# EDGAR Filing Document

**Accession Number:** 0001965454
**File Stem:** 0001580642-26-000201
**Filing Date:** 2026-1
**Character Count:** 329311
**Document Hash:** d9674dc93a997bcf80a684e9be4604d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000201.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001580642-26-000201

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23852
- **FILM NUMBER:** 26522582

**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 <u>811-23852</u>

<u>Grandeur Peak Global Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>CT Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

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

Date of fiscal year end: <u>4/30</u> <br>Date of reporting period: <u>10/31/2025</u>

**Item 1. Reports to Stockholders.**

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

#### Institutional Class (GPEIX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Emerging Markets Opportunities Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $86 | 1.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $92318553 |
| Number of Portfolio Holdings | 82 |
| Advisory Fee | $723325 |
| Portfolio Turnover | 15% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](ia50468d83829c1f4eafb3c17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.0% |
| Other Countries | 9.6% |
| Vietnam | 3.7% |
| Philippines | 3.7% |
| Poland | 4.4% |
| Indonesia | 4.9% |
| Brazil | 5.0% |
| Mexico | 10.0% |
| China | 10.7% |
| South Korea | 11.4% |
| Taiwan | 17.6% |
| India | 18.2% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Gulf Oil Lubricants India Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Sporton International, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Regional SAB de cv | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Silergy Corp | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;HPSP Company Ltd. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;SJS Enterprises Ltd | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Motherson Sumi Wiring India Ltd. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Voltronic Power Technology | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;FNS Tech Co Ltd | &nbsp;&nbsp;1.9% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i50330248f6ad93ff2cd31bab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Industries | 20.6% |
| Internet Media & Services | 2.2% |
| Technology Services | 2.7% |
| Engineering & Construction | 2.7% |
| Apparel & Textile Products | 2.8% |
| Leisure Facilities & Services | 2.9% |
| Chemicals | 3.0% |
| Retail - Discretionary | 3.1% |
| Food | 3.1% |
| Machinery | 3.2% |
| Software | 3.8% |
| Commercial Support Services | 5.1% |
| Automotive | 6.6% |
| Retail - Consumer Staples | 8.0% |
| Banking | 8.1% |
| Semiconductors | 9.3% |
| Technology Hardware | 12.2% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i868d32be7d381ffbe6dcb823.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 28.0% |
| Consumer Discretionary | 16.4% |
| Industrials | 14.7% |
| Consumer Staples | 13.8% |
| Financials | 11.3% |
| Materials | 5.2% |
| Health Care | 3.9% |
| Communications | 3.8% |
| Real Estate | 2.1% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPEIX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Emerging Markets Opportunities Fund

#### Investor Class (GPEOX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Emerging Markets Opportunities Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $100 | 1.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $92318553 |
| Number of Portfolio Holdings | 82 |
| Advisory Fee | $723325 |
| Portfolio Turnover | 15% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](ia50468d83829c1f4eafb3c17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.0% |
| Other Countries | 9.6% |
| Vietnam | 3.7% |
| Philippines | 3.7% |
| Poland | 4.4% |
| Indonesia | 4.9% |
| Brazil | 5.0% |
| Mexico | 10.0% |
| China | 10.7% |
| South Korea | 11.4% |
| Taiwan | 17.6% |
| India | 18.2% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Gulf Oil Lubricants India Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Sporton International, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Regional SAB de cv | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Silergy Corp | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;HPSP Company Ltd. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;SJS Enterprises Ltd | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Motherson Sumi Wiring India Ltd. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Voltronic Power Technology | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;FNS Tech Co Ltd | &nbsp;&nbsp;1.9% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i50330248f6ad93ff2cd31bab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Industries | 20.6% |
| Internet Media & Services | 2.2% |
| Technology Services | 2.7% |
| Engineering & Construction | 2.7% |
| Apparel & Textile Products | 2.8% |
| Leisure Facilities & Services | 2.9% |
| Chemicals | 3.0% |
| Retail - Discretionary | 3.1% |
| Food | 3.1% |
| Machinery | 3.2% |
| Software | 3.8% |
| Commercial Support Services | 5.1% |
| Automotive | 6.6% |
| Retail - Consumer Staples | 8.0% |
| Banking | 8.1% |
| Semiconductors | 9.3% |
| Technology Hardware | 12.2% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i868d32be7d381ffbe6dcb823.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 28.0% |
| Consumer Discretionary | 16.4% |
| Industrials | 14.7% |
| Consumer Staples | 13.8% |
| Financials | 11.3% |
| Materials | 5.2% |
| Health Care | 3.9% |
| Communications | 3.8% |
| Real Estate | 2.1% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPEOX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Global Contrarian Fund

#### Institutional Class (GPGCX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Global Contrarian Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $64 | 1.21%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $146067557 |
| Number of Portfolio Holdings | 97 |
| Advisory Fee | $741280 |
| Portfolio Turnover | 32% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](id4ec2e98f41b3413c507bfd5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Countries | 25.3% |
| Belgium | 3.1% |
| France | 3.2% |
| Mexico | 3.2% |
| Brazil | 3.4% |
| Italy | 4.2% |
| China | 4.6% |
| Australia | 5.9% |
| Japan | 12.5% |
| United Kingdom | 12.7% |
| United States | 21.8% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Dollar General Corporation | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;B & M European Value Retail SA | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;CVS Group plc | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Virbac S.A. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;MA Financial Group Ltd | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Riverstone Holdings Ltd. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;System Support, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Marex Group PLC | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;ULS Group Inc | &nbsp;&nbsp;1.7% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i0663728d42db4d9ae73c2cda.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Industries | 21.4% |
| Retail - Discretionary | 2.3% |
| Specialty Finance | 2.8% |
| Banking | 3.0% |
| Apparel & Textile Products | 3.1% |
| Machinery | 3.2% |
| Wholesale - Discretionary | 3.3% |
| E-Commerce Discretionary | 3.3% |
| Technology Hardware | 3.9% |
| Biotech & Pharma | 3.9% |
| Commercial Support Services | 4.4% |
| Health Care Facilities & Services | 5.2% |
| Semiconductors | 5.7% |
| Technology Services | 6.0% |
| Medical Equipment & Devices | 6.9% |
| Retail - Consumer Staples | 10.5% |
| Asset Management | 11.5% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i0f52bd002299e710bc71dfcc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.1% |
| Technology | 16.2% |
| Consumer Discretionary | 16.1% |
| Health Care | 15.9% |
| Industrials | 12.3% |
| Consumer Staples | 11.7% |
| Materials | 4.7% |
| Communications | 1.9% |
| Energy | 0.9% |
| Utilities | 0.2% |
| Liabilities in Excess of Other Assets | -0.1% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPGCX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Global Explorer Fund

#### Institutional Class (GPGEX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Global Explorer Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $60 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12074768 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $8774 |
| Portfolio Turnover | 93% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](id10069c9c05714375306e26d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.2% |
| Other Countries | 15.5% |
| South Korea | 2.4% |
| Belgium | 2.5% |
| Taiwan | 4.9% |
| Sweden | 4.9% |
| Australia | 5.5% |
| India | 6.0% |
| Japan | 7.1% |
| Italy | 8.3% |
| United Kingdom | 15.1% |
| United States | 25.0% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Pinnacle Investment Management Group | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;JFrog Ltd. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Visional Inc | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Freshpet, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Primoris Services Corporation | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Games Workshop Group plc | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;AddTech AB | &nbsp;&nbsp;2.6% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i764a74eb8cd6edc2f94469ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.2% |
| Other Industries | 15.3% |
| Institutional Financial Services | 2.2% |
| Specialty Finance | 2.3% |
| Electrical Equipment | 2.6% |
| Leisure Products | 2.7% |
| Engineering & Construction | 2.7% |
| Retail - Consumer Staples | 3.2% |
| Retail - Discretionary | 4.7% |
| Commercial Support Services | 5.1% |
| Machinery | 5.1% |
| Asset Management | 5.5% |
| Biotech & Pharma | 5.5% |
| Medical Equipment & Devices | 5.9% |
| Industrial Support Services | 7.6% |
| Software | 8.1% |
| Technology Hardware | 8.5% |
| Semiconductors | 10.4% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](ib8161fc0e35644b6a8002a87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 29.0% |
| Industrials | 26.9% |
| Health Care | 13.4% |
| Financials | 12.2% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 5.2% |
| Communications | 2.3% |
| Other Assets in Excess of Liabilities | 2.2% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPGEX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Global Micro Cap Fund

#### Institutional Class (GPMCX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Global Micro Cap Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $104 | 2.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $46263353 |
| Number of Portfolio Holdings | 109 |
| Advisory Fee | $355769 |
| Portfolio Turnover | 17% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i039ad45518e12e5ecb8e80f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Other Countries | 13.2% |
| Greece | 2.0% |
| Canada | 2.1% |
| France | 2.4% |
| Taiwan | 2.4% |
| India | 6.1% |
| Australia | 7.0% |
| Sweden | 7.3% |
| United Kingdom | 12.5% |
| United States | 20.6% |
| Japan | 23.3% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mama's Creations Incorporated | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Pennant Group, Inc. (The) | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;ULS Group Inc | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;System Support, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;CVS Group plc | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Elixirr International PLC | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Bowman Consulting Group Limited | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Swedencare AB | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Bengo4.com Inc | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Kogan.com Ltd | &nbsp;&nbsp;1.7% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](ie6fc28b23adde35da9ebf46d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Other Industries | 15.2% |
| Real Estate Owners & Developers | 1.8% |
| Biotech & Pharma | 1.9% |
| Engineering & Construction | 1.9% |
| Apparel & Textile Products | 2.1% |
| Automotive | 2.7% |
| Internet Media & Services | 3.1% |
| Retail - Discretionary | 3.6% |
| E-Commerce Discretionary | 3.7% |
| Food | 4.4% |
| Technology Hardware | 4.5% |
| Medical Equipment & Devices | 6.1% |
| Health Care Facilities & Services | 8.4% |
| Asset Management | 8.5% |
| Technology Services | 9.1% |
| Software | 10.9% |
| Commercial Support Services | 11.2% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i39a4fc943a8741516a94abd8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 26.2% |
| Health Care | 16.3% |
| Industrials | 15.9% |
| Consumer Discretionary | 15.3% |
| Financials | 10.5% |
| Consumer Staples | 6.0% |
| Communications | 3.5% |
| Materials | 2.9% |
| Real Estate | 1.8% |
| Energy | 0.4% |
| Utilities | 0.2% |
| Other Assets in Excess of Liabilities | 1.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPMCX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Global Opportunities Fund

#### Institutional Class (GPGIX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Global Opportunities Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $69 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $408135023 |
| Number of Portfolio Holdings | 110 |
| Advisory Fee | $2591062 |
| Portfolio Turnover | 21% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](idcfbd6631c721cc3c0237023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Other Countries | 15.1% |
| Germany | 2.2% |
| Belgium | 2.8% |
| India | 3.1% |
| France | 3.6% |
| Australia | 3.9% |
| Sweden | 4.2% |
| Italy | 5.7% |
| Japan | 14.9% |
| United Kingdom | 19.4% |
| United States | 23.9% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Virbac S.A. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Visional Inc | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Volution Group PLC | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;CVS Group plc | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Melexis NV | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Primoris Services Corporation | &nbsp;&nbsp;1.9% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](ifbbdc73d70ef02dd3420167f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Other Industries | 17.3% |
| Banking | 2.7% |
| Engineering & Construction | 3.3% |
| Health Care Facilities & Services | 3.9% |
| Machinery | 4.0% |
| Technology Hardware | 4.2% |
| Retail - Discretionary | 4.2% |
| Retail - Consumer Staples | 4.4% |
| Industrial Support Services | 5.0% |
| Technology Services | 5.1% |
| Biotech & Pharma | 5.2% |
| Software | 5.2% |
| Semiconductors | 5.9% |
| Medical Equipment & Devices | 6.4% |
| Electrical Equipment | 6.5% |
| Commercial Support Services | 6.9% |
| Asset Management | 8.7% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i8f67165689db95630dbd812b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 26.5% |
| Technology | 20.4% |
| Health Care | 15.4% |
| Financials | 14.5% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 6.8% |
| Communications | 2.4% |
| Real Estate | 2.1% |
| Materials | 1.0% |
| Energy | 0.4% |
| Other Assets in Excess of Liabilities | 1.1% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPGIX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Global Opportunities Fund

#### Investor Class (GPGOX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Global Opportunities Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $82 | 1.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $408135023 |
| Number of Portfolio Holdings | 110 |
| Advisory Fee | $2591062 |
| Portfolio Turnover | 21% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](idcfbd6631c721cc3c0237023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Other Countries | 15.1% |
| Germany | 2.2% |
| Belgium | 2.8% |
| India | 3.1% |
| France | 3.6% |
| Australia | 3.9% |
| Sweden | 4.2% |
| Italy | 5.7% |
| Japan | 14.9% |
| United Kingdom | 19.4% |
| United States | 23.9% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Virbac S.A. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Visional Inc | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Volution Group PLC | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;CVS Group plc | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Melexis NV | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Primoris Services Corporation | &nbsp;&nbsp;1.9% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](ifbbdc73d70ef02dd3420167f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Other Industries | 17.3% |
| Banking | 2.7% |
| Engineering & Construction | 3.3% |
| Health Care Facilities & Services | 3.9% |
| Machinery | 4.0% |
| Technology Hardware | 4.2% |
| Retail - Discretionary | 4.2% |
| Retail - Consumer Staples | 4.4% |
| Industrial Support Services | 5.0% |
| Technology Services | 5.1% |
| Biotech & Pharma | 5.2% |
| Software | 5.2% |
| Semiconductors | 5.9% |
| Medical Equipment & Devices | 6.4% |
| Electrical Equipment | 6.5% |
| Commercial Support Services | 6.9% |
| Asset Management | 8.7% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i8f67165689db95630dbd812b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 26.5% |
| Technology | 20.4% |
| Health Care | 15.4% |
| Financials | 14.5% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 6.8% |
| Communications | 2.4% |
| Real Estate | 2.1% |
| Materials | 1.0% |
| Energy | 0.4% |
| Other Assets in Excess of Liabilities | 1.1% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPGOX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Global Reach Fund

#### Institutional Class (GPRIX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Global Reach Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $61 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $99358457 |
| Number of Portfolio Holdings | 232 |
| Advisory Fee | $503182 |
| Portfolio Turnover | 28% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i0f5484d6dbc4ea99bd3a5d2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Other Countries | 23.0% |
| Mexico | 2.4% |
| Brazil | 2.6% |
| Italy | 3.3% |
| Taiwan | 4.2% |
| Sweden | 4.7% |
| Australia | 4.9% |
| India | 5.7% |
| Japan | 11.1% |
| United Kingdom | 12.5% |
| United States | 24.5% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;MA Financial Group Ltd | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Freshpet, Inc. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Gusto Inc. Preferred Series E | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Pinnacle Investment Management Group | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Elixirr International PLC | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Virbac S.A. | &nbsp;&nbsp;0.9% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i351c4f2966cdda0789586af0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Other Industries | 22.2% |
| Banking | 2.0% |
| Specialty Finance | 2.2% |
| Retail - Discretionary | 3.0% |
| Industrial Support Services | 3.1% |
| Health Care Facilities & Services | 3.2% |
| Machinery | 3.2% |
| Retail - Consumer Staples | 4.3% |
| Commercial Support Services | 4.3% |
| Biotech & Pharma | 4.4% |
| Electrical Equipment | 4.5% |
| Technology Services | 5.1% |
| Semiconductors | 5.3% |
| Medical Equipment & Devices | 5.5% |
| Technology Hardware | 7.0% |
| Asset Management | 8.6% |
| Software | 11.3% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i976fb0f999a736bf162916da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 28.7% |
| Industrials | 17.9% |
| Financials | 16.5% |
| Health Care | 13.1% |
| Consumer Discretionary | 8.6% |
| Consumer Staples | 6.1% |
| Communications | 2.8% |
| Real Estate | 2.2% |
| Materials | 1.8% |
| Listed Private Equity Investments | 0.6% |
| Energy | 0.5% |
| Utilities | 0.2% |
| Other Assets in Excess of Liabilities | 0.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPRIX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Global Reach Fund

#### Investor Class (GPROX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Global Reach Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $74 | 1.40%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $99358457 |
| Number of Portfolio Holdings | 232 |
| Advisory Fee | $503182 |
| Portfolio Turnover | 28% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i0f5484d6dbc4ea99bd3a5d2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Other Countries | 23.0% |
| Mexico | 2.4% |
| Brazil | 2.6% |
| Italy | 3.3% |
| Taiwan | 4.2% |
| Sweden | 4.7% |
| Australia | 4.9% |
| India | 5.7% |
| Japan | 11.1% |
| United Kingdom | 12.5% |
| United States | 24.5% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;MA Financial Group Ltd | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Freshpet, Inc. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Gusto Inc. Preferred Series E | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Pinnacle Investment Management Group | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Elixirr International PLC | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Virbac S.A. | &nbsp;&nbsp;0.9% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i351c4f2966cdda0789586af0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Other Industries | 22.2% |
| Banking | 2.0% |
| Specialty Finance | 2.2% |
| Retail - Discretionary | 3.0% |
| Industrial Support Services | 3.1% |
| Health Care Facilities & Services | 3.2% |
| Machinery | 3.2% |
| Retail - Consumer Staples | 4.3% |
| Commercial Support Services | 4.3% |
| Biotech & Pharma | 4.4% |
| Electrical Equipment | 4.5% |
| Technology Services | 5.1% |
| Semiconductors | 5.3% |
| Medical Equipment & Devices | 5.5% |
| Technology Hardware | 7.0% |
| Asset Management | 8.6% |
| Software | 11.3% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i976fb0f999a736bf162916da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 28.7% |
| Industrials | 17.9% |
| Financials | 16.5% |
| Health Care | 13.1% |
| Consumer Discretionary | 8.6% |
| Consumer Staples | 6.1% |
| Communications | 2.8% |
| Real Estate | 2.2% |
| Materials | 1.8% |
| Listed Private Equity Investments | 0.6% |
| Energy | 0.5% |
| Utilities | 0.2% |
| Other Assets in Excess of Liabilities | 0.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPROX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Global Stalwarts Fund

#### Institutional Class (GGSYX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Global Stalwarts Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $55 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $83313248 |
| Number of Portfolio Holdings | 100 |
| Advisory Fee | $289624 |
| Portfolio Turnover | 31% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i1804af29f4a3a6c1bb0d25df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Countries | 16.4% |
| Germany | 2.7% |
| South Korea | 3.1% |
| Taiwan | 3.2% |
| Italy | 3.5% |
| India | 4.0% |
| Netherlands | 4.8% |
| Sweden | 7.0% |
| Japan | 10.1% |
| United Kingdom | 10.1% |
| United States | 34.7% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Primoris Services Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Japan Elevator Service Holdings Company Ltd. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Visional Inc | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Silergy Corp | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Pinnacle Investment Management Group | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Burlington Stores, Inc. | &nbsp;&nbsp;1.7% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i5c596008c00d7342cee26e55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Industries | 16.7% |
| Technology Services | 2.1% |
| Insurance | 2.2% |
| Industrial Intermediate Prod | 2.6% |
| Institutional Financial Services | 2.9% |
| Commercial Support Services | 2.9% |
| Health Care Facilities & Services | 3.4% |
| Machinery | 3.6% |
| Biotech & Pharma | 4.6% |
| Asset Management | 5.2% |
| Medical Equipment & Devices | 5.2% |
| Engineering & Construction | 6.0% |
| Industrial Support Services | 6.7% |
| Technology Hardware | 7.1% |
| Electrical Equipment | 7.4% |
| Semiconductors | 9.1% |
| Software | 11.5% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i7279d4ae6428da27eb1c1347.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 30.3% |
| Industrials | 29.7% |
| Health Care | 13.3% |
| Financials | 12.9% |
| Consumer Discretionary | 5.4% |
| Communications | 2.3% |
| Materials | 2.0% |
| Consumer Staples | 2.0% |
| Listed Private Equity Investments | 0.9% |
| Real Estate | 0.8% |
| Liabilities in Excess of Other Assets | -0.1% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GGSYX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak Global Stalwarts Fund

#### Investor Class (GGSOX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak Global Stalwarts Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $68 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $83313248 |
| Number of Portfolio Holdings | 100 |
| Advisory Fee | $289624 |
| Portfolio Turnover | 31% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i1804af29f4a3a6c1bb0d25df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Countries | 16.4% |
| Germany | 2.7% |
| South Korea | 3.1% |
| Taiwan | 3.2% |
| Italy | 3.5% |
| India | 4.0% |
| Netherlands | 4.8% |
| Sweden | 7.0% |
| Japan | 10.1% |
| United Kingdom | 10.1% |
| United States | 34.7% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Primoris Services Corporation | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Japan Elevator Service Holdings Company Ltd. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Visional Inc | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Silergy Corp | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Pinnacle Investment Management Group | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Burlington Stores, Inc. | &nbsp;&nbsp;1.7% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i5c596008c00d7342cee26e55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Other Industries | 16.7% |
| Technology Services | 2.1% |
| Insurance | 2.2% |
| Industrial Intermediate Prod | 2.6% |
| Institutional Financial Services | 2.9% |
| Commercial Support Services | 2.9% |
| Health Care Facilities & Services | 3.4% |
| Machinery | 3.6% |
| Biotech & Pharma | 4.6% |
| Asset Management | 5.2% |
| Medical Equipment & Devices | 5.2% |
| Engineering & Construction | 6.0% |
| Industrial Support Services | 6.7% |
| Technology Hardware | 7.1% |
| Electrical Equipment | 7.4% |
| Semiconductors | 9.1% |
| Software | 11.5% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i7279d4ae6428da27eb1c1347.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 30.3% |
| Industrials | 29.7% |
| Health Care | 13.3% |
| Financials | 12.9% |
| Consumer Discretionary | 5.4% |
| Communications | 2.3% |
| Materials | 2.0% |
| Consumer Staples | 2.0% |
| Listed Private Equity Investments | 0.9% |
| Real Estate | 0.8% |
| Liabilities in Excess of Other Assets | -0.1% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GGSOX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak International Opportunities Fund

#### Institutional Class (GPIIX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak International Opportunities Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $72 | 1.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $243913561 |
| Number of Portfolio Holdings | 102 |
| Advisory Fee | $1622597 |
| Portfolio Turnover | 16% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i75584837b4ebbe9858af591f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Other Countries | 23.2% |
| Sweden | 3.6% |
| France | 3.7% |
| Taiwan | 3.9% |
| India | 4.1% |
| China | 4.2% |
| Australia | 4.2% |
| Italy | 4.9% |
| Germany | 5.1% |
| Japan | 20.2% |
| United Kingdom | 20.5% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Volution Group PLC | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Visional Inc | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Virbac S.A. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Silergy Corp | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Integral Corp | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Melexis NV | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Recordati SpA | &nbsp;&nbsp;1.6% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i848eb49512d373562cdcbc56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Other Industries | 17.5% |
| Specialty Finance | 2.2% |
| Health Care Facilities & Services | 3.0% |
| Banking | 3.1% |
| Automotive | 3.3% |
| Medical Equipment & Devices | 3.4% |
| Machinery | 3.5% |
| Retail - Consumer Staples | 3.8% |
| Software | 4.0% |
| Industrial Support Services | 4.5% |
| Biotech & Pharma | 4.9% |
| Technology Hardware | 5.7% |
| Technology Services | 5.8% |
| Electrical Equipment | 6.3% |
| Semiconductors | 7.4% |
| Commercial Support Services | 9.4% |
| Asset Management | 10.0% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](id34c703984f67bd528eeeb41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 27.8% |
| Technology | 22.9% |
| Financials | 15.3% |
| Health Care | 11.3% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 5.1% |
| Real Estate | 3.2% |
| Communications | 1.4% |
| Materials | 1.2% |
| Energy | 0.9% |
| Other Assets in Excess of Liabilities | 1.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPIIX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak International Opportunities Fund

#### Investor Class (GPIOX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak International Opportunities Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $85 | 1.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $243913561 |
| Number of Portfolio Holdings | 102 |
| Advisory Fee | $1622597 |
| Portfolio Turnover | 16% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i75584837b4ebbe9858af591f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Other Countries | 23.2% |
| Sweden | 3.6% |
| France | 3.7% |
| Taiwan | 3.9% |
| India | 4.1% |
| China | 4.2% |
| Australia | 4.2% |
| Italy | 4.9% |
| Germany | 5.1% |
| Japan | 20.2% |
| United Kingdom | 20.5% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Volution Group PLC | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Visional Inc | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Virbac S.A. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Silergy Corp | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Integral Corp | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Melexis NV | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Recordati SpA | &nbsp;&nbsp;1.6% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i848eb49512d373562cdcbc56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Other Industries | 17.5% |
| Specialty Finance | 2.2% |
| Health Care Facilities & Services | 3.0% |
| Banking | 3.1% |
| Automotive | 3.3% |
| Medical Equipment & Devices | 3.4% |
| Machinery | 3.5% |
| Retail - Consumer Staples | 3.8% |
| Software | 4.0% |
| Industrial Support Services | 4.5% |
| Biotech & Pharma | 4.9% |
| Technology Hardware | 5.7% |
| Technology Services | 5.8% |
| Electrical Equipment | 6.3% |
| Semiconductors | 7.4% |
| Commercial Support Services | 9.4% |
| Asset Management | 10.0% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](id34c703984f67bd528eeeb41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 27.8% |
| Technology | 22.9% |
| Financials | 15.3% |
| Health Care | 11.3% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 5.1% |
| Real Estate | 3.2% |
| Communications | 1.4% |
| Materials | 1.2% |
| Energy | 0.9% |
| Other Assets in Excess of Liabilities | 1.5% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GPIOX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak International Stalwarts Fund

#### Institutional Class (GISYX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak International Stalwarts Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $46 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1343933247 |
| Number of Portfolio Holdings | 92 |
| Advisory Fee | $5308518 |
| Portfolio Turnover | 33% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i9c6119eebf63687e134afd49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.7% |
| Other Countries | 27.5% |
| Australia | 4.1% |
| Italy | 4.9% |
| United States | 5.1% |
| Canada | 5.2% |
| India | 5.5% |
| Netherlands | 6.2% |
| Taiwan | 6.6% |
| Sweden | 8.5% |
| United Kingdom | 12.4% |
| Japan | 13.3% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Japan Elevator Service Holdings Company Ltd. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Visional Inc | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Pinnacle Investment Management Group | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Recordati SpA | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Melexis NV | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;IMCD N.V. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;1.9% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i4efdfd5fe415cdf8066be9c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 30.7% |
| Industrials | 30.5% |
| Health Care | 11.4% |
| Financials | 10.2% |
| Consumer Discretionary | 6.1% |
| Communications | 3.0% |
| Consumer Staples | 2.9% |
| Materials | 2.6% |
| Real Estate | 2.0% |
| Liabilities in Excess of Other Assets | -0.5% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i9e52b370288a7102ecc9e682.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.7% |
| Real Estate | 2.0% |
| Materials | 2.6% |
| Consumer Staples | 2.9% |
| Communications | 3.0% |
| Consumer Discretionary | 6.1% |
| Financials | 10.2% |
| Health Care | 11.4% |
| Industrials | 30.5% |
| Technology | 30.7% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GISYX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak International Stalwarts Fund

#### Investor Class (GISOX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak International Stalwarts Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $59 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1343933247 |
| Number of Portfolio Holdings | 92 |
| Advisory Fee | $5308518 |
| Portfolio Turnover | 33% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i9c6119eebf63687e134afd49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.7% |
| Other Countries | 27.5% |
| Australia | 4.1% |
| Italy | 4.9% |
| United States | 5.1% |
| Canada | 5.2% |
| India | 5.5% |
| Netherlands | 6.2% |
| Taiwan | 6.6% |
| Sweden | 8.5% |
| United Kingdom | 12.4% |
| Japan | 13.3% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Diploma plc | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Japan Elevator Service Holdings Company Ltd. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Visional Inc | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;JTC plc | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Pinnacle Investment Management Group | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Recordati SpA | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Melexis NV | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;IMCD N.V. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;1.9% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](i4efdfd5fe415cdf8066be9c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 30.7% |
| Industrials | 30.5% |
| Health Care | 11.4% |
| Financials | 10.2% |
| Consumer Discretionary | 6.1% |
| Communications | 3.0% |
| Consumer Staples | 2.9% |
| Materials | 2.6% |
| Real Estate | 2.0% |
| Liabilities in Excess of Other Assets | -0.5% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i9e52b370288a7102ecc9e682.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.7% |
| Real Estate | 2.0% |
| Materials | 2.6% |
| Consumer Staples | 2.9% |
| Communications | 3.0% |
| Consumer Discretionary | 6.1% |
| Financials | 10.2% |
| Health Care | 11.4% |
| Industrials | 30.5% |
| Technology | 30.7% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GISOX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025

#### Grandeur Peak US Stalwarts Fund

#### Institutional Class (GUSYX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](icd952b591ea4f7a87a16c5a3.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Grandeur Peak US Stalwarts Fund for the period from May 1, 2025 to October 31, 2025. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at **1-855-377-7325 (PEAK)**.

# What were the Fund's costs for the last six months?
(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 | $45 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
For the latest management letter and Fund performance please visit grandeurpeakglobal.com/literature.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $137147586 |
| Number of Portfolio Holdings | 69 |
| Advisory Fee | $487052 |
| Portfolio Turnover | 37% |

---

# **Country Weighting (% of Net Assets)**![Group By Country Chart](i30d760709ce264632974ee4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.0% |
| Mexico | 1.5% |
| Canada | 1.7% |
| Israel | 2.0% |
| United Kingdom | 3.4% |
| United States | 87.5% |

---

# Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Primoris Services Corporation | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Mama's Creations Incorporated | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Core & Main, Inc., Class A | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Burlington Stores, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Marex Group PLC | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Pjt Partners, Inc., Class A | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Zscaler, Inc. | &nbsp;&nbsp;2.2% |

---

# What did the Fund invest in?

# Industry Weighting (% of Net Assets)
![Group By Sector Chart](ia9c9942f71ce4b3aec5add30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.0% |
| Other Industries | 9.9% |
| Leisure Facilities & Services | 2.6% |
| Industrial Support Services | 2.7% |
| Asset Management | 2.9% |
| Health Care Facilities & Services | 3.0% |
| Specialty Finance | 3.1% |
| Technology Services | 3.1% |
| Food | 3.2% |
| Insurance | 3.7% |
| Retail - Discretionary | 4.7% |
| Machinery | 5.0% |
| Electrical Equipment | 6.1% |
| Institutional Financial Services | 7.2% |
| Engineering & Construction | 7.6% |
| Semiconductors | 8.3% |
| Medical Equipment & Devices | 8.7% |
| Software | 14.3% |

---

# **Sector Weighting (% of Net Assets)**![Group By Asset Type Chart](i4ee818f56295be9679a389ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 27.4% |
| Industrials | 24.4% |
| Financials | 16.9% |
| Health Care | 11.7% |
| Consumer Discretionary | 9.4% |
| Consumer Staples | 3.2% |
| Materials | 1.8% |
| Communications | 1.0% |
| Listed Private Equity Investments | 0.3% |
| Other Assets in Excess of Liabilities | 2.0% |

---

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

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 103125-GUSYX

![Image](icd952b591ea4f7a87a16c5a3.jpg)

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

#### Semi-Annual Shareholder Report - October 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Registrants** Not applicable.

**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 PAGE)](gr001_v1.jpg)

![(GRANDEUR PEAK LOGO)](gr002_v1.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Portfolio 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 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Opportunities Fund | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Reach Fund | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Stalwarts Fund | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Opportunities Fund | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Stalwarts Fund | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak US Stalwarts Fund | 19 |
| Statements of Assets and Liabilities | 20 |
| Statements of Operations | 22 |
| Statement of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Emerging Markets Opportunities Fund | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Contrarian Fund | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Explorer Fund | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Micro Cap Fund | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Opportunities Fund | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Reach Fund | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Stalwarts Fund | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Opportunities Fund | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Stalwarts Fund | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak US Stalwarts Fund | 33 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Emerging Markets Opportunities Fund | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Contrarian Fund | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Explorer Fund | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Micro Cap Fund | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Opportunities Fund | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Reach Fund | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak Global Stalwarts Fund | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Opportunities Fund | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak International Stalwarts Fund | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandeur Peak US Stalwarts Fund | 49 |
| Notes to Financial Statements | 50 |
| Additional Information | 64 |

---

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.22%** |  |  |
| **Brazil — 4.96%** |  |  |
| Grupo Mateus SA | 937800 | $1122612 |
| LWSA SA | 850600 | 621372 |
| Patria Investments Limited | 56059 | 816780 |
| Track & Field Co SA | 326400 | 1094512 |
| Vivara Participacoes S.A.<sup>(a)</sup> | 65700 | 381392 |
| Weg SA<sup>(a)</sup> | 69800 | 545836 |
|  |  | 4582504 |
| **China — 10.74%** |  |  |
| ANTA Sports Products Ltd. | 99200 | 1034041 |
| Beijing Huafeng Test & Control<sup>(a)</sup> | 49092 | 1379837 |
| Bosideng International Holdings, Ltd. | 2430000 | 1488518 |
| Centre Testing Int | 693400 | 1389255 |
| DPC Dash LTD. 144A<sup>(a)(b)(c)</sup> | 142100 | 1612886 |
| Shenzhen New Industries Biomed<sup>(a)</sup> | 77980 | 668331 |
| Silergy Corp<sup>(a)</sup> | 324288 | 2343579 |
|  |  | 9916447 |
| **Greece — 0.83%** |  |  |
| Sarantis SA | 52578 | 764881 |
| **Hong Kong — 3.01%** |  |  |
| Plover Bay Tech<sup>(b)</sup> | 1772500 | 1464409 |
| Techtronic Industries Co Limited | 112613 | 1315877 |
|  |  | 2780286 |
| **India — 18.17%** |  |  |
| Anant Raj Ltd.<sup>(a)</sup> | 101738 | 738646 |
| Cartrade Tech Ltd<sup>(a)</sup> | 17384 | 591402 |
| City Union Bank Ltd | 211870 | 545854 |
| Gulf Oil Lubricants India Ltd. | 187415 | 2611570 |
| Home First Finance Co India Lt 144A <sup>(b)(c)</sup> | 89854 | 1209872 |
| Indigo Paints Ltd | 14997 | 168950 |
| Jubilant Foodworks Ltd<sup>(a)</sup> | 62305 | 419675 |
| Jupiter Life Line Hospitals Lt | 31641 | 566214 |
| LT Foods Ltd | 273233 | 1294485 |
| Mankind Pharma Ltd. | 17777 | 477488 |
| Motherson Sumi Wiring India Lt | 3687625 | 1961456 |
| PB Fintech Ltd<sup>(a)</sup> | 24779 | 498445 |
| Prudent Corporate Advisory Ser | 32688 | 941157 |
| Rainbow Children's Medicare Lt | 41417 | 639009 |
| SJS Enterprises Ltd | 112869 | 2053102 |
| Supriya Lifescience Ltd | 66285 | 580201 |
| Varun Beverages Ltd.<sup>(a)</sup> | 139516 | 738238 |
| Vimta Labs Ltd<sup>(a)</sup> | 89747 | 733492 |
|  |  | 16769256 |
| **Indonesia — 4. 89%** |  |  |
| Arwana Citramulia Tbk P.T.<sup>(a)</sup> | 13290600 | 439398 |
| Bank Central Asia Tbk P.T. | 1524700 | 781322 |
| Cisarua Mountain Dairy PT TBK | 4634500 | 1580957 |
| Mastersystem Infotama PT<sup>(a)</sup> | 5229900 | 441693 |
| Selamat Sempurna Tbk PT | 11030200 | 1273021 |
|  |  | 4516391 |
| **Malaysia — 1.53%** |  |  |
| Frontken Corporation Bhd. | 1311700 | 1414536 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.22% (continued)** |  |  |
| **Mexico — 10.00%** |  |  |
| Arca Continental S.A.B. de C.V. | 105400 | $1019894 |
| BBB Foods Inc <sup>(a)</sup> | 28166 | 769495 |
| Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR | 39987 | 1214405 |
| Corporativo Fragua SAB de CV<sup>(a)</sup> | 45341 | 1317801 |
| GCC S.A.B. de C.V. 144A<sup>(b)(c)</sup> | 79000 | 758229 |
| Grupo Financiero Banorte SAB de CV | 96100 | 902127 |
| Regional SAB de CV | 331000 | 2452142 |
| Walmart de México SAB de CV<sup>(a)</sup> | 241000 | 797747 |
|  |  | 9231840 |
| **Philippines — 3.73%** |  |  |
| International Container Terminal Services, Inc.<sup>(a)</sup> | 172500 | 1557496 |
| Philippine Seven Corp | 1582100 | 1110435 |
| Puregold Price Club, Inc. | 1200600 | 779265 |
|  |  | 3447196 |
| **Poland — 4.41%** |  |  |
| Auto Partner SA | 155118 | 756837 |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 100079 | 1194184 |
| Inter Cars SA | 6829 | 1020661 |
| Shoper Spolka Akcyjna | 76677 | 1100339 |
|  |  | 4072021 |
| **Saudi Arabia — 0.89%** |  |  |
| Rasan Information Technology Company<sup>(a)</sup> | 28086 | 823790 |
| **Singapore — 1.55%** |  |  |
| iFAST Corp Ltd. | 105500 | 785384 |
| Riverstone Holdings Ltd. | 935800 | 647040 |
|  |  | 1432424 |
| **South Korea — 11.38%** |  |  |
| Eo Technics Co Ltd<sup>(a)</sup> | 2902 | 479387 |
| FNS Tech Co Ltd<sup>(a)</sup> | 193928 | 1794524 |
| HD Hyundai Marine Solution Co | 6608 | 1112403 |
| HPSP Company Ltd.<sup>(a)</sup> | 88125 | 2134286 |
| iFamilySC Co Ltd | 80396 | 999998 |
| Kinx Inc.<sup>(a)</sup> | 23559 | 1533617 |
| LEENO Industrial Inc.<sup>(a)</sup> | 21698 | 876340 |
| Pumtech Korea Company Ltd. <sup>(a)</sup> | 16144 | 600044 |
| S&S Tech Corp<sup>(a)</sup> | 24904 | 977933 |
|  |  | 10508532 |
| **Taiwan — 17.63%** |  |  |
| 91APP Inc | 473000 | 1107682 |
| Acer E-Enabling Service Business | 173000 | 1292387 |
| Airtac International Group<sup>(a)</sup> | 37000 | 1094810 |
| Asia Vital Components Co., Ltd. | 89000 | 4119299 |
| ASPEED Technology, Inc. | 10000 | 1776666 |
| Gem Services Inc | 336000 | 889437 |
| Hon Precision, Inc.<sup>(a)</sup> | 11000 | 896778 |
| Jentech Precision Industrial Co., Ltd.<sup>(a)</sup> | 10000 | 691828 |
| Sporton International, Inc. | 437918 | 2546035 |
| Voltronic Power Technology | 47108 | 1851393 |
|  |  | 16266315 |
| **United Arab Emirates — 1.78%** |  |  |
| Americana Restaurants Intl<sup>(a)</sup> | 1055674 | 600680 |
| Spinneys 1961 Holding PLC | 2393897 | 1042780 |
|  |  | 1643460 |

---

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.22% (continued)** |  |  |
| **Vietnam — 3.72%** |  |  |
| Asia Commercial Bank JSC | 1796459 | $1746662 |
| Hoa Phat Group JSC<sup>(a)</sup> | 656180 | 668014 |
| Vietnam Technological & Comm Joint-stock Bank | 760638 | 1017974 |
|  |  | 3432650 |
| *Total Common Stocks (Cost $65,583,225)* |  | 91602529 |
| *Total Common Stocks/ Investments — 99.22%* |  |  |
| *(Cost $65,583,225)* |  | 91602529 |
| *Other Assets in Excess of Liabilities — 0.78%* |  | 716024 |
| *NET ASSETS — 100.00%* |  | $92318553 |

---

<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 October 31, 2025, these securities had a total aggregate market value of $6,239,580 representing 6.76% 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 October 31, 2025, these securities had a total aggregate market value of $4,775,171, representing 5.17% of net assets.

<u>Grandeur Peak Global Contrarian Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 100.04%** |  |  |
| **Australia — 5. 95%** |  |  |
| Fiducian Group Ltd | 235624 | $1873336 |
| IPD Group Ltd/Australia | 326819 | 787000 |
| Kogan.com Ltd | 592435 | 1232786 |
| MA Financial Group Ltd | 473917 | 2980200 |
| Navigator Global Investments Limited | 1114591 | 1816079 |
|  |  | 8689401 |
| **Belgium — 3.05%** |  |  |
| Melexis NV | 30856 | 2223055 |
| X-Fab Silicon Foundries S.E. 144A<sup>(a)(b)(c)</sup> | 352219 | 2233089 |
|  |  | 4456144 |
| **Brazil — 3.45%** |  |  |
| Armac Locacao Logistica | 932300 | 641197 |
| Grupo Mateus SA | 732400 | 876734 |
| Patria Investments Limited | 153869 | 2241872 |
| Track & Field Co. SA | 380400 | 1275589 |
|  |  | 5035392 |
| **Canada — 2.45%** |  |  |
| BioSyent Inc | 123987 | 972412 |
| CCL Industries,Inc., Class B<sup>(a)</sup> | 27500 | 1534064 |
| Winpak Ltd. | 35083 | 1076090 |
|  |  | 3582566 |
| **China — 4.63%** |  |  |
| Alibaba.Com Limited | 94100 | 1999299 |
| Bosideng International Holdings, Ltd. | 2056300 | 1259605 |
| Chaoju Eye Ca Holdings Ltd 144A<sup>(b)(c)</sup> | 4264000 | 1393772 |
| Silergy Corporation<sup>(a)</sup> | 148000 | 1069573 |
| TK Gr oup Holdings Ltd | 3188883 | 1046453 |
|  |  | 6768702 |
| **France — 3.17%** |  |  |
| Thermador Groupe | 9219 | 811910 |
| Virbac S.A. | 7752 | 3167820 |
| Wavestone<sup>(a)</sup> | 10817 | 643409 |
|  |  | 4623139 |
| **Germany — 2.24%** |  |  |
| Dermapharm Holding SE<sup>(a)</sup> | 39507 | 1555232 |
| Elmos Semiconductor AG | 18222 | 1718225 |
|  |  | 3273457 |
| **Hong Kong — 1.04%** |  |  |
| Plover Bay Tech<sup>(b)</sup> | 1833439 | 1514755 |
| **Indonesia — 2.53%** |  |  |
| Aspirasi Hidup Ind | 42869900 | 1144159 |
| Hartadinata Abadi Tbk PT | 24507800 | 1870937 |
| Mastersystem Infotama PT<sup>(a)</sup> | 8098700 | 683979 |
|  |  | 3699075 |
| **Ireland — 1.09%** |  |  |
| ICON plc<sup>(a)</sup> | 9273 | 1593287 |
| **Italy — 4.15%** |  |  |
| Diasorin SPA<sup>(a)</sup> | 21221 | 1876254 |
| Interpump Group SpA | 65946 | 3398025 |
| Sanlorenzo SpA/Ameglia<sup>(a)</sup> | 20289 | 792850 |
|  |  | 6067129 |
| **Japan — 12.55%** |  |  |
| Central Automotive NPV | 146700 | 1710629 |
| Charm Care Corp KK<sup>(a)</sup> | 200400 | 1417431 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 100.04% (continued)** |  |  |
| **Japan — 12.55% (continued)** |  |  |
| Halows Company Ltd. | 36500 | $1036212 |
| Integral Corp | 43900 | 975670 |
| Kitz Corp | 113500 | 1274884 |
| Mani, Inc.<sup>(a)</sup> | 113600 | 1087296 |
| Plus Alpha Consulting | 66100 | 1016118 |
| Rise Consulting Group Inc | 317800 | 1822987 |
| System Support, Inc. | 141700 | 2799849 |
| Syuppin Company, Ltd.<sup>(a)</sup> | 189200 | 1562886 |
| Totech Corp | 52200 | 1080535 |
| ULS Group Inc | 528000 | 2542234 |
|  |  | 18326731 |
| **Luxembourg — 1.33%** |  |  |
| Eurofins Scientific S.E.<sup>(a)</sup> | 27625 | 1946965 |
| **Mexico — 3.25%** |  |  |
| GCC S.A.B. de C.V. 144A<sup>(b)(c)</sup> | 191500 | 1837984 |
| Regional SAB de CV | 177400 | 1314230 |
| Walmart de México SAB de CV<sup>(a)</sup> | 479800 | 1588212 |
|  |  | 4740426 |
| **Netherlands — 1.58%** |  |  |
| Flow Traders Ltd. 144A<sup>(a)(b)(c)</sup> | 43956 | 1208980 |
| IMCD N.V.<sup>(a)</sup> | 10581 | 1097497 |
|  |  | 2306477 |
| **Philippines — 1.19%** |  |  |
| Philippine Seven Corp<sup>(a)</sup> | 1010000 | 708893 |
| Pryce Corp | 1223600 | 270568 |
| Puregold Price Club, Inc. | 1173200 | 761480 |
|  |  | 1740941 |
| **Poland — 1.69%** |  |  |
| Auto Partner SA | 268283 | 1308981 |
| Inter Cars SA | 7794 | 1164890 |
|  |  | 2473871 |
| **Singapore — 1.93%** |  |  |
| Riverstone Holdings Ltd. | 4079375 | 2820603 |
| **South Korea — 0.96%** |  |  |
| iFamilySC Co Ltd | 112828 | 1403400 |
| **Sweden — 1.67%** |  |  |
| RVRC Holding AB<sup>(a)</sup> | 183225 | 1254513 |
| Sdiptech AB<sup>(a)</sup> | 59527 | 1186689 |
|  |  | 2441202 |
| **Taiwan — 2.80%** |  |  |
| Acer E-Enabling Service Business | 270000 | 2017020 |
| Gem Services, Inc.<sup>(a)</sup> | 372000 | 984734 |
| Sinbon Electronics Co., Ltd.<sup>(a)</sup> | 159000 | 1092260 |
|  |  | 4094014 |
| **United Arab Emirates — 0.65%** |  |  |
| Spinneys 1961 Holding PLC<sup>(a)</sup> | 2164780 | 942977 |
| **United Kingdom — 12.74%** |  |  |
| Ashtead Technology Holdings plc<sup>(a)</sup> | 307294 | 1322055 |
| B & M European Value Retail SA | 1728095 | 4078297 |
| CVS Group plc<sup>(a)</sup> | 194694 | 3176569 |
| FRP Advisory Group PLC | 755041 | 1443170 |
| Hill & Smith Holdings plc | 46708 | 1322278 |

---

<u>Grandeur Peak Global Contrarian Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 100.04% (continued)** |  |  |
| **United Kingdom — 12.74% (continued)** |  |  |
| Kitwave Group Plc | 255608 | $721933 |
| Marex Group PLC | 86171 | 2615290 |
| Pollen Street Group Ltd | 189360 | 2203972 |
| Renew Holdings PLC | 142216 | 1729990 |
|  |  | 18613554 |
| **United States — 21.84%** |  |  |
| 4imprint Group PLC | 33516 | 1466157 |
| Abacus Life Inc<sup>(a)</sup> | 240402 | 1206818 |
| Amkor Technology, Inc. | 33950 | 1095906 |
| Arizona Sonoran Copper Company, Inc.<sup>(a)</sup> | 489689 | 1379111 |
| AtriCure, Inc.<sup>(a)</sup> | 31709 | 1095546 |
| Burford Capital Ltd | 142966 | 1422512 |
| Crawford United Corporation<sup>(a)</sup> | 9037 | 684282 |
| Crocs, Inc.<sup>(a)</sup> | 9664 | 789452 |
| Dollar General Corporation | 41748 | 4118857 |
| Five Below, Inc.<sup>(a)</sup> | 7605 | 1196038 |
| Gentex Corporation | 46754 | 1096381 |
| Grocery Outlet Holding Corporation<sup>(a)</sup> | 80850 | 1100369 |
| Hackett Group, Inc. (The) | 50865 | 921165 |
| Haemonetics Corporation<sup>(a)</sup> | 14822 | 741248 |
| Littelfuse, Inc. | 6827 | 1661077 |
| Neogen Corporation<sup>(a)</sup> | 183237 | 1130572 |
| P10 Inc | 246350 | 2502916 |
| Perella Weinberg Partners | 93275 | 1742377 |
| Robert Half International, Inc.<sup>(a)</sup> | 27898 | 730649 |
| RxSight, Inc.<sup>(a)</sup> | 142168 | 1249656 |
| SPS Commerce, Inc.<sup>(a)</sup> | 13566 | 1115668 |
| Upwork, Inc.<sup>(a)</sup> | 79806 | 1272108 |
| YETI Holdings, Inc.<sup>(a)</sup> | 63781 | 2167916 |
|  |  | 31886781 |
| **Vietnam — 2.11%** |  |  |
| Asia Commercial Bank JSC | 1754650 | 1706012 |
| Vietnam Technological & Comm Joint- stock Bank | 1033600 | 1383283 |
|  |  | 3089295 |
| *Total Common Stocks (Cost $129,313,138)* |  | 146130284 |
| *Total Common Stocks/ Investments — 100.04%* |  |  |
| *(Cost $129,313,138)* |  | 146130284 |
| *Liabilities in Excess of Other Assets — (0.04)%* |  | (62727) |
| *NET ASSETS — 100.00%* |  | $146067557 |

---

<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 October 31, 2025, these securities had a total aggregate market value of $8,188,580, 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 October 31, 2025, these securities had a total aggregate market value of $6,673,825, representing 4.57% of net assets.

<u>Grandeur Peak Global Explorer Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.26%** |  |  |
| **Australia — 5.49%** |  |  |
| HUB24 Ltd.<sup>(a)</sup> | 3656 | $273111 |
| Pinnacle Investment Management Group | 30152 | 389873 |
|  |  | 662984 |
| **Belgium — 2.54%** |  |  |
| Melexis NV | 4251 | 306268 |
| **China — 1.98%** |  |  |
| Silergy Corp<sup>(a)</sup> | 33000 | 238486 |
| **France — 2.19%** |  |  |
| Virbac S.A. | 648 | 264802 |
| **India — 6.02%** |  |  |
| Cartrade Tech Ltd<sup>(a)</sup> | 4652 | 158261 |
| Jubilant Foodworks Ltd<sup>(a)</sup> | 16869 | 113626 |
| PB Fintech Ltd<sup>(a)</sup> | 10411 | 209424 |
| Varun Beverages Ltd.<sup>(a)</sup> | 46321 | 245104 |
|  |  | 726415 |
| **Israel — 2.15%** |  |  |
| CSW Industrials, Inc. | 1039 | 260186 |
| **Italy — 8.31%** |  |  |
| Diasorin SPA | 2006 | 177360 |
| Interpump Group SpA | 6955 | 358374 |
| Moncler S.p.A. | 3912 | 234494 |
| Recordati SpA | 3927 | 233130 |
|  |  | 1003358 |
| **Japan — 7.14%** |  |  |
| Japan Elevator Service Holdings Company Ltd.<sup>(a)</sup> | 26200 | 308996 |
| Maruwa Co Ltd/Aichi | 600 | 170803 |
| Visional Inc<sup>(a)</sup> | 5500 | 382592 |
|  |  | 862391 |
| **Luxembourg — 1.94%** |  |  |
| Eurofins Scientific S.E.<sup>(a)</sup> | 3330 | 234693 |
| **Mexico — 2.00%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 8824 | 241072 |
| **Netherlands — 1.86%** |  |  |
| Redcare Pharmacy N.V. 144A<sup>(a)(b)(c)</sup> | 2746 | 224903 |
| **Norway — 0.37%** |  |  |
| Medistim ASA | 1654 | 44577 |
| **Philippines — 1.65%** |  |  |
| International Container Terminal Services, Inc.<sup>(a)</sup> | 22100 | 199540 |
| **South Korea — 2.41%** |  |  |
| HPSP Company Ltd.<sup>(a)</sup> | 12031 | 291377 |
| **Sweden — 4.87%** |  |  |
| AddTech AB<sup>(a)</sup> | 9360 | 317231 |
| Idun Industrier AB | 939 | 36766 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.26% (continued)** |  |  |
| **Sweden — 4.87% (continued)** |  |  |
| Vimian Group AB<sup>(a)</sup> | 73888 | $233779 |
|  |  | 587776 |
| **Switzerland — 1.38%** |  |  |
| Ypsomed Holding AG<sup>(a)</sup> | 426 | 166768 |
| **Taiwan — 4.86%** |  |  |
| Asia Vital Components Co., Ltd. | 5000 | 231421 |
| ASPEED Technology, Inc.<sup>(a)</sup> | 2000 | 355334 |
|  |  | 586755 |
| **United Kingdom — 15.07%** |  |  |
| B & M European Value Retail SA | 68082 | 160673 |
| Diploma plc | 7594 | 559651 |
| Games Workshop Group plc | 1530 | 320178 |
| Hill & Smith Holdings plc | 9432 | 267015 |
| JTC plc 144A<sup>(b)(c)</sup> | 13708 | 234820 |
| Marex Group PLC | 9156 | 277885 |
|  |  | 1820222 |
| **United States — 25.03%** |  |  |
| 4imprint Group PLC | 2773 | 121305 |
| Bio-Techne Corporation | 4587 | 287008 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 803 | 203400 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 743 | 38770 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 535 | 290510 |
| DexCom, Inc.<sup>(a)</sup> | 3545 | 206390 |
| Freshpet, Inc.<sup>(a)</sup> | 6823 | 335760 |
| JFrog Ltd.<sup>(a)</sup> | 8076 | 383448 |
| Monolithic Power Systems, Inc. | 297 | 298485 |
| Pjt Partners, Inc., Class A<sup>(a)</sup> | 1665 | 268248 |
| Primoris Services Corporation | 2291 | 324222 |
| Ryan Specialty Group Holdings, Inc. | 4817 | 263972 |
|  |  | 3021518 |
| *Total Common Stocks (Cost $11,431,972)* |  | 11744091 |
| *Total Common Stocks/ Investments — 97.26%* |  |  |
| *(Cost $11,431,972)* |  | **11744091** |
| *Other Assets in Excess of Liabilities — 2.74%* |  | 330677 |
| *NET ASSETS — 100.00%* |  | $12074768 |

---

<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 October 31, 2025, these securities had a total aggregate market value of $459,723, representing 3.81% 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 October 31, 2025, these securities had a total aggregate market value of $459,723, representing 3.81% of net assets.

<u>Grandeur Peak Global Micro Cap Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.01%** |  |  |
| **Australia — 7.00%** |  |  |
| Fiducian Group Ltd | 80199 | $637625 |
| IPD Group Ltd/Australia | 244615 | 589048 |
| Kelly Partners Group Holdings<sup>(a)</sup> | 31032 | 193925 |
| Kogan.com Ltd | 383425 | 797861 |
| MA Financial Group Ltd | 103418 | 650338 |
| Navigator Global Investments Limited | 228258 | 371916 |
|  |  | 3240713 |
| **Belgium — 0.86%** |  |  |
| X-Fab Silicon Foundries S.E. 144A<sup>(a)(b)(c)</sup> | 62615 | 396983 |
| **Brazil — 1.56%** |  |  |
| Armac Locacao Logistica | 101300 | 69670 |
| BR Advisory Partners | 74100 | 267624 |
| Track & Field Co SA | 114100 | 382610 |
|  |  | 719904 |
| **Canada — 2.10%** |  |  |
| BioSyent Inc | 48100 | 377241 |
| Mainstreet Equity Corporation<sup>(a)</sup> | 2646 | 356108 |
| Vitalhub Corporation<sup>(a)</sup> | 30600 | 239119 |
|  |  | 972468 |
| **China — 0.52%** |  |  |
| DPC Dash Ltd. 144A<sup>(a)(c)</sup> | 21000 | 238358 |
| **Finland — 0.39%** |  |  |
| Revenio Group Oyj<sup>(a)</sup> | 6394 | 178369 |
| **France — 2.35%** |  |  |
| Neurones SA | 4051 | 183988 |
| Sidetrade<sup>(a)</sup> | 713 | 189037 |
| Thermador Groupe<sup>(a)</sup> | 4607 | 405735 |
| Wavestone | 5180 | 308113 |
|  |  | 1086873 |
| **Germany — 0.58%** |  |  |
| Mensch und Maschine Software SE | 5555 | 266704 |
| **Greece — 2.05%** |  |  |
| Kri-Kri Milk Industry SA | 21493 | 488083 |
| Sarantis SA | 31522 | 458568 |
|  |  | 946651 |
| **Hong Kong — 0.59%** |  |  |
| Plover Bay Tech<sup>(b)</sup> | 331900 | 274210 |
| **India — 6.10%** |  |  |
| Aditya Vision Ltd<sup>(a)</sup> | 43300 | 280050 |
| Dr Agarwal's Eye Hospital Ltd | 3024 | 178383 |
| Gulf Oil Lubricants India Ltd. | 34095 | 475104 |
| Indigo Paints Ltd | 26458 | 298065 |
| SJS Enterprises Ltd | 15525 | 282402 |
| Supriya Lifescience Ltd | 19000 | 166309 |
| Vaibhav Global Ltd | 80463 | 244017 |
| Vimta Labs Ltd | 71254 | 582351 |
| Yatharth Hospital<sup>(a)</sup> | 34960 | 313631 |
|  |  | 2820312 |
| **Indonesia — 1.81%** |  |  |
| Arwana Citramulia Tbk P.T.<sup>(a)</sup> | 3364400 | 111230 |
| Hartadinata Abadi Tbk PT | 6034700 | 460692 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.01% (continued)** |  |  |
| **Indonesia — 1.81%(continued)** |  |  |
| Selamat Sempurna Tbk PT | 2309700 | $266568 |
|  |  | 838490 |
| **Italy — 0.70%** |  |  |
| Pharmanutra SpA | 6049 | 322846 |
| **Japan — 23.24%** |  |  |
| AZOOM Co Ltd | 24600 | 767818 |
| Bengo4.com Inc<sup>(a)</sup> | 43400 | 858949 |
| BuySell Technologies Company Ltd.<sup>(a)</sup> | 10100 | 221849 |
| Charm Care Corp KK | 102100 | 722154 |
| eWeLL Co Ltd<sup>(a)</sup> | 19100 | 343809 |
| Hennge KK | 77000 | 732990 |
| Insource Co Ltd | 36100 | 204737 |
| Integral Corp | 16400 | 364487 |
| Japan System Techniques | 34400 | 477917 |
| MarkLines Company Ltd.<sup>(a)</sup> | 23000 | 295509 |
| Oro Co Ltd<sup>(a)</sup> | 38800 | 592926 |
| Plus Alpha Consulting Company Ltd. | 19300 | 296688 |
| Rise Consulting Group Inc | 72900 | 418174 |
| SIGMAXYZ Holdings Inc<sup>(a)</sup> | 62200 | 353567 |
| Sun\* Inc<sup>(a)</sup> | 65200 | 183195 |
| System Support, Inc. | 64400 | 1272480 |
| Syuppin Company, Ltd.<sup>(a)</sup> | 52700 | 435328 |
| Timee Inc<sup>(a)</sup> | 46600 | 451767 |
| ULS Group Inc | 281000 | 1352968 |
| User Local Inc | 9000 | 114583 |
| YMIRLINK Inc<sup>(a)</sup> | 32600 | 296369 |
|  |  | 10758264 |
| **Luxembourg — 0.68%** |  |  |
| Sword Group<sup>(a)</sup> | 7482 | 316530 |
| **Norway — 1.15%** |  |  |
| Medistim ASA | 10500 | 282987 |
| SmartCraft ASA 144A<sup>(a)(b)(c)</sup> | 98296 | 248423 |
|  |  | 531410 |
| **Philippines — 0.24%** |  |  |
| Pryce Corp | 507000 | 112110 |
| **Poland — 1.47%** |  |  |
| Auto Partner SA | 77576 | 378501 |
| Shoper Spolka Akcyjna | 20858 | 299319 |
|  |  | 677820 |
| **Singapore — 1.26%** |  |  |
| Riverstone Holdings Ltd. | 841725 | 581994 |
| **South Korea — 1.45%** |  |  |
| FNS Tech Co Ltd<sup>(a)</sup> | 54887 | 507900 |
| Kinx Inc.<sup>(a)</sup> | 2500 | 162742 |
|  |  | 670642 |
| **Sweden — 7.34%** |  |  |
| Idun Industrier AB | 9600 | 375887 |
| Momentum Group AB | 20800 | 355981 |
| RVRC Holding AB<sup>(a)</sup> | 45828 | 313777 |
| Sdiptech AB<sup>(a)</sup> | 22232 | 443202 |
| Swedencare AB<sup>(a)</sup> | 218921 | 884833 |
| Swedish Logistic<sup>(a)</sup> | 105935 | 466636 |

---

<u>Grandeur Peak Global Micro Cap Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.01% (continued)** |  |  |
| **Sweden — 7.34% (continued)** |  |  |
| Vitec Software Group | 15800 | $553124 |
|  |  | 3393440 |
| **Taiwan — 2.40%** |  |  |
| Acer E-Enabling Service Business | 56000 | 418344 |
| Gem Services Inc | 145000 | 383835 |
| Sporton International, Inc. | 52699 | 306390 |
|  |  | 1108569 |
| **United Kingdom — 12.54%** |  |  |
| AB Dynamics PLC | 18515 | 307679 |
| Advanced Medical Solutions Group | 228588 | 645619 |
| Ashtead Technology Holdings plc | 47686 | 205157 |
| CVS Group plc<sup>(a)</sup> | 65938 | 1075825 |
| Elixirr International PLC | 92586 | 1026530 |
| Franchise Brands PLC | 180242 | 299523 |
| FRP Advisory Group PLC | 130314 | 249080 |
| Kitwave Group Plc | 52830 | 149212 |
| Pollen Street Group Ltd | 47906 | 557580 |
| Tatton Asset Management | 38442 | 375719 |
| Victorian Plumbing Group PLC | 271436 | 270997 |
| Volution Group PLC<sup>(a)</sup> | 57773 | 498625 |
| Warpaint London plc | 44163 | 139237 |
|  |  | 5800783 |
| **United States — 20.63%** |  |  |
| Arizona Sonoran Copper Company, Inc.<sup>(a)</sup> | 197351 | 555799 |
| Barrett Business Services, Inc. | 15345 | 621012 |
| Bowman Consulting Group Limited<sup>(a)</sup> | 20518 | 888224 |
| Crawford United Corporation<sup>(a)</sup> | 4616 | 349524 |
| Esquire Financial Holdings, Inc. | 7091 | 665136 |
| Fatpipe Inc/UT<sup>(a)</sup> | 24470 | 100327 |
| Figs, Inc., Class A<sup>(a)</sup> | 38338 | 286001 |
| Global Industrial Company | 7586 | 215594 |
| Hackett Group, Inc. (The) | 33010 | 597811 |
| Iradimed Corporation | 4904 | 376676 |
| Kura Sushi USA, Inc.<sup>(a)</sup> | 5276 | 300363 |
| Mama's Creations Incorporated<sup>(a)</sup> | 144525 | 1530520 |
| M-Tron Industries, Inc.<sup>(a)</sup> | 4400 | 242528 |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 58150 | 1438049 |
| Red Violet, Inc.<sup>(a)</sup> | 5765 | 309177 |
| RxSight, Inc.<sup>(a)</sup> | 56793 | 499210 |
| The Joint Corporation<sup>(a)</sup> | 17690 | 139574 |
| The Lovesac Company<sup>(a)</sup> | 14140 | 196122 |
| Treace Medical<sup>(a)</sup> | 37399 | 238980 |
|  |  | 9550627 |
| *Total Common Stocks (Cost $36,828,140)* |  | 45805070 |
| *Total Common Stocks/ Investments — 99.01%* |  |  |
| *(Cost $36,828,140)* |  | 45805070 |
| *Other Assets in Excess of Liabilities — 0.99%* |  | 458283 |
| *NET ASSETS — 100.00%* |  | $46263353 |

---

<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 October 31, 2025, these securities had a total aggregate market value of $919,616, representing 1.99% 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 October 31, 2025, these securities had a total aggregate market value of $883,764, representing 1.91% of net assets.

<u>Grandeur Peak Global Opportunities Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.71%** |  |  |
| **Australia — 3. 88%** |  |  |
| IPD Group Ltd/Australia | 598836 | $1442034 |
| MA Financial Group Ltd | 714426 | 4492628 |
| Pinnacle Investment Management Group | 433428 | 5604330 |
| Qualitas Ltd<sup>(b)</sup> | 1791985 | 4303484 |
|  |  | 15842476 |
| **Belgium — 2.78%** |  |  |
| Melexis NV | 106659 | 7684366 |
| X-Fab Silicon Foundries S.E. 144A<sup>(a)(b)(c)</sup> | 575649 | 3649648 |
|  |  | 11334014 |
| **Brazil — 0.48%** |  |  |
| Grupo Mateus SA | 1624200 | 1944282 |
| **Canada — 1.88%** |  |  |
| Aritzia Inc<sup>(a)</sup> | 63761 | 4453792 |
| Richelieu Hardware, Ltd. | 117688 | 3226340 |
|  |  | 7680132 |
| **China — 1.42%** |  |  |
| Silergy Corp<sup>(a)</sup> | 800008 | 5781531 |
| **France — 3.62%** |  |  |
| Thermador Groupe<sup>(a)</sup> | 23112 | 2035455 |
| Virbac S.A. | 26238 | 10722041 |
| Wavestone | 33806 | 2010824 |
|  |  | 14768320 |
| **Germany — 2.24%** |  |  |
| Dermapharm Holding SE | 107183 | 4219365 |
| Elmos Semiconductor AG | 52345 | 4935817 |
|  |  | 9155182 |
| **India — 3.07%** |  |  |
| Anant Raj Ltd.<sup>(a)</sup> | 268000 | 1945755 |
| Cartrade Tech Ltd<sup>(a)</sup> | 71000 | 2415412 |
| Gulf Oil Lubricants India Ltd. | 206082 | 2871689 |
| Indigo Pa ints Ltd | 61173 | 689151 |
| SJS Enterprises Ltd | 253718 | 4615165 |
|  |  | 12537172 |
| **Indonesia — 1. 04%** |  |  |
| Arwana Citramulia Tbk P.T. | 31591169 | 1044430 |
| Aspirasi Hidup Ind | 58356925 | 1557495 |
| Selamat Sempurna Tbk PT | 14317600 | 1652428 |
|  |  | 4254353 |
| **Italy — 5.67%** |  |  |
| Diasorin SPA | 62627 | 5537165 |
| Interpump Group SpA | 221726 | 11424960 |
| Recordati SpA | 104248 | 6188786 |
|  |  | 23150911 |
| **Japan — 14.94%** |  |  |
| AZOOM Co Ltd<sup>(a)</sup> | 60800 | 1897694 |
| BayCurrent Consulting, Inc. | 39826 | 1825814 |
| eWeLL Co Ltd<sup>(a)</sup> | 123930 | 2230800 |
| Hennge KK | 483102 | 4598821 |
| Insource Co Ltd | 667926 | 3788065 |
| Integral Corp | 245436 | 5454770 |
| Japan Elevator Service Ho ldings Company Ltd. | 431080 | 5084051 |
| Kandenko Company Ltd.<sup>(a)</sup> | 74300 | 2274219 |
| Kitz Corp | 425884 | 4783723 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.71% (continued)** |  |  |
| **Japan — 14.94% (continued)** |  |  |
| Kotobuki Spirits Co Ltd<sup>(a)</sup> | 173600 | $2082317 |
| Mani, Inc.<sup>(a)</sup> | 319500 | 3058021 |
| MarkLines Company Ltd.<sup>(a)</sup> | 226804 | 2914027 |
| Rakus Co Ltd<sup>(a)</sup> | 320000 | 2589370 |
| Rise Consulting Group Inc | 484340 | 2778307 |
| SIGMAXYZ Holdings Inc<sup>(a)</sup> | 254400 | 1446102 |
| Timee Inc<sup>(a)</sup> | 146100 | 1416376 |
| ULS Group Inc | 643650 | 3099069 |
| Visional Inc<sup>(a)</sup> | 138823 | 9656815 |
|  |  | 60978361 |
| **Luxembourg — 1.68%** |  |  |
| Eurofins Scientific S.E.<sup>(a)</sup> | 80096 | 5645036 |
| Sword Group<sup>(a)</sup> | 28430 | 1202745 |
|  |  | 6847781 |
| **Mexico — 1.62%** |  |  |
| Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR | 76071 | 2310276 |
| Regional SAB de CV | 579002 | 4289412 |
|  |  | 6599688 |
| **Netherlands — 1.87%** |  |  |
| Allfunds Group PLC | 649534 | 4941699 |
| IMCD N.V.<sup>(a)</sup> | 3900 | 404521 |
| Redcare Pharmacy N.V. 144A<sup>(a)(b)(c)</sup> | 28070 | 2298990 |
|  |  | 7645210 |
| **Poland — 0.85%** |  |  |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 291613 | 3479648 |
| **Singapore — 0.89%** |  |  |
| Riverstone Holdings Ltd. | 5247842 | 3628516 |
| **South Korea — 0.50%** |  |  |
| LEENO Industrial Inc.<sup>(a)</sup> | 50766 | 2050340 |
| **Sweden — 4.16%** |  |  |
| AddTech AB | 82607 | 2799728 |
| Momentum Group AB | 140175 | 2399021 |
| Sdiptech AB<sup>(a)</sup> | 197509 | 3937403 |
| Swedencare AB<sup>(a)</sup> | 573191 | 2316720 |
| Vimian Group AB<sup>(a)</sup> | 1750956 | 5539968 |
|  |  | 16992840 |
| **Taiwan — 1.48%** |  |  |
| Sporton International, Inc. | 684151 | 3977622 |
| Voltronic Power Technology Corporation | 52000 | 2043653 |
|  |  | 6021275 |
| **United Arab Emirates — 0.51%** |  |  |
| Spinneys 1961 Holding PLC<sup>(a)</sup> | 4754221 | 2070936 |
| **United Kingdom — 19.38%** |  |  |
| Advanced Medical Solutions Group | 1480121 | 4180419 |
| Ashtead Technology Holdings plc | 388067 | 1669560 |
| B & M European Value Retail SA | 1524280 | 3597295 |
| CVS Group plc<sup>(a)</sup> | 475689 | 7761199 |
| Diploma plc | 182989 | 13485652 |
| Elixirr International PLC | 247502 | 2744134 |
| Games Workshop Group plc | 10800 | 2260079 |
| Hill & Smith Holdings plc | 122422 | 3465699 |

---

<u>Grandeur Peak Global Opportunities Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.71% (continued)** |  |  |
| **United Kingdom — 19.38% (continued)** |  |  |
| JTC plc 144A<sup>(b)(c)</sup> | 635541 | $10886927 |
| Marex Group PLC | 132486 | 4020950 |
| Pollen Street Group Ltd | 172853 | 2011846 |
| Renew Holdings PLC | 292308 | 3555787 |
| Shawbrook Group plc<sup>(a)</sup> | 466180 | 2394498 |
| Softcat PLC<sup>(a)</sup> | 194680 | 4086789 |
| Tatton Asset Management | 432603 | 4228113 |
| Volution Group PLC<sup>(a)</sup> | 1011509 | 8730100 |
|  |  | 79079047 |
| **United States — 23.89%** |  |  |
| 4Imprint Group | 46802 | 2047353 |
| Accelerant Holdings<sup>(a)</sup> | 69072 | 802617 |
| Atricure, Inc.<sup>(a)</sup> | 90925 | 3141459 |
| Bio-Techne Corporation | 52837 | 3306011 |
| Burlington Stores, Inc.<sup>(a)</sup> | 12171 | 3329864 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 156731 | 2885418 |
| Elastic N.V.<sup>(a)</sup> | 40552 | 3618049 |
| Esquire Financial Holdings, Inc. | 10568 | 991278 |
| Five Below, Inc.<sup>(a)</sup> | 27780 | 4368961 |
| Freshpet, Inc.<sup>(a)</sup> | 50213 | 2470982 |
| Gentex Corporation | 82093 | 1925081 |
| Global Industrials, Co. | 55010 | 1563384 |
| Grocery Outlet Holding Corporation<sup>(a)</sup> | 213148 | 2900944 |
| HealthEquity, Inc.<sup>(a)</sup> | 40962 | 3874186 |
| JFrog Ltd.<sup>(a)</sup> | 80318 | 3813499 |
| LeMaitre Vascular, Inc. | 24600 | 2130606 |
| Littelfuse, Inc. | 44065 | 10721455 |
| Mama's Creations Incorporated<sup>(a)</sup> | 461235 | 4884479 |
| P10 Inc | 257654 | 2617765 |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 100001 | 2473025 |
| Perella Weinberg Partners | 190490 | 3558353 |
| Power Integrations, Inc.<sup>(a)</sup> | 87953 | 3684351 |
| Primoris Services Corporation | 54179 | 7667412 |
| Qualys, Inc.<sup>(a)</sup> | 22474 | 2770145 |
| Red Violet, Inc.<sup>(a)</sup> | 54889 | 2943697 |
| RxSight, Inc.<sup>(a)</sup> | 134456 | 1181868 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 32575 | 4269931 |
| SPS Commerce, Inc.<sup>(a)</sup> | 25457 | 2093584 |
| Texas Roadhouse, Inc. | 17693 | 2894221 |
| Upwork, Inc.<sup>(a)</sup> | 161414 | 2572939 |
|  |  | 97502917 |
| **Vietnam — 0.86%** |  |  |
| Asia Commercial Bank JSC | 3611339 | 3511234 |
| *Total Common Stocks (Cost $313,108,748)* |  | 402856166 |
| *Total Common Stocks/ Investments — 98.71%* |  |  |
| *(Cost $313,108,748)* |  | 402856166 |
| *Other Assets in Excess of Liabilities — 1.29%* |  | 5278857 |
| *NET ASSETS — 100.00%* |  | $408135023 |

---

<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 October 31, 2025, these securities had a total aggregate market value of $20,315,213, representing 4.98% 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 October 31, 2025, these securities had a total aggregate market value of $20,315,213, representing 4.98% of net assets.

<u>Grandeur Peak Global Reach Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.98%** |  |  |
| **Australia — 4.87%** |  |  |
| HUB24 Ltd. | 4842 | $361708 |
| IPD Group Ltd/Australia | 162855 | 392165 |
| MA Financial Group Ltd | 169852 | 1068105 |
| Mader Group Ltd | 75604 | 438822 |
| Navigator Global Investments Limited | 305010 | 496974 |
| Pinnacle Investment Management Group<sup>(a)</sup> | 74906 | 968553 |
| PWR Holdings Ltd. | 50879 | 283660 |
| Qualitas Ltd<sup>(a)(b)</sup> | 227372 | 546038 |
| Steadfast Group Ltd | 76060 | 278717 |
|  |  | 4834742 |
| **Belgium — 1.24%** |  |  |
| Azelis Group N.V. | 25738 | 304109 |
| Melexis NV | 8301 | 598054 |
| X-Fab Silicon Foundries S.E. 144A<sup>(a)(b)(c)</sup> | 51511 | 326583 |
|  |  | 1228746 |
| **Brazil — 2.62%** |  |  |
| BR Advisory Partners | 92100 | 332634 |
| Grupo Mateus SA | 398287 | 476778 |
| LWSA SA | 348468 | 254560 |
| Patria Investments Limited | 20764 | 302531 |
| Track & Field Co SA | 258600 | 867158 |
| Weg SA | 46800 | 365976 |
|  |  | 2599637 |
| **Canada — 2.18%** |  |  |
| Altus Group Ltd. | 7400 | 304009 |
| Aritzia Inc<sup>(a)</sup> | 3930 | 274516 |
| BioSyent, Inc. | 40800 | 319989 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 3400 | 300280 |
| Groupe Dynamite, Inc.<sup>(a)</sup> | 5000 | 242808 |
| Kinaxis Inc.<sup>(a)</sup> | 3800 | 460155 |
| Richelieu Hardware, Ltd. | 9549 | 261780 |
|  |  | 2163537 |
| **China — 2.19%** |  |  |
| ANTA Sports Products Ltd. | 21400 | 223069 |
| Beijing Huafeng Test & Control<sup>(a)</sup> | 18500 | 519983 |
| DPC Dash LTD. 144A<sup>(a)(b)(c)</sup> | 47300 | 536872 |
| Shenzhen New Industries Biomed<sup>(a)</sup> | 31100 | 266544 |
| Silergy Corp<sup>(a)</sup> | 87700 | 633794 |
|  |  | 2180262 |
| **Finland — 0.31%** |  |  |
| Revenio Group Oyj<sup>(a)</sup> | 10955 | 305603 |
| **France — 1.81%** |  |  |
| Sidetrade<sup>(a)</sup> | 1135 | 300922 |
| Thermador Groupe<sup>(a)</sup> | 2386 | 210133 |
| Virbac S.A. | 2211 | 903515 |
| Wavestone | 6460 | 384249 |
|  |  | 1798819 |
| **Germany — 2.33%** |  |  |
| 2G Energy AG | 6156 | 205791 |
| Atoss Software AG | 1543 | 206682 |
| CHAPTERS Group AG<sup>(a)</sup> | 6677 | 288631 |
| Dermapharm Hol ing SE d | 16500 | 649539 |
| Elmos Semiconductor AG | 4337 | 408953 |
| Mensch und Maschine Software SE | 5895 | 283028 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.98% (continued)** |  |  |
| **Germany — 2.33% (continued)** |  |  |
| Schott Pharma AG & Co<sup>(a)</sup> | 12111 | $271119 |
|  |  | 2313743 |
| **Hong Kong — 0.84%** |  |  |
| Plover Bay Tech<sup>(b)</sup> | 493800 | 407969 |
| Techtronic Industries Co Limited | 36700 | 428838 |
|  |  | 836807 |
| **India — 5.69%** |  |  |
| Aditya Vision Ltd | 97732 | 632097 |
| Anant Raj Ltd.<sup>(a)</sup> | 42161 | 306101 |
| Cartrade Tech Ltd<sup>(a)</sup> | 8773 | 298457 |
| Five-Star Business | 41353 | 304125 |
| Gulf Oil Lubricants India Ltd. | 25707 | 358220 |
| Home First Finance Co India Lt 144A<sup>(b)(c)</sup> | 23015 | 309894 |
| Indigo Paints Ltd | 18371 | 206960 |
| Jubilant Foodworks Ltd | 70169 | 472645 |
| Newgen Software Technologies | 25375 | 279060 |
| PB Fintech Ltd<sup>(a)</sup> | 37095 | 746188 |
| Prudent Corporate Advisory Ser | 10383 | 298949 |
| Rainbow Children's Medicare Lt<sup>(a)</sup> | 19254 | 297063 |
| SJS Enterprises Ltd | 30188 | 549124 |
| Supriya Lifescience Ltd | 37259 | 326133 |
| Varun Beverages Ltd. | 51481 | 272408 |
|  |  | 5657424 |
| **Indonesia — 0.63%** |  |  |
| Cisarua Mountain Dairy PT TBK | 936300 | 319397 |
| Mastersystem Infotama PT<sup>(a)</sup> | 3588600 | 303077 |
|  |  | 622474 |
| **Ireland — 0.28%** |  |  |
| ICON plc<sup>(a)</sup> | 1591 | 273366 |
| **Israel — 0.85%** |  |  |
| CSW Industrials, Inc. | 1396 | 349586 |
| Next Vision Stabilized Systems<sup>(a)</sup> | 11230 | 492847 |
|  |  | 842433 |
| **Italy — 3.30%** |  |  |
| Diasorin SPA | 6752 | 596978 |
| Interpump Group SpA | 15296 | 788163 |
| Moncler S.p.A. | 8497 | 509330 |
| Pharmanutra SpA | 9348 | 498919 |
| Recordati SpA | 14903 | 884732 |
|  |  | 3278122 |
| **Japan — 11.09%** |  |  |
| AZOOM Co Ltd | 21800 | 680423 |
| BayCurrent Consulting, Inc. | 11000 | 504292 |
| BuySell Technologies Company Ltd.<sup>(a)</sup> | 10800 | 237225 |
| eWeLL Co Ltd | 17200 | 309608 |
| Hennge KK | 48800 | 464545 |
| Insource Co Ltd | 50000 | 283569 |
| Integral Corp | 23800 | 528951 |
| Japan Elevator Service Holdings Company Ltd. | 45600 | 537795 |
| Kandenko Company Ltd.<sup>(a)</sup> | 10900 | 333634 |
| Kitz Corp | 31800 | 357192 |
| Kotobuki Spirits Co Ltd<sup>(a)</sup> | 22300 | 267487 |
| Mani, Inc.<sup>(a)</sup> | 32500 | 311066 |
| MarkLines Company Ltd.<sup>(a)</sup> | 24500 | 314781 |

---

<u>Grandeur Peak Global Reach Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.98% (continued)** |  |  |
| **Japan — 11.09% (continued)** |  |  |
| Maruwa Co Ltd/Aichi | 1800 | $512410 |
| Monotaro Company, Ltd.<sup>(a)</sup> | 26100 | 364553 |
| Plus Alpha Consulting Company Ltd. | 29600 | 455024 |
| PR Times Corp<sup>(a)</sup> | 16300 | 314668 |
| Rakus Co Ltd<sup>(a)</sup> | 37700 | 305060 |
| Rise Consulting Group Inc | 71400 | 409570 |
| SIGMAXYZ Holdings Inc<sup>(a)</sup> | 69200 | 393358 |
| System Support, Inc. | 22000 | 434698 |
| Timee Inc<sup>(a)</sup> | 23300 | 225883 |
| Tokyo Ohka Kogyo Co Ltd<sup>(a)</sup> | 11400 | 418178 |
| Tokyo Seimitsu Company Limited | 5100 | 352781 |
| Totech Corp | 13700 | 283589 |
| ULS Group Inc | 135000 | 650004 |
| User Local Inc | 23400 | 297915 |
| Visional Inc<sup>(a)</sup> | 6800 | 473022 |
|  |  | 11021281 |
| **Lithuania — 0.33%** |  |  |
| Baltic Classifieds Group | 85807 | 332528 |
| **Luxembourg — 0.59%** |  |  |
| Eurofins Scientific S.E. | 8364 | 589481 |
| **Mexico — 2. 38%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 20349 | 555935 |
| Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR | 195500 | 593470 |
| Corporativo Fragua SAB de CV | 27972 | 812984 |
| Regional SAB de CV | 54700 | 405233 |
|  |  | 2367622 |
| **Netherlands — 2.00%** |  |  |
| Allfunds Group PLC | 65010 | 494601 |
| ASM International N.V. | 587 | 380281 |
| IMCD N.V.<sup>(a)</sup> | 1897 | 196763 |
| Redcare Pharmacy N.V. 144A<sup>(a)(b)(c)</sup> | 6139 | 502797 |
| Topicus.com, Inc.<sup>(a)</sup> | 4200 | 413247 |
|  |  | 1987689 |
| **Norway — 0.26%** |  |  |
| SmartCraft ASA 144A<sup>(a)(b)(c)</sup> | 102290 | 258517 |
| **Philippines — 1.44%** |  |  |
| International Container Terminal Services, Inc.<sup>(a)</sup> | 39400 | 355741 |
| Philippine Seven Corp | 939780 | 659607 |
| Pryce Corp | 892900 | 197442 |
| Puregold Price Club, Inc. | 341900 | 221915 |
|  |  | 1434705 |
| **Poland — 0.64%** |  |  |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 21264 | 253731 |
| Shoper Spolka Akcyjna | 26933 | 386497 |
|  |  | 640228 |
| **Saudi Arabia — 0.37%** |  |  |
| Rasan Information Technology Company<sup>(a)</sup> | 12480 | 366051 |
| **Singapore — 0.62%** |  |  |
| iFAST Corp Ltd. | 42700 | 317876 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.98% (continued)** |  |  |
| **Singapore — 0.62% (continued)** |  |  |
| Riverstone Holdings Ltd. | 435900 | $301394 |
|  |  | 619270 |
| **South Korea — 2.22%** |  |  |
| FNS Tech Co Ltd<sup>(a)</sup> | 29805 | 275802 |
| HPSP Company Ltd.<sup>(a)</sup> | 20531 | 497236 |
| iFamilySC Co Ltd | 31232 | 388476 |
| Kinx Inc.<sup>(a)</sup> | 5054 | 329000 |
| LEENO Industrial Inc.<sup>(a)</sup> | 9971 | 402710 |
| S&S Tech Corp<sup>(a)</sup> | 7835 | 307666 |
|  |  | 2200890 |
| **Sweden — 4.74%** |  |  |
| AddTech A.B. | 9769 | 331092 |
| BoneSupport Holding AB 144A<sup>(c)</sup> | 10400 | 242575 |
| Idun Industrier AB | 7278 | 284969 |
| Lifco AB, Class B<sup>(a)</sup> | 9573 | 371001 |
| Momentum Group AB | 24519 | 419630 |
| Roko AB<sup>(a)</sup> | 1447 | 285144 |
| Sdiptech AB<sup>(a)</sup> | 43322 | 863638 |
| Swedencare AB<sup>(a)</sup> | 75596 | 305544 |
| Swedish Logistic<sup>(a)</sup> | 95094 | 418882 |
| Vimian Group AB<sup>(a)</sup> | 278659 | 881667 |
| Vitec Software Group | 8799 | 308034 |
|  |  | 4712176 |
| **Switzerland — 0.28%** |  |  |
| Ypsomed Holding AG<sup>(a)</sup> | 715 | 279904 |
| **Taiwan — 4.20%** |  |  |
| 91APP, Inc. | 103000 | 241208 |
| Airtac International Group<sup>(a)</sup> | 11000 | 325484 |
| Asia Vital Components Co., Ltd. | 23000 | 1064538 |
| ASPEED Technology, Inc. | 3000 | 533000 |
| Chroma ATE, Inc. | 19000 | 505424 |
| Hon Precision, Inc.<sup>(a)</sup> | 4000 | 326101 |
| Sinbon Electronics Co., Limited | 56000 | 384695 |
| Sporton International, Inc. | 52868 | 307372 |
| Voltronic Power Technology | 12247 | 481320 |
|  |  | 4169142 |
| **United Arab Emirates — 0.54%** |  |  |
| Spinneys 1961 Holding PLC | 1237777 | 539175 |
| **United Kingdom — 12.54%** |  |  |
| AB Dynamics PLC | 13489 | 224158 |
| Advanced Medical Solutions Group | 209909 | 592862 |
| Ashtead Technology Holdings plc | 76639 | 329720 |
| B & M European Value Retail SA | 218134 | 514795 |
| Cerillion plc<sup>(a)</sup> | 15886 | 309903 |
| CVS Group plc<sup>(a)</sup> | 53544 | 873608 |
| Diploma plc | 15477 | 1140601 |
| Elixirr International PLC | 85788 | 951159 |
| Fevertree Drinks PLC | 23257 | 254803 |
| FRP Advisory Group PLC | 157624 | 301279 |
| Games Workshop Group PLC | 4017 | 840624 |
| Halma plc | 5113 | 238176 |
| Hill & Smith Holdings plc | 18487 | 523357 |
| JTC plc 144A<sup>(b)(c)</sup> | 58314 | 998930 |
| Marex Group PLC | 23777 | 721632 |

---

<u>Grandeur Peak Global Reach Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.98% (continued)** |  |  |
| **United Kingdom — 12.54% (continued)** |  |  |
| Pollen Street Group Ltd | 57659 | $671096 |
| Renew Holdings PLC | 25226 | 306862 |
| Rosebank Industries plc<sup>(a)</sup> | 107038 | 486517 |
| Shawbrook Group plc | 102788 | 527963 |
| Softcat PLC<sup>(a)</sup> | 19905 | 417852 |
| Tatton Asset Management | 78436 | 766606 |
| Volution Group PLC<sup>(a)</sup> | 53937 | 465518 |
|  |  | 12458021 |
| **United States — 23.54%** |  |  |
| 4Imprint Group | 11639 | 509148 |
| Abacus Life Inc<sup>(a)</sup> | 51518 | 258620 |
| Accelerant Holdings<sup>(a)</sup> | 31133 | 361765 |
| ACV Auctions, Inc.<sup>(a)</sup> | 28603 | 259429 |
| APPFOLIO, Inc., Class A<sup>(a)</sup> | 1538 | 391313 |
| Atricure, Inc.<sup>(a)</sup> | 8705 | 300758 |
| Bel Fuse, Inc., Class B | 4285 | 659847 |
| Bio-Techne Corporation | 9719 | 608118 |
| Bowman Consulting Group Limited<sup>(a)</sup> | 7376 | 319307 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 27405 | 504527 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 1209 | 306240 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 6094 | 317985 |
| Cross Creek LP<sup>(d)</sup> | 1000000 | 572039 |
| DexCom, Inc.<sup>(a)</sup> | 10044 | 584762 |
| Dynatrace, Inc.<sup>(a)</sup> | 5598 | 283091 |
| Elastic N.V.<sup>(a)</sup> | 6112 | 545314 |
| Enerpac Tool Group Corporation | 8533 | 350195 |
| Ensign Group, Inc. (The) | 1653 | 297705 |
| Esquire Financial Holdings, Inc. | 2958 | 277460 |
| FitLife Brands, Inc.<sup>(a)</sup> | 13824 | 264315 |
| Five Below, Inc.<sup>(a)</sup> | 1635 | 257136 |
| Freshpet, Inc.<sup>(a)</sup> | 20654 | 1016383 |
| Global Industrial Company | 9384 | 266693 |
| Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 4492 | 308466 |
| HealthEquity, Inc.<sup>(a)</sup> | 5242 | 495788 |
| Houlihan Lokey, Inc. | 1526 | 273276 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 476 | 299647 |
| Installed Building Products, Inc. | 1063 | 263868 |
| JFrog Ltd.<sup>(a)</sup> | 18212 | 864706 |
| Kadant, Inc. | 817 | 226031 |
| LeMaitre Vascular, Inc. | 4122 | 357006 |
| Littelfuse, Inc. | 3912 | 951829 |
| Mama's Creations Incorporated<sup>(a)</sup> | 71765 | 759991 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 1561 | 284211 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 427 | 249757 |
| Miami International Holdings, Inc.<sup>(a)</sup> | 7498 | 327663 |
| Monolithic Power Systems, Inc. | 670 | 673350 |
| M-Tron Industries, Inc.<sup>(a)</sup> | 5073 | 279624 |
| Neptune Insurance Holdings, Inc.<sup>(a)</sup> | 9932 | 255054 |
| Netskope, Inc.<sup>(a)</sup> | 11688 | 276304 |
| P10 Inc | 28886 | 293482 |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 11840 | 292803 |
| Perella Weinberg Partners | 37330 | 697324 |
| Pjt Partners, Inc., Class A | 1689 | 272115 |
| Power Integrations, Inc.<sup>(a)</sup> | 7169 | 300309 |
| Primoris Services Corporation | 2968 | 420032 |
| Qualys, Inc.<sup>(a)</sup> | 2475 | 305068 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.98% (continued)** |  |  |
| **United States — 23.54% (continued)** |  |  |
| Red Violet, Inc.<sup>(a)</sup> | 7507 | $402600 |
| RxSight, Inc.<sup>(a)</sup> | 35320 | 310463 |
| Ryan Specialty Group Holdings, Inc. | 9344 | 512051 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 2622 | 343692 |
| SPS Commerce, Inc.<sup>(a)</sup> | 3432 | 282248 |
| Texas Roadhouse, Inc. | 1380 | 225740 |
| TPG, Inc. | 8531 | 469546 |
| Tradeweb Markets Inc. Class A | 2633 | 277492 |
| TWFG Inc<sup>(a)</sup> | 11552 | 281407 |
| Upwork, Inc.<sup>(a)</sup> | 26920 | 429105 |
| Yeti Holdings, Inc.<sup>(a)</sup> | 7725 | 262573 |
| Zscaler, Inc.<sup>(a)</sup> | 1059 | 350677 |
|  |  | 23387448 |
| **Vietnam — 1.06%** |  |  |
| Asia Commercial Bank JSC | 521216 | 506767 |
| Hoa Phat Group JSC<sup>(a)</sup> | 258700 | 263366 |
| Vietnam Technological & Comm Joint-stock Bank | 213832 | 286175 |
|  |  | 1056308 |
| *Total Common Stocks (Cost $78,600,841)* |  | 97356151 |
| **PREFERRED STOCKS — 0.99%** |  |  |
| **United States — 0.99%** |  |  |
| Gusto Inc. Preferred Series E<sup>(a)</sup> | 32241 | 980126 |
| *Total Preferred Stocks* |  |  |
| *(Cost $979,976)* |  | 980126 |
| *Total Investments — 98.97%* |  |  |
| *(Cost $79,580,817)* |  | 98336277 |
| *Other Assets in Excess of Liabilities — 1.03%* |  | 1022180 |
| *NET ASSETS — 100.00%* |  | $99358457 |

---

<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 October 31, 2025, these securities had a total aggregate market value of $4,141,331, representing 4.17% 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 October 31, 2025, these securities had a total aggregate market value of $3,429,899, representing 3.45% 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.

<u>Grandeur Peak Global Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.27%** |  |  |
| **Australia — 2.16%** |  |  |
| Pinnacle Investment Management Group | 110891 | $1433848 |
| Technology One Ltd | 15185 | 366658 |
|  |  | 1800506 |
| **Belgium — 1.97%** |  |  |
| Azelis Group N.V. | 38448 | 454285 |
| Melexis NV | 16435 | 1184078 |
|  |  | 1638363 |
| **Canada — 1.77%** |  |  |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 7081 | 625378 |
| TerraVest Industries Inc | 8800 | 851922 |
|  |  | 1477300 |
| **China — 1.83%** |  |  |
| Silergy Corp<sup>(a)</sup> | 211000 | 1524864 |
| **France — 1.55%** |  |  |
| Virbac S.A. | 3152 | 1288051 |
| **Germany — 2.67%** |  |  |
| Atoss Software AG | 3306 | 442833 |
| Dermapharm Holding SE | 19097 | 751771 |
| Schott Pharma AG & Co<sup>(a)</sup> | 27399 | 613359 |
| Scout24 A.G. 144A<sup>(b)(c)</sup> | 3614 | 417433 |
|  |  | 2225396 |
| **India — 3.96%** |  |  |
| Cartrade Tech Ltd<sup>(a)</sup> | 32701 | 1112485 |
| Jubilant Foodworks Ltd | 91479 | 616186 |
| Motherson Sumi Wiring India Ltd.<sup>(a)</sup> | 1042825 | 554681 |
| PB Fin tech Ltd<sup>(a)</sup> | 29350 | 590393 |
| Rainbow Children's Medicare Lt | 27804 | 428978 |
|  |  | 3302723 |
| **Israel — 1.38%** |  |  |
| CSW Industrials, Inc. | 1805 | 452008 |
| CyberArk Software Ltd.<sup>(a)</sup> | 1341 | 698366 |
|  |  | 1150374 |
| **Italy — 3.54%** |  |  |
| Diasorin SPA<sup>(a)</sup> | 7190 | 635704 |
| Interpump Group SpA | 20132 | 1037349 |
| Recordati SpA | 21467 | 1274410 |
|  |  | 2947463 |
| **Japan — 10.12%** |  |  |
| Japan Elevator Service Holdings Company Ltd. | 188600 | 2224301 |
| Kandenko Company Ltd.<sup>(a)</sup> | 23400 | 716241 |
| Kotobuki Spirits Co Ltd<sup>(a)</sup> | 35300 | 423420 |
| Maruwa Co Ltd/Aichi | 1600 | 455476 |
| Monotaro Company, Ltd.<sup>(a)</sup> | 59700 | 833864 |
| Next Generation Technology Group, Inc.<sup>(a)</sup> | 7500 | 427787 |
| Rakus Co Ltd<sup>(a)</sup> | 101000 | 817270 |
| Tokyo Seimitsu Company Limited | 8000 | 553382 |
| Visional Inc<sup>(a)</sup> | 28400 | 1975562 |
|  |  | 8427303 |
| **Lithuania — 0.76%** |  |  |
| Baltic Classifieds Group | 163509 | 633648 |
| **Mexico — 1.67%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 26148 | 714363 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.27% (continued)** |  |  |
| **Mexico — 1.67% (continued)** |  |  |
| Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR | 222665 | $675934 |
|  |  | 1390297 |
| **Netherlands — 4.79%** |  |  |
| ASM International NV | 1136 | 735944 |
| BE Semiconductor Industries N.V.<sup>(a)</sup> | 3295 | 560625 |
| IMCD N.V.<sup>(a)</sup> | 12125 | 1257646 |
| Redcare Pharmacy N.V. 144A<sup>(a)(b)(c)</sup> | 5793 | 474458 |
| Topicus.com, Inc.<sup>(a)</sup> | 9800 | 964244 |
|  |  | 3992917 |
| **Norway — 0.50%** |  |  |
| Vend Marketplaces ASA | 12122 | 417653 |
| **Poland — 0.96%** |  |  |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 66885 | 798100 |
| **South Korea — 3.09%** |  |  |
| HD Hyundai Marine Solution Co | 5945 | 1000793 |
| HPSP Company Ltd.<sup>(a)</sup> | 30411 | 736519 |
| LEENO Industrial Inc.<sup>(a)</sup> | 12534 | 506224 |
| Park Systems Corp<sup>(a)</sup> | 1931 | 329123 |
|  |  | 2572659 |
| **Sweden — 7.03%** |  |  |
| AddTech A.B. | 39875 | 1351449 |
| Asker Healthcare Group AB<sup>(a)</sup> | 71622 | 649524 |
| Lagercrantz Group A.B. | 50833 | 1248791 |
| Lifco AB, Class B<sup>(a)</sup> | 16140 | 625504 |
| Roko AB<sup>(a)</sup> | 3236 | 637681 |
| Vimian Group AB<sup>(a)</sup> | 231127 | 731277 |
| Vitec Software Group | 17548 | 614318 |
|  |  | 5858544 |
| **Switzerland — 1.37%** |  |  |
| VAT Group A.G. 144A<sup>(b)(c)</sup> | 1403 | 610788 |
| Ypsomed Holding AG | 1354 | 530057 |
|  |  | 1140845 |
| **Taiwan — 3.25%** |  |  |
| Asia Vital Components Co., Ltd. | 22000 | 1018254 |
| ASPEED Technology, Inc. | 6000 | 1066000 |
| Voltronic Power Technology | 15833 | 622253 |
|  |  | 2706507 |
| **United Kingdom — 10.10%** |  |  |
| Diploma plc | 31829 | 2345685 |
| Games Workshop Group plc | 2774 | 580506 |
| Halma plc | 16484 | 767866 |
| Hill & Smith Holdings plc | 23404 | 662554 |
| JTC plc 144A<sup>(b)(c)</sup> | 100026 | 1713463 |
| Marex Group PLC | 44309 | 1344778 |
| Rosebank Industries plc<sup>(a)</sup> | 112026 | 509189 |
| Shawbrook Group plc<sup>(a)</sup> | 95657 | 491335 |
|  |  | 8415376 |
| **United States — 33.31%** |  |  |
| Accelerant Holdings<sup>(a)</sup> | 28847 | 335202 |
| Bio-Techne Corporation | 12541 | 784690 |
| Burlington Stores, Inc.<sup>(a)</sup> | 5108 | 1397498 |
| Clearwater Analytics Holdings, Inc., Class A | 44443 | 818196 |

---

<u>Grandeur Peak Global Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.27% (continued)** |  |  |
| **United States — 33.31% (continued)** |  |  |
| Core & Main, Inc., Class A<sup>(a)</sup> | 23648 | $1233953 |
| Cross Creek LP <sup>(d)</sup> | 1300000 | 743651 |
| DexCom, Inc. | 10279 | 598443 |
| Enerpac Tool Group Corporation | 13685 | 561632 |
| Ensign Group, Inc. (The) | 5758 | 1037016 |
| Goosehead Insurance, Inc., Class A | 8397 | 576622 |
| HealthEquity, Inc.<sup>(a)</sup> | 6160 | 582613 |
| Installed Building Products, Inc. | 2144 | 532205 |
| JFrog Ltd.<sup>(a)</sup> | 17330 | 822828 |
| Kadant, Inc. | 3431 | 949221 |
| LeMaitre Vascular, Inc. | 12680 | 1098216 |
| Littelfuse, Inc. | 5802 | 1411685 |
| Manhattan Associates, Inc. | 2348 | 427500 |
| Modine Manufacturing Company | 3267 | 500537 |
| Monolithic Power Systems, Inc. | 2110 | 2120549 |
| Netskope, Inc. | 23446 | 554263 |
| nVent Electric PLC | 5284 | 604225 |
| Perella Weinberg Partners | 43932 | 820650 |
| Pjt Partners, Inc., Class A | 5892 | 949260 |
| Power Integrations, Inc. | 10559 | 442317 |
| Primoris Services Corporation | 19385 | 2743365 |
| Rubrik, Inc., Class A | 6291 | 473524 |
| Ryan Specialty Holdings, Inc. | 15007 | 822384 |
| Silicon Laboratories, Inc. | 5595 | 733392 |
| SPS Commerce, Inc. | 7890 | 648874 |
| Tradeweb Markets Inc., Class A | 6000 | 632340 |
| TWFG Inc | 18409 | 448443 |
| Zscaler, Inc. | 4037 | 1336811 |
|  |  | 27742105 |
| **Vietnam — 0.49%** |  |  |
| Asia Commercial Bank JSC | 423500 | 411761 |
| *Total Common Stocks (Cost $67,591,714)* |  | 81862755 |
| **PREFERRED STOCKS — 1.37%** |  |  |
| **United States — 1.37%** |  |  |
| Gusto Inc. Preferred Series E<sup>(a)</sup> | 37637 | 1144165 |
| *Total Preferred Stocks* |  |  |
| *(Cost $1,143,989)* |  | 1144165 |
| *Total Investments — 99.64%* |  |  |
| *(Cost $68,735,703)* |  | 83006920 |
| *Other Assets in Excess of Liabilities — 0.36%* |  | 306328 |
| *NET ASSETS — 100.00%* |  | $83313248 |

---

<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 October 31, 2025, these securities had a total aggregate market value of $4,014,242, representing 4.82% 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 October 31, 2025, these securities had a total aggregate market value of $4,014,242, representing 4.82% 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.

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS SOLD SHORT** |  |  |
| **Japan** |  |  |
| Shift, Inc.<sup>(a)</sup> | 49000 | $338946 |
| *Total Common Stocks Sold Short (Cost $428,604)* |  | 338946 |

---

<u>Grandeur Peak International Opportunities Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.61%** |  |  |
| **Australia — 4.25%** |  |  |
| IPD Group Ltd/Australia | 446884 | $1076124 |
| MA Financial Group Ltd | 448225 | 2818638 |
| Pinnacle Investment Management Group | 286080 | 3699084 |
| Qualitas Ltd<sup>(b)</sup> | 1153482 | 2770108 |
|  |  | 10363954 |
| **Belgium — 2.44%** |  |  |
| Melexis NV | 60018 | 4324063 |
| X-Fab Silicon Foundries S.E. 144A<sup>(a)(c)</sup> | 255753 | 1621489 |
|  |  | 5945552 |
| **Brazil — 1.34%** |  |  |
| Grupo Mateus SA | 1283700 | 1536679 |
| Patria Investments Limited | 118207 | 1722276 |
|  |  | 3258955 |
| **Canada — 2.44%** |  |  |
| Aritzia Inc<sup>(a)</sup> | 37701 | 2633466 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 22900 | 2022475 |
| Richelieu Hardware, Ltd. | 47336 | 1297686 |
|  |  | 5953627 |
| **China — 4.19%** |  |  |
| Centre Testing Int | 1598400 | 3202459 |
| DPC Dash LTD. 144A<sup>(a)(b)(c)</sup> | 185700 | 2107761 |
| Silergy Corp<sup>(a)</sup> | 677996 | 4899771 |
|  |  | 10209991 |
| **France — 3.68%** |  |  |
| Neurones SA | 17490 | 794359 |
| Planisware S.A. | 76135 | 1790379 |
| Thermador Groupe<sup>(a)</sup> | 12251 | 1078935 |
| Virbac S.A. | 13009 | 5316070 |
|  |  | 8979743 |
| **Germany — 5.11%** |  |  |
| 2G Energy AG | 38200 | 1277003 |
| Atoss Software AG | 24039 | 3219979 |
| Dermapharm Holding SE | 66995 | 2637325 |
| Elmos Semiconductor AG | 40995 | 3865580 |
| Mensch und Maschine Software SE | 30478 | 1463295 |
|  |  | 12463182 |
| **India — 4.07%** |  |  |
| Anant Raj Ltd. | 177198 | 1286507 |
| Gulf Oil Lubricants India Ltd. | 179854 | 2506210 |
| Indigo Paints Ltd | 38213 | 430492 |
| Motherson Sumi Wiring India Lt | 3732763 | 1985465 |
| SJS Enterprises Ltd | 205051 | 3729906 |
|  |  | 9938580 |
| **Indonesia — 0.97%** |  |  |
| Cisarua Mountain Dairy PT TBK | 3509700 | 1197255 |
| Selamat Sempurna Tbk PT | 10127300 | 1168816 |
|  |  | 2366071 |
| **Italy — 4.90%** |  |  |
| Diasorin SPA<sup>(a)</sup> | 20935 | 1850968 |
| Interpump Group SpA | 117486 | 6053745 |
| Recordati SpA | 68100 | 4042824 |
|  |  | 11947537 |
| **Japan — 20.17%** |  |  |
| AZOOM Co Ltd | 56700 | 1769725 |
| baudroie Inc<sup>(a)</sup> | 71100 | 1335660 |
| BayCurrent Consulting, Inc. | 21700 | 994832 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.61% (continued)** |  |  |
| **Japan — 20.17% (continued)** |  |  |
| eWeLL Co Ltd<sup>(a)</sup> | 65600 | $1180832 |
| Hennge KK | 358300 | 3410787 |
| Insource Co Ltd | 425400 | 2412607 |
| Integral Corp | 207100 | 4602760 |
| Japan Elevator Service Holdings Company Ltd. | 319500 | 3768104 |
| Kandenko Company Ltd.<sup>(a)</sup> | 45100 | 1380448 |
| Kitz Corp | 224600 | 2522809 |
| Kotobuki Spirits Co Ltd<sup>(a)</sup> | 172100 | 2064324 |
| Mani, Inc.<sup>(a)</sup> | 188800 | 1807056 |
| MarkLines Company Ltd.<sup>(a)</sup> | 164000 | 2107107 |
| Maruwa Company Ltd. | 6700 | 1907305 |
| Next Generation Technology Group, Inc. | 23900 | 1363215 |
| Plus Alpha Consulting | 103600 | 1592584 |
| Rakus Co Ltd<sup>(a)</sup> | 262200 | 2121665 |
| Rise Consulting Group Inc<sup>(a)</sup> | 96300 | 552403 |
| Tokyo Seimitsu Company Limited | 33300 | 2303452 |
| Totech Corp | 68000 | 1407593 |
| ULS Group Inc | 599000 | 2884086 |
| Visional Inc<sup>(a)</sup> | 82000 | 5704090 |
|  |  | 49193444 |
| **Luxembourg — 1.78%** |  |  |
| Eurofins Scientific S.E.<sup>(a)</sup> | 43312 | 3052560 |
| Sword Group<sup>(a)</sup> | 30387 | 1285536 |
|  |  | 4338096 |
| **Mexico — 1.85%** |  |  |
| Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR | 64778 | 1967308 |
| Regional SAB de CV | 342900 | 2540301 |
|  |  | 4507609 |
| **Netherlands — 2.33%** |  |  |
| Allfunds Group PLC | 394997 | 3005164 |
| Redcare Pharmacy N.V. 144A<sup>(a)(b)(c)</sup> | 18637 | 1526408 |
| Topicus.com, Inc.<sup>(a)</sup> | 11600 | 1141350 |
|  |  | 5672922 |
| **Norway — 0.42%** |  |  |
| Bouvet ASA | 161978 | 1029811 |
| **Philippines — 0.95%** |  |  |
| Philippine Seven Corp | 1836800 | 1289202 |
| Puregold Price Club, Inc. | 1598500 | 1037527 |
|  |  | 2326729 |
| **Poland — 1.40%** |  |  |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 186670 | 2227424 |
| Inter Cars SA | 7896 | 1180135 |
|  |  | 3407559 |
| **Singapore — 2.20%** |  |  |
| iFAST Corp Ltd. | 172900 | 1287136 |
| Kulicke & Soffa Industries, Inc. | 46397 | 1852632 |
| Riverstone Holdings Ltd. | 3235700 | 2237261 |
|  |  | 5377029 |
| **South Korea — 2.23%** |  |  |
| HPSP Company Ltd. | 97689 | 2365914 |
| LEENO Industrial Inc.<sup>(a)</sup> | 36248 | 1463986 |
| S&S Tech Corp<sup>(a)</sup> | 40869 | 1604849 |
|  |  | 5434749 |

---

<u>Grandeur Peak International Opportunities Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.61% (continued)** |  |  |
| **Sweden — 3.61%** |  |  |
| AddTech A.B. | 42085 | $1426350 |
| Sdiptech AB<sup>(a)</sup> | 60697 | 1210014 |
| Swedencare AB<sup>(a)</sup> | 209969 | 848652 |
| Swedish Logistic<sup>(a)</sup> | 421609 | 1857156 |
| Vimian Group AB<sup>(a)</sup> | 1093355 | 3459339 |
|  |  | 8801511 |
| **Taiwan — 3.92%** |  |  |
| Asia Vital Components Co., Ltd. | 33000 | 1527381 |
| ASPEED Technology, Inc. | 13000 | 2309666 |
| Sporton International, Inc. | 678338 | 3943826 |
| Voltronic Power Technology Corporation | 45000 | 1768546 |
|  |  | 9549419 |
| **United Arab Emirates — 0.65%** |  |  |
| Spinneys 1961 Holding PLC | 3642802 | 1586802 |
| **United Kingdom — 20.48%** |  |  |
| AB Dynamics PLC | 62272 | 1034826 |
| Advanced Medical Solutions Group | 826140 | 2333330 |
| Ashtead Technology Holdings plc | 207376 | 892183 |
| CVS Group plc<sup>(a)</sup> | 233064 | 3802602 |
| Diploma plc | 109729 | 8086646 |
| Elixirr International PLC | 145575 | 1614036 |
| Games Workshop Group plc | 6315 | 1321518 |
| Hill & Smith Holdings plc | 104530 | 2959186 |
| JTC plc 144A<sup>(b)(c)</sup> | 426711 | 7309633 |
| Marex Group PLC | 81239 | 2465604 |
| Pollen Street Group Ltd | 108314 | 1260673 |
| Renew Holdings PLC | 209958 | 2554039 |
| Shawbrook Group plc<sup>(a)</sup> | 276283 | 1419107 |
| Softcat PLC<sup>(a)</sup> | 119192 | 2502119 |
| Tatton Asset Management | 293242 | 2866047 |
| Volution Group PLC<sup>(a)</sup> | 875935 | 7559993 |
|  |  | 49981542 |
| **United States — 0.77%** |  |  |
| JFrog Ltd.<sup>(a)</sup> | 39567 | 1878641 |
| **Vietnam — 1.46%** |  |  |
| Asia Commercial Bank JSC | 2472707 | 2404165 |
| Vietnam Technological & Comm Joint-stock Bank | 863246 | 1155295 |
|  |  | 3559460 |
| *Total Common Stocks (Cost $173,235,068)* |  | 238072515 |
| *Total Common Stocks/ Investments — 97.61%* |  |  |
| *(Cost $173,235,068)* |  | 238072515 |
| *Other Assets in Excess of Liabilities — 2.39%* |  | 5841046 |
| *NET ASSETS — 100.00%* |  | $243913561 |

---

<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 October 31, 2025, these securities had a total aggregate market value of $15,941,334, representing 6.54% 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 October 31, 2025, these securities had a total aggregate market value of $14,792,715, representing 6.06% of net assets.

<u>Grandeur Peak International Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.39%** |  |  |
| **Australia — 4.15%** |  |  |
| HUB24 Ltd. | 147701 | $11033599 |
| Pinnacle Investment Management Group | 2296333 | 29692147 |
| Steadfast Group Ltd. | 2346979 | 8600368 |
| Technology One Ltd | 266953 | 6445862 |
|  |  | 55771976 |
| **Belgium — 2.77%** |  |  |
| Azelis Group N.V. | 843133 | 9962090 |
| Melexis NV | 379089 | 27311888 |
|  |  | 37273978 |
| **Canada — 5.19%** |  |  |
| Altus Group Ltd. | 149100 | 6125373 |
| Aritzia Inc<sup>(a)</sup> | 204219 | 14264971 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | 149727 | 13223545 |
| Kinaxis Inc.<sup>(a)</sup> | 79123 | 9581299 |
| Lumine Group, Inc.<sup>(a)</sup> | 243800 | 5823179 |
| Stantec, Inc. | 62720 | 6945685 |
| TerraVest Industries Inc | 143000 | 13843742 |
|  |  | 69807794 |
| **China — 1.75%** |  |  |
| Silergy Corp<sup>(a)</sup> | 3256805 | 23536414 |
| **France — 2.12%** |  |  |
| Exosens S.A.S<sup>(a)</sup> | 117883 | 6638138 |
| Virbac S.A. | 53510 | 21866622 |
|  |  | 28504760 |
| **Germany — 3.99%** |  |  |
| AIXTRON SE | 377548 | 6038592 |
| Atoss Software AG | 71762 | 9612385 |
| Dermapharm Holding SE | 460437 | 18125561 |
| Schott Pharma AG & Co<sup>(a)</sup> | 571669 | 12797478 |
| Scout24 A.G. 144A<sup>(b)(c)</sup> | 60583 | 6997598 |
|  |  | 53571614 |
| **India — 5.45%** |  |  |
| Anant Raj Ltd.<sup>(a)</sup> | 961647 | 6981827 |
| Cartrade Tech Ltd<sup>(a)</sup> | 735166 | 25010266 |
| Jubilant Foodworks Ltd | 1667715 | 11233419 |
| Motherson Sumi Wiring India Lt<sup>(a)</sup> | 19718457 | 10488293 |
| PB Fintech Ltd<sup>(a)</sup> | 549905 | 11061680 |
| Rainbow Children's Medicare Lt | 550245 | 8489543 |
|  |  | 73265028 |
| **Israel — 1.22%** |  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 31374 | 16338952 |
| **Italy — 4.88%** |  |  |
| Diasorin SPA<sup>(a)</sup> | 127507 | 11273530 |
| Interpump Group SpA | 490646 | 25281702 |
| Recordati SpA | 488486 | 28999456 |
|  |  | 65554688 |
| **Japan — 13.30%** |  |  |
| Genda Inc.<sup>(a)</sup> | 1546400 | 7425594 |
| Japan Elevator Service Holdings Company Ltd. | 3611632 | 42594697 |
| Kandenko Company Ltd.<sup>(a)</sup> | 523800 | 16032786 |
| Kotobuki Spirits Co Ltd<sup>(a)</sup> | **789300** | 9467585 |
| Maruwa Co Ltd/Aichi | 37900 | 10789082 |
| Monotaro Company, Ltd.<sup>(a)</sup> | 1442400 | 20146820 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.39% (continued)** |  |  |
| **Japan — 13.30% (continued)** |  |  |
| Next Generation Technology Group, Inc.<sup>(a)</sup> | 97500 | $5561233 |
| Rakus Co Ltd<sup>(a)</sup> | 2164500 | 17514659 |
| Tokyo Seimitsu Company Limited | 128662 | 8899900 |
| Visional Inc<sup>(a)</sup> | 582201 | 40499100 |
|  |  | 178931456 |
| **Lithuania — 0.94%** |  |  |
| Baltic Classifieds Group | 3253778 | 12609389 |
| **Luxembourg — 1.72%** |  |  |
| Eurofins Scientific S.E.<sup>(a)</sup> | 327290 | 23066871 |
| **Mexico — 2.58%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 748980 | 20462133 |
| Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR | 4676429 | 14196015 |
|  |  | 34658148 |
| **Netherlands — 6.21%** |  |  |
| Allfunds Group PLC | 699988 | 5325557 |
| ASM International NV | 19479 | 12619248 |
| BE Semiconductor Industries N.V.<sup>(a)</sup> | 71128 | 12102009 |
| IMCD N.V.<sup>(a)</sup> | 246107 | 25527041 |
| Redcare Pharmacy N.V. 144A<sup>(a)(b)(c)</sup> | 136965 | 11217710 |
| Topicus.com, Inc.<sup>(a)</sup> | 169749 | 16701980 |
|  |  | 83493545 |
| **Norway — 0.65%** |  |  |
| Vend Marketplaces ASA | 254295 | 8761504 |
| **Poland — 1.87%** |  |  |
| ASSECO POLAND SA | 125644 | 7307376 |
| Dino Polska SA 144A<sup>(a)(b)(c)</sup> | 1491093 | 17792345 |
|  |  | 25099721 |
| **South Korea — 3.88%** |  |  |
| HD Hyundai Marine Solution Co | 105277 | 17722532 |
| HPSP Company Ltd.<sup>(a)</sup> | 746125 | 18070281 |
| LEENO Industrial Inc.<sup>(a)</sup> | 242868 | 9808968 |
| Park Systems Corp<sup>(a)</sup> | 38553 | 6571043 |
|  |  | 52172824 |
| **Sweden — 8.55%** |  |  |
| AddTech A.B. | 704860 | 23889209 |
| Asker Healthcare Group AB<sup>(a)</sup> | 1131543 | 10261711 |
| Lagercrantz Group AB | 888142 | 21818570 |
| Lifco AB, Class B | 316992 | 12284999 |
| Roko AB<sup>(a)</sup> | 91206 | 17972921 |
| Vimian Group AB<sup>(a)</sup> | 4154657 | 13145199 |
| Vitec Software Group | 442541 | 15492403 |
|  |  | 114865012 |
| **Switzerland — 3.41%** |  |  |
| Accelleron Industries A.G. | 82414 | 6739379 |
| Belimo Holding AG | 8150 | 8771391 |
| Huber + Suhner A.G.<sup>(a)</sup> | 37417 | 6844942 |
| SMG Swiss Marketplace Group A.G.<sup>(a)</sup> | 9413 | 519987 |
| VAT Group A.G. 144A<sup>(b)(c)</sup> | 29798 | 12972397 |
| Ypsomed Holding AG | 25457 | 9965768 |
|  |  | 45813864 |
| **Taiwan — 6.61%** |  |  |
| Airtac International Group<sup>(a)</sup> | 298000 | 8817656 |

---

<u>Grandeur Peak International Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.39% (continued)** |  |  |
| **Taiwan — 6.61% (continued)** |  |  |
| Asia Vital Components Co., Ltd. | 493000 | $22818143 |
| ASPEED Technology, Inc. | 101145 | 17970092 |
| Chroma ATE, Inc. | 555000 | 14763706 |
| Hon Precision, Inc.<sup>(a)</sup> | 135000 | 11005911 |
| Voltronic Power Technology | 341490 | 13420908 |
|  |  | 88796416 |
| **United Kingdom — 12.43%** |  |  |
| CVS Group plc<sup>(a)</sup> | 356177 | 5811277 |
| Diploma plc | 605547 | 44626706 |
| Games Workshop Group plc | 51186 | 10711519 |
| Halma plc | 495796 | 23095419 |
| Hill & Smith Holdings plc | 578476 | 16376335 |
| JTC plc 144A<sup>(b)(c)</sup> | 1750350 | 29983794 |
| Marex Group PLC | 670220 | 20341177 |
| Rosebank Industries plc<sup>(a)</sup> | 1802613 | 8193373 |
| Shawbrook Group plc<sup>(a)</sup> | 1530617 | 7861898 |
|  |  | 167001498 |
| **United States — 5.09%** |  |  |
| Accelerant Holdings<sup>(a)</sup> | 498402 | 5791431 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 26693 | 6761337 |
| JFrog Ltd.<sup>(a)</sup> | 502062 | 23837904 |
| Monolithic Power Systems, Inc. | 31794 | 31952970 |
|  |  | 68343642 |
| **Vietnam — 0.63%** |  |  |
| Asia Commercial Bank JSC | 8763292 | 8520378 |
| *Total Common Stocks (Cost $1,095,886,953)* |  | 1335759472 |
| *Total Common Stocks/ Investments — 99.39%* |  |  |
| *(Cost $1,095,886,953)* |  | 1335759472 |
| *Other Assets in Excess of Liabilities — 0.61%* |  | 8173775 |
| *NET ASSETS — 100.00%* |  | $1343933247 |

---

<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 October 31, 2025, these securities had a total aggregate market value of $78,963,844, representing 5.88% 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 October 31, 2025, these securities had a total aggregate market value of $78,963,844, representing 5.88% of net assets.

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS SOLD SHORT** |  |  |
| **Japan** |  |  |
| Shift, Inc.<sup>(a)</sup> | 300000 | $2075182 |
| *Total Common Stocks Sold Short (Cost $2,583,228)* |  | 2075182 |

---

<u>Grandeur Peak U.S. Stalwarts Fund</u> <u>Portfolio of Investments</u> <br> October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 95.66%** |  |  |
| **Canada — 1.66%** |  |  |
| Aritzia Inc<sup>(a)</sup> | 20200 | $1410997 |
| Kinaxis Inc.<sup>(a)</sup> | 7200 | 871875 |
|  |  | 2282872 |
| **Israel — 2.04%** |  |  |
| CSW Industrials, Inc. | 2844 | 712194 |
| CyberArk Software Ltd.<sup>(a)</sup> | 4016 | 2091453 |
|  |  | 2803647 |
| **Mexico — 1.51%** |  |  |
| BBB Foods Inc<sup>(a)</sup> | 75763 | 2069845 |
| **United Kingdom — 3.43%** |  |  |
| Marex Group PLC | 107017 | 3247966 |
| Rosebank Industries plc<sup>(a)</sup> | 321755 | 1462465 |
|  |  | 4710431 |
| **United States — 87.02%** |  |  |
| Accelerant Holdings<sup>(a)</sup> | 80480 | 935178 |
| ACV Auctions, Inc.<sup>(a)</sup> | 187094 | 1696943 |
| Atricure, Inc.<sup>(a)</sup> | 34676 | 1198056 |
| Bio-Techne Corporation | 44383 | 2777044 |
| Burlington Stores, Inc.<sup>(a)</sup> | 13209 | 3613850 |
| CAVA Group, Inc.<sup>(a)</sup> | 18388 | 987987 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 94432 | 1738493 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 7568 | 1916974 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 70350 | 3670863 |
| Crawford United Corporation<sup>(a)</sup> | 6109 | 462573 |
| Cross Creek LP<sup>(b)</sup> | 700000 | 400427 |
| DexCom, Inc.<sup>(a)</sup> | 38841 | 2261323 |
| Elastic N.V.<sup>(a)</sup> | 12164 | 1085272 |
| Enerpac Tool Group Corporation | 49514 | 2032055 |
| Ensign Group, Inc. (The) | 13541 | 2438733 |
| Federal Signal Corporation | 11324 | 1336572 |
| FormFactor, Inc.<sup>(a)</sup> | 23245 | 1277313 |
| Freshpet, Inc.<sup>(a)</sup> | 28876 | 1420988 |
| Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 23359 | 1604063 |
| HealthEquity, Inc.<sup>(a)</sup> | 23062 | 2181204 |
| Houlihan Lokey, Inc. | 9587 | 1716840 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2766 | 1741225 |
| Installed Building Products, Inc. | 7636 | 1895484 |
| Iradimed Corporation | 10132 | 778239 |
| JFrog Ltd.<sup>(a)</sup> | 50219 | 2384398 |
| Kadant, Inc. | 10046 | 2779326 |
| Karman Holdings, Inc.<sup>(a)</sup> | 8119 | 683945 |
| LeMaitre Vascular, Inc. | 36487 | 3160140 |
| Littelfuse, Inc. | 16542 | 4024834 |
| Loar Holdings, Inc.<sup>(a)</sup> | 25139 | 1989249 |
| Mama's Creations Incorporated<sup>(a)</sup> | 417277 | 4418963 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 5831 | 1061650 |
| Marvell Technology, Inc. | 13558 | 1270927 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 1416 | 828233 |
| Miami International Holdings, Inc.<sup>(a)</sup> | 21622 | 944881 |
| Modine Manufacturing Company<sup>(a)</sup> | 19129 | 2930754 |
| Monolithic Power Systems, Inc. | 5357 | 5383785 |
| M-Tron Industries, Inc.<sup>(a)</sup> | 25695 | 1416308 |
| Netskope, Inc.<sup>(a)</sup> | 68766 | 1625628 |
| nVent Electric PLC | 25594 | 2926674 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 95.66% (continued)** |  |  |
| **United States — 87.02% (continued)** |  |  |
| Pennant Group, Inc. (The)<sup>(a)</sup> | 36186 | $894880 |
| Perella Weinberg Partners | 142291 | 2657996 |
| Perimeter Solutions Inc.<sup>(a)</sup> | 44151 | 1037990 |
| Pjt Partners, Inc., Class A | 19020 | 3064312 |
| Power Integrations, Inc.<sup>(a)</sup> | 24188 | 1013235 |
| Primoris Services Corporation | 45605 | 6454020 |
| Quanta Services, Inc. | 3111 | 1397243 |
| Rubrik, Inc., Class A<sup>(a)</sup> | 20363 | 1532723 |
| Ryan Specialty Group Holdings, Inc. | 44895 | 2460246 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 18519 | 2427471 |
| SPS Commerce, Inc.<sup>(a)</sup> | 17310 | 1423574 |
| StandardAero, Inc.<sup>(a)</sup> | 46814 | 1352456 |
| Texas Roadhouse, Inc. | 15504 | 2536145 |
| TPG, Inc. | 38099 | 2096969 |
| Tradeweb Markets Inc. Class A | 22775 | 2400257 |
| Trex Company, Inc.<sup>(a)</sup> | 28956 | 1399154 |
| TWFG Inc<sup>(a)</sup> | 43267 | 1053984 |
| Upwork, Inc.<sup>(a)</sup> | 85945 | 1369963 |
| VSE Corporation<sup>(a)</sup> | 3859 | 697244 |
| Zscaler, Inc.<sup>(a)</sup> | 9240 | 3059735 |
|  |  | 119326991 |
| *Total Common Stocks (Cost $109,648,862)* |  | 131193786 |
| **PREFERRED STOCKS — 0.46%** |  |  |
| **United States — 0.46%** |  |  |
| Gusto Inc. Preferred Series E<sup>(a)</sup> | 20595 | 626088 |
| *Total Preferred Stocks* |  |  |
| *(Cost $625,992)* |  | 626088 |
| *Total Investments — 96.12%* |  |  |
| *(Cost $110,274,854)* |  | 131819874 |
| *Other Assets in Excess of Liabilities — 3.88%* |  | 5327712 |
| *NET ASSETS — 100.00%* |  | $137147586 |

---

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

<sup>(b)</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> October 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak**<br>**Emerging Markets**<br>**Opportunities Fund** | **Grandeur Peak**<br>**Global Contrarian**<br>**Fund** |<br>**Grandeur Peak**<br>**Global Explorer Fund** | **Grandeur Peak**<br>**Global Micro Cap**<br>**Fund** | **Grandeur Peak**<br>**Global Opportunities**<br>**Fund** |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $65583225 | $129313138 | $11431972 | $36828140 | $313108748 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $91602529 | $146130284 | $11744091 | $45805070 | $402856166 |
| &nbsp;&nbsp;&nbsp;Cash held at custodian | 1800908 | 1844620 | 119338 | 611998 | 7876195 |
| &nbsp;&nbsp;&nbsp;Foreign currency at fair value <br> (Cost $23,679, $67,219, $5,398, $7,714 and $41,700) | 23679 | 67005 | 5398 | 7714 | 40908 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 772128 |  | 355764 | 2 | 1350719 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 33 | 12787 |  | 160 | 39165 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 193261 | 190298 | 6102 | 62506 | 760242 |
| &nbsp;&nbsp;&nbsp;Prepaid distribution fees - investor class | 334 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 4229 | 15269 | 21885 | 5420 | 26911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 94397101 | 148260263 | 12252578 | 46492870 | 412950306 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1319702 | 1945173 | 127274 | 2 | 4008097 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 88691 | 53590 | 19461 | 23445 | 114121 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 78418 | 111877 | 3431 | 63068 | 358340 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable |  |  |  |  | 8630 |
| &nbsp;&nbsp;&nbsp;Foreign Cap Gain Tax payable | 473819 |  |  | 82379 | 190297 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 17557 | 13796 | 2323 | 14130 | 58735 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 100361 | 68270 | 25321 | 46493 | 77063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 2078548 | 2192706 | 177810 | 229517 | 4815283 |
| **NET ASSETS** | $**92318553** | $**146067557** | $**12074768** | $**46263353** | $**408135023** |
| **NET ASSETS CONSISTS OF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $44228994 | $114117548 | $12797593 | $36742126 | $306176448 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (losses) | 48089559 | 31950009 | (722825) | 9521227 | 101958575 |
| **NET ASSETS** | $**92318553** | $**146067557** | $**12074768** | $**46263353** | $**408135023** |
| **PRICING OF SHARES:** |  |  |  |  |  |
| **Investor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**4501424** | $**—** | $**—** | $**—** | $**26282636** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **348034** |  |  | **—** | **7361657** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $**12.93** | $**—** | $**—** | $**—** | $**3.57** |
| **Institutional Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**87817129** | $**146067557** | $**12074768** | $**46263353** | $**381852387** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **6705408** | **8008328** | **1391384** | **2960212** | **104187098** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $**13.10** | $**18.24** | $**8.68** | $**15.63** | $**3.67** |

---

<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> October 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**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** |<br>**Grandeur Peak US**<br>**Stalwarts Fund** |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $79580817 | $68735703 | $173235068 | $1095886953 | $110274854 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $98336277 | $83006920 | $238072515 | $1335759472 | $131819874 |
| &nbsp;&nbsp;&nbsp;Cash held at custodian | 882408 | 634104 | 4173754 | 18025872 | 2880263 |
| &nbsp;&nbsp;&nbsp;Foreign currency at fair value <br> (Cost $26,752, $413,374, $640,905, $2,890,792 and $5) | 26752 | 413530 | 608490 | 2890549 | 1528 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1093144 | 969270 | 2273442 | 25262927 | 3307967 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 7554 | 96 | 13239 | 1683087 | 16000 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 204888 | 158339 | 918087 | 2253688 | 10393 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2683 | 10060 | 27238 | 110509 | 28937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 100553706 | 85192319 | 246086765 | 1385986104 | 138064962 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $0, $428,604, $0, $2,583,228, $0 respectively) |  | 338946 |  | 2075182 |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 988017 | 1297731 | 1513616 | 36657886 | 743169 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 20008 | 44923 | 7119 | 505876 | 61973 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 57853 | 35768 | 223954 | 700857 | 70106 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 1121 | 366 | 7911 | 22568 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 35895 | 34061 | 28678 | 181950 | 16250 |
| &nbsp;&nbsp;&nbsp;Foreign Cap Gain Tax payable | 37353 | 76634 | 275758 | 1682278 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 55002 | 50642 | 116168 | 226260 | 25878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1195249 | 1879071 | 2173204 | 42052857 | 917376 |
| **NET ASSETS** | $**99358457** | $**83313248** | $**243913561** | $**1343933247** | $**137147586** |
| **Composition of Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $62283684 | $86735728 | $173897419 | $1161122978 | $138177587 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (losses) | 37074773 | (3422480) | 70016142 | 182810269 | (1030001) |
| **NET ASSETS** | $**99358457** | $**83313248** | $**243913561** | $**1343933247** | $**137147586** |
| **PRICING OF SHARES** |  |  |  |  |  |
| **Investor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**12139529** | $**12464529** | $**13661567** | $**11668771** | $**—** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **747630** | **763333** | **4014638** | **656935** | **—** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $**16.24** | $**16.33** | $**3.40** | $**17.76** | $**—** |
| **Institutional Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**87218928** | $**70848719** | $**230251994** | $**1332264476** | $**137147586** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **5301687** | **4258672** | **66869020** | **74288417** | **6755006** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $**16.45** | $**16.64** | $**3.44** | $**17.93** | $**20.30** |

---

<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> October 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak**<br>**Emerging Markets**<br>**Opportunities Fund** | **Grandeur Peak**<br>**Global Contrarian**<br>**Fund** |<br>**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 | $2327955 | $2132794 | $115, 018 | $516156 | $4741848 |
| &nbsp;&nbsp;&nbsp;Interest | 6021 | 43024 | 708 | 5048 | 67472 |
| &nbsp;&nbsp;&nbsp;Less: Foreign dividend withholding taxes | (238693) | (152222) | (10818) | (51021) | (423565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 2095283 | 2023596 | 104, 908 | 470183 | 4385755 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisor fees | 820749 | 741280 | 61922 | 357649 | 2816369 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees - Investor Class | 5815 |  |  |  | 34591 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 113336 | 51364 | 6459 | 27038 | 104304 |
| &nbsp;&nbsp;&nbsp;Administrative fees | 19698 | 24108 | 7056 | 12751 | 85327 |
| &nbsp;&nbsp;&nbsp;Registration fees | 27600 | 13800 | 9800 | 27600 | 27600 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 23468 | 14350 | 12580 | 14591 | 27263 |
| &nbsp;&nbsp;&nbsp;Audit fees | 34463 | 29469 | 29439 | 24893 | 24450 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 7170 | 7169 | 7085 | 7122 | 20017 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 4308 | 4249 | 1512 | 4273 | 7555 |
| &nbsp;&nbsp;&nbsp;Printing fees | 2318 | 735 | 602 | 375 | 11563 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 920 | 552 | 188 | 184 | 1104 |
| &nbsp;&nbsp;&nbsp;Legal fees | 3960 | 5638 | 1470 | 525 | 11681 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9014 | 6536 | 1782 | 1798 | 11969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1072819 | 899250 | 139895 | 478799 | 3183793 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the investment advisor | (36448) |  | (48998) | (1880) |  |
| &nbsp;&nbsp;&nbsp;Less: Fees Waived by Administrator |  |  | (17096) |  |  |
| &nbsp;&nbsp;&nbsp;Less: Voluntary waiver | (60976) |  | (4150) |  | (225307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 975395 | 899250 | 69651 | 476919 | 2958486 |
| **NET INVESTMENT INCOME** | 1119888 | 1124346 | 35257 | (6736) | 1427269 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 19812277 | 10211995 | 1012636 | 598854 | 22994765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (58091) | 22522 | (4479) | 581 | (38654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cap gains tax | (387126) | (50322) | (26219) | (15346) | (479) |
| &nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 19367060 | 10184195 | 981938 | 584089 | 22955632 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1381828) | 3817712 | 173092 | 2551181 | 21168522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 6193 | (18136) | (450) | (2579) | (17424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cap gains tax | (5446) | 33437 | 9579 | (76179) | (80183) |
| &nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation)** | (1381081) | 3833013 | 182221 | 2472423 | 21070915 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 17985979 | 14017208 | 1164159 | 3056512 | 44026547 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $**19105867** | $**15141554** | $**1199416** | $**3049776** | $**45453816** |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Statements of Operations</u> <br> October 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**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** |<br>**Grandeur Peak US**<br>**Stalwarts Fund** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1250829 | $592435 | $3677149 | $13020062 | $513574 |
| &nbsp;&nbsp;&nbsp;Interest | 3619 | 11556 |  | 202255 | 48470 |
| &nbsp;&nbsp;&nbsp;Less: Foreign dividend withholding taxes | (77446) | (58516) | (427767) | (1407496) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1177002 | 545475 | 3249382 | 11814821 | 562044 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisor fees | 664330 | 359921 | 1763691 | 5662430 | 521843 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees - Investor Class | 18103 | 17625 | 17, 753 | 16537 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | 45812 | 42363 | 140718 | 287536 | 14, 650 |
| &nbsp;&nbsp;&nbsp;Administrative fees | 36088 | 27548 | 45810 | 230288 | 22630 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 23554 | 23736 | 23182 | 70263 | 14, 260 |
| &nbsp;&nbsp;&nbsp;Registration fees | 27600 | 36800 | 27600 | 36, 800 | 18, 401 |
| &nbsp;&nbsp;&nbsp;Audit fees | 25952 | 24450 | 26971 | 29490 | 13351 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 5862 | 7122 | 13431 | 70784 | 7191 |
| &nbsp;&nbsp;&nbsp;Printing fees | 11780 | 6830 | 9186 | 128505 | 4619 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5028 | 3665 | 10670 | 39797 | 4110 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 4273 | 4273 | 4675 | 7721 | 4273 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1104 | 920 | 920 | 6440 | 920 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5910 | 4981 | 8098 | 32125 | 4958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 921991 | 560234 | 2092705 | 6618716 | 631206 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the investment advisor | (100755) | (47801) |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Fees Waived by Administrator | (49014) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Voluntary waiver | (60393) | (22496) | (141094) | (353912) | (34791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 711829 | 489937 | 1951611 | 6264804 | 596415 |
| **NET INVESTMENT INCOME (LOSS)** | 465173 | 55538 | 1297771 | 5550017 | (34371) |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 11637424 | 3314120 | 9556227 | 75236894 | (179856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (30116) | (23244) | (17134) | (367550) | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cap gains tax | (114307) |  | (3010) | (832064) |  |
| &nbsp;&nbsp;&nbsp;**Net realized gain (loss) from:** | 11493001 | 3290876 | 9536083 | 74037280 | (178062) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (551560) | 2612216 | 14420652 | 41121012 | 16971670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (6074) | 990 | (33231) | (2737) | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  | 89658 |  | 508046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cap gains tax | 71197 | (39021) | (180686) | 23632 |  |
| &nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation)** | (486437) | 2663843 | 14206735 | 41649953 | 16972079 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 11006564 | 5954719 | 23742818 | 115687233 | 16794017 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**11471737** | $**6010257** | $**25040589** | $**121237250** | $**16759646** |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1119888 | $3643724 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 19367060 | 4476300 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (1381081) | (24476616) |
| Net increase (decrease) in net assets resulting from operations | 19105867 | (16356592) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (104135) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (5869475) |
| Net decrease in net assets from distributions |  | (5973610) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 100399 | 127420 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 935405 | 12151901 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 96504 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 5297696 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 21 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4 | 7640 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (867554) | (2356091) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (86767385) | (179764441) |
| Net increase (decrease) from shares of beneficial interest | (86599110) | (164439371) |
| **NET DECREASE IN NET ASSETS** | (67493243) | (186769573) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 159811796 | 346581369 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**92318553** | $**159811796** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 7900 | 10225 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 8241 |
| &nbsp;&nbsp;&nbsp;Redeemed | (69087) | (194238) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (61187) | (175772) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 72757 | 992349 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 447819 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6826711) | (15028937) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (6753954) | (13588769) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1124346 | $4406873 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 10184195 | 12425544 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 3833013 | 4577295 |
| Net increase in net assets resulting from operations | 15141554 | 21409712 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (10667419) |
| Net decrease in net assets from distributions |  | (10667419) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 10406690 | 41219752 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 10280019 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 133 | 2177 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (14660859) | (68727459) |
| Net decrease from shares of beneficial interest | (4254036) | (17225511) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 10887518 | (6483218) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 135180039 | 141663257 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**146067557** | $**135180039** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 588553 | 2538668 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 641699 |
| &nbsp;&nbsp;&nbsp;Redeemed | (821635) | (4309231) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in share transactions | (233082) | (1128864) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $35257 | $66243 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 981938 | 68827 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 182221 | 386850 |
| Net increase in net assets resulting from operations | 1199416 | 521920 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (137008) |
| Net decrease in net assets from distributions |  | (137008) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 424133 | 320074 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 136060 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8 | 31 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1074733) | (1209356) |
| Net decrease from shares of beneficial interest | (650592) | (753191) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 548824 | (368279) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 11525944 | 11894223 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**12074768** | $**11525944** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 49302 | 39983 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 17007 |
| &nbsp;&nbsp;&nbsp;Redeemed | (124936) | (152445) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (75634) | (95455) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(6736) | $24334 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 584089 | 2612015 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 2472423 | 1668696 |
| Net increase in net assets resulting from operations | 3049776 | 4305045 |
| **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 | 1481453 | 3346890 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 218295 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 219 | 22 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (3221663) | (6993837) |
| Net decrease from shares of beneficial interest | (1739991) | (3428630) |
| **NET INCREASE IN NET ASSETS** | 1309785 | 646897 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 44953568 | 44306671 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**46263353** | $**44953568** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 93563 | 237713 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 15405 |
| &nbsp;&nbsp;&nbsp;Redeemed | (204266) | (497550) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (110703) | (244432) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1427269 | $4339464 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 22955632 | (6667569) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 21070915 | (10057106) |
| Net increase (decrease) in net assets resulting from operations | 45453816 | (12385211) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (350267) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (6919330) |
| &nbsp;&nbsp;&nbsp;Total Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (104345) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (2238402) |
| Net decrease in net assets from distributions |  | (9612344) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1857713 | 2303948 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 13596348 | 91189774 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 450792 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 8298797 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 191 | 608 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 1462 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (4168140) | (19746903) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (105696652) | (169991491) |
| Net decrease from shares of beneficial interest | (94410540) | (87493013) |
| **NET DECREASE IN NET ASSETS** | (48956724) | (109490568) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 457091747 | 566582315 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**408135023** | $**457091747** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 520673 | 681297 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 135781 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1170422) | (5777437) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (649749) | (4960359) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3776839 | 24936176 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 2433665 |
| &nbsp;&nbsp;&nbsp;Redeemed | (28833808) | (49512119) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (25056969) | (22142278) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $465173 | $1360472 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 11493001 | 14930016 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (486437) | (8969493) |
| Net increase in net assets resulting from operations | 11471737 | 7320995 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (941713) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (8698493) |
| Net decrease in net assets from distributions |  | (9640206) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 649814 | 1386352 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2268482 | 22935049 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 940245 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 8379268 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 56 | 508 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 18 | 909 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (4061265) | (8846478) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (33105800) | (108787555) |
| Net decrease from shares of beneficial interest | (34248695) | (83991702) |
| **NET DECREASE IN NET ASSETS** | (22776958) | (86310913) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 122135415 | 208446328 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**99358457** | $**122135415** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 40001 | 88577 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 61899 |
| &nbsp;&nbsp;&nbsp;Redeemed | (247730) | (561478) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (207729) | (411002) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 134997 | 1441090 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 545881 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1989918) | (7044948) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (1854921) | (5057977) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2024** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $55538 | $128183 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3290876 | 14115649 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2663843 | (10932972) |
| Net increase in net assets resulting from operations | 6010257 | 3310860 |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 87259 | 517966 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 706102 | 13312501 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 380 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4 | 160 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2294511) | (6352632) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (7254838) | (59019038) |
| Net decrease from shares of beneficial interest | (8755984) | (51540663) |
| **NET DECREASE IN NET ASSETS** | (2745727) | (48229803) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 86058975 | 134288778 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**83313248** | $**86058975** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5234 | 32472 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (138262) | (399898) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (133028) | (367426) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 41253 | 832114 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (431645) | (3649596) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (390392) | (2817482) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1297771 | $4959221 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 9536083 | (3467603) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 14206735 | 3801965 |
| Net increase in net assets resulting from operations | 25040589 | 5293583 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (319879) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (8997935) |
| Net decrease in net assets from distributions |  | (9317814) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 647461 | 2620233 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3477764 | 22345592 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 309301 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 8716958 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 259 | 92 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1527 | 12197 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1845685) | (9272805) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (92238935) | (214610325) |
| Net decrease from shares of beneficial interest | (89957609) | (189878757) |
| **NET DECREASE IN NET ASSETS** | (64917020) | (193902988) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 308830581 | 502733569 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**243913561** | $**308830581** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 189199 | 824023 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 101744 |
| &nbsp;&nbsp;&nbsp;Redeemed | (545230) | (2871690) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (356031) | (1945923) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1012596 | 6868170 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 2839400 |
| &nbsp;&nbsp;&nbsp;Redeemed | (27014415) | (66226611) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (26001819) | (56519041) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5550017 | $10227990 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 74037280 | (572043) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 41649953 | (13515772) |
| Net increase (decrease) in net assets resulting from operations | 121237250 | (3859825) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (67585) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (11579508) |
| Net decrease in net assets from distributions |  | (11647093) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 135959 | 759100 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 139099729 | 424564971 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 67537 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 10929089 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 401 | 280 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 5332 | 8480 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2486640) | (8306147) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (351478709) | (550366711) |
| Net decrease from shares of beneficial interest | (214723928) | (122343401) |
| **NET DECREASE IN NET ASSETS** | (93486678) | (137850319) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 1437419925 | 1575270244 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**1343933247** | $**1437419925** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 7556 | 45043 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 4171 |
| &nbsp;&nbsp;&nbsp;Redeemed | (138429) | (493417) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (130873) | (444203) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 7708562 | 25242191 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 670085 |
| &nbsp;&nbsp;&nbsp;Redeemed | (19152050) | (33196506) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (11443488) | (7284230) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
|  | **(Unaudited)** | |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(34371) | $(215591) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (178062) | 10967636 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 16972079 | (11778677) |
| Net increase (decrease) in net assets resulting from operations | 16759646 | (1026632) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 5144174 | 21738160 |
| &nbsp;&nbsp;&nbsp;Redemption fees: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 753 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (9405674) | (22693341) |
| Net increase (decrease) from shares of beneficial interest | (4261500) | (954428) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 12498146 | (1981060) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 124649440 | 126630500 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $**137147586** | $**124649440** |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 260787 | 1120065 |
| &nbsp;&nbsp;&nbsp;Redeemed | (471070) | (1188966) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in share transactions | (210283) | (68901) |

---

See accompanying notes to financial statements.

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $11.40 | $12.40 | $12.58 | $13.21 | $17.70 | $11.07 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.09 | 0.13 | 0.06 | 0.06 | (0.01) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.44 | (0.91) | 0.25 | (0.67) | (2.48) | 6.71 |
| Total income/(loss) from investment operations | 1.53 | (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) (b) |
| &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) (b) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL | 0.00 (b) |  | 0.00 (b) | 0.00 (b) |  | 0.00 (b) |
| NET ASSET VALUE, END OF PERIOD/YEAR | $12.93 | $11.40 | $12.40 | $12.58 | $13.21 | $17.70 |
| TOTAL RETURN<sup>(c)</sup> | 13.42 % (e) | (6.35)% | 2.38 % (d) | (4.62)% | (16.01)% | 59.92% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $4501 | $4664 | $7253 | $8767 | $10846 | $15011 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 2.01 % (f) | 1.80% | 1.83% | 1.70% | 1.76% | 1.75% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.85 % (f) | 1.77% | 1.81% | 1.68% | 1.63% | 1.68% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.62 % (f) | 1.01% | 0.48% | 0.45% | (0.09)% | (0.50)% |
| PORTFOLIO TURNOVER RATE | 15 % (e) | 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.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Emerging Markets Opportunities Fund</u> <u>Financial Highlights</u> <br> For a Share Outstanding Throughout the Years or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $11.53 | $12.55 | $12.72 | $13.35 | $17.83 | $11.14 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.12 | 0.16 | 0.09 | 0.08 | 0.03 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.45 | (0.92) | 0.25 | (0.67) | (2.51) | 6.76 |
| Total income/(loss) from investment operations | 1.57 | (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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $13.10 | $11.53 | $12.55 | $12.72 | $13.35 | $17.83 |
| TOTAL RETURN<sup>(c)</sup> | 13.62 % (e) | (6.14)% | 2.66 % (d) | (4.42)% | (15.82)% | 60.30% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $87817 | $155148 | $339328 | $416872 | $485230 | $623538 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.76 % (f) | 1.55% | 1.58% | 1.51% | 1.52% | 1.52% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.60 % (f) | 1.52% | 1.56% | 1.48% | 1.39% | 1.45% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.87 % (f) | 1.26% | 0.73% | 0.66% | 0.15% | (0.27)% |
| PORTFOLIO TURNOVER RATE | 15 % (e) | 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.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

See accompanying notes to financial statements.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $16.40 | $15.12 | $13.26 | $13.60 | $15.41 | $8.78 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.14 | 0.46 | 0.34 | 0.30 | 0.20 | 0. 25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.70 | 1.97 | 1.81 | (0.26) | (1.12) | 6.61 |
| Total income/(loss) from investment operations | 1.84 | 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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $18.24 | $16.40 | $15.12 | $13.26 | $13.60 | $15.41 |
| TOTAL RETURN<sup>(c)</sup> | 11.22 % (f) | 16.29% | 16.28% | 0.42% | (6.51)% | 78.51% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $146068 | $135180 | $141663 | $117406 | $106129 | $49403 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed/recaptured by investment advisor) | 1.21 % (g) | 1.19 % (d) | 1.25% | 1.35% | 1.40% | 1.87% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed/recaptured by investment advisor) | 1.21 % (g) | 1.19 % (e) | 1.35% | 1.35% | 1.35% | 1.35% |
| &nbsp;&nbsp;&nbsp;Net investment income | 1.51 % (g) | 2.85% | 2.42% | 2.29% | 1.33% | 1.91% |
| PORTFOLIO TURNOVER RATE | 32 % (f) | 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.* 

*(f)* *Not annualized.* 

*(g)* *Annualized.* 

See accompanying notes to financial statements.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Period Ended**<br>**April 30, 2022<sup>(a)</sup>** |
|  | **(Unaudited)** | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $7.86 | $7.61 | $7.36 | $7.80 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.02 | 0.04 | 0.03 | 0. 02 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | 0.80 | 0.29 | 0.27 | (0.44) | (2.19 |
| Total loss from investment operations | 0.82 | 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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $8.68 | $7.86 | $7.61 | $7.36 | $7.80 |
| TOTAL RETURN<sup>(d)</sup> | 10.43 % (e) | 4.47% | 4.05% | (5.40)% | (22.00 |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $12075 | $11526 | $11894 | $12444 | $9461 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.99 % (f) | 2.03% | 3.14% | 3.97% | 2.45 |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.13 % (f) | 1.25% | 1.25% | 1.25% | 1.25 |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.57 % (f) | 0.56% | 0.42% | 0.29% | (0.16) |
| PORTFOLIO TURNOVER RATE | 93 % (e) | 50% | 43% | 38% | 8 |

---

*(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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $14.64 | $13.36 | $12.44 | $13.49 | $20.65 | $11.05 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.00) (b) | 0.01 | 0.03 | 0.02 | (0.09) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.99 | 1.35 | 0.89 | (1.07) | (4.24) | 11.17 |
| Total income/(loss) from investment operations | 0.99 | 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 (b) | 0.00 (b) | 0.00 (b) | 0.00 (b) | 0.00 (b) |  |
| NET ASSET VALUE, END OF PERIOD/YEAR | $15.63 | $14.64 | $13.36 | $12.44 | $13.49 | $20.65 |
| TOTAL RETURN<sup>(c)</sup> | 6.76 % (f) | 10.16% | 7.40% | (7.78)% | (24.25)% | 102.43% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $46263 | $44954 | $44307 | $45232 | $53175 | $70375 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 2.01 % (g) | 1.99 % (d) | 2.01% | 1.85% | 1.94% | 2.02% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 2.00 % (g) | 2.00 % (e) | 2.00% | 1.85% | 1.94% | 2.00% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.03)% (g) | 0.05% | 0.22% | 0.13% | (0.50)% | (0.62)% |
| PORTFOLIO TURNOVER RATE | 17 % (f) | 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.* 

*(f)* *Not annualized.* 

*(g)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $3.25 | $3.37 | $3.42 | $3.70 | $5.51 | $3.24 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.01 | 0.02 | 0.05 | 0.01 | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.31 | (0.09) | (0.08) | (0.23) | (0.82) | 2.66 |
| Total income/(loss) from investment operations | 0.32 | (0.07) | (0.03) | (0.22) | (0.83) | 2.64 |
| DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.03) | (0.02) |  |  | (0.00) (b) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments |  | (0.01) |  | (0.06) | (0.98) | (0.37) |
| &nbsp;&nbsp;&nbsp;From return of capital |  | (0.01) |  |  |  |  |
| 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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $3.57 | $3.25 | $3.37 | $3.42 | $3.70 | $5.51 |
| TOTAL RETURN<sup>(c)</sup> | 9.85 % (d) | (2.08)% | (1.03)% | (5.99)% | (19.49)% | 82.94% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $26283 | $26059 | $43680 | $72420 | $92173 | $131739 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.65 % (e) | 1.61% | 1.63% | 1.60% | 1.57% | 1.60% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.55 % (e) | 1.55% | 1.58% | 1.54% | 1.45% | 1.51% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.40 % (e) | 0.55% | 0.23% | 0.21% | (0.14)% | (0.34)% |
| PORTFOLIO TURNOVER RATE | 21 % (d) | 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.* 

*(d)* *Not annualized.* 

*(e)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $3.34 | $3.45 | $3.51 | $3.79 | $5.61 | $3.29 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.01 | 0.03 | 0.02 | 0.02 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.32 | (0.08) | (0.05) | (0.24) | (0.84) | 2.70 |
| Total income/(loss) from investment operations | 0.33 | (0.05) | (0.03) | (0.22) | (0.84) | 2.70 |
| DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.03) | (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) |
| &nbsp;&nbsp;&nbsp;From return of capital |  | (0.02) |  |  |  |  |
| 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 PERIOD/YEAR | $3.67 | $3.34 | $3.45 | $3.51 | $3.79 | $5.61 |
| TOTAL RETURN<sup>(c)</sup> | 9.88 % (d) | (1.40)% | (1.01)% | (5.74)% | (19.30)% | 83.44% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $381852 | $431033 | $522903 | $603793 | $679987 | $889823 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.40 % (e) | 1.36% | 1.38% | 1.36% | 1.34% | 1.35% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.30 % (e) | 1.30% | 1.33% | 1.30% | 1.22% | 1.27% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.65 % (e) | 0.80% | 0.48% | 0.44% | 0.09% | (0.08)% |
| PORTFOLIO TURNOVER RATE | 21 % (d) | 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.* 

*(d)* *Not annualized.* 

*(e)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $14.90 | $15.18 | $14.65 | $16.01 | $23.16 | $14.12 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.04 | 0.09 | 0.03 | 0.02 | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.29 | 0.54 | 0.52 | (1.38) | (3.77) | 10.79 |
| Total income/(loss) from investment operations | 1.34 | 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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $16.24 | $14.90 | $15.18 | $14.65 | $16.01 | $23.16 |
| TOTAL RETURN<sup>(c)</sup> | 8.85 % (d) | 4.06% | 3.77% | (8.49)% | (20.17)% | 77.38% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $87219 | $14234 | $20747 | $27427 | $33459 | $59164 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.67 % (e) | 1.53% | 1.55% | 1.49% | 1.49% | 1.52% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.40 % (e) | 1.50% | 1.50% | 1.49% | 1.48% | 1.52% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.55 % (e) | 0.57% | 0.22% | 0.16% | (0.32)% | (0.38)% |
| PORTFOLIO TURNOVER RATE | 28 % (d) | 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.* 

*(d)* *Not annualized.* 

*(e)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $15.08 | $15.37 | $14.82 | $16.17 | $23.31 | $14.19 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.07 | 0.13 | 0.07 | 0.06 | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.30 | 0.55 | 0.54 | (1.40) | (3.81) | 10.86 |
| Total income/(loss) from investment operations | 1.37 | 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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $16.45 | $15.08 | $15.37 | $14.82 | $16.17 | $23.31 |
| TOTAL RETURN<sup>(c)</sup> | 8.94 % (d) | 4.27% | 4.11% | (8.30)% | (19.99)% | 77.81% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $87219 | $107901 | $187699 | $237614 | $287502 | $317828 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.42 % (e) | 1.28% | 1.30% | 1.26% | 1.25% | 1.27% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.15 % (e) | 1.25% | 1.25% | 1.25% | 1.24% | 1.27% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.80 % (e) | 0.80% | 0.47% | 0.40% | (0.09)% | (0.14)% |
| PORTFOLIO TURNOVER RATE | 28 % (d) | 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.* 

*(d)* *Not annualized.* 

*(e)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $15.29 | $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 | (0.01) | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.05 | 0.11 | 0.73 | (2.03) | (4.21) | 9.72 |
| Total income/(loss) from investment operations | 1.04 | 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 |  | 0.00 (b) | 0.00 (b) | 0.00 (b) | 0.00 (b) | 0.00 (b) |
| NET ASSET VALUE, END OF PERIOD/YEAR | $16.33 | $15.29 | $15.19 | $14.47 | $16.51 | $23.26 |
| TOTAL RETURN<sup>(c)</sup> | 6.52 % (d) | 0.66% | 5.09% | (12.36)% | (21.45)% | 68.36% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $12465 | $13708 | $19194 | $30682 | $51984 | $103891 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.46 % (e) | 1.37% | 1.27% | 1.21% | 1.17% | 1.21% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.30 % (e) | 1.35% | 1.27% | 1.21% | 1.17% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.09)% (e) | (0.09)% | 0.03% | (0.06)% | (0.24)% | (0.23)% |
| PORTFOLIO TURNOVER RATE | 31 % (d) | 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.* 

*(d)* *Not annualized.* 

*(e)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $15.56 | $15.41 | $14.69 | $16.74 | $23.50 | $14.37 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.01 | 0.03 | 0.04 | 0.03 | (0.00) (b) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.07 | 0.12 | 0.74 | (2.05) | (4.28) | 9.80 |
| Total income/(loss) from investment operations | 1.08 | 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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $16.64 | $15.56 | $15.41 | $14.69 | $16.74 | $23.50 |
| TOTAL RETURN<sup>(c)</sup> | 6.67 % (d) | 0.97% | 5.31% | (12.09)% | (21.26)% | 68.74% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $70849 | $72351 | $115095 | $167932 | $285539 | $263711 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.21 % (e) | 1.11% | 1.03% | 0.94% | 0.93% | 0.96% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.05 % (e) | 1.10% | 1.03% | 0.94% | 0.93% | 0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.16 % (e) | 0.17% | 0.28% | 0.21% | (0.01)% | 0.06% |
| PORTFOLIO TURNOVER RATE | 31 % (d) | 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.* 

*(d)* *Not annualized.* 

*(e)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $3.14 | $3.19 | $3.36 | $3.57 | $5.17 | $3.04 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.01 | 0.03 | 0.01 | 0.01 | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.25 | (0.01) | (0.16) | (0.22) | (0.94) | 2.30 |
| Total income/(loss) from investment operations | 0.26 | 0.02 | (0.15) | (0.21) | (0.95) | 2.29 |
| DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.04) | (0.01) | (0.00) (b) |  | (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) (b) | (0.65) | (0.16) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL<sup>(b)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $3.40 | $3.14 | $3.19 | $3.36 | $3.57 | $5.17 |
| TOTAL RETURN<sup>(c)</sup> | 8.28 % (d) | 0.67% | (4.45)% | (5.85)% | (21.60)% | 75.87% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $13662 | $13742 | $20177 | $29277 | $40835 | $69041 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.72 % (e) | 1.63% | 1.64% | 1.60% | 1.60% | 1.60% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.62 % (e) | 1.60% | 1.61% | 1.55% | 1.48% | 1.53% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.69 % (e) | 0.93% | 0.46% | 0.29% | (0.24)% | (0.27)% |
| PORTFOLIO TURNOVER RATE | 16 % (d) | 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)* *Not annualized.* 

*(e)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $3.18 | $3.23 | $3.40 | $3.61 | $5.21 | $3.06 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.02 | 0.04 | 0.03 | 0.02 | (0.00) (b) | (0.00) (b) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.24 | (0.01) | (0.17) | (0.22) | (0.95) | 2.31 |
| Total income/(loss) from investment operations | 0.26 | 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) (b) | (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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $3.44 | $3.18 | $3.23 | $3.40 | $3.61 | $5.21 |
| TOTAL RETURN<sup>(c)</sup> | 8.18 % (e) | 1.01% | (4.14)% (d) | (5.61)% | (21.38)% | 76.29% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $230252 | $295089 | $482557 | $603848 | $657165 | $904059 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.47 % (f) | 1.38% | 1.39% | 1.36% | 1.35% | 1.36% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.37 % (f) | 1.35% | 1.36% | 1.31% | 1.23% | 1.28% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.94 % (f) | 1.18% | 0.71% | 0.51% | (0.01)% | (0.02)% |
| PORTFOLIO TURNOVER RATE | 16 % (e) | 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.* 

*(e)* *Not annualized.* 

*(f)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $16.48 | $16.56 | $16.51 | $17.91 | $24.05 | $14.40 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.05 | 0.08 | 0.08 | 0.05 | (0.03) | (0.00) (b) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.23 | (0.09) | 0.07 | (1.44) | (3.93) | 9.70 |
| Total income/(loss) from investment operations | 1.28 | (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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $17.76 | $16.48 | $16.56 | $16.51 | $17.91 | $9.65 |
| TOTAL RETURN<sup>(c)</sup> | 7.77 % (d) | (0.03)% | 0.86% | (7.73)% | (19.07)% | 67.36% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $11669 | $12981 | $20407 | $31075 | $51250 | $67688 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.18 % (e) | 1.15% | 1.17% | 1.15% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.13 % (e) | 1.14% | 1.17% | 1.15% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.54 % (e) | 0.46% | 0.51% | 0.32% | (0.13)% | (0.01)% |
| PORTFOLIO TURNOVER RATE | 33 % (d) | 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.* 

*(d)* *Not annualized.* 

*(e)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $16.62 | $16.72 | $16.67 | $18.06 | $24.19 | $14.46 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.07 | 0.11 | 0.12 | 0.09 | 0.03 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.24 | (0.08) | 0.08 | (1.44) | (3.98) | 9.75 |
| Total income/(loss) from investment operations | 1.31 | 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) (b) | (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 | 0.00 |
| NET ASSET VALUE, END OF PERIOD/YEAR | $17.93 | $16.62 | $16.72 | $16.67 | $18.06 | $9.73 |
| TOTAL RETURN<sup>(c)</sup> | 7.88 % (d) | 0.18% | 1.13% | (7.45)% | (18.90)% | 67.84% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $1332264 | $1424439 | $1554863 | $1697892 | $1583122 | $1966043 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 0.93 % (e) | 0.90% | 0.92% | 0.90% | 0.89% | 0.90% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 0.88 % (e) | 0.89% | 0.92% | 0.90% | 0.89% | 0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.79 % (e) | 0.64% | 0.72% | 0.55% | 0.13% | 0.31% |
| PORTFOLIO TURNOVER RATE | 33 % (d) | 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.* 

*(d)* *Not annualized.* 

*(e)* *Annualized.* 

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 or Period Presented <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |<br>**Year Ended**<br>**April 30, 2025** |<br>**Year Ended**<br>**April 30, 2024** |<br>**Year Ended**<br>**April 30, 2023** |<br>**Year Ended**<br>**April 30, 2022** |<br>**Year Ended**<br>**April 30, 2021** |
|  | **(Unaudited)** | | | | | |
| NET ASSET VALUE, BEGINNING OF PERIOD/YEAR | $17.90 | $18.00 | $15.73 | $17.65 | $22.71 | $13.15 |
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.01) | (0.02) | (0.01) | (0.01) | (0.03) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.41 | (0.08) | 2.28 | (1.91) | (4.62) | 9.73 |
| Total income/(loss) from investment operations | 2.40 | (0.10) | 2.27 | (1.92) | (4.65) | 9.67 |
| DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  | (0.00) (b) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments |  |  |  |  | (0.42) | (0.11) |
| Total distributions |  |  |  | (0.00) (b) | (0.42) | (0.11) |
| REDEMPTION FEES ADDED TO PAID-IN CAPITAL | — (b) | 0.00 (b) | 0.00 (b) | 0.00 (b) | 0.01 | 0.00 (b) |
| NET ASSET VALUE, END OF PERIOD/YEAR | $20.30 | $17.90 | $18.00 | $15.73 | $17.65 | $9.56 |
| TOTAL RETURN<sup>(c)</sup> | 13.34 % (d) | (0.56)% | 14.43% | (10.87)% | (20.93)% | 73.67% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period/year (000s) | $137148 | $124649 | $126631 | $104459 | $131534 | $126106 |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 0.91 % (e) | 0.90% | 0.90% | 0.90% | 0.91% | 1.11% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 0.86 % (e) | 0.88% | 0.90% | 0.90% | 0.91% | 1.00% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.05)% (e) | (0.12)% | (0.06)% | (0.07)% | (0.14)% | 0.30% |
| PORTFOLIO TURNOVER RATE | 37 % (d) | 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.* 

*(d)* *Not annualized.* 

*(e)* *Annualized.* 

See accompanying notes to financial statements.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

**1.** **ORGANIZATION** 

The 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 are diversified series of shares of beneficial interest (each a "Fund" and collectively the "Funds") 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. Each Fund's CODM is comprised of its portfolio managers and Chief Financial Officer of the Trust. 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> October 31, 2025 (Unaudited)

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 Grandeur Peak Global Advisers, LLC (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 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> October 31, 2025 (Unaudited)

**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 six months ended as of October 31, 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** |  |  |  |  |
| Common Stocks\* | $91602529 | $— | $— | $91602529 |
| Total | $91602529 | $— | $— | $91602529 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Contrarian Fund** |  |  |  |  |
| Common Stocks\* | $146130284 | $— | $— | $146130284 |
| Total | $146130284 | $— | $— | $146130284 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Explorer Fund** |  |  |  |  |
| Common Stocks\* | $11744091 | $— | $— | $11744091 |
| Total | $11744091 | $— | $— | $11744091 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Micro Cap Fund** |  |  |  |  |
| Common Stocks\* | $45805070 | $— | $— | $45805070 |
| Total | $45805070 | $— | $— | $45805070 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Opportunities Fund** |  |  |  |  |
| Common Stocks\* | $402856166 | $— | $— | $402856166 |
| Total | $402856166 | $— | $— | $402856166 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Reach Fund** |  |  |  |  |
| Common Stocks\* | $96784112 | $— | $572039 | $97356151 |
| Preferred Stocks |  |  | 980126 | 980126 |
| Total | $96784112 | $— | $1552165 | $98336277 |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak Global Stalwarts Fund** |  |  |  |  |
| Common Stocks\* | $81119104 | $— | $743651 | $81862755 |
| Preferred Stocks |  |  | 1144165 | 1144165 |
| Total | $81119104 | $— | $1887816 | $83006920 |
| Liabilities - Derivatives |  |  |  |  |
| Securities Sold Short | $338946 | $— | $— | $338946 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak International Opportunities Fund** |  |  |  |  |
| Common Stocks\* | $238072515 | $— | $— | $238072515 |
| Total | $238072515 | $— | $— | $238072515 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak International Stalwarts Fund** |  |  |  |  |
| Common Stocks\* | $1335759472 | $— | $— | $1335759472 |
| Total | $1335759472 | $— | $— | $1335759472 |
| Liabilities - Derivatives |  |  |  |  |
| Securities Sold Short | $2075182 | $— | $— | $2075182 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **Grandeur Peak US Stalwarts Fund** |  |  |  |  |
| Common Stocks\* | $130793359 | $— | $400427 | $131193786 |
| Preferred Stocks |  |  | 626088 | 626088 |
| Total | $130793359 | $— | $1026515 | $131819874 |

---

\* 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, 2025 | $572039 | $980126 | $1552165 |
| Realized Gain (Loss) |  |  |  |
| Change in Unrealized Appreciation (Depreciation) |  |  |  |
| Purchases |  |  |  |
| Sales Proceeds |  |  |  |
| Transfer in/out Level 3 |  |  |  |
| Balance as of October 31, 2025 | $572039 | $980126 | $1552165 |
| Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2025 | $— | $— | $— |
| **Grandeur Peak Global Stalwarts Fund** | **Common Stocks** | **Preferred Stocks** | **Total** |
| Balance as of April 30, 2025 | $743651 | $1144165 | $1887816 |
| Realized Gain (Loss) |  |  |  |
| Change in Unrealized Appreciation (Depreciation) |  |  |  |
| Purchases |  |  |  |
| Sales Proceeds |  |  |  |
| Transfer in/out Level 3 |  |  |  |
| Balance as of October 31, 2025 | $743651 | $1144165 | $1887816 |
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2025 | $— | $— | $— |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Grandeur Peak US Stalwarts Fund** | **Common Stocks** | **Preferred Stocks** | **Total** |
| Balance as of April 30, 2025 | $400427 | $626088 | $1026515 |
| Realized Gain (Loss) |  |  |  |
| Change in Unrealized Appreciation (Depreciation) |  |  |  |
| Purchases |  |  |  |
| Sales Proceeds |  |  |  |
| Transfer in/out Level 3 |  |  |  |
| Balance as of October 31, 2025 | $400427 | $626088 | $1026515 |
| Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2025 | $— | $— | $— |

---

The table below provides additional information about the Level 3 Fair Value Measurements as of October 31, 2025. Increases in the discount to partnership changes would cause a decrease to the fair value of the securities. Increase in the Sales to Enterprise value to Sales multiple would cause an increase to the fair value of the securities.

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

**Grandeur Peak Global Reach Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Asset Class** | **Fair Value (USD) at**<br>**10/31/25** | <br>**Valuation Technique** | <br>**Unobservable Inputs** | <br>**Value/Range** |
| Common Stocks | $572039 | Discounted/Third-Party Valuation | Third Party Valuation | Discounted <br>Partnership<br> Interest/42.52% |
| Preferred Stocks | $980126 | Market Approach | Enterprise Value-to-Sales Multiple | 6.3x |

---

**Grandeur Peak Global Stalwarts Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Asset Class** | **Fair Value (USD) at**<br>**10/31/25** | <br>**Valuation Technique** | <br>**Unobservable Inputs** | <br>**Value/Range** |
| Common Stocks | $743651 | Discounted/Third-Party Valuation | Third Party Valuation | Discounted<br>Partnership <br> Interest/42.52% |
| Preferred Stocks | $1144165 | Market Approach | Enterprise Value-to-Sales Multiple | 6.3x |

---

**Grandeur Peak US Stalwarts Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Asset Class** | **Fair Value (USD) at**<br>**10/31/25** | <br>**Valuation Technique** | <br>**Unobservable Inputs** | <br>**Value/Range** |
| Common Stocks | $400427 | Discounted/Third-Party Valuation | Third Party Valuation | Discounted<br>Partnership<br> Interest/42.52% |
| Preferred Stocks | $626088 | Market Approach | Enterprise Value-to-Sales Multiple | 6.3x |

---

**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.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

**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.

**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 October 31, 2025.

**g. Short Sales –** The Funds may make short sales of securities. Short sales are transactions in which a Fund sells a security it does not own in anticipation of a decline in the market value of that security. The Fund must borrow the security to deliver to the buyer upon the short sale. The Fund is then obligated to replace the borrowed security by purchasing it at a later date. A short sale provides a possible hedge against the market risk of the value of other investments and protects a Fund in a declining market.

Short sales are subject to the risk that a Fund will incur a loss if the price of a security sold short increases between the date of the short sale and the date the Fund closes the short sale. Any gain on a short sale will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with a short sale. An increase in the value of a security sold short by a Fund over the price at which it was sold short will result in a loss to the Fund, and there can be no assurance that the Fund will be able to close out the position at any particular time or at an acceptable price. Except in the case of short sales "against the box," a Fund's market risk is unlimited in that the potential for increase in the market price of the security sold short is unlimited. Short sales "against the box" mean that the Fund owns securities identical to those sold short.

When a short position is closed out, it may result in a short-term capital gain or loss for federal income tax purposes. In a generally rising market, if a Fund maintains short positions in securities rising with the market, the net asset value of the Fund would increase to a lesser extent than if it had not engaged in short sales.

The Advisor may consider short selling when the Advisor finds companies it believes are substantially overpriced. Short selling may also be considered in arbitrage and hedge situations, and short selling might also be used under certain circumstances to defer taxes.

An eligible Fund will not engage in short sales of securities when these transactions would cause the market value of all of its securities sold short to exceed 15% of its net assets subject to the following. The value of the securities of any one issuer that may be shorted by a Fund is limited to the lesser of 5% of the value of the Fund's net assets or 5% of the securities of any class of the issuer. All short sales must be fully collateralized. The Funds maintain the collateral in a segregated account with their custodian. The collateral consists of cash, U.S. government securities or any other liquid securities equal to the market value of the securities at the time of the short sale. The Funds will thereafter maintain, on a daily basis, the collateral to ensure that it is equal to the current market value of the securities sold short. Short sales against the box are not subject to the 15% limitation. A capital gain or loss is recognized immediately upon the sale of a short against the box. A Fund may only engage in short sale transactions in securities listed on one or more U.S. or foreign securities exchanges or on Nasdaq.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

**i. 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 October 31, 2025, the Funds had the following cash balances participating in the BBH CMS:

---

| | |
|:---|:---|
| **Fund** | |
| Grandeur Peak Emerging Markets Opportunities Fund | $1801020 |
| Grandeur Peak Global Contrarian Fund | 1834153 |
| Grandeur Peak Global Explorer Fund | 119198 |
| Grandeur Peak Global Micro Cap Fund | 610018 |
| Grandeur Peak Global Opportunities Fund | 7867915 |
| Grandeur Peak Global Reach Fund | 882766 |
| Grandeur Peak Global Stalwarts Fund | 632979 |
| Grandeur Peak International Opportunities Fund | 4173738 |
| Grandeur Peak International Stalwarts Fund | 17992581 |
| Grandeur Peak US Stalwarts Fund | 2868999 |

---

As of October 31, 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 |  |
| Grandeur Peak Global Explorer Fund | 8917 |
| Grandeur Peak Global Micro Cap Fund | 2 |
| 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 |  |
| Grandeur Peak US Stalwarts Fund | 10 |

---

**j. 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 six months ended October 31, 2025, the Funds did not incur any interest or penalties.

**k. 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.

**l. 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.

**m. 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, a 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.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

**n. 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.

**o. 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.

**p. 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.

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Grandeur Peak Emerging Markets Opportunities Fund | 1.35% |
| Grandeur Peak Global Contrarian Fund | 1.00% |
| Grandeur Peak Global Explorer Fund\* | 0.80%\* |
| 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% |
| \*New fee as of 9/1/25; prior fee was 1.00% |  |

---

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, 2026. 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.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited) <br>

---

| | | |
|:---|:---|:---|
| **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 | 1.10 | %\* |
| &nbsp;&nbsp;&nbsp;\*New Cap as of 9/1/25; prior cap was 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 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 Advisor 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. Grandeur Peak Global Explorer's waiver ended on August 31, 2025.

Additional fees waived by the Advisor for the six months ended October 31, 2025 are disclosed in the Statements of Operations.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

As of October 31, 2025, the fee waivers/reimbursements and/or recoupments were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Fees**<br>**Waived/Reimbursed By**<br>**Advisor** |<br>**Voluntary Waiver** |
| Grandeur Peak Emerging Markets Opportunities Fund | $36448 | $60976 |
| Grandeur Peak Global Contrarian Fund |  |  |
| Grandeur Peak Global Explorer Fund | 48998 | 4150 |
| Grandeur Peak Global Micro Cap Fund | 1526 | 354 |
| Grandeur Peak Global Opportunities Fund |  | 225307 |
| Grandeur Peak Global Reach Fund | 100755 | 60393 |
| Grandeur Peak Global Stalwarts Fund | 47801 | 22496 |
| Grandeur Peak International Opportunities Fund |  | 141094 |
| Grandeur Peak International Stalwarts Fund |  | 353912 |
| Grandeur Peak US Stalwarts Fund |  | 34791 |

---

As of October 31, 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 six months ended October 31, 2025.

---

| | |
|:---|:---|
| **Fund** | **Distribution Fees** |
| Grandeur Peak Emerging Markets Opportunities Fund | $5815 |
| Grandeur Peak Global Contrarian Fund |  |
| Grandeur Peak Global Explorer Fund |  |
| Grandeur Peak Global Micro Cap Fund |  |
| Grandeur Peak Global Opportunities Fund | 34591 |
| Grandeur Peak Global Reach Fund | 18103 |
| Grandeur Peak Global Stalwarts Fund | 17625 |
| Grandeur Peak International Opportunities Fund | 17753 |
| Grandeur Peak International Stalwarts Fund | 16537 |
| 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.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

**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 six months ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Purchases of Securities** | **Proceeds From Sales of**<br>**Securities** |
| Grandeur Peak Emerging Markets Opportunities Fund | $17960051 | $104476946 |
| Grandeur Peak Global Contrarian Fund | 45185559 | 47343339 |
| Grandeur Peak Global Explorer Fund | 11237875 | 12186735 |
| Grandeur Peak Global Micro Cap Fund | 8087957 | 9322368 |
| Grandeur Peak Global Opportunities Fund | 89810121 | 184647493 |
| Grandeur Peak Global Reach Fund | 33312608 | 66604388 |
| Grandeur Peak Global Stalwarts Fund | 26828835 | 36008070 |
| Grandeur Peak International Opportunities Fund | 44304795 | 136229985 |
| Grandeur Peak International Stalwarts Fund | 463348308 | 675469182 |
| Grandeur Peak US Stalwarts Fund | 49063115 | 57787854 |

---

**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.

For the period ended August 31, 2025, shares redeemed within 60 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. As of September 1, 2025, shares redeemed within 30 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. For the six months ended October 31, 2025, the redemption fees charged by the Funds are presented in the Statement of Changes in Net Assets.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** |<br>**Gross Unrealized**<br>**Appreciation** |<br>**Gross Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Grandeur Peak Emerging Markets Opportunities Fund | $67063907 | $28130975 | $(3592353) | $24538622 |
| Grandeur Peak Global Contrarian Fund | 133016313 | 26324299 | (13210328) | 13113971 |
| Grandeur Peak Global Explorer Fund | 11535016 | 926247 | (717172) | 209075 |
| Grandeur Peak Global Micro Cap Fund | 37342924 | 11453686 | (2991540) | 8462146 |
| Grandeur Peak Global Opportunities Fund | 316112273 | 106984538 | (20240645) | 86743893 |
| Grandeur Peak Global Reach Fund | 81781845 | 23869820 | (7315388) | 16554432 |
| Grandeur Peak Global Stalwarts Fund | 69453782 | 18845181 | (5292043) | 13553138 |
| Grandeur Peak International Opportunities Fund | 176063534 | 71471968 | (9462987) | 62008981 |
| Grandeur Peak International Stalwarts Fund | 1108501885 | 301088655 | (73831068) | 227257587 |
| Grandeur Peak US Stalwarts Fund | 111272164 | 28581007 | (8033297) | 20547710 |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

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 | Ordinary | Long-Term | Return of |  |
| 4/30/2025 | Income | Capital Gains | 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 | Ordinary | Long-Term | Return of |  |
| 4/30/2024 | Income | Capital Gains | 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 |  |  |  |  |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Undistributed**<br>**Ordinary**<br>**Income** |<br>**Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October**<br>**Loss**<br>**and**<br>**Late Year Loss** |<br>**Capital Loss**<br>**Carry**<br>**Forwards** |<br>**Other**<br>**Book/Tax**<br>**Differences** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Total**<br>**Distributable**<br>**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) |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

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.

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** |<br>**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:

---

| | | |
|:---|:---|:---|
|  |<br>**Paid In 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 |

---

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> October 31, 2025 (Unaudited)

**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 October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder Name** | **Percentage of Interest** |
| **Grandeur Peak Emerging Markets Opportunities Fund** | National Financial Services, LLC | 25.3% |
|  | Charles Schwab & Co. Inc. | 32.4% |
| **Grandeur Peak Global Contrarian Fund** | Charles Schwab & Co. Inc. | 59.4% |
| **Grandeur Peak Global Explorer Fund** | Grandeur Peak Global Advisors, LLC | 35.3% |
|  | Charles Schwab & Co. Inc. | 37.3% |
| **Grandeur Peak Global Micro Cap Fund** | Charles Schwab & Co. Inc. | 28.7% |
| **Grandeur Peak Global Opportunities Fund** | Charles Schwab & Co. Inc. | 40.9% |
| **Grandeur Peak Global Reach Fund** | Charles Schwab & Co. Inc. | 27.3% |
| **Grandeur Peak Global Stalwarts Fund** | National Financial Services, LLC | 25.6% |
|  | Charles Schwab & Co. Inc. | 39.6% |
| **Grandeur Peak International Opportunities Fund** | N/A | N/A |
| **Grandeur Peak International Stalwarts Fund** | Pershing LLC | 28.0% |
| **Grandeur Peak US Stalwarts Fund** | Charles Schwab & Co. Inc. | 52.4% |
|  | Saxon & Co. FBO Allerton Foundation | 38.2% |

---

**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>Additional Information</u> <br> October 31, 2025 (Unaudited)

---

| |
|:---|
| **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** |

---

In connection with a meeting held on August 26-27, 2025, the Board, including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act, discussed the approval of the proposed investment advisory agreement (the "Advisory Agreement") between the Adviser and the Trust, with respect to each of the Grandeur Peak Emerging Markets Opportunities Fund ("Emerging Markets"), Grandeur Peak Global Contrarian Fund ("Global Contrarian"), Grandeur Peak Global Explorer Fund ("Global Explorer"), Grandeur Peak Global Micro Cap Fund ("Global Micro Cap"), Grandeur Peak Global Opportunities Fund ("Global Opportunities"), Grandeur Peak Global Reach Fund ("Global Reach"), Grandeur Peak Global Stalwarts Fund ("Global Stalwarts"), Grandeur Peak International Opportunities Fund ("International Opportunities"), Grandeur Peak International Stalwarts Fund ("International Stalwarts"), and Grandeur Peak US Stalwarts Fund ("US Stalwarts"), (collectively, the "Funds"). In considering the approval of the Advisory Agreement, the Board received materials specifically relating to the Funds and the Advisory Agreement.

The Board relied upon the advice of counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The Board's conclusions were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee might have afforded different weight to the various factors in reaching his or her conclusions with respect to the approval of the Advisory Agreement.

*<u>Nature, Extent and Quality of Service</u>*.

The Board acknowledged that the Adviser was founded in 2011 and managed approximately $4.4 billion in assets. The Board reviewed the background information of the key investment professionals that serviced the Funds and noted their educational backgrounds, years of financial industry experience, and broad investment backgrounds. The Board considered that the Adviser's fundamental investment process involved independent research that relied on proprietary screens, hands-on evaluations, earnings growth modeling, meetings with portfolio companies' management personnel, and team collaboration in the selection of portfolio holdings. The Board observed that the Adviser's long-term investment approach consisted of identifying high quality growth companies with long term potential and investing in those companies at prices it believed to be appropriate based on the information gathered through its research. The Board acknowledged that the Adviser maintained a risk committee responsible for monitoring and assessing firmwide risk. The Board discussed that the Adviser utilized various pre- and post-trade compliance checklists to ensure compliance with investment restrictions and portfolio guidelines. The Board observed that the Adviser had a cross-functional pricing committee to conduct valuations for any securities that may require fair value pricing. The Board acknowledged that the Adviser selected broker-dealers on the basis of best execution criteria. The Board acknowledged two SEC examinations of the Adviser were conducted since the approval of the advisory agreement and that both resulted in no action letters. The Board noted that the Adviser represented that it had no cybersecurity incidents, material compliance or litigation issues since the approval of the advisory agreement. The Board commented that the Adviser did not utilize artificial intelligence in its investment process but artificial intelligence tools were used for general research purposes. After further discussion, the Board agreed that the Adviser had the resources necessary to continue to provide quality services to each Fund.

*<u>Performance.</u>*

The Board reviewed each Fund's performance in comparison to the performance of each Fund's peer group, Morningstar category and benchmark before concluding that the Adviser could be expected to provide reasonable returns to each Fund and its shareholders or, in the case of US Stalwarts, should be permitted a chance to manage the Fund over a full market cycle.

*Emerging Markets* — The Board observed that that Emerging Markets was a 2-star Morningstar rated fund and underperformed its peer group, Morningstar category and benchmark over the 1-year, 3-year and 5-year periods. The Board noted that Emerging Markets underperformed the benchmark since its inception and outperformed its peer group and Morningstar category over the same period. The Board recalled that the Adviser attributed underperformance to being underweight in Indian companies and focused on growth, quality, and small-cap stocks.

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Additional Information</u> <br> October 31, 2025 (Unaudited) (Continued)

*Global Contrarian* — The Board observed that Global Contrarian had earned a 4-star Morningstar rating. The Board noted that Global Contrarian outperformed its peer group, Morningstar category and benchmark across all periods. The Board considered Global Contrarian's focus towards companies with high valuations and high quality characteristics.

*Global Explorer* — The Board acknowledged that Global Explorer had earned a 3-star Morningstar rating. The Board observed that Global Explorer outperformed the Morningstar category and underperformed its peer group and benchmark over the 1-year period. The Board further observed that Global Explorer underperformed its peer group, Morningstar category and benchmark over the 3-year and since inception periods. The Board recalled the Adviser's position that growth and quality stocks and small exposure in U.S. companies were the largest detractors from performance over the observed period.

*Global Micro Cap* — The Board noted that Global Micro Cap was a 4-star Morningstar rated fund that underperformed its peer group, Morningstar category and benchmark over the 1-year period. The Board observed that Global Micro Cap outperformed its peer group Morningstar category and underperformed the benchmark over the 3-year, 5-year and since inception periods. The Board recalled that the Adviser attributed the Global Micro Cap's long-term outperformance to strong stock picking across many sectors.

*Global Opportunities* — The Board commented that Global Opportunities was a 3-star Morningstar rated fund that outperformed its peer group while underperforming the Morningstar category and benchmark over the 1-year period. The Board commented that Global Opportunities underperformed its peer group, Morningstar category and benchmark across the 3-year and 5-year periods. The Board observed that since inception, Global Opportunities outperformed its peer group and Morningstar category and underperformed the benchmark. The Board recalled the Adviser's position that largest detractors to Global Opportunities' performance was an underweight in U.S. companies and a focus on growth and quality stocks.

*Global Reach* — The Board observed that Global Reach was a 4-star Morningstar rated fund. The Board noted that Global Reach outperformed its peer group and Morningstar category over the 1-year and since inception periods and underperformed the benchmark over the same periods. The Board further noted that Global Reach underperformed its peer group, Morningstar category and benchmark over the 3-year and 5-year periods. The Board acknowledged that the Adviser identified the largest detractors to Global Reach's performance to include adherence to investing only in growth and quality stocks, being underweight in U.S. companies, and heavy exposure to technology stocks.

*Global Stalwarts* — The Board observed that Global Stalwarts was a 2-star Morningstar rated fund. The Board noted that Global Stalwarts underperformed its peer group, Morningstar category and benchmark over the 1-year, 3-year and 5-year periods. The Board observed that Global Stalwarts outperformed its peer group over the since inception period and underperformed the Morningstar category and benchmark over the same period. The Board considered that the Adviser attributed the Fund's underperformance to minimal exposure to U.S. companies and overweight positions in Chinese companies, technology, semi-conductor and IT services sectors.

*International Opportunities* — The Board acknowledged that International Opportunities had earned a 2-star Morningstar rating. The Board noted that International Opportunities underperformed its peer group, Morningstar category and benchmark over the 1-year, 3-year and 5-year periods. The Board observed that since inception, International Opportunities outperformed its peer group, Morningstar category and benchmark. The Board recalled the Adviser's position that International Opportunities large exposure to U.K. companies and technology companies were the largest detractors from performance.

*International Stalwarts* — The Board observed that International Stalwarts was a 2-star Morningstar rated fund. The Board noted that International Stalwarts underperformed its peer group, Morningstar category and benchmark over the 1-year, 3-year and 5-year periods. The Board further noted that International Stalwarts underperformed the benchmark since inception and outperformed its peer group and Morningstar category over the same period. The Board recalled that the Adviser attributed the Fund's underperformance to being overweight in U.K. and Chinese companies, large exposure to the technology sector and a focus on growth, quality, and small-cap stocks.

*US Stalwarts* — The Board acknowledged that US Stalwarts had earned a 2-star Morningstar rating and underperformed its peer group, Morningstar category and benchmark across all periods. The Board considered that the Adviser attributed US Stalwarts's underperformance to minimal exposure to aerospace and defense companies within the industrial sector.

*<u>Fees and Expenses</u>*. The Board commented that Global Stalwarts' advisory fee and net expense ratio were lower than the average and median of its Morningstar category and average of its peer group but slightly higher than the median of its peer group. The Board observed that the advisory fee and net expense ratio for International Stalwarts were lower than the medians and averages of International Stalwarts' peer group and Morningstar category. The Board acknowledged that the Adviser's advisory fee for each of Global Stalwarts and International Stalwarts was higher

<u>Grandeur Peak Funds<sup>®</sup></u> <u>Additional Information</u> <br> October 31, 2025 (Unaudited) (Continued)

than the fee charged by the Adviser for similarly managed accounts and similarly managed limited partnerships due to the lower operating costs and regulatory requirements in managing separate accounts.

The Board noted that US Stalwarts' advisory fee was below the peer group average and equivalent to its peer group median and Morningstar average and median. The Board observed that US Stalwarts' net expense ratio was lower than its peer group average, on par with its peer group median and slightly higher than the Morningstar category average and median.

The Board acknowledged that for each of the other Funds, the advisory fees and net expense ratios were higher than the averages and medians of the Fund's peer group and Morningstar category. The Board noted that the Adviser attributed the higher fees to capacity constraints, the extensive involvement of personnel and additional resources needed to analyze a wider variety of potential investments than each Fund's peers. The Board recognized that the Adviser proposed to lower its advisory fee for Global Explorer to 0.80% and lower the operating expenses of Global Explorer's Institutional Class shares to 1.10%.

The Board concluded that the advisory fee for each Fund was not unreasonable.

*Economies of Scale*. The Board discussed the size of each Fund and its respective prospects for growth. The Board noted the Adviser's position to limit assets in each Fund to effectively provide the benefits of economies to shareholders prior to achieving scale. The Board agreed to monitor and revisit the issue at the appropriate time. *Profitability*. The Board reviewed the Adviser's profitability analysis in connection with the advisory services for each Fund and noted that the Adviser earned a profit from each Fund except for Global Explorer. The Board acknowledged the overhead and expenses required to manage each Fund and the capacity constraints of each Fund. After further discussion, the Board concluded that the Adviser's profits from any Fund were not excessive.

*Conclusion*. Having requested and reviewed such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice of independent counsel, the Board concluded that renewal of the Advisory Agreements was in the best interests of each of Emerging Markets, Global Contrarian, Global Explorer, Global Micro Cap, Global Opportunities, Global Reach, Global Stalwarts, International Opportunities, International Stalwarts and US Stalwarts and its respective shareholders.

\* Due to the timing of contract approval, these deliberations may or may not relate to the current performance results of the Funds.

**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>.

![(BACK COVER)](gr003_v1.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) Not applicable.

(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.](ex99-cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](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) <u>Grandeur Peak Global Trust</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

---

Date <u>12/29/2025</u>

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>12/29/2025</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Richard Gleason |
| Richard Gleason, Principal Financial Officer/Treasurer |

---

Date <u>12/29/2025</u>

## Ex-99.Cert

CERTIFICATIONS

I, Brian Curley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of the Grandeur Peak Funds, a series of the Grandeur Peak Global Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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: | 12/29/2025 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Executive Officer/President |

---

I, Richard Gleason, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Grandeur Peak Funds, a series of the Grandeur
 Peak Global Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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: | 12/29/2025 | /s/ Richard Gleason |
|  |  | Richard Gleason |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Grandeur Peak Global Trust | Grandeur Peak Global Trust | Grandeur Peak Global Trust | Grandeur Peak Global Trust |
| /s/ Brian Curley | /s/ Brian Curley | /s/ Richard Gleason | /s/ Richard Gleason |
| Brian Curley | Brian Curley | Richard Gleason | Richard Gleason |
| Date: | 12/29/2025 | Date: | 12/29/2025 |

---

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.