium — 2.53%** |  |  |
| Azelis Group N.V. | 707542 | 10942033 |
| Melexis NV | 424923 | 25365301 |
|  |  | 36307334 |
| **Canada — 4.98%** |  |  |
| Aritzia Inc<sup>(a)</sup> | 335019 | 11785199 |
| Constellation Software, Inc. | 2507 | 9036116 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 137827 | 14516314 |
| Kinaxis Inc.<sup>(a)</sup> | 72823 | 9834378 |
| Lumine Group, Inc.<sup>(a)</sup> | 188300 | 6088471 |
| Stantec, Inc. | 113320 | 9947346 |
| TerraVest Industries Inc<sup>(a)</sup> | 99600 | 10382482 |
|  |  | 71590306 |
| **China — 2.91%** |  |  |
| Silergy Corp. | 3352805 | 41831628 |
| **France — 1.51%** |  |  |
| Virbac SA | 61810 | 21735115 |
| **Germany — 3.67%** |  |  |
| AIXTRON SE | 430838 | 5771373 |
| Atoss Software AG | 97498 | 14613646 |
| Dermapharm Holding SE | 460437 | 20098440 |
| Schott Pharma AG & Co | 438339 | 12300329 |
|  |  | 52783788 |
| **India — 3.86%** |  |  |
| Bajaj Finance Ltd | 112525 | 11485631 |
| Devyani International Ltd<sup>(a)</sup> | 3593257 | 7588570 |
| Jubilant Foodworks Ltd<sup>(a)</sup> | 911172 | 7705804 |
| Kfin Technologies<sup>(a)</sup> | 1035160 | 14655071 |
| PB Fintech Ltd<sup>(a)</sup> | 443076 | 8512957 |
| Rainbow Children's Medicare Ltd | 335685 | 5482951 |
|  |  | 55430984 |
| **Ireland — 1.15%** |  |  |
| ICON plc<sup>(a)</sup> | 109295 | 16551635 |
| **Israel — 1.65%** |  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 67424 | 23744036 |
| **Italy — 3.40%** |  |  |
| Interpump Group SpA | 446610 | 15231325 |
| Recordati SpA | 573187 | 33695857 |
|  |  | 48927182 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.41% (continued)** |  |  |
| **Japan — 10.81%** |  |  |
| BayCurrent Consulting, Inc. | 759910 | $40887964 |
| Japan Elevator Service Holdings Company Ltd | 1461716 | 31551874 |
| Jeol Ltd. | 472550 | 15163128 |
| Maruwa Co Ltd/Aichi<sup>(a)</sup> | 8300 | 1687643 |
| Rakus Co Ltd | 1294100 | 19508386 |
| Tokyo Seimitsu Company Limited | 151662 | 8457502 |
| Visional Inc | 629501 | 38090713 |
|  |  | 155347210 |
| **Lithuania — 0.80%** |  |  |
| Baltic Classifieds Group | 2528667 | 11458860 |
| **Luxembourg — 1.63%** |  |  |
| Eurofins Scientific S.E. | 373128 | 23470682 |
| **Malaysia — 0.28%** |  |  |
| Frontken Corporation Bhd. | 5048900 | 4095284 |
| **Mexico — 5.40%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 642881 | 19646443 |
| Corp Inmobiliaria Vesta SAB de | 6601429 | 18050322 |
| Grupo Cementos de Chihuahua, S.A.B. de C.V 144A<sup>(a)(b)(c)</sup> | 1722076 | 14470282 |
| Wal-Mart de Mexico S.A.B. de C.V. | 8053376 | 25515233 |
|  |  | 77682280 |
| **Netherlands — 7.90%** |  |  |
| Allfunds Group PLC | 1323469 | 7442637 |
| ASM International NV | 20306 | 9791544 |
| BE Semiconductor Industries N.V. | 79589 | 8503931 |
| CVC Capital Partners PLC<sup>(a)</sup> | 844005 | 14947118 |
| IMCD N.V. | 203954 | 27020436 |
| Redcare Pharmacy N.V. 144A<sup>(b)(c)</sup> | 96224 | 14302683 |
| Topicus.com, Inc.<sup>(a)</sup> | 263749 | 31567299 |
|  |  | 113575648 |
| **New Zealand — 0.53%** |  |  |
| Xero Ltd.<sup>(a)</sup> | 72570 | 7632611 |
| **Norway — 1.02%** |  |  |
| Kongsberg Gruppen ASA | 46234 | 7412379 |
| Schibsted ASA<sup>(a)</sup> | 254295 | 7308177 |
|  |  | 14720556 |
| **Poland — 2.35%** |  |  |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 241428 | 33782416 |
| **South Korea — 2.61%** |  |  |
| APR Corp/Korea<sup>(a)</sup> | 120140 | 6356212 |
| Eo Technics Co Ltd | 87537 | 7091477 |
| HPSP Company Ltd. | 628901 | 9920062 |
| LEENO Industrial Inc. | 558011 | 14153561 |
|  |  | 37521312 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak International Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.41% (continued)** |  |  |
| **Sweden — 7.73%** |  |  |
| AddTech A.B. | 603707 | $20276231 |
| Asker Healthcare Group AB<sup>(a)</sup> | 279812 | 2475398 |
| Beijer Ref AB | 630101 | 9596890 |
| Hemnet Group AB | 186799 | 6397570 |
| Lagercrantz Group AB | 671261 | 15224551 |
| Lifco AB, Class B | 378525 | 14640179 |
| Roko AB<sup>(a)</sup> | 63173 | 13324617 |
| Vimian Group AB | 2891546 | 11656323 |
| Vitec Software Group | 383016 | 17477046 |
|  |  | 111068805 |
| **Switzerland — 1.25%** |  |  |
| Belimo Holding AG | 9449 | 7991617 |
| VAT Group A.G. 144A<sup>(b)(c)</sup> | 27961 | 9970947 |
|  |  | 17962564 |
| **Taiwan — 4.45%** |  |  |
| ASPEED Technology, Inc. | 187145 | 17512009 |
| Chroma Ate Inc | 801000 | 7307938 |
| Sinbon Electronics Co., Limited | 1082000 | 7458578 |
| Voltronic Power Technology | 677490 | 31697910 |
|  |  | 63976435 |
| **United Kingdom — 15.02%** |  |  |
| B & M European Value Retail SA | 13849087 | 62093761 |
| CVS Group plc | 789363 | 11320351 |
| Diploma plc | 749192 | 39562018 |
| Halma plc | 711721 | 26143266 |
| Hill & Smith Holdings plc | 454196 | 10835955 |
| Intermediate Capital Group PLC | 582631 | 14567910 |
| JTC plc 144A<sup>(b)(c)</sup> | 1939060 | 21554013 |
| Marex Group PLC | 534006 | 23683166 |
| Softcat PLC | 267962 | 5967886 |
|  |  | 215728326 |
| **United States — 8.63%** |  |  |
| 4imprint Group PLC | 215357 | 9759077 |
| Ashtead Group PLC | 130178 | 6922793 |
| Bruker Corporation | 320155 | 12825409 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 87460 | 10563419 |
| Elastic N.V.<sup>(a)</sup> | 88734 | 7648871 |
| JFrog Ltd.<sup>(a)</sup> | 752877 | 25424656 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 79477 | 21519987 |
| Monolithic Power Systems, Inc. | 36570 | 21689667 |
| nVent Electric PLC | 140338 | 7705960 |
|  |  | 124059839 |
| **Vietnam — 0.65%** |  |  |
| Asia Commercial Bank JSC | 10058950 | 9309900 |
| *Total Common Stocks (Cost $1,230,211,571)* |  | 1428939446 |

---

---

| | |
|:---|:---|
| *Total Common Stocks/Investments — 99.41% (Cost $1,230,211,571)* | $1428939446 |
| *Other Assets in Excess of Liabilities — 0.59%* | 8480479 |
| *NET ASSETS — 100.00%* | $1437419925 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $94,080,341, representing 6.55% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $94,080,341, representing 6.55% of net assets.

See accompanying notes to financial statements.

<u>Grandeur Peak U.S. Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.78%** |  |  |
| **Argentina — 0.53%** |  |  |
| Globant S.A.<sup>(a)</sup> | 5606 | $659097 |
| **Canada — 1.86%** |  |  |
| Aritzia Inc<sup>(a)</sup> | 32500 | 1143275 |
| Kinaxis Inc.<sup>(a)</sup> | 8700 | 1174891 |
|  |  | 2318166 |
| **Ireland — 1.55%** |  |  |
| ICON plc<sup>(a)</sup> | 12791 | 1937069 |
| **Israel — 1.98%** |  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 7010 | 2468642 |
| **Mexico — 3.65%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 74149 | 2265993 |
| Grupo Cementos de Chihuahua, S.A.B. de C.V 144A<sup>(a)(b)(c)</sup> | 273000 | 2293968 |
|  |  | 4559961 |
| **United Kingdom — 2.50%** |  |  |
| Marex Group PLC | 70468 | 3125256 |
| **United States — 86.71%** |  |  |
| 4imprint Group PLC | 37718 | 1709222 |
| Alamo Group, Inc. | 8730 | 1457735 |
| Ares Management Corporation, Class A | 16770 | 2557928 |
| Ashtead Group PLC | 32400 | 1723014 |
| BellRing Brands, Inc.<sup>(a)</sup> | 15894 | 1226063 |
| Bio-Techne Corporation | 24382 | 1227634 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 6449 | 672889 |
| Bruker Corporation | 39838 | 1595910 |
| Burlington Stores, Inc.<sup>(a)</sup> | 11694 | 2631618 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 95786 | 2178174 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 12270 | 1481971 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 75022 | 3952159 |
| Cross Creek LP<sup>(a)(d)</sup> | 705823 | 400427 |
| DexCom, Inc.<sup>(a)</sup> | 18513 | 1321458 |
| Dynatrace, Inc.<sup>(a)</sup> | 21588 | 1013988 |
| Elastic N.V.<sup>(a)</sup> | 21134 | 1821751 |
| Enerpac Tool Group Corporation | 41013 | 1655695 |
| Ensign Group, Inc. (The) | 13390 | 1727176 |
| FormFactor, Inc.<sup>(a)</sup> | 22236 | 625721 |
| Freshpet, Inc.<sup>(a)</sup> | 9640 | 708926 |
| Gentex Corporation | 23284 | 507126 |
| Goosehead Insurance, Inc., Class A | 22676 | 2204334 |
| Grocery Outlet Holding Corporation<sup>(a)</sup> | 159931 | 2685241 |
| HealthEquity, Inc.<sup>(a)</sup> | 24173 | 2072110 |
| Houlihan Lokey, Inc. | 5895 | 955462 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 5558 | 2404670 |
| Installed Building Products, Inc. | 12290 | 2038051 |
| JFrog Ltd.<sup>(a)</sup> | 76479 | 2582696 |
| Kadant, Inc. | 5672 | 1673240 |
| LeMaitre Vascular, Inc. | 10305 | 935076 |
| Littelfuse, Inc. | 16154 | 2945035 |
| Loar Holdings, Inc.<sup>(a)</sup> | 10733 | 1015127 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.78% (continued)** |  |  |
| **United States — 86.71% (continued)** |  |  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 9029 | $2444782 |
| Mama's Creations Incorporated<sup>(a)</sup> | 412621 | 2723299 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 10659 | 1890800 |
| MarketAxess Holdings, Inc. | 7910 | 1752777 |
| Marvell Technology, Inc. | 14352 | 837726 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 4559 | 1405950 |
| Modine Manufacturing Company<sup>(a)</sup> | 15709 | 1282482 |
| Monolithic Power Systems, Inc. | 5728 | 3397277 |
| Morningstar, Inc. | 2559 | 728598 |
| Neogen Corporation<sup>(a)</sup> | 119244 | 602182 |
| nVent Electric PLC | 28559 | 1568175 |
| P10 Inc. | 79175 | 876467 |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 52118 | 1335263 |
| Perella Weinberg Partners | 127488 | 2188969 |
| Pjt Partners, Inc., Class A | 16123 | 2284790 |
| Primoris Services Corporation | 57405 | 3442577 |
| Quanta Services, Inc. | 4772 | 1396717 |
| Ryan Specialty Holdings, Inc. | 29126 | 1908044 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 19482 | 1982488 |
| Sitime Corporation<sup>(a)</sup> | 4760 | 699054 |
| SPS Commerce, Inc.<sup>(a)</sup> | 25737 | 3693518 |
| Texas Roadhouse, Inc. | 13611 | 2258882 |
| TPG, Inc. | 47764 | 2218638 |
| Tradeweb Markets Inc. Class A | 16531 | 2286237 |
| Trex Company, Inc.<sup>(a)</sup> | 28364 | 1640006 |
| TWFG Inc<sup>(a)</sup> | 25828 | 818231 |
| Upwork, Inc.<sup>(a)</sup> | 94328 | 1240413 |
| Valvoline, Inc.<sup>(a)</sup> | 44770 | 1533820 |
| Yeti Holdings, Inc.<sup>(a)</sup> | 58884 | 1681138 |
| Zscaler, Inc.<sup>(a)</sup> | 9867 | 2231619 |
|  |  | 108058546 |
| *Total Common Stocks (Cost $118,553,483)* |  | 123126737 |
| **PREFERRED STOCKS — 0.50%** |  |  |
| **United States — 0.50%** |  |  |
| Gusto Inc. Preferred Series E<sup>(a)(d)</sup> | 20595 | 626088 |
| *Total Preferred Stocks (Cost $625,992)* |  | 626088 |
| *Total Investments — 99.28% (Cost $119,179,475)* |  | 123752825 |
| *Other Assets in Excess of Liabilities — 0.72%* |  | 896615 |
| *NET ASSETS — 100.00%* |  | $124649440 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak U.S. Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> April 30, 2025 (Continued)

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of April 30, 2025, these securities had a total aggregate market value of $2,293,968, representing 1.84% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025, these securities had a total aggregate market value of $2,293,968, representing 1.84% of net assets.

<sup>(d)</sup> As a result of the use of significant unobservable inputs to determine fair value, this investment has been classified as Level 3 assets.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Statements of Assets and Liabilities</u> <br> April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak**<br> **Emerging Markets**<br> **Opportunities Fund** | **Grandeur Peak<br> Global Contrarian<br> Fund** | **Grandeur Peak**<br> **Global Explorer <br> Fund** | **Grandeur Peak<br> Global Micro Cap<br> Fund** | **Grandeur Peak<br> Global Opportunities**<br> **Fund** |
| **ASSETS** | | | | | |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $132282395 | $121292417 | $11377917 | $37387519 | $384871210 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $159688973 | $134258414 | $11507365 | $43889447 | $453530289 |
| &nbsp;&nbsp;&nbsp;Cash held at custodian |  |  | 45899 | 1409952 | 932649 |
| &nbsp;&nbsp;&nbsp;Foreign currency at fair value (Cost $453,601, $70,742, $2,504, $7,798 and $156,555) | 448975 | 70356 | 2503 | 7798 | 158732 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 3583741 | 2252362 | 22413 | 269563 | 4680393 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 1000 | 153621 |  | 60 | 38315 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 367308 | 537243 | 20131 | 87262 | 1293208 |
| &nbsp;&nbsp;&nbsp;Prepaid distribution fees - investor class | 1038 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 962 | 4171 | 13502 | 2941 | 15169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 164091997 | 137276167 | 11611813 | 45667023 | 460648755 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 2286604 | 1517530 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 744860 | 329292 | 22005 | 614840 | 2534424 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 523336 | 45624 |  | 3300 | 419684 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 153429 | 113336 | 21556 | 59537 | 383471 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable |  |  |  |  | 5716 |
| &nbsp;&nbsp;&nbsp;Foreign Cap Gain Tax payable | 468373 | 33437 | 9579 | 6200 | 110114 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 29733 | 21862 | 5144 | 12692 | 75807 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 73866 | 35047 | 27585 | 16886 | 27792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 4280201 | 2096128 | 85869 | 713455 | 3557008 |
| **NET ASSETS** | $**159811796** | $**135180039** | $**11525944** | $**44953568** | $**457091747** |
| **NET ASSETS CONSISTS OF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $130828104 | $118371584 | $13448185 | $38482117 | $400586988 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (losses) | 28983692 | 16808455 | (1922241) | 6471451 | 56504759 |
| **NET ASSETS** | $**159811796** | $**135180039** | $**11525944** | $**44953568** | $**457091747** |
| **PRICING OF SHARES:** |  |  |  |  |  |
| **Investor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**4664021** | $**-** | $**-** | $**-** | $**26058608** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>(a)</sup> | **409221** | - | - | **-** | **8011406** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $**11.40** | $**-** | $- | $**-** | $**3.25** |
| **Institutional Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**155147775** | $**135180039** | $**11525944** | $**44953568** | $**431033139** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>(a)</sup> | **13459362** | **8241410** | **1467018** | **3070915** | **129244067** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $**11.53** | $**16.40** | $**7.86** | $**14.64** | $**3.34** |

---

<sup>(a)</sup> Unlimited number of shares of beneficial interest authorized, no par value.

See accompanying notes to financial statements.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Statements of Assets and Liabilities</u> <br> April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak**<br> **Global Reach Fund** | **Grandeur Peak<br> Global Stalwarts<br> Fund** | **Grandeur Peak**<br> **International<br> Opportunities Fund** | **Grandeur Peak<br> International<br> Stalwarts Fund** | **Grandeur Peak <br> US Stalwarts Fund** |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $101306616 | $74133251 | $255423378 | $1230211571 | $119179475 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $120542439 | $85831273 | $306020859 | $1428939446 | $123752825 |
| &nbsp;&nbsp;&nbsp;Cash held at custodian | 1244475 | 13106 | 612719 | 46444959 | 1263483 |
| &nbsp;&nbsp;&nbsp;Foreign currency at fair value (Cost $10,532, $36, $593,621, $216,053 and $2) | 10095 | 36 | 597546 | 212117 | 2 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1492521 | 172855 | 1725207 | 15294890 | 607768 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 11423 | 50656 | 8889 | 733600 | 34005 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 330906 | 218206 | 1372271 | 3569539 | 7987 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 9517 | 11820 | 16646 | 64434 | 36866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 123641376 | 86297952 | 310354137 | 1495258985 | 125702936 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 984476 | 60778 | 1007522 | 9357223 | 416397 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 210476 | 32865 | 69173 | 45668455 | 540850 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 155188 | 56866 | 256347 | 792326 | 62784 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 262 |  | 6669 |  |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 10426 | 21255 | 35426 | 158453 | 18496 |
| &nbsp;&nbsp;&nbsp;Foreign Cap Gain Tax payable | 108550 | 37613 | 95072 | 1705910 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 36583 | 29600 | 53347 | 156693 | 14969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1505961 | 238977 | 1523556 | 57839060 | 1053496 |
| **NET ASSETS** | $**122135415** | $**86058975** | $**308830581** | $**1437419925** | $**124649440** |
| **Composition of Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $96532379 | $95491712 | $263855028 | $1375846906 | $142439087 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (losses) | 25603036 | (9432737) | 44975553 | 61573019 | (17789647) |
| **NET ASSETS** | $**122135415** | $**86058975** | $**308830581** | $**1437419925** | $**124649440** |
| **PRICING OF SHARES** |  |  |  |  |  |
| **Investor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**14234106** | $**13708460** | $**13741711** | $**12980673** | $**-** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>(a)</sup> | **955359** | **896361** | **4370669** | **787808** | **-** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $**14.90** | $**15.29** | $**3.14** | $**16.48** | $**-** |
| **Institutional Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**107901309** | $**72350515** | $**295088870** | $**1424439252** | $**124649440** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>(a)</sup> | **7156608** | **4649064** | **92870839** | **85731905** | **6965289** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $**15.08** | $**15.56** | $**3.18** | $**16.62** | $**17.90** |

---

<sup>(a)</sup> Unlimited number of shares of beneficial interest authorized, no par value.

See accompanying notes to financial statements.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Statements of Operations</u> <br> April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak<br> Emerging Markets<br> Opportunities Fund** | **Grandeur Peak<br> Global Contrarian<br> Fund** | **Grandeur Peak<br> Global Explorer Fund** | **Grandeur Peak<br> Global Micro Cap<br> Fund** | **Grandeur Peak<br> Global Opportunities<br> Fund** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $8532256 | $6395389 | $234569 | $998298 | $12317074 |
| &nbsp;&nbsp;&nbsp;Interest | 213727 | 131513 | 5008 | 6370 | 229180 |
| &nbsp;&nbsp;&nbsp;Less: Foreign dividend withholding taxes | (672019) | (282134) | (21131) | (96332) | (932909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 8073964 | 6244768 | 218446 | 908336 | 11613345 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisor fees | 3928255 | 1542094 | 133952 | 666632 | 6884552 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees - Investor Class | 15490 |  |  |  | 89384 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 248045 | 88904 | 11848 | 45040 | 174484 |
| &nbsp;&nbsp;&nbsp;Administrative fees | 106106 | 61270 | 15254 | 28697 | 175989 |
| &nbsp;&nbsp;&nbsp;Registration fees | 54750 | 32375 | 22375 | 40450 | 53100 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 46814 | 26747 | 1532 | 28684 | 57555 |
| &nbsp;&nbsp;&nbsp;Audit fees | 55785 | 45085 | 42835 | 43834 | 49190 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 11696 | 11893 | 11932 | 11917 | 11450 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 8902 | 8466 | 69 | 7461 | 10869 |
| &nbsp;&nbsp;&nbsp;Printing fees | 6567 | 984 | 1917 | 3123 | 17059 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2191 | 1095 | 731 | 731 | 2922 |
| &nbsp;&nbsp;&nbsp;Legal fees | 6602 | 4099 | 1909 | 380 | 16931 |
| &nbsp;&nbsp;&nbsp;Other expenses | 15384 | 10313 | 2689 | 3216 | 29843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 4506587 | 1833325 | 247043 | 880165 | 7573328 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the investment advisor | (76347) |  | (94840) |  | (299447) |
| &nbsp;&nbsp;&nbsp;Plus: Recapture of fees previously waived | - | 4570 | - | 3837 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 4430240 | 1837895 | 152203 | 884002 | 7273881 |
| **NET INVESTMENT INCOME** | 3643724 | 4406873 | 66243 | 24334 | 4339464 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4708275 | 12485647 | 71444 | 2604475 | (6617172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (231975) | (60103) | (2617) | 7540 | (50397) |
| &nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 4476300 | 12425544 | 68827 | 2612015 | (6667569) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (24482435) | 4557497 | 386066 | 1664594 | (10118853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 5819 | 19798 | 784 | 4102 | 61747 |
| &nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation)** | (24476616) | 4577295 | 386850 | 1668696 | (10057106) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** | (20000316) | 17002839 | 455677 | 4280711 | (16724675) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**(16356592)** | $**21409712** | $**521920** | $**4305045** | $**(12385211)** |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Statements of Operations</u> <br> April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak<br> Global Reach Fund** | **Grandeur Peak<br> Global Stalwarts<br> Fund** | **Grandeur Peak<br> International<br> Opportunities Fund** | **Grandeur Peak<br> International<br> Stalwarts Fund** | **Grandeur Peak US<br> Stalwarts Fund** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $3891414 | $1575730 | $11613210 | $26618743 | $912079 |
| &nbsp;&nbsp;&nbsp;Interest | 56905 | 19670 | 101644 | 672141 | 76325 |
| &nbsp;&nbsp;&nbsp;Less: Foreign dividend withholding taxes | (286984) | (128927) | (976526) | (2819547) | (520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 3661335 | 1466473 | 10738328 | 24471337 | 987884 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisor fees | 1994682 | 942986 | 5318736 | 12799566 | 1022527 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees - Investor Class | 45762 | 43186 | 42437 | 41940 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | 127074 | 95491 | 179123 | 473706 | 24396 |
| &nbsp;&nbsp;&nbsp;Administrative fees | 16839 | 51806 | 138554 | 513933 | 52566 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1255 | 46801 | 46301 | 110454 | 27784 |
| &nbsp;&nbsp;&nbsp;Registration fees | 50600 | 88225 | 51025 | 64700 | 31975 |
| &nbsp;&nbsp;&nbsp;Audit fees | 46655 | 46977 | 51183 | 59555 | 28757 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 11805 | 11848 | 11618 | 10991 | 11892 |
| &nbsp;&nbsp;&nbsp;Printing fees | 28663 | 8427 | 9272 | 251740 | 4825 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5932 | 2712 | 12261 | 48935 | 3623 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 8435 | 7945 | 9958 | 17737 | 8453 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2922 | 1825 | 2191 | 7834 | 1825 |
| &nbsp;&nbsp;&nbsp;Other expenses | 10116 | 7287 | 21599 | 89235 | 7489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 2350740 | 1355516 | 5894258 | 14490326 | 1226112 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the investment advisor | (49877) | (17226) | (115151) | (246979) | (22637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 2300863 | 1338290 | 5779107 | 14243347 | 1203475 |
| **NET INVESTMENT INCOME (LOSS)** | 1360472 | 128183 | 4959221 | 10227990 | (215591) |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 14952868 | 14165954 | (3287277) | 426007 | 10974520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (22852) | (50305) | (180326) | (998050) | (6884) |
| &nbsp;&nbsp;&nbsp;**Net realized gain (loss) from:** | 14930016 | 14115649 | (3467603) | (572043) | 10967636 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (8986243) | (10945935) | 3708175 | (13714172) | (11778580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 16750 | 12963 | 93790 | 198400 | (97) |
| &nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation)** | (8969493) | (10932972) | 3801965 | (13515772) | (11778677) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** | 5960523 | 3182677 | 334362 | (14087815) | (811041) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**7320995** | $**3310860** | $**5293583** | $**(3859825)** | $**(1026632)** |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30, <br> 2025** | **For the<br> Year Ended<br> April 30, <br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3643724 | $2987279 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4476300 | 5683835 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (24476616) | 2952975 |
| Net increase (decrease) in net assets resulting from operations | (16356592) | 11624089 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (104135) | (307551) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (5869475) | (15936503) |
| Net decrease in net assets from distributions | (5973610) | (16244054) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 127420 | 130592 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 12151901 | 51217262 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 96504 | 289662 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 5297696 | 15045772 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 55 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 7640 | 8668 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2356091) | (1836182) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (179764441) | (139293803) |
| Net increase (decrease) from shares of beneficial interest | (164439371) | (74437974) |
| **NET DECREASE IN NET ASSETS** | (186769573) | (79057939) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 346581369 | 425639308 |
| &nbsp;&nbsp;&nbsp;End of Year | $**159811796** | $**346581369** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 10225 | 10282 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 8241 | 23025 |
| &nbsp;&nbsp;&nbsp;Redeemed | (194238) | (144968) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (175772) | (111661) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 992349 | 3984097 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 447819 | 1182844 |
| &nbsp;&nbsp;&nbsp;Redeemed | (15028937) | (10882022) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (13588769) | (5715081) |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Contrarian Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4406873 | $3140123 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 12425544 | 10502520 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 4577295 | 6764581 |
| Net increase in net assets resulting from operations | 21409712 | 20407224 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (10667419) | (2725193) |
| Net decrease in net assets from distributions | (10667419) | (2725193) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 41219752 | 38932301 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 10280019 | 2697004 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2177 | 7235 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (68727459) | (35060959) |
| Net increase (decrease) from shares of beneficial interest | (17225511) | 6575581 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (6483218) | 24257612 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 141663257 | 117405645 |
| &nbsp;&nbsp;&nbsp;End of Year | $**135180039** | $**141663257** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2538668 | 2781445 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 641699 | 184980 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4309231) | (2450862) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in share transactions | (1128864) | 515563 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Explorer Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30, <br> 2025** | **For the<br> Year Ended<br> April 30, <br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $66243 | $51108 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 68827 | (461342) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 386850 | 894245 |
| Net increase in net assets resulting from operations | 521920 | 484011 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (137008) | (79438) |
| Net decrease in net assets from distributions | (137008) | (79438) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 320074 | 473086 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 136060 | 76664 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 31 | 41 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1209356) | (1504003) |
| Net increase (decrease) from shares of beneficial interest | (753191) | (954212) |
| **NET DECREASE IN NET ASSETS** | (368279) | (549639) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 11894223 | 12443862 |
| &nbsp;&nbsp;&nbsp;End of Year | $**11525944** | $**11894223** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 39983 | 58585 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 17007 | 9741 |
| &nbsp;&nbsp;&nbsp;Redeemed | (152445) | (197704) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (95455) | (129378) |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Micro Cap Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30, <br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $24334 | $96055 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2612015 | 474309 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 1668696 | 2427048 |
| Net increase in net assets resulting from operations | 4305045 | 2997412 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (229518) | - |
| Net decrease in net assets from distributions | (229518) | - |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3346890 | 2414971 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 218295 |  |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 22 | 148 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (6993837) | (6337562) |
| Net increase (decrease) from shares of beneficial interest | (3428630) | (3922443) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 646897 | (925031) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 44306671 | 45231702 |
| &nbsp;&nbsp;&nbsp;End of Year | $**44953568** | $**44306671** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 237713 | 217591 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 15405 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (497550) | (537580) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (244432) | (319989) |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Opportunities Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4339464 | $3501505 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (6667569) | 32661888 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (10057106) | (40890282) |
| Net decrease in net assets resulting from operations | (12385211) | (4726889) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (343813) | (240600) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (6925784) | (4110106) |
| &nbsp;&nbsp;&nbsp;Total Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (110799) |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (2231948) | - |
| Net decrease in net assets from distributions | (9612344) | (4350706) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2303948 | 3775154 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 91189774 | 46896007 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 450792 | 239488 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8298797 | 3696674 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 608 | 3216 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1462 | 5813 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (19746903) | (31883146) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (169991491) | (123286257) |
| Net increase (decrease) from shares of beneficial interest | (87493013) | (100553051) |
| **NET DECREASE IN NET ASSETS** | (109490568) | (109630646) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 566582315 | 676212961 |
| &nbsp;&nbsp;&nbsp;End of Year | $**457091747** | $**566582315** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 681297 | 1103292 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 135781 | 65975 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5777437) | (9369243) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (4960359) | (8199976) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 24936176 | 13503420 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 2433665 | 993730 |
| &nbsp;&nbsp;&nbsp;Redeemed | (49512119) | (35104671) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (22142278) | (20607521) |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Reach Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1360472 | $1015071 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 14930016 | 14827395 |
| &nbsp;&nbsp;&nbsp;Net change in depreciation | (8969493) | (6940733) |
| Net increase in net assets resulting from operations | 7320995 | 8901733 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (941713) | (34521) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8698493) | (802719) |
| Net decrease in net assets from distributions | (9640206) | (837240) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1386352 | 1904687 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 22935049 | 27488195 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 940245 | 24470 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8379268 | 733778 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 508 | 91 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 909 | 2279 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (8846478) | (9275472) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (108787555) | (85536640) |
| Net increase (decrease) from shares of beneficial interest | (83991702) | (64658612) |
| **NET DECREASE IN NET ASSETS** | (86310913) | (56594119) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 208446328 | 265040447 |
| &nbsp;&nbsp;&nbsp;End of Year | $**122135415** | $**208446328** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 88577 | 127748 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 61899 | 2188 |
| &nbsp;&nbsp;&nbsp;Redeemed | (561478) | (635922) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (411002) | (505986) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1441090 | 1813077 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 545881 | 46092 |
| &nbsp;&nbsp;&nbsp;Redeemed | (7044948) | (5675086) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (5057977) | (3815917) |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Global Stalwarts Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $128183 | $397471 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 14115649 | 4696195 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (10932972) | 4112753 |
| Net increase in net assets resulting from operations | 3310860 | 9206419 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (27755) |
| &nbsp;&nbsp;&nbsp;Institutional Class | - | (545737) |
| Net decrease in net assets from distributions | - | (573492) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 517966 | 1524246 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 13312501 | 13623611 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 27674 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 507153 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 380 | 599 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 160 | 28025 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (6352632) | (14477178) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (59019038) | (74192892) |
| Net increase (decrease) from shares of beneficial interest | (51540663) | (72958762) |
| **NET DECREASE IN NET ASSETS** | (48229803) | (64325835) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 134288778 | 198614613 |
| &nbsp;&nbsp;&nbsp;End of Year | $**86058975** | $**134288778** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 32472 | 102854 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 1728 |
| &nbsp;&nbsp;&nbsp;Redeemed | (399898) | (961228) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (367426) | (856646) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 832114 | 928439 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 31228 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3649596) | (4927810) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (2817482) | (3968143) |

---

See accompanying notes to financial statements.

<u>Grandeur Peak International Opportunities Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4959221 | $4023025 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (3467603) | 23396713 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3801965 | (51271198) |
| Net increase (decrease) in net assets resulting from operations | 5293583 | (23851460) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (319879) | (150979) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8997935) | (5036500) |
| Net decrease in net assets from distributions | (9317814) | (5187479) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2620233 | 2751565 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 22345592 | 36177464 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 309301 | 147062 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8716958 | 4783119 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 92 | 677 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 12197 | 1836 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (9272805) | (10657882) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (214610325) | (134556586) |
| Net increase (decrease) from shares of beneficial interest | (189878757) | (101352745) |
| **NET DECREASE IN NET ASSETS** | (193902988) | (130391684) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 502733569 | 633125253 |
| &nbsp;&nbsp;&nbsp;End of Year | $**308830581** | $**502733569** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 824023 | 822581 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 101744 | 43127 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2871690) | (3272373) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (1945923) | (2406665) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 6868170 | 10997776 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 2839400 | 1390442 |
| &nbsp;&nbsp;&nbsp;Redeemed | (66226611) | (40857316) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (56519041) | (28469098) |

---

See accompanying notes to financial statements.

<u>Grandeur Peak International Stalwarts Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $10227990 | $11526270 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (572043) | (52293774) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (13515772) | 40248382 |
| Net decrease in net assets resulting from operations | (3859825) | (519122) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (67585) | (142651) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (11579508) | (13208019) |
| Net decrease in net assets from distributions | (11647093) | (13350670) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 759100 | 1264021 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 424564971 | 386421995 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 67537 | 142588 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 10929089 | 12538889 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 280 | 394 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8480 | 5346 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (8306147) | (11974978) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (550366711) | (528225211) |
| Net increase (decrease) from shares of beneficial interest | (122343401) | (139826956) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (137850319) | (153696748) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 1575270244 | 1728966992 |
| &nbsp;&nbsp;&nbsp;End of Year | $**1437419925** | $**1575270244** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 45043 | 76655 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 4171 | 8209 |
| &nbsp;&nbsp;&nbsp;Redeemed | (493417) | (734508) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (444203) | (649644) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 25242191 | 23570745 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 670085 | 715690 |
| &nbsp;&nbsp;&nbsp;Redeemed | (33196506) | (33126239) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (7284230) | (8839804) |

---

See accompanying notes to financial statements.

<u>Grandeur Peak US Stalwarts Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(215591) | $(75669) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 10967636 | (1636595) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (11778677) | 16495415 |
| Net increase (decrease) in net assets resulting from operations | (1026632) | 14783151 |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 21738160 | 36667542 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 753 | 1089 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (22693341) | (29279999) |
| Net increase (decrease) from shares of beneficial interest | (954428) | 7388632 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (1981060) | 22171783 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 126630500 | 104458717 |
| &nbsp;&nbsp;&nbsp;End of Year | $**124649440** | $**126630500** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1120065 | 2118398 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1188966) | (1724276) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in share transactions | (68901) | 394122 |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $12.40 | $12.58 | $13.21 | $17.70 | $11.07 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.13 | 0.06 | 0.06 | (0.01) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.91) | 0.25 | (0.67) | (2.48) | 6.71 |
| Total income/(loss) from investment operations | (0.78) | 0.31 | (0.61) | (2.49) | 6.63 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.02) | (0.02) |  | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.11) | (0.47) | - | (2.00) | - |
| Total distributions | (0.22) | (0.49) | (0.02) | (2.00) | (0.00)<sup>(b)</sup> |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL | - | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | - | 0.00 <sup>(b)</sup> |
| NET ASSET VALUE, END OF YEAR | $11.40 | $12.40 | $12.58 | $13.21 | $17.70 |
| TOTAL RETURN<sup>(c)</sup> | (6.35)% | 2.38 %<sup>(d)</sup> | (4.62)% | (16.01)% | 59.92% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $4664 | $7253 | $8767 | $10846 | $15011 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.80% | 1.83% | 1.70% | 1.76% | 1.75% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.77% | 1.81% | 1.68% | 1.63% | 1.68% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.01% | 0.48% | 0.45% | (0.09)% | (0.50)% |
| PORTFOLIO TURNOVER RATE | 25% | 38% | 32% | 31% | 35% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $12.55 | $12.72 | $13.35 | $17.83 | $11.14 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.16 | 0.09 | 0.08 | 0.03 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.92) | 0.25 | (0.67) | (2.51) | 6.76 |
| Total income/(loss) from investment operations | (0.76) | 0.34 | (0.59) | (2.48) | 6.72 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.15) | (0.04) | (0.04) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.11) | (0.47) | - | (2.00) | (0.02) |
| Total distributions | (0.26) | (0.51) | (0.04) | (2.00) | (0.03) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $11.53 | $12.55 | $12.72 | $13.35 | $17.83 |
| TOTAL RETURN<sup>(c)</sup> | (6.14)% | 2.66 %<sup>(d)</sup> | (4.42)% | (15.82)% | 60.30% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $155148 | $339328 | $416872 | $485230 | $623538 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.55% | 1.58% | 1.51% | 1.52% | 1.52% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.52% | 1.56% | 1.48% | 1.39% | 1.45% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.26% | 0.73% | 0.66% | 0.15% | (0.27)% |
| PORTFOLIO TURNOVER RATE | 25% | 38% | 32% | 31% | 35% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Global Contrarian Fund</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.12 | $13.26 | $13.60 | $15.41 | $8.78 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.46 | 0.34 | 0.30 | 0.20 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.97 | 1.81 | (0.26) | (1.12) | 6.61 |
| Total income/(loss) from investment operations | 2.44 | 2.15 | 0.04 | (0.92) | 6.86 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.76) | (0.29) | (0.29) | (0.14) | (0.23) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.40) | - | (0.09) | (0.75) | - |
| Total distributions | (1.16) | (0.29) | (0.38) | (0.89) | (0.23) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $16.40 | $15.12 | $13.26 | $13.60 | $15.41 |
| TOTAL RETURN<sup>(c)</sup> | 16.29% | 16.28% | 0.42% | (6.51)% | 78.51% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $135180 | $141663 | $117406 | $106129 | $49403 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed/recaptured by investment advisor) | 1.19 %<sup>(d)</sup> | 1.25% | 1.35% | 1.40% | 1.87% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed/recaptured by investment advisor) | 1.19 %<sup>(e)</sup> | 1.35% | 1.35% | 1.35% | 1.35% |
| &nbsp;&nbsp;&nbsp;Net investment income | 2.85% | 2.42% | 2.29% | 1.33% | 1.91% |
| PORTFOLIO TURNOVER RATE | 76% | 51% | 81% | 50% | 54% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived or recaptured a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Represents the ratio of expenses to average net assets absent fee waivers, expense reimbursements and/or expense recaptured by the investment advisor.* 

*(e)* *Represents the ratio of expenses to average net assets inclusive of fee waivers, expense reimbursement and/or expense recaptured by the investment advisor.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Global Explorer Fund</u> <u>Financial Highlights</u>

For a Share Outstanding Throughout the Years or Period Presented

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Period Ended<br> April 30,<br> 2022<sup>(a)</sup>** |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $7.61 | $7.36 | $7.80 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.04 | 0.03 | 0.02 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | 0.29 | 0.27 | (0.44) | (2.19) |
| Total loss from investment operations | 0.34 | 0.30 | (0.42) | (2.20) |
| DISTRIBUTIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.09) | (0.05) | (0.02) | - |
| Total distributions | (0.09) | (0.05) | (0.02) | - |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(c)</sup> | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $7.86 | $7.61 | $7.36 | $7.80 |
| TOTAL RETURN<sup>(d)</sup> | 4.47% | 4.05% | (5.40)% | (22.00)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $11526 | $11894 | $12444 | $9461 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 2.03% | 3.14% | 3.97% | 2.45 %<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.25% | 1.25% | 1.25% | 1.25 %<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.56% | 0.42% | 0.29% | (0.16)%<sup>(f)</sup> |
| PORTFOLIO TURNOVER RATE | 50% | 43% | 38% | 8 %<sup>(e)</sup> |

---

*(a)* *The Fund commenced on December 16, 2021 and reorganized into the Trust on October 20, 2023.* 

*(b)* *Per share numbers have been calculated using the average shares method.* 

*(c)* *Less than $0.005 or ($0.005) per share.* 

*(d)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

*(g)* *Expense ratios during startup periods may not be representative of longer term operating periods.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Global Micro Cap Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Institutional Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30, <br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $13.36 | $12.44 | $13.49 | $20.65 | $11.05 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.01 | 0.03 | 0.02 | (0.09) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.35 | 0.89 | (1.07) | (4.24) | 11.17 |
| Total income/(loss) from investment operations | 1.35 | 0.92 | (1.05) | (4.33) | 11.07 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.07) |  |  |  | (0.14) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.83) | (1.33) |
| Total distributions | (0.07) | - | - | (2.83) | (1.47) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | - |
| NET ASSET VALUE, END OF YEAR | $14.64 | $13.36 | $12.44 | $13.49 | $20.65 |
| TOTAL RETURN<sup>(c)</sup> | 10.16% | 7.40% | (7.78)% | (24.25)% | 102.43% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $44954 | $44307 | $45232 | $53175 | $70375 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.99 %<sup>(d)</sup> | 2.01% | 1.85% | 1.94% | 2.02% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 2.00 %<sup>(e)</sup> | 2.00% | 1.85% | 1.94% | 2.00% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.05% | 0.22% | 0.13% | (0.50)% | (0.62)% |
| PORTFOLIO TURNOVER RATE | 33% | 34% | 37% | 36% | 36% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Represents the ratio of expenses to average net assets absent fee waivers, expense reimbursements and/or expense recaptured by the investment advisor.* 

*(e)* *Represents the ratio of expenses to average net assets inclusive of fee waivers, expense reimbursement and/or expense recaptured by the investment advisor.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Global Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $3.37 | $3.42 | $3.70 | $5.51 | $3.24 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.02 | 0.05 | 0.01 | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.09) | (0.08) | (0.23) | (0.82) | 2.66 |
| Total income/(loss) from investment operations | (0.07) | (0.03) | (0.22) | (0.83) | 2.64 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.04) | (0.02) |  |  | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.01) | - | (0.06) | (0.98) | (0.37) |
| Total distributions | (0.05) | (0.02) | (0.06) | (0.98) | (0.37) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $3.25 | $3.37 | $3.42 | $3.70 | $5.51 |
| TOTAL RETURN<sup>(c)</sup> | (2.08)% | (1.03)% | (5.99)% | (19.49)% | 82.94% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $26059 | $43680 | $72420 | $92173 | $131739 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.61% | 1.63% | 1.60% | 1.57% | 1.60% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.55% | 1.58% | 1.54% | 1.45% | 1.51% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.55% | 0.23% | 0.21% | (0.14)% | (0.34)% |
| PORTFOLIO TURNOVER RATE | 44% | 36% | 28% | 33% | 47% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Global Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30, <br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $3.45 | $3.51 | $3.79 | $5.61 | $3.29 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.03 | 0.02 | 0.02 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.08) | (0.05) | (0.24) | (0.84) | 2.70 |
| Total income/(loss) from investment operations | (0.05) | (0.03) | (0.22) | (0.84) | 2.70 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.03) | (0.00) | (0.00) | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.01) | - | (0.06) | (0.98) | (0.37) |
| Total distributions | (0.06) | (0.03) | (0.06) | (0.98) | (0.37) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $3.34 | $3.45 | $3.51 | $3.79 | $5.61 |
| TOTAL RETURN<sup>(c)</sup> | (1.40)% | (1.01)% | (5.74)% | (19.30)% | 83.44% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $431033 | $522903 | $603793 | $679987 | $889823 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.36% | 1.38% | 1.36% | 1.34% | 1.35% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.30% | 1.33% | 1.30% | 1.22% | 1.27% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.80% | 0.48% | 0.44% | 0.09% | (0.08)% |
| PORTFOLIO TURNOVER RATE | 44% | 36% | 28% | 33% | 47% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Global Reach Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.18 | $14.65 | $16.01 | $23.16 | $14.12 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.09 | 0.03 | 0.02 | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.54 | 0.52 | (1.38) | (3.77) | 10.79 |
| Total income/(loss) from investment operations | 0.63 | 0.55 | (1.36) | (3.84) | 10.72 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.26) | (0.02) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.66) | - | - | (3.31) | (1.67) |
| Total distributions | (0.91) | (0.02) | - | (3.31) | (1.68) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $14.90 | $15.18 | $14.65 | $16.01 | $23.16 |
| TOTAL RETURN<sup>(c)</sup> | 4.06% | 3.77% | (8.49)% | (20.17)% | 77.38% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $14234 | $20747 | $27427 | $33459 | $59164 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.53% | 1.55% | 1.49% | 1.49% | 1.52% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.50% | 1.50% | 1.49% | 1.48% | 1.52% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.57% | 0.22% | 0.16% | (0.32)% | (0.38)% |
| PORTFOLIO TURNOVER RATE | 58% | 41% | 42% | 42% | 41% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Global Reach Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.37 | $14.82 | $16.17 | $23.31 | $14.19 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.13 | 0.07 | 0.06 | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.55 | 0.54 | (1.40) | (3.81) | 10.86 |
| Total income/(loss) from investment operations | 0.68 | 0.61 | (1.34) | (3.83) | 10.83 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.31) | (0.06) | (0.01) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.66) | - | - | (3.31) | (1.67) |
| Total distributions | (0.97) | (0.06) | (0.01) | (3.31) | (1.71) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $15.08 | $15.37 | $14.82 | $16.17 | $23.31 |
| TOTAL RETURN<sup>(c)</sup> | 4.27% | 4.11% | (8.30)% | (19.99)% | 77.81% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $107901 | $187699 | $237614 | $287502 | $317828 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.28% | 1.30% | 1.26% | 1.25% | 1.27% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.25% | 1.25% | 1.25% | 1.24% | 1.27% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.80% | 0.47% | 0.40% | (0.09)% | (0.14)% |
| PORTFOLIO TURNOVER RATE | 58% | 41% | 42% | 42% | 41% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Global Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30, <br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.19 | $14.47 | $16.51 | $23.26 | $14.26 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.01) | 0.01 | (0.01) | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.11 | 0.73 | (2.03) | (4.21) | 9.72 |
| Total income/(loss) from investment operations | 0.10 | 0.74 | (2.04) | (4.27) | 9.68 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.48) | (0.68) |
| Total distributions | - | (0.02) | - | (2.48) | (0.68) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $15.29 | $15.19 | $14.47 | $16.51 | $23.26 |
| TOTAL RETURN<sup>(c)</sup> | 0.66% | 5.09% | (12.36)% | (21.45)% | 68.36% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $13708 | $19194 | $30682 | $51984 | $103891 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.37% | 1.27% | 1.21% | 1.17% | 1.21% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.35% | 1.27% | 1.21% | 1.17% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.09)% | 0.03% | (0.06)% | (0.24)% | (0.23)% |
| PORTFOLIO TURNOVER RATE | 79% | 55% | 32% | 49% | 50% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Global Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br> Institutional Class** | **Year Ended<br> April 30, <br> 2025** | **Year Ended<br> April 30, <br> 2024** | **Year Ended<br> April 30, <br> 2023** | **Year Ended<br> April 30, <br> 2022** | **Year Ended<br> April 30, <br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $15.41 | $14.69 | $16.74 | $23.50 | $14.37 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.03 | 0.04 | 0.03 | (0.00)<sup>(b)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.12 | 0.74 | (2.05) | (4.28) | 9.80 |
| Total income/(loss) from investment operations | 0.15 | 0.78 | (2.02) | (4.28) | 9.81 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.06) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.48) | (0.68) |
| Total distributions | - | (0.06) | (0.03) | (2.48) | (0.68) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $15.56 | $15.41 | $14.69 | $16.74 | $23.50 |
| TOTAL RETURN<sup>(c)</sup> | 0.97% | 5.31% | (12.09)% | (21.26)% | 68.74% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $72351 | $115095 | $167932 | $285539 | $263711 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.11% | 1.03% | 0.94% | 0.93% | 0.96% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.10% | 1.03% | 0.94% | 0.93% | 0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.17% | 0.28% | 0.21% | (0.01)% | 0.06% |
| PORTFOLIO TURNOVER RATE | 79% | 55% | 32% | 49% | 50% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak International Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $3.19 | $3.36 | $3.57 | $5.17 | $3.04 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.03 | 0.01 | 0.01 | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.01) | (0.16) | (0.22) | (0.94) | 2.30 |
| Total income/(loss) from investment operations | 0.02 | (0.15) | (0.21) | (0.95) | 2.29 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.04) | (0.01) | (0.00)<sup>(b)</sup> |  | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.03) | (0.01) | - | (0.65) | (0.15) |
| Total distributions | (0.07) | (0.02) | (0.00)<sup>(b)</sup> | (0.65) | (0.16) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $3.14 | $3.19 | $3.36 | $3.57 | $5.17 |
| TOTAL RETURN<sup>(c)</sup> | 0.67% | (4.45)% | (5.85)% | (21.60)% | 75.87% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $13742 | $20177 | $29277 | $40835 | $69041 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.63% | 1.64% | 1.60% | 1.60% | 1.60% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.60% | 1.61% | 1.55% | 1.48% | 1.53% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.93% | 0.46% | 0.29% | (0.24)% | (0.27)% |
| PORTFOLIO TURNOVER RATE | 25% | 30% | 28% | 26% | 36% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak International Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $3.23 | $3.40 | $3.61 | $5.21 | $3.06 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.04 | 0.03 | 0.02 | (0.00)<sup>(b)</sup> | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.01) | (0.17) | (0.22) | (0.95) | 2.31 |
| Total income/(loss) from investment operations | 0.03 | (0.14) | (0.20) | (0.95) | 2.31 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.02) | (0.01) | (0.00)<sup>(b)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.03) | (0.01) | - | (0.65) | (0.15) |
| Total distributions | (0.08) | (0.03) | (0.01) | (0.65) | (0.16) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $3.18 | $3.23 | $3.40 | $3.61 | $5.21 |
| TOTAL RETURN<sup>(c)</sup> | 1.01% | (4.14)%<sup>(d)</sup> | (5.61)% | (21.38)% | 76.29% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $295089 | $482557 | $603848 | $657165 | $904059 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.38% | 1.39% | 1.36% | 1.35% | 1.36% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.35% | 1.36% | 1.31% | 1.23% | 1.28% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.18% | 0.71% | 0.51% | (0.01)% | (0.02)% |
| PORTFOLIO TURNOVER RATE | 25% | 30% | 28% | 26% | 36% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

*(d)* *Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.* 

See accompanying notes to financial statements.

<u>Grandeur Peak International Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $16.56 | $16.51 | $17.91 | $24.05 | $14.40 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.08 | 0.08 | 0.05 | (0.03) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.09) | 0.07 | (1.44) | (3.93) | 9.70 |
| Total income/(loss) from investment operations | (0.01) | 0.15 | (1.39) | (3.96) | 9.70 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.07) | (0.10) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.18) | (0.05) |
| Total distributions | (0.07) | (0.10) | (0.01) | (2.18) | (0.05) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $16.48 | $16.56 | $16.51 | $17.91 | $9.65 |
| TOTAL RETURN<sup>(c)</sup> | (0.03)% | 0.86% | (7.73)% | (19.07)% | 67.36% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $12981 | $20407 | $31075 | $51250 | $67688 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.15% | 1.17% | 1.15% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.14% | 1.17% | 1.15% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.46% | 0.51% | 0.32% | (0.13)% | (0.01)% |
| PORTFOLIO TURNOVER RATE | 69% | 54% | 32% | 43% | 33% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak International Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Institutional Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $16.72 | $16.67 | $18.06 | $24.19 | $14.46 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.11 | 0.12 | 0.09 | 0.03 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.08) | 0.08 | (1.44) | (3.98) | 9.75 |
| Total income/(loss) from investment operations | 0.03 | 0.20 | (1.35) | (3.95) | 9.81 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.13) | (0.15) | (0.04) | (0.00)<sup>(b)</sup> | (0.03) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (2.18) | (0.05) |
| Total distributions | (0.13) | (0.15) | (0.04) | (2.18) | (0.08) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF YEAR | $16.62 | $16.72 | $16.67 | $18.06 | $9.73 |
| TOTAL RETURN<sup>(c)</sup> | 0.18% | 1.13% | (7.45)% | (18.90)% | 67.84% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $1424439 | $1554863 | $1697892 | $1583122 | $1966043 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 0.90% | 0.92% | 0.90% | 0.89% | 0.90% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 0.89% | 0.92% | 0.90% | 0.89% | 0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.64% | 0.72% | 0.55% | 0.13% | 0.31% |
| PORTFOLIO TURNOVER RATE | 69% | 54% | 32% | 43% | 33% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak US Stalwarts Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Investor Class** | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,**<br> **2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| NET ASSET VALUE, BEGINNING OF YEAR | $18.00 | $15.73 | $17.65 | $22.71 | $13.15 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.02) | (0.01) | (0.01) | (0.03) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.08) | 2.28 | (1.91) | (4.62) | 9.73 |
| Total income/(loss) from investment operations | (0.10) | 2.27 | (1.92) | (4.65) | 9.67 |
| DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.00)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | - | - | (0.42) | (0.11) |
| Total distributions | - | - | (0.00)<sup>(b)</sup> | (0.42) | (0.11) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.01 | 0.00 <sup>(b)</sup> |
| NET ASSET VALUE, END OF YEAR | $17.90 | $18.00 | $15.73 | $17.65 | $9.56 |
| TOTAL RETURN<sup>(c)</sup> | (0.56)% | 14.43% | (10.87)% | (20.93)% | 73.67% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000s) | $124649 | $126631 | $104459 | $131534 | $126106 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 0.90% | 0.90% | 0.90% | 0.91% | 1.11% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 0.88% | 0.90% | 0.90% | 0.91% | 1.00% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.12)% | (0.06)% | (0.07)% | (0.14)% | 0.30% |
| PORTFOLIO TURNOVER RATE | 98% | 60% | 56% | 31% | 24% |

---

*(a)* *Per share numbers have been calculated using the average shares method.* 

*(b)* *Less than $0.005 or ($0.005) per share.* 

*(c)* *Total return in the above table is historical in nature and represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends and capital gain distributions, if any. Had the investment advisor not waived a portion of the Fund's expenses in certain periods, total returns would have been lower.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025

**1.** **ORGANIZATION** 

The Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund are diversified series of shares of beneficial interest and Grandeur Peak Global Explorer Fund, (each a "Fund" and collectively the "Funds") a non-diversified series of shares of beneficial interest of Grandeur Peak Global Trust, (the "Trust"), a statutory trust organized under the laws of the State of Delaware on October 6, 2023, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund reorganized on October 20, 2023 from a series of Financial Investors Trust (the "Predecessor Funds") their predecessor fund to a series of the Trust. Each Fund seeks long-term growth of capital. The inception date of each Fund is listed in the table below.

---

| | |
|:---|:---|
| **Fund** | **Inception Date** |
| Grandeur Peak Emerging Markets Opportunities Fund | December 16, 2013 |
| Grandeur Peak Global Contrarian Fund | September 17, 2019 |
| Grandeur Peak Global Explorer Fund | December 16, 2021 |
| Grandeur Peak Global Micro Cap Fund | October 20, 2015 |
| Grandeur Peak Global Opportunities Fund | October 17, 2011 |
| Grandeur Peak Global Reach Fund | June 19, 2013 |
| Grandeur Peak Global Stalwarts Fund | September 1, 2015 |
| Grandeur Peak International Opportunities Fund | October 17, 2011 |
| Grandeur Peak International Stalwarts Fund | September 1, 2015 |
| Grandeur Peak US Stalwarts Fund | March 19, 2020 |

---

The Funds offer Institutional Class shares. The Grandeur Peak Emerging Markets Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund and Grandeur Peak International Stalwarts Fund also offer Investor Class shares. All classes of shares for each of the Funds have identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year then ended. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services Investment Companies," including Accounting Standards Update 2013-08.

**Operating Segments** – The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**a. Investment Valuation** – The Funds record their investments at fair value. In determining each Fund's Net Asset Value ("NAV") per share as of the close of the New York Stock Exchange ("NYSE"), currently 4:00 pm Eastern Time ("ET") (the "Valuation Time"), securities traded on one or more securities exchanges. for which market quotations are readily available are valued at current market value using the last reported sales price. NASDAQ traded securities are valued using the NASDAQ Official Closing Price ("NOCP"). If no sale price is reported, the mean between the current bid and ask is used. Securities not traded or dealt in on any securities exchange and for which over-the-counter market (whether domestic or foreign) quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the current mean price on such over-the-counter market, (and if there is only a bid or only an ask price on such date, valuation will be at such bid or ask price for long or short positions, respectively).

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

The value of foreign currencies and of foreign securities whose value is quoted or calculated in a foreign currency shall be converted into US dollars based on foreign exchange rates provided by a major banking institution(s) or currency dealer(s) selected by the pricing agent providing such price, or by the advisor in the case of securities for which the advisor provides a fair value determination, at 4:00 pm ET or the nearest time prior to the Valuation Time, at which such foreign currency quotations are available.

The Funds may invest in warrants to participate in an anticipated increase in the market value of the security. A warrant entitles the holder to buy a security at a set price during a set period of time. If such market value increases, the warrant may be exercised and sold at a gain. A loss will be incurred if the market value decreases or if the term of the warrant expires before it is exercised. Warrants convey no rights to dividends or voting. An implied pricing method is used to value the rights.

When such prices or quotations are not available, or when Grandeur Peak Global Advisers, LLC (the "Advisor") believes that they are unreliable, securities may be priced using the Trust's fair value procedures.

Money market-type instruments that have a remaining maturity of 60 days or less are valued at bid prices from a pricing vendor, unless the Advisor believes another valuation is more appropriate.

Forward currency contracts shall be valued at the forward currency contract rates, determined at 4:00 pm ET or the nearest time prior to the Valuation Time, provided by a bank or dealer that the pricing agent or, if applicable, the Advisor believes to be reliable.

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Trust's Board of Trustees (the "Board"). The Board has designated the Advisor as its valuation designee (the "Valuation Designee") for the execution of these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process** – Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used for the year ended as of April 30, 2025, for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Emerging Markets Opportunities Fund** | **Grandeur Peak Emerging Markets Opportunities Fund** | **Grandeur Peak Emerging Markets Opportunities Fund** | **Grandeur Peak Emerging Markets Opportunities Fund** | **Grandeur Peak Emerging Markets Opportunities Fund** |
| Common Stocks\* | $159688973 | $- | $- | $159688973 |
| Total | $159688973 | $- | $- | $159688973 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Contrarian Fund** | **Grandeur Peak Global Contrarian Fund** | **Grandeur Peak Global Contrarian Fund** | **Grandeur Peak Global Contrarian Fund** | **Grandeur Peak Global Contrarian Fund** |
| Common Stocks\* | $134258414 | $- | $- | $134258414 |
| Total | $134258414 | $- | $- | $134258414 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Explorer Fund** | **Grandeur Peak Global Explorer Fund** | **Grandeur Peak Global Explorer Fund** | **Grandeur Peak Global Explorer Fund** | **Grandeur Peak Global Explorer Fund** |
| Common Stocks\* | $11507365 | $- | $- | $11507365 |
| Total | $11507365 | $- | $- | $11507365 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Micro Cap Fund** | **Grandeur Peak Global Micro Cap Fund** | **Grandeur Peak Global Micro Cap Fund** | **Grandeur Peak Global Micro Cap Fund** | **Grandeur Peak Global Micro Cap Fund** |
| Common Stocks\* | $43889447 | $- | $- | $43889447 |
| Total | $43889447 | $- | $- | $43889447 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Opportunities Fund** | **Grandeur Peak Global Opportunities Fund** | **Grandeur Peak Global Opportunities Fund** | **Grandeur Peak Global Opportunities Fund** | **Grandeur Peak Global Opportunities Fund** |
| Common Stocks\* | $453530289 | $- | $- | $453530289 |
| Total | $453530289 | $- | $- | $453530289 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Reach Fund** | **Grandeur Peak Global Reach Fund** | **Grandeur Peak Global Reach Fund** | **Grandeur Peak Global Reach Fund** | **Grandeur Peak Global Reach Fund** |
| Common Stocks\* | $118990274 | $- | $572039 | $119562313 |
| Preferred Stocks | - | - | 980126 | 980126 |
| Total | $118990274 | $- | $1552165 | $120542439 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Stalwarts Fund** | **Grandeur Peak Global Stalwarts Fund** | **Grandeur Peak Global Stalwarts Fund** | **Grandeur Peak Global Stalwarts Fund** | **Grandeur Peak Global Stalwarts Fund** |
| Common Stocks\* | $83943457 | $- | $743651 | $84687108 |
| Preferred Stocks | - | - | 1144165 | 1144165 |
| Total | $83943457 | $- | $1887816 | $85831273 |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak International Opportunities Fund** | **Grandeur Peak International Opportunities Fund** | **Grandeur Peak International Opportunities Fund** | **Grandeur Peak International Opportunities Fund** | **Grandeur Peak International Opportunities Fund** |
| Common Stocks\* | $306020859 | $- | $- | $306020859 |
| Total | $306020859 | $- | $- | $306020859 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak International Stalwarts Fund** | **Grandeur Peak International Stalwarts Fund** | **Grandeur Peak International Stalwarts Fund** | **Grandeur Peak International Stalwarts Fund** | **Grandeur Peak International Stalwarts Fund** |
| Common Stocks\* | $1428939446 | $- | $- | $1428939446 |
| Total | $1428939446 | $- | $- | $1428939446 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak US Stalwarts Fund** | **Grandeur Peak US Stalwarts Fund** | **Grandeur Peak US Stalwarts Fund** | **Grandeur Peak US Stalwarts Fund** | **Grandeur Peak US Stalwarts Fund** |
| Common Stocks\* | $122726310 | $- | $400427 | $123126737 |
| Preferred Stocks | - | - | 626088 | 626088 |
| Total | $122726310 | $- | $1026515 | $123752825 |

---

\* For a detailed country breakdown, see the accompanying Portfolio of Investments.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
| **Grandeur Peak Global Reach Fund** | **Common Stocks** | **Preferred Stocks** | **Total** |
| Balance as of April 30, 2024 | $731724 | $980126 | $1711850 |
| Realized Gain (Loss) |  |  |  |
| Change in Unrealized Appreciation (Depreciation) | (159685) |  | (159685) |
| Purchases |  |  |  |
| Sales Proceeds |  |  |  |
| Transfer in/out Level 3 | - | - | - |
| Balance as of April 30, 2025 | $572039 | $980126 | $1552165 |
| Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2025 | $(159685) | $- | $- |

---

---

| | | | |
|:---|:---|:---|:---|
| **Grandeur Peak Global Stalwarts Fund** | **Common Stocks** | **Preferred Stocks** | **Total** |
| Balance as of April 30, 2024 | $951242 | $1144165 | $2095407 |
| Realized Gain (Loss) |  |  |  |
| Change in Unrealized Appreciation (Depreciation) | (207591) |  | (207591) |
| Purchases |  |  |  |
| Sales Proceeds |  |  |  |
| Transfer in/out Level 3 | - | - | - |
| Balance as of April 30, 2025 | $743651 | $1144165 | $1887816 |
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2025 | $(207591) | $- | $- |

---

---

| | | | |
|:---|:---|:---|:---|
| **Grandeur Peak US Stalwarts Fund** | **Common Stocks** | **Preferred Stocks** | **Total** |
| Balance as of April 30, 2024 | $512201 | $626088 | $1138289 |
| Realized Gain (Loss) |  |  |  |
| Change in Unrealized Appreciation (Depreciation) | (111774) |  | (111774) |
| Purchases |  |  |  |
| Sales Proceeds |  |  |  |
| Transfer in/out Level 3 | - | - | - |
| Balance as of April 30, 2025 | $400427 | $626088 | $1026515 |
| Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2025 | $(111774) | $- | $- |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

The table below provides additional information about the Level 3 Fair Value Measurements as of April 30, 2025:

**Quantitative Information about Level 3 Fair Value Measurements**

**Grandeur Peak Global Reach Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value<br> (USD) at<br> 4/30/25** | **Valuation Technique** | **Unobservable Inputs** | **Value/Range** |
| Common Stocks | $572039 | Discounted/Third-Party Valuation | Third Party Valuation | Discounted Partnership Interest/27.94% |
| Preferred Stocks | $980126 | Market Approach | Enterprise Value-to-Sales Multiple | 5.2x |

---

**Grandeur Peak Global Stalwarts Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value<br> (USD) at<br> 4/30/25** | **Valuation Technique** | **Unobservable Inputs** | **Value/Range** |
| Common Stocks | $743651 | Discounted/Third-Party Valuation | Third Party Valuation | Discounted Partnership Interest/27.94% |
| Preferred Stocks | $1144165 | Market Approach | Enterprise Value-to-Sales Multiple | 5.2x |

---

**Grandeur Peak US Stalwarts Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value<br> (USD) at<br> 4/30/25** | **Valuation Technique** | **Unobservable Inputs** | **Value/Range** |
| Common Stocks | $400427 | Discounted/Third-Party Valuation | Third Party Valuation | Discounted Partnership Interest/27.94% |
| Preferred Stocks | $626088 | Market Approach | Enterprise Value-to-Sales Multiple | 5.2x |

---

**b. Exchange Traded Funds** – The Funds may invest in exchange traded funds ("ETFs"). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity in an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**c. Security Transactions and Related Income** – Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**d. Foreign Securities Risk** – Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region. These conditions could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities.

**e. Foreign Currency Translations** – The books and records of the Funds are maintained in US dollars. The market values of securities which are not traded in US currency are recorded in the financial statements after translation to US dollars based on the applicable exchange rates at the end of the period. The costs of such securities are translated at exchange rates prevailing when acquired. Related interest, dividends and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effect of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

**f. Forward Foreign Currency Contracts** – As foreign securities are purchased and sold, the Funds may enter into forward foreign currency contracts in order to hedge against foreign currency exchange rate risks. The market value of the contracts fluctuate with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

A Fund investing in forward foreign currency contracts is exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. There were no forward foreign currency contracts outstanding as of April 30, 2025.

**h. Cash Management Transactions** – The Funds subscribe to the Brown Brothers Harriman & Co. ("BBH") Cash Management Service ("CMS"), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of April 30, 2025, the Funds had the following cash balances participating in the BBH CMS:

---

| | |
|:---|:---|
| **Fund** | |
| Grandeur Peak Emerging Markets Opportunities Fund | $- |
| Grandeur Peak Global Contrarian Fund |  |
| Grandeur Peak Global Explorer Fund | 45766 |
| Grandeur Peak Global Micro Cap Fund | 1408529 |
| Grandeur Peak Global Opportunities Fund | 934542 |
| Grandeur Peak Global Reach Fund | 1236878 |
| Grandeur Peak Global Stalwarts Fund | 12254 |
| Grandeur Peak International Opportunities Fund | 610804 |
| Grandeur Peak International Stalwarts Fund | 46430236 |
| Grandeur Peak US Stalwarts Fund | 1261281 |

---

As of April 30, 2025, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

---

| | |
|:---|:---|
| **Fund** | |
| Grandeur Peak Emerging Markets Opportunities Fund | $- |
| Grandeur Peak Global Contrarian Fund | 15093 |
| Grandeur Peak Global Explorer Fund | 580 |
| Grandeur Peak Global Micro Cap Fund | 2 |
| Grandeur Peak Global Opportunities Fund | 50740 |
| Grandeur Peak Global Reach Fund | 7220 |
| Grandeur Peak Global Stalwarts Fund |  |
| Grandeur Peak International Opportunities Fund | 32061 |
| Grandeur Peak International Stalwarts Fund | 216675 |
| Grandeur Peak US Stalwarts Fund | 2 |

---

**i. Federal Income Taxes** – It is each Fund's policy to continue to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and gains, if any, to its shareholders and therefore, no provision for federal income tax has been made. Each Fund is treated as a separate taxpayer for federal income tax purposes. The Funds recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years of 2022 through 2024, or expected to be taken in the Funds' April 30, 2025 year-end tax returns. The Funds identify their major tax jurisdiction as US federal, Ohio and foreign jurisdictions where a Fund makes significant investments. No Fund is aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended April 30, 2025, the Funds did not incur any interest or penalties.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

**j. Distributions to Shareholders** – It is each Fund's policy to distribute its respective net investment income and net capital gains, if any, annually. Distributions of net investment income and net capital gains are determined in accordance with income tax regulations which may differ from GAAP. Differences in dividends from net investment income per share between the classes are due to service and distribution related expenses. Dividends and distributions to shareholders are recorded on the ex-date.

**k. Class Accounting** – Each class represents an interest in the same assets of a Fund and classes are identical except for differences in their sales charge structures, ongoing service fees and distribution charges. All classes of shares of a Fund have equal voting privileges with respect to such Fund except that each class has exclusive voting rights with respect to its service and/or distribution plans. A Fund's income, expenses (other than class specific distribution and service fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class of such Fund.

**l. Foreign Taxes** – Withholding taxes on foreign dividends have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates. Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**m. Indemnification** – The Trust indemnifies its officers and the Board for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**n. Expenses** – Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**o. Market Risk** – The value of each Fund's portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Each Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Securities markets may experience long periods of decline in value.

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on a Fund and its investments and could result in decreases to the Fund's net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, tariffs and trade wars, natural and environmental disasters, climate change and climate-related events, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on a Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other preexisting political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

**3.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

**a. Management Fees** – The Advisor serves as each Fund's investment advisor. Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, the Advisor, subject to the oversight of the Board and in conformity with the stated policies of the Funds, manages all business activities of the Funds. As compensation for its services, each Fund pays the Advisor an annual management fee based on each Fund's average daily net assets, accrued daily and paid monthly. The following table reflects the Funds' advisory fee rates.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Grandeur Peak Emerging Markets Opportunities Fund | 1.35% |
| Grandeur Peak Global Contrarian Fund | 1.00% |
| Grandeur Peak Global Explorer Fund | 1.10% |
| Grandeur Peak Global Micro Cap Fund | 1.50% |
| Grandeur Peak Global Opportunities Fund | 1.25% |
| Grandeur Peak Global Reach Fund | 1.10% |
| Grandeur Peak Global Stalwarts Fund | 0.80% |
| Grandeur Peak International Opportunities Fund | 1.25% |
| Grandeur Peak International Stalwarts Fund | 0.80% |
| Grandeur Peak US Stalwarts Fund | 0.75% |

---

Pursuant to an operating expense limitation agreement between the Advisor and the Trust, the Advisor has agreed to waive its fees and/or expenses for each Fund to the extent necessary to maintain each Fund's Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may increase indemnification of the Funds' officers and trustees, contractual indemnification of the Funds' service providers (other than the Advisor))) at a certain level through September 1, 2025. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board. The Advisor is permitted to receive reimbursement from a Fund for fees it waived and Fund expenses it paid, subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or paid; and (2) the reimbursement may not be made if it would cause the expense limitation currently in effect or in effect at the time of the waiver or payment, whichever is lower, to be exceeded. The following table reflects each Fund's expense cap.

---

| | |
|:---|:---|
| **Fund** | **Expense Cap** |
| **Grandeur Peak Emerging Markets Opportunities Fund** |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1.95% |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1.70% |
| **Grandeur Peak Global Contrarian Fund** |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1.35% |
| **Grandeur Peak Global Explorer Fund** |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1.25% |
| **Grandeur Peak Global Micro Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2.00% |
| **Grandeur Peak Global Opportunities Fund** |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1.75% |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1.50% |
| **Grandeur Peak Global Reach Fund** |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1.50% |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1.25% |
| **Grandeur Peak Global Stalwarts Fund** |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1.35% |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1.10% |
| **Grandeur Peak International Opportunities Fund** |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1.75% |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1.50% |
| **Grandeur Peak International Stalwarts Fund** |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1.35% |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1.10% |
| **Grandeur Peak US Stalwarts Fund** |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1.00% |

---

In addition to the foregoing contractual arrangements, the Advisor has contractually agreed to waive, with respect to the Grandeur Peak Global Opportunities Fund and the Grandeur Peak International Opportunities Fund, annual management fees to the extent such fees exceed 1.00% on assets above $500 million (the annual management fee rate with respect to such Funds will remain 1.25% on the first $500 million in assets). Additionally, the Advisor has contractually agreed to waive, with respect to the Grandeur Peak Emerging Markets Opportunities Fund, annual management fees to the extent such fees exceed 1.00% on all assets above $400 million (the annual management fee rate with respect to the Fund will remain 1.35% on the first $400 million in assets). Previously, the Advisor had voluntarily agreed, effective January 1, 2018, to waive, with respect to the Grandeur Peak Emerging Markets Opportunities Fund, annual management fees to the extent such fees exceed 1.20% on all assets above $400

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

million (the annual management fee rate with respect to the Fund will remain 1.35% on the first $400 million in assets). These additional contractual waivers are not subject to recoupment by the Advisor.

Effective January 1, 2025, the Adviser has voluntarily agreed to waive an additional 0.10% of the management fees on the first $400 million in assets for the Grandeur Peak Emerging Markets Opportunities Fund through December 31, 2025, and an additional 0.10% of the management fees on the first $500 million in assets for Grandeur Peak Global Opportunities Fund and Grandeur Peak International Opportunities Fund through December 31, 2025. Effective January 1, 2025 and through December 31, 2025, the Advisor has also voluntarily agreed to waive an additional 0.10% of the management fees for the Grandeur Peak Global Explorer Fund and Grandeur Peak Global Reach Fund and 0.05% of the management fees for the Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund.

Additional fees waived by the Advisor for the year ended April 30, 2025 are disclosed in the Statements of Operations.

As of April 30, 2025, the fee waivers/reimbursements and/or recoupments were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Waived/<br> Reimbursed<br> By Advisor** | **Recoupment of<br> Previously<br> Waived Fees<br> by Advisor** |
| Grandeur Peak Emerging Markets Opportunities Fund | $76347 | $- |
| Grandeur Peak Global Contrarian Fund |  | 4570 |
| Grandeur Peak Global Explorer Fund | 94840 |  |
| Grandeur Peak Global Micro Cap Fund |  | 3837 |
| Grandeur Peak Global Opportunities Fund | 299447 |  |
| Grandeur Peak Global Reach Fund | 49877 |  |
| Grandeur Peak Global Stalwarts Fund | 17226 |  |
| Grandeur Peak International Opportunities Fund | 115151 |  |
| Grandeur Peak International Stalwarts Fund | 246979 |  |
| Grandeur Peak US Stalwarts Fund | 22637 |  |

---

As of April 30, 2025, the Advisor has waived/reimbursed expenses that may be recovered no later than April 30 of the years indicated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 2026** | **Expires 2027** | **Expires 2028** | **Total** |
| Grandeur Peak Emerging Markets Opportunities Fund | $- | $- | $- | $- |
| Grandeur Peak Global Contrarian Fund |  |  |  |  |
| Grandeur Peak Global Explorer Fund | 280910 | 230004 | 90977 | 601891 |
| Grandeur Peak Global Micro Cap Fund |  |  |  |  |
| Grandeur Peak Global Opportunities Fund |  |  |  |  |
| Grandeur Peak Global Reach Fund | 28389 | 119486 |  | 147875 |
| Grandeur Peak Global Stalwarts Fund |  |  | 1064 | 1064 |
| Grandeur Peak International Opportunities Fund |  |  |  |  |
| Grandeur Peak International Stalwarts Fund |  |  |  |  |
| Grandeur Peak US Stalwarts Fund |  |  |  |  |

---

Each Fund was reorganized on October 20, 2023 from a series of Financial Investors Trust to a series of the Trust (the "Reorganizations"). Prior to the Reorganizations, the Funds had advisory and expense limitation agreements with Financial Investors Trust. The fees charged to the Funds did not change as a result of the Reorganizations and the amounts waived by the Predecessor Funds are still subject to recapture by the Advisor.

**b. Distributor** – The Distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Trust has adopted, with respect to the Funds, the Trust's Master Distribution and Shareholder Servicing Plan for the Funds' Investor Class shares (the "Plan") pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. The Plan provides a monthly service and/or distribution fee that is calculated at an annual rate of 0.25% per year of the average daily net assets of each Fund's Investor Class shares and paid to the Distributor to be used to pay for distribution and shareholder servicing activities. The following table reflects the Funds incurred distribution fees for the year ended April 30, 2025.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

---

| | |
|:---|:---|
| **Fund** | **Distribution Fees** |
| Grandeur Peak Emerging Markets Opportunities Fund | $15490 |
| Grandeur Peak Global Contrarian Fund |  |
| Grandeur Peak Global Explorer Fund |  |
| Grandeur Peak Global Micro Cap Fund |  |
| Grandeur Peak Global Opportunities Fund | 89384 |
| Grandeur Peak Global Reach Fund | 45762 |
| Grandeur Peak Global Stalwarts Fund | 43186 |
| Grandeur Peak International Opportunities Fund | 42437 |
| Grandeur Peak International Stalwarts Fund | 41940 |
| Grandeur Peak US Stalwarts Fund |  |

---

**c. Administration, Fund Accounting and Transfer Agency Fees**

**Administrator Fees and Expenses**

Ultimus Fund Solutions, LLC ("UFS") – UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to a separate servicing agreement with UFS, the Funds pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

**Compliance Services**

Northern Lights Compliance Services, LLC ("NLCS") – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

**Printing Services**

BluGiant, LLC ("BluGiant") – BluGiant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Funds.

**4.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br> Securities** | **Proceeds From<br> Sales of<br> Securities** |
| Grandeur Peak Emerging Markets Opportunities Fund | $70043039 | $226785979 |
| Grandeur Peak Global Contrarian Fund | 114265946 | 137700751 |
| Grandeur Peak Global Explorer Fund | 6085418 | 6904063 |
| Grandeur Peak Global Micro Cap Fund | 14584986 | 18963549 |
| Grandeur Peak Global Opportunities Fund | 241012083 | 322758905 |
| Grandeur Peak Global Reach Fund | 104030889 | 190502509 |
| Grandeur Peak Global Stalwarts Fund | 91811437 | 143947428 |
| Grandeur Peak International Opportunities Fund | 105739689 | 299477229 |
| Grandeur Peak International Stalwarts Fund | 1091706684 | 1180513841 |
| Grandeur Peak US Stalwarts Fund | 131043139 | 132337044 |

---

**5.** **SHARES OF BENEFICIAL INTEREST** 

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Funds have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the share do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers' ownership of the shares. Shares have no pre-emptive rights.

Shares redeemed within 60 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. For the year ended April 30, 2025, the redemption fees charged by the Funds are presented in the Statement of Changes in Net Assets.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

**6.** **DISTRIBUTIONS AND TAX COMPONENTS OF CAPITAL** 

The Statement of Assets and Liabilities represents cost for financial reporting purposes. The aggregate cost for federal tax purposes is listed in the table below and differs from market value by net unrealized appreciation (depreciation) which consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br> Appreciation** | **Gross Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Grandeur Peak Emerging Markets Opportunities Fund | $133763077 | $40030653 | $(14104757) | $25925896 |
| Grandeur Peak Global Contrarian Fund | 124995592 | 20300106 | (11037284) | 9262822 |
| Grandeur Peak Global Explorer Fund | 11483448 | 1446548 | (1422631) | 23917 |
| Grandeur Peak Global Micro Cap Fund | 37902304 | 9129252 | (3142109) | 5987143 |
| Grandeur Peak Global Opportunities Fund | 387874735 | 95340790 | (29685236) | 65655554 |
| Grandeur Peak Global Reach Fund | 103313042 | 25030194 | (7800797) | 17229397 |
| Grandeur Peak Global Stalwarts Fund | 74717498 | 16209702 | (5095927) | 11113775 |
| Grandeur Peak International Opportunities Fund | 258251843 | 75171685 | (27402670) | 47769015 |
| Grandeur Peak International Stalwarts Fund | 1242826504 | 275662101 | (89549158) | 186112943 |
| Grandeur Peak US Stalwarts Fund | 120131694 | 14203558 | (10582427) | 3621131 |

---

The tax character of fund distributions paid for the years ended April 30, 2025, and April 30, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 4/30/2025** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Grandeur Peak Emerging Markets Opportunities Fund | $3341149 | $2632461 | $- | $5973610 |
| Grandeur Peak Global Contrarian Fund | 9464611 | 1202808 |  | 10667419 |
| Grandeur Peak Global Explorer Fund | 137008 |  |  | 137008 |
| Grandeur Peak Global Micro Cap Fund | 229518 |  |  | 229518 |
| Grandeur Peak Global Opportunities Fund | 7269597 |  | 2342747 | 9612344 |
| Grandeur Peak Global Reach Fund | 3026241 | 6613965 |  | 9640206 |
| Grandeur Peak Global Stalwarts Fund |  |  |  |  |
| Grandeur Peak International Opportunities Fund | 5704190 | 3613624 |  | 9317814 |
| Grandeur Peak International Stalwarts Fund | 11647093 |  |  | 11647093 |
| Grandeur Peak US Stalwarts Fund |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 4/30/2024** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Grandeur Peak Emerging Markets Opportunities Fund | $5695054 | $10549000 | $– $| 16244054 |
| Grandeur Peak Global Contrarian Fund | 2725193 |  | – | 2725193 |
| Grandeur Peak Global Explorer Fund | 79438 |  | – | 79438 |
| Grandeur Peak Global Micro Cap Fund |  |  | – |  |
| Grandeur Peak Global Opportunities Fund | 4350706 |  | – | 4350706 |
| Grandeur Peak Global Reach Fund | 837240 |  | – | 837240 |
| Grandeur Peak Global Stalwarts Fund | 573492 |  | – | 573492 |
| Grandeur Peak International Opportunities Fund | 2921691 | 2265788 | – | 5187479 |
| Grandeur Peak International Stalwarts Fund | 13350670 |  | – | 13350670 |
| Grandeur Peak US Stalwarts Fund |  |  | – |  |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

As of April 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Undistributed Long-Term<br> Capital Gains** | **Post October<br> Loss and<br> Late Year Loss** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized Appreciation/ (Depreciation)** | **Total<br> Distributable Earnings/(Losses)** |
| Grandeur Peak Emerging Markets Opportunities Fund | $- | $3064606 | $- | $- | $– $| 25919086 | $28983692 |
| Grandeur Peak Global Contrarian Fund | 2038174 | 5491946 |  |  | – | 9278335 | 16808455 |
| Grandeur Peak Global Explorer Fund | 5857 |  |  | (1952414) | – | 24316 | (1922241) |
| Grandeur Peak Global Micro Cap Fund | 160057 | 322923 |  |  | – | 5988471 | 6471451 |
| Grandeur Peak Global Opportunities Fund |  |  | (8490517) | (689834) | – | 65685110 | 56504759 |
| Grandeur Peak Global Reach Fund | 194204 | 8168527 |  |  | – | 17240305 | 25603036 |
| Grandeur Peak Global Stalwarts Fund | 88317 |  |  | (20641425) | – | 11120371 | (9432737) |
| Grandeur Peak International Opportunities Fund | 3049139 |  |  | (5889113) | – | 47815527 | 44975553 |
| Grandeur Peak International Stalwarts Fund | 4232972 |  |  | (128862773) | – | 186202820 | 61573019 |
| Grandeur Peak US Stalwarts Fund |  |  | (30147) | (21380631) | – | 3621131 | (17789647) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and adjustments for partnerships. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) as noted below:

---

| | |
|:---|:---|
|  | **Unrealized<br> Foreign Currency<br> Gains/(Losses)** |
| Grandeur Peak Emerging Markets Opportunities Fund | $(6810) |
| Grandeur Peak Global Contrarian Fund | 15513 |
| Grandeur Peak Global Explorer Fund | 399 |
| Grandeur Peak Global Micro Cap Fund | 1328 |
| Grandeur Peak Global Opportunities Fund | 29556 |
| Grandeur Peak Global Reach Fund | 10908 |
| Grandeur Peak Global Stalwarts Fund | 6596 |
| Grandeur Peak International Opportunities Fund | 46512 |
| Grandeur Peak International Stalwarts Fund | 89877 |
| Grandeur Peak US Stalwarts Fund |  |

---

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. Grandeur Peak Global Opportunities Fund and Grandeur Peak US Stalwarts Fund incurred and elected to defer such late year losses of $1,430,318 and $30,147, respectively.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. Grandeur Peak Global Opportunities Fund incurred and elected to defer such capital losses of $7,060,199.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> April 30, 2025 (Continued)

At April 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, and capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-expiring<br> Short-Term** | **Non-expiring<br> Long-Term** | **Total** | <br>**CLCF Utilized** |
| Grandeur Peak Emerging Markets Opportunities Fund | $- | $- | $- | $- |
| Grandeur Peak Global Contrarian Fund |  |  |  | 1559770 |
| Grandeur Peak Global Explorer Fund | 728605 | 1223809 | 1952414 | 34438 |
| Grandeur Peak Global Micro Cap Fund |  |  |  | 1878080 |
| Grandeur Peak Global Opportunities Fund | 689834 |  | 689834 |  |
| Grandeur Peak Global Reach Fund |  |  |  |  |
| Grandeur Peak Global Stalwarts Fund | 20641425 |  | 20641425 | 12866632 |
| Grandeur Peak International Opportunities Fund | 3277606 | 2611507 | 5889113 |  |
| Grandeur Peak International Stalwarts Fund | 128862773 |  | 128862773 |  |
| Grandeur Peak US Stalwarts Fund | 21380631 |  | 21380631 | 10482745 |

---

During the fiscal period ended April 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, net operating losses, distributions in excess, and use of tax equalization credits, resulted in reclassifications for the Fund for the fiscal year ended April 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Distributable<br> Earnings/ (Losses)** |
| Grandeur Peak Emerging Markets Opportunities Fund | $1209411 | $(1209411) |
| Grandeur Peak Global Contrarian Fund | 1064280 | (1064280) |
| Grandeur Peak Global Explorer Fund |  |  |
| Grandeur Peak Global Micro Cap Fund |  |  |
| Grandeur Peak Global Opportunities Fund | (2342747) | 2342747 |
| Grandeur Peak Global Reach Fund | 3215829 | (3215829) |
| Grandeur Peak Global Stalwarts Fund | (46) | 46 |
| Grandeur Peak International Opportunities Fund | 968945 | (968945) |
| Grandeur Peak International Stalwarts Fund |  |  |
| Grandeur Peak US Stalwarts Fund | (311517) | 311517 |

---

**7.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the outstanding shares of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. Such control may affect the voting rights of other shareholders. The following table provides the name of any person who owns of record or beneficially 25% or more of the outstanding shares of each class of a Fund as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder Name** | **Percentage of Interest** |
| **Grandeur Peak Emerging Markets Opportunities Fund** | National Financial Services, LLC | 36.4% |
|  | Charles Schwab & Co. Inc. | 35.7% |
| **Grandeur Peak Global Contrarian Fund** | Charles Schwab & Co. Inc. | 57.3% |
| **Grandeur Peak Global Explorer Fund** | Grandeur Peak Global Advisors, LLC | 35.4% |
|  | Charles Schwab & Co. Inc. | 31.5% |
| **Grandeur Peak Global Micro Cap Fund** | Charles Schwab & Co. Inc. | 27.2% |
| **Grandeur Peak Global Opportunities Fund** | Charles Schwab & Co. Inc. | 33.3% |
| **Grandeur Peak Global Reach Fund** | Charles Schwab & Co. Inc. | 38.8% |
| **Grandeur Peak Global Stalwarts Fund** | National Financial Services, LLC | 25.1% |
|  | Charles Schwab & Co. Inc. | 38.2% |
| **Grandeur Peak International Opportunities Fund** | N/A | N/A |
| **Grandeur Peak International Stalwarts Fund** | Edward D Jones & Co. | 27.8% |
| **Grandeur Peak US Stalwarts Fund** | Charles Schwab & Co. Inc. | 52.3% |
|  | Saxon & Co. FBO Allerton Foundation | 37.9% |

---

**8.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Report of Independent Registered Public Accounting Firm</u>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Grandeur Peak Global Trust and the Shareholders of Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund, and Grandeur Peak US Stalwarts Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Grandeur Peak Global Trust (the "Trust"), comprising Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund, and Grandeur Peak US Stalwarts Fund (collectively, the "Funds"), including the portfolios of investments, as of April 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (except for Grandeur Peak Global Explorer Fund where the financial highlights for the periods included in the table below), and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Individual Fund Comprising the Grandeur Peak Global Trust** | **Financial Highlights** |
| Grandeur Peak Global Explorer Fund | For the years ended April 30, 2025, 2024, 2023, and for the period from December 16, 2021 (Commencement of operations) through April 30, 2022 |

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Report of Independent Registered Public Accounting Firm</u>

![](img_001.jpg)

Costa Mesa, California

June 27, 2025

We have served as the auditor of one or more Grandeur Peak Global Advisors, LLC investment companies since 2012.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Additional Information</u> <br> April 30, 2025 (Unaudited)

**1. TAX DESIGNATIONS**

The Funds designate the following amounts for federal income tax purposes for the fiscal year ended April 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes Paid** | **Foreign Source<br> Income** |
| Grandeur Peak Emerging Markets Opportunities Fund | $1112833 | $4274720 |
| Grandeur Peak Global Contrarian Fund | 410979 | 4765363 |
| Grandeur Peak Global Explorer Fund | 26115 | 88349 |
| Grandeur Peak Global Micro Cap Fund | 202628 | 303040 |
| Grandeur Peak Global Opportunities Fund | 533493 | 5691137 |
| Grandeur Peak Global Reach Fund | 504409 | 1934782 |
| Grandeur Peak Global Stalwarts Fund | 84757 | 128955 |
| Grandeur Peak International Opportunities Fund | 859504 | 6006249 |
| Grandeur Peak International Stalwarts Fund | 1920192 | 11806192 |
| Grandeur Peak US Stalwarts Fund | 0 | 0 |

---

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2024, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

---

| | | |
|:---|:---|:---|
|  | **Dividend<br> Received Deduction** | **Qualified<br> Dividend Income** |
| Grandeur Peak Emerging Markets Opportunities Fund | 100% | 100% |
| Grandeur Peak Global Contrarian Fund | 27.21% | 28.38% |
| Grandeur Peak Global Explorer Fund | 100% | 100% |
| Grandeur Peak Global Micro Cap Fund | 100% | 100% |
| Grandeur Peak Global Opportunities Fund | 86.90% | 90.64% |
| Grandeur Peak Global Reach Fund | 66.71% | 77.44% |
| Grandeur Peak Global Stalwarts Fund | 0.00% | 0.00% |
| Grandeur Peak International Opportunities Fund | 100% | 100% |
| Grandeur Peak International Stalwarts Fund | 100% | 100% |
| Grandeur Peak US Stalwarts Fund | 0.00% | 0.00% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Funds designate the following as long-term capital gain dividends:

---

| | |
|:---|:---|
| Grandeur Peak Emerging Markets Opportunities Fund | $2632461 |
| Grandeur Peak Global Contrarian Fund | 1202808 |
| Grandeur Peak Global Explorer Fund | 0 |
| Grandeur Peak Global Micro Cap Fund | 0 |
| Grandeur Peak Global Opportunities Fund | 0 |
| Grandeur Peak Global Reach Fund | 6613965 |
| Grandeur Peak Global Stalwarts Fund | 0 |
| Grandeur Peak International Opportunities Fund | 3613624 |
| Grandeur Peak International Stalwarts Fund | 0 |
| Grandeur Peak US Stalwarts Fund | 0 |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Additional Information</u> <br> April 30, 2025 (Unaudited) (Continued)

For the fiscal year ended April 30, 2025, the following long-term amounts were utilized as earnings and profits distributed to shareholders on redemptions:

---

| | |
|:---|:---|
| Grandeur Peak Emerging Markets Opportunities Fund | $1209411 |
| Grandeur Peak Global Contrarian Fund | 1064280 |
| Grandeur Peak Global Explorer Fund | 0 |
| Grandeur Peak Global Micro Cap Fund | 0 |
| Grandeur Peak Global Opportunities Fund | 0 |
| Grandeur Peak Global Reach Fund | 3771443 |
| Grandeur Peak Global Stalwarts Fund | 0 |
| Grandeur Peak International Opportunities Fund | 968945 |
| Grandeur Peak International Stalwarts Fund | 0 |
| Grandeur Peak US Stalwarts Fund | 0 |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Additional Information</u> <br> April 30, 2025 (Unaudited) (Continued)

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

There were no changes in or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURES**

Not applicable.

**REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS**

Refer to the financial statements included herein.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT**

Not applicable.

**FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES**

The Funds' policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, upon request, by calling 1-877-314-9006, by visiting the Funds' website at www.grandeurpeakglobal.com, or by referring to the SEC's website at <u>http://www.sec.gov</u>.

![](backcover.jpg)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 as of a date within 90 days of this report on Form N-CSR, based on their evaluation of these disclosure controls and procedures as required
 by Rule 30a-3(b) under the Act.

(b) There were no changes in the registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have
 materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of Ethics filed herewith.](grandeurpeak_ex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](grandeurpeak_ex99cert.htm)

(a)(4) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](grandeurpeak_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Grandeur Peak Global Trust |
| By (Signature and Title) | /s/ Brian Curley |
|  | Brian Curley, Principal Executive Officer/President |

---

Date <u>7/2/2025</u> <br>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Brian Curley |
|  | Brian Curley, Principal Executive Officer/President |

---

Date <u>7/2/2025</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Richard Gleason |
|  | Richard Gleason, Principal Financial Officer/Treasurer |

---

Date <u>7/2/2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the Grandeur Peak Funds, a series of the Grandeur Peak Global Trust ("registrant");

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/2/2025 | /s/ Brian Curley |
|  |  | Brian Curley<br> Principal Executive Officer/President |

---

I, Richard Gleason, certify that:

1. I have reviewed this report on Form N-CSR of the Grandeur Peak Funds, a series of the Grandeur Peak Global Trust ("registrant");

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/2/2025 | /s/ Richard Gleason |
|  |  | Richard Gleason<br> Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**EX-99.906CERT**

**certification**

Brian Curley, Principal Executive Officer/President, and Richard Gleason, Principal Financial Officer/Treasurer, of Grandeur Peak Global Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The
 Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the
 "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d)
 of the Securities Exchange Act of 1934, as amended; and

2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer/President<br> Grandeur Peak Global Trust | Principal Financial Officer/Treasurer<br> Grandeur Peak Global Trust |
| /s/ Brian Curley | /s/ Richard Gleason |
| Brian Curley | Richard Gleason |

---

Date: <u>7/2/2025</u> Date: <u>7/2/2025</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Ex. 99.CODE ETH**

**ATTACHMENT**

**15. B - TRUST**

**CODE OF ETHICS**

**Grandeur Peak CODE OF ETHICS**

Grandeur Peak (the "Trust") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

**DEFINITIONS**

 ****

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing
a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing
a similar function) of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled
by or under common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making
of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with
the Trust or the Adviser who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered
Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Adviser with respect to Adviser's personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds serviced by Ultimus, NLCS, or NLD.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser's personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister- in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Adviser to the Trust.

**"Trust"** mean Grandeur Peak.

**PROHIBITED ACTIONS AND ACTIVITIES**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security
in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows
or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-Making Access Persons may not participate in any initial public offering
of Covered Securities in any account over which they exercise Beneficial Ownership. All Access Persons must obtain prior written authorization
from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No Access Person may purchase a Covered Security in which by reason of such transaction
they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the
Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Access Persons may not accept any fee, commission, gift, or services, other than
de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Decision-Making Access Persons may not serve on the board of directors of a publicly
traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service
would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such
Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trust.

Advanced notice should be given so that the Trust or the Adviser may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Decision-Making Access Persons may execute a Personal Securities Transaction involving
a Covered Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance
Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance Officer or his designee
may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. It shall be a violation of this Code for any Access Person, in connection with
the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state
to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under which they are made,
not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate
as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

**EXEMPTED TRANSACTIONS**

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The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or Sales of Securities effected in any account in which an Access Person
has no Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or Sales of Securities which are non-volitional on the part the Access Person
(for example, the receipt of stock dividends);

&nbsp;&nbsp;&nbsp;&nbsp;· Purchase of Securities made as part of automatic dividend reinvestment plans;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases of Securities made as part of an employee benefit plan involving the
periodic purchase of company stock or mutual Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases of Securities effected upon the exercise of rights issued by an issuer
pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights
so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

**REPORTING AND MONITORING**

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The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code. An Access Person of either Trust who is also an access person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance

Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Adviser.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, the title, and as applicable the exchange ticker symbol
or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· The price of the Covered Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to the Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

**ENFORCEMENTS AND PENALTIES**

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The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer a shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

&nbsp;&nbsp;&nbsp;&nbsp;· Summarize existing procedures concerning Personal Securities investing and any changes
in the procedures made during the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;· Identify any violations of this Code and any significant remedial action taken during
the prior year; and;

&nbsp;&nbsp;&nbsp;&nbsp;· Identify any recommended changes in existing restrictions or procedures based upon
the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

**ACKNOWLEDGEMENT**

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The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code. The Trust Chief Compliance Officer must provide each Access Person with a copy of this Code of Ethics and any amendments and receive from each Access Person an acknowledgement of receipt of this Code of Ethics, in the form attached hereto as **Exhibit B**.