Grandeur Peak Global Trust NCSRS Certified semi-annual shareholder report (management investment company)

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-22655

Grandeur Peak Global Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: (631) 490-4300

Date of fiscal year end: 3/31

Date of reporting period: 10/31/23

Item 1. Reports to Stockholders.

(COVER)

(LOGO)

TABLE OF CONTENTS

Shareholder Letter	1
Performance Update	13
Disclosure of Fund Expenses	43
Portfolio of Investments
Grandeur Peak Emerging Markets Opportunities Fund	45
Grandeur Peak Global Contrarian Fund	48
Grandeur Peak Global Explorer Fund	51
Grandeur Peak Global Micro Cap Fund	56
Grandeur Peak Global Opportunities Fund	59
Grandeur Peak Global Reach Fund	62
Grandeur Peak Global Stalwarts Fund	67
Grandeur Peak International Opportunities Fund	70
Grandeur Peak International Stalwarts Fund	74
Grandeur Peak US Stalwarts Fund	77
Statements of Assets and Liabilities	79
Statements of Operations	81
Statement of Changes in Net Assets
Grandeur Peak Emerging Markets Opportunities Fund	83
Grandeur Peak Global Contrarian Fund	84
Grandeur Peak Global Explorer Fund	85
Grandeur Peak Global Micro Cap Fund	86
Grandeur Peak Global Opportunities Fund	87
Grandeur Peak Global Reach Fund	88
Grandeur Peak Global Stalwarts Fund	89
Grandeur Peak International Opportunities Fund	90
Grandeur Peak International Stalwarts Fund	91
Grandeur Peak US Stalwarts Fund	92
Financial Highlights
Grandeur Peak Emerging Markets Opportunities Fund	93
Grandeur Peak Global Contrarian Fund	95
Grandeur Peak Global Explorer Fund	96
Grandeur Peak Global Micro Cap Fund	97
Grandeur Peak Global Opportunities Fund	98
Grandeur Peak Global Reach Fund	100
Grandeur Peak Global Stalwarts Fund	102
Grandeur Peak International Opportunities Fund	104
Grandeur Peak International Stalwarts Fund	106
Grandeur Peak US Stalwarts Fund	108
Notes to Financial Statements	109
Disclosure Regarding Approval of Fund Advisory Agreement	124
Privacy Policy	130

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

Dear Fellow Shareholders,

High-Level Thoughts

●

Interest rates have been near a two-decade high, and the market is forecasting rates to remain high for an extended period.

●

Global debt levels have reached a record high, increasing over $50 trillion in the past three years alone.

●

High-quality companies (i.e., companies with high Return on Assets (ROA)¹ and low leverage) have outperformed the broader market consistently over time.

●

Historically, the outperformance of high-quality companies over the broader market has been prominent during periods when interest rates are relatively high.

●

The Grandeur portfolios have significantly better fundamentals than their respective benchmarks.

The Burger Bill Comes Due

E.C. Segar’s early 20th century comic strip, Popeye the Sailor, features a character named J. Wellington Wimpy. Wimpy, as he is known, is a stout man with a serious hamburger addiction and no money. As a result, he is commonly found trying to entice others into buying him a hamburger today for payment on Tuesday. Fortunately for Wimpy, “Tuesday”, or the day of repayment never comes thus allowing him to run up what seems like an endless burger tab.

Segar leaves readers with many questions when it comes to Wimpy and his “pull forward” burger consumption tactics. For example, what are the financing terms of Wimpy’s arrangement? Surely, his cost of burger capital isn’t free. His credit worthiness must be abysmal. How do his lenders get comfortable with extending his credit line to consume more burgers when he already has a lot of burger leverage on his balance sheet? We must assume that at some point Wimpy’s burger bill will come due. When it does, it won’t be pretty for him or his creditors. He will have to do a burger detox and find another, less expensive, source of sustenance. Perhaps a steady diet of spinach is in Wimpy’s future?

Over the past 15 years, many of the world’s largest central banks have implemented monetary policies that have kept the cost of capital exceptionally low. These policies have incentivized governments, corporations, and households to employ a “buy now, pay later” consumption strategy that would give even someone like Wimpy great pause. As of June 30, 2023, the Institute of International Finance reported that total global debt was $307 trillion dollars, an increase of 19.36% or $53 trillion dollars in the past 3 years alone².

Return on Assets (ROA) is a measure of how efficiently a company uses its assets to generate a profit and is calculated by dividing company’s net income by total assets.

Institute of International Finance, Global Debt, 6/30/2023

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

FIGURE 1

(CHART)

Low interest rates combined with the aggressive stimulus pumped into the global economy by many fiscal and monetary policy makers at the onset of Covid resulted in a meaningful inflation increase that did not recede nearly as much as was initially expected. This prompted policy makers to rapidly increase interest rates to stem the inflationary pressures. Interest rates have now reached two-decade highs in many economies³.

Bank for International Settlements, GDP Policy rate calculated using country/region central bank policy rates and multiplying by their share of GDP.

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

FIGURE 2

(CHART)

While inflationary pressures have abated somewhat, inflation continues to trend well above central bank targets. As a result, consensus expectations are that short-term lending rates will stay elevated for an extended period. If they do remain high, it will present serious long-term problems for borrowers at every level that have large outstanding “burger bills”. When their bills come due, and some already have, the consequences will likely be much more severe than Wimpy’s burger detox.

Historically, high-quality companies, those with attributes such as high return on assets (ROA) and lower leverage, have significantly outperformed in markets where the cost of capital is high. Why? Because companies with high leverage experience a material increase in debt service costs which erodes company earnings. Furthermore, companies with lower ROAs that finance growth with debt are less incentivized to do so, which can also negatively impact earnings growth potential and ultimately stock price performance.

As illustrated in Figure 3 below, high-quality stocks, represented by the ACWI Quality index, have consistently outperformed the broad market over time. However, the level of outperformance has been three times higher during periods when the cost of capital is high, defined here as periods where the Fed Fund’s rate exceeds 2.5%⁴.

⁴

MSCI, 6/30/94 – 9/30/23

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

FIGURE 3

(CHART)

As seen in Figure 4, when interest rates are low, high-quality stocks realize or “capture” an average of 95% of the broader market’s monthly return when the return is positive. When the broader market’s monthly return is negative, high-quality stocks capture an average of 87% of the return. The differential between the upside capture percentage and the downside capture percentage, or the spread, is favorable at +8% when interest rates are low.

On the other hand, when interest rates are high, high-quality stocks capture an average of 114% of the market’s monthly return when it is positive and 88% when it is negative. So, the spread increases to +26%, a much more favorable outcome, with high-quality stocks capturing +19% more market upside without really sacrificing their lower downside capture⁵.

⁵

MSCI, 6/30/94 – 9/30/23

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

FIGURE 4

(CHART)

The sizable increase observed historically in the upside/downside capture spread when interest rates are high suggests that balance sheet fundamentals matter much more in high-rate environments. During these periods, it is not nearly as easy for companies with lower returns on assets, which rely on debt financing, to grow their earnings. Put differently, when rates are high, the size of a company’s burger tab and its reliance on debt to sustain its burger habit (i.e., growth plan) are much more significant factors in its future success. As a result, lower quality companies can’t keep up with more fundamentally stable, high-quality companies and high-quality companies tend to outperform.

As the market adapts to a “higher for longer” interest rate environment, where the cost of borrowed capital is no longer cheap, there will be much more performance dispersion across markets. Sound fundamentals will likely be a more significant determinant of success than they have been in the “lower for longer” interest rate world we have invested in over most of the past 15 years. As a result, we believe actively managed, fundamentally driven investment strategies, such as the Grandeur Peak portfolios, should have a clear advantage over strategies that disregard the fundamentals.

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

Portfolio Thoughts

●

Quality: We believe our portfolios are sound, on an absolute and relative basis. Technical market turbulence continues to offer us opportunities to gain exposure to high-quality companies that have historically been too expensive to own.

●

Value: Despite disappointing 2022 and YTD price performance, our portfolios’ captured earnings growth continues to be resilient.

●

Momentum: Business momentum within our portfolios has slowed but not as much as the broader market and global economy. Our portfolios’ earnings growth has been positive year-to-date, in contrast to the MSCI ACWI Small Index, where earnings have fallen 10% over the same period. We expect momentum for our portfolio companies to pick up in 2024.

●

Given our high-quality bias, we are positioned for a return to quality growth being rewarded, but we also believe our portfolios should perform well on a relative basis should we realize a pronounced slowdown in global economic growth.

QUALITY

As illustrated in Figure 5, our portfolios consistently display stronger fundamentals than their respective benchmarks, namely higher ROA and lower debt. Last year’s sell-off in quality stocks allowed us to upgrade our portfolios’ overall quality. This has resulted in a more concentrated portfolio, with increased exposure to higher conviction names. In addition, we have been able to add some stocks on our “Watch-A” list to the portfolio. These are stocks with very high quality that we felt were previously too expensive to buy.

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

FIGURE 5
	RETURN	DEBT /
	ON	EQUITY
	ASSETS
Global Reach	10.0%	53%
Index Variance	5.1%	-40%
Global Explorer	9.9%	52%
Index Variance	5.0%	-41%
Global Opportunities	11.5%	56%
Index Variance	6.6%	-37%
International Opportunities	12.2%	50%
Index Variance	5.8%	-41%
Emerging Markets Opportunities	12.3%	50%
Index Variance	4.4%	-36%
Global Micro Cap	10.1%	28%
Index Variance	5.2%	-65%
Global Stalwarts	10.7%	60%
Index Variance	4.0%	-37%
International Stalwarts	12.8%	56%
Index Variance	6.3%	-30%
US Stalwarts	7.4%	61%
Index Variance	0.5%	-41%
Global Contrarian	9.6%	46%
Index Variance	4.9%	-54%

Source: Internal Data as of 9/30/23

While quality is paramount throughout our portfolio, it may prove to be a more important risk factor in some sectors versus others given the current economic climate. For example, within the Financial sector broadly, we see a credit maturity wall coming, which could be painful for many small businesses and commercial real estate companies. We believe that numerous businesses previously had access to capital that they were likely not qualified for. Stricter lending standards and/or significantly higher borrowing costs will likely inflict pain on lower-quality companies. However, in our Financials portfolio, we are cautiously optimistic. We have shifted more risk-off over the course of the year, and we feel good about positioning for an economic slow-down. We’re avoiding investments with significant balance sheet risk, and we’re being careful to not overpay for our more growthy companies. Also, we believe our exposure is balanced enough so that we’ll keep up if the environment turns out to be better than expected.

The Consumer sector is another area where we remain very focused on owning high-quality names. Continued rate hikes and the combination of savings and aid programs drying up in the US and around the world have put many consumer businesses in more vulnerable positions. In building out the Consumer tranche within our portfolios, we have been very focused on understanding the sensitivities that each of our companies has to various potential economic environments, factoring in inflation, rates, consumer appetites, etc. With that understanding, we

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

have tried to strike the right balance of exposure across Consumer Staple and Discretionary names so that our portfolio will hold up amid various economic outcomes. Furthermore, we currently feel that it is more defensive to own more Consumer names outside of the US vs. inside. The basis for this view is that we believe the worst parts of the late economic cycle are mostly behind international markets, while things feel more uncertain in the US. Regardless of shorter-term positioning, we have confidence in our Consumer portfolio due to the attractive valuations and captured earnings growth in our companies.

VALUE

As shown in Figure 6, small cap stocks have most recently been trading at a price-earnings multiple⁶ that is 25-30% less than the long-term historical average (27-28x). The modest increase we’ve seen in the MSCI ACWI Small Cap Index multiple from the end of 2022, from 17.4x to 19.9x, is the result of a -10.13% decline in the index’s earnings relative to only a -0.26% drop in its price.

FIGURE 6

(CHART)

The depressed multiples and market turbulence continue to allow us to find stocks that offer attractive relative value. For example, our team is currently very excited about opportunities to invest in the Japanese market, where small cap growth stocks have underperformed on the year. As a result, the country has become a major focus of screening and travel for our team. Over the last year, we’ve had more company touches in Japan than any other country except for the US. We feel that captured earnings growth there has not been properly rewarded as it should, but that it’s only a matter of time before it will be.

⁶

A Price-Earnings (P/E) multiple is a ratio of current share price to earnings per share (EPS) and is a measure of relative valuation of a company’s shares.

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

Some of the attractive investment opportunities we see within Health Care have come as a result of volatility stemming from impact GLP-1 drugs (e.g., Ozempic), Large swaths of the sector, particularly those areas tied to obesity and Type-2 diabetes, have been significantly impacted. It will take years to grasp the full extent to which these drugs may reshape the industry, but the current uncertainty is producing large stock price fluctuations. We believe that much of our exposure will likely benefit from the shifting dynamics within Health Care.

MOMENTUM

As previously noted, business momentum has slowed throughout the market this year, with earnings turning broadly negative year-to-date. We have seen the business momentum decline in our portfolio companies as well, however the slowdown has been much less pronounced. As illustrated in Figure 7, our portfolios continue to generate relatively strong, positive earnings growth amid slow market business momentum. Furthermore, we anticipate that momentum will pick back up in 2024 for our portfolio companies. As the momentum improves, we expect our portfolios to further distinguish their collective earnings strength.

FIGURE 7

(CHART)

One area within our portfolio where we have seen a significant decline in business momentum this year is in our Technology - Semiconductor names, which have detracted from performance. Business momentum within the space remains weak given excess inventories, but we believe we are getting close to an inflection point where things will turn favorably. In addition, we are starting to see some improvement in the monthly revenue numbers from some of our Taiwan-

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

based semiconductor companies. While this is a welcome sign, the recovery has come quite a bit later than we initially expected.

Many companies within Industrials that were able to increase their prices over the last several years are now experiencing some margin compression off high-priced inventory while their pricing power weakens. While they have generally worked through much of their backlogs, new orders haven’t quite kept up. Purchasing Managers’ Index (PMI) numbers across the world are weakening, which is hurting investment and capital expenditure-driven companies. However, our focus on higher-quality names within the sector has allowed us to avoid much of the cyclical earnings downturn.

To summarize, within our Quality, Valuation, and Momentum (QVM) Framework, our current portfolios exhibit high Quality, attractive Valuation, and lower but relatively resilient Business Momentum. In an environment of heightened macroeconomic and geopolitical uncertainty, we believe we are positioned to lessen downside risks should market conditions deteriorate further without giving up significant upside potetnial. As Business Momentum improves, we believe our portfolio companies will further strengthen their businesses and deliver attractive earnings growth. Furthermore, as favorable price momentum returns to the market, we believe our portfolios will be in position to reward shareholders for their patience.

Notes from the Road

Mark Madsen, Portfolio Manager – Global Contrarian, Tyler Glauser, Portfolio Manager – Global Reach, Lead Analyst – Consumer, and Karson Schrader, Lead Analyst – Financials, met with 26 companies in Sau Paulo, Brazil. In addition to meeting with several companies on our Owned list, they also visited every Watch A company in the country. Our Watch A names are what we consider to be high-quality companies we would like to own but are currently too expensive.

Here are some key thoughts from Mark Madsen about the visit:

Tyler, Karson, and I took another trip to Brazil recently as the market has experienced several favorable macro trends recently.

Inflation has come down meaningfully to 5% after peaking out at 10.1% in 2021 and is expected to trend even lower in coming years. Also, the currency has been relatively stable and interest rates have come down from 13% to 9%. Many of the companies we met with were cautiously optimistic about the future.

The Brazilian equity market realized double digit declines in 2020 and 2021 but has bounced back in 2022 and YTD in 2023. So, while we see signs of positive price momentum, net returns are flat to slightly negative over the past four years.

Most companies we met with have business plans that are very dependent on the Brazilian economy for success. Few were focused on exports or expanding sales efforts outside of the country.

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

Of the companies we visited, those that scored the highest were mostly service-oriented (e.g., investment management, payment processing, internet, etc.). A third of our visits felt like easy passes as we left – where neither the numbers nor the stories felt very compelling. The remaining two-thirds had a fairly balanced list of pluses and minuses, and we committed to follow them more closely in case the QVM profiles become more favorable.

It’s interesting to look at the differences and similarities between Brazil to India. Both countries have young populations and have had issues with corruption. Brazil is smaller geographically and GDP growth is slower, but it has more natural resources than India. Also, valuations on the ground level in Brazil seem much more reasonable than what we currently see in India.

In sum, we came back from the trip with heightened confidence in the companies we own in our portfolios and better understanding and appreciation for some of our Watch A names. While there are some great high-quality companies in Brazil that have real growth potential, Brazil continues to be a wildcard in our minds because of the challenge in assessing the currency risk. Will the Brazilian Real continue to be stable, or will it revert to being a volatile currency that has the potential to depreciate meaningfully and eat up solid investment returns? If the Brazilian government can maintain a stable currency for an extended period, it may eventually allow us to lower the currency risk premium we demand for investing in the Brazilian market and make the country a much more attractive area of our investment opportunity set.

Business Update

We completed the back-office provider transition for our mutual funds to Ultimus Fund Solutions. As a reminder, the reorganization of the Funds were non-taxable transactions for federal income tax purposes. The transition did not impact the ownership of Grandeur Peak Global Advisors, the composition of our team, or our investment research process.

We are happy to welcome Dane Nielson back to Salt Lake City after completing his MBA at Cambridge University in the UK. Dane continues his role as part of the Global Contrarian Fund team and as a member of the Resource Rich geography team. We appreciate the additional insights and expertise he brings to the firm from his educational experience.

As always, please feel free to reach out anytime with any questions, requests, or comments. We appreciate the opportunity to work on your behalf.

Sincerely,

Your Grandeur Peak Team

Grandeur Peak Funds^®	Shareholder Letter
	October 31, 2023 (Unaudited)

RISKS: Investing in small and micro-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investments in emerging markets are subject to the same risks as other foreign securities and may be subject to greater risks than investments in foreign countries with more established economies and securities markets.

An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a Grandeur Peak Funds prospectus, containing this and other information, visit www.grandeurpeakglobal.com or call 1-855-377-7325. Please read it carefully before investing.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Funds or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. The Funds do not accept any liability for losses either direct or consequential caused by the use of this information. Past performance does not guarantee future results.

Grandeur Peak Funds are distributed by Northern Lights Distributors, which is not affiliated with Grandeur Peak Global Advisors.

17758892-NLD-1/4/2024

Grandeur Peak Emerging Markets Opportunities Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023

					Since	Expense Ratio^(b)
	Six Months	1 Year	3 Years	5 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Emerging Markets Opportunities Fund – Investor (GPEOX)	-6.27%	3.22%	-1.57%	5.24%	3.72%	1.75%	1.72%
Grandeur Peak Emerging Markets Opportunities Fund – Institutional (GPEIX)	-6.13%	3.43%	-1.35%	5.48%	3.95%	1.50%	1.47%
MSCI Emerging Markets SMID Cap Index^(d)	-0.13%	14.05%	6.19%	5.73%	3.23%
MSCI Emerging Markets IMI Index^(e)	-3.41%	12.15%	-1.83%	2.74%	2.33%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of December 16, 2013. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding 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 Fund’s service providers (other than the Advisor))) to 1.95% and 1.70% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) shall continue at least through October 6, 2024. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

The MSCI Emerging Markets SMID Cap Index is designed to measure the equity market performance of small and mid-cap companies across emerging markets. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

(e)

The MSCI Emerging Markets IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across emerging markets. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Grandeur Peak Emerging Markets Opportunities Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

The chart shown above represent a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to October 31, 2023. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The Fund also offers Investor Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Grandeur Peak Emerging Markets Opportunities Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
Asia ex Japan		48.4	%
Latin America		15.7	%
Africa/Middle East		13.6	%
North America		8.1	%
Europe		6.1	%
Cash, Cash Equivalents, & Other Net Assets		8.1	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
Globant S.A.		2.7	%
WuXi AppTec Co., Ltd.		2.6	%
FPT Corporation		2.2	%
Dino Polska SA		2.2	%
Inter Cars SA		1.9	%
Sporton International, Inc.		1.7	%
Techtronic Industries Co., Ltd.		1.7	%
Regional SAB de CV		1.7	%
Sinbon Electronics Co., Ltd.		1.6	%
Silergy Corporation		1.6	%
		20.0	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Contrarian Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023


				Since	Expense Ratio^(b)
	Six Months	1 Year	3 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Contrarian Fund – Institutional (GPGCX)	-1.36%	10.97%	9.78%	9.54%	1.35%	1.35%
MSCI ACWI Small Cap Index^(d)	-5.62%	1.78%	5.15%	4.21%
MSCI ACWI ex-US Small Cap Index^(e)	-6.42%	9.36%	3.43%	3.44%
MSCI ACWI Small Cap Value Index^(f)	-4.04%	1.82%	9.87%	4.38%

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of September 17, 2019. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding 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 Fund’s service providers (other than the Advisor))) to 1.35% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) shall continue at least through October 6, 2024. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

The MSCI ACWI Small Cap Index is designed to measure the equity market performance of performance of small-cap companies across developed and emerging markets globally. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

(e)

The MSCI ACWI ex USA Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally, excluding the United States. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

(f)

The MSCI ACWI Small Cap Value Index is designed to measure small cap companies exhibiting overall value style characteristics across developed and emerging markets globally. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Grandeur Peak Global Contrarian Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Grandeur Peak Global Contrarian Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
Asia ex Japan		27.4	%
Europe		23.9	%
North America		21.0	%
Japan		9.3	%
Australia/New Zealand		5.7	%
Africa/Middle East		5.5	%
Latin America		4.9	%
Cash, Cash Equivalents, & Other Net Assets		2.3	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
Petershill Partners PLC		4.3	%
Riverstone Holdings Ltd.		4.1	%
Plover Bay Technologies Ltd.		3.3	%
China Yongda Automobiles Services Holdings Ltd.		2.4	%
Xin Point Holdings Ltd.		2.3	%
Beenos, Inc.		2.3	%
Gulf Oil Lubricants India Ltd.		2.2	%
B&M European Value Retail SA		1.9	%
Parex Resources, Inc.		1.8	%
FPT Corporation		1.8	%
		26.3	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Explorer Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023


			Since	Expense Ratio^(b)
	Six Months	1 Year	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Explorer Fund – Institutional (GPGEX)	-9.51%	1.52%	19.39%	3.45%	1.25%
MSCI ACWI Small Cap Index^(d)	-5.62%	1.78%	-9.23%
MSCI ACWI IMI Index^(e)	-2.13%	9.98%	-6.06%

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of December 16, 2021. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding 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 Fund’s service providers (other than the Advisor))) to 1.25% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) is in effect through October 6, 2024. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

(e)

The MSCI ACWI IMI Index captures large, mid and small cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 9,189 constituents, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Grandeur Peak Global Explorer Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Grandeur Peak Global Explorer Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
North America		31.6	%
Europe		28.5	%
Asia ex Japan		15.6	%
Japan		12.3	%
Latin America		4.2	%
Africa/Middle East		3.9	%
Australia/New Zealand		3.3	%
Cash, Cash Equivalents, & Other Net Assets		0.6	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
Virbac SA		1.0	%
Globant SA		1.0	%
Parex Resources, Inc.		1.0	%
PJT Partners, Inc.		1.0	%
Endava plc, ADR		0.9	%
Volution Group PLC		0.9	%
Sporton International, Inc.		0.9	%
Ollie’s Bargain Outlet Holdings, Inc.		0.9	%
FPT Corporation		0.9	%
CVS Group plc		0.9	%
		9.3	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Micro Cap Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023


					Since	Expense Ratio^(b)
	Six Months	1 Year	3 Years	5 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Micro Cap Fund –
Institutional (GPMCX)	-7.72%	1.15%	-2.96%	6.11%	6.76%	1.85%	1.85%
MSCI ACWI Small Cap Index^(d)	-5.62%	1.78%	5.15%	4.90%	6.21%
MSCI ACWI ex-US Small Cap Index^(e)	-5.62%	1.78%	5.15%	4.90%	6.21%
MSCI World Micro Cap Index^(f)	-10.41%	-3.40%	1.13%	2.07%	4.71%

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of October 20, 2015. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding 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 Fund’s service providers (other than the Advisor))) to 2.00% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) is in effect through October 6, 2024. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

(e)

(f)

The MSCI World Micro Cap Index is designed to measure the equity market performance of micro-cap companies across developed markets globally. It does not include emerging markets. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Grandeur Peak Global Micro Cap Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Grandeur Peak Global Micro Cap Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
Europe		34.2	%
Japan		24.7	%
North America		12.8	%
Asia ex Japan		11.9	%
Australia/New Zealand		8.7	%
Africa/Middle East		6.5	%
Latin America		0.7	%
Cash, Cash Equivalents, & Other Net Assets		0.5	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
Swedencare AB		3.1	%
Beenos, Inc.		2.3	%
Kogan.com Ltd.		2.2	%
ULS Group, Inc.		2.2	%
Gulf Oil Lubricants India Ltd.		1.9	%
Hackett Group, Inc. (The)		1.9	%
Musti Group Oyj		1.9	%
Fiducian Group Ltd.		1.9	%
Barrett Business Services, Inc.		1.8	%
Bowman Consulting Group Ltd.		1.6	%
		20.8	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Opportunities Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023


						Since	Expense Ratio^(b)
	Six Months	1 Year	3 Years	5 Years	10 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Opportunities Fund – Investor (GPGOX)	-11.40%	-0.27%	-2.51%	6.02%	6.15%	9.68%	1.60%	1.54%
Grandeur Peak Global Opportunities Fund –Institutional (GPGIX)	-11.40%	-0.14%	-2.28%	6.28%	6.40%	9.96%	1.35%	1.29%
MSCI ACWI Small Cap Index^(d)	-5.62%	1.78%	5.15%	4.90%	5.64%	8.22%
MSCI ACWI IMI Index^(e)	-2.13%	9.98%	6.95%	7.63%	7.15%	9.04%

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of October 17, 2011. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding 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 Fund’s service providers (other than the Advisor))) to 1.75% and 1.50% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) shall continue at least through October 6, 2024. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

(e)

The MSCI ACWI IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across developed and emerging markets globally. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Grandeur Peak Global Opportunities Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Grandeur Peak Global Opportunities Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
Europe		43.3	%
North America		26.2	%
Japan		12.4	%
Asia ex Japan		11.8	%
Latin America		3.2	%
Africa/Middle East		1.8	%
Australia/New Zealand		0.1	%
Cash, Cash Equivalents, & Other Net Assets		1.2	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
B&M European Value Retail SA		4.1	%
Littelfuse, Inc.		2.8	%
CVS Group plc		2.4	%
Endava plc, ADR		2.3	%
Virbac SA		2.1	%
Alten SA		1.5	%
Dino Polska SA		1.5	%
Qualys, Inc.		1.5	%
Musti Group Oyj		1.4	%
Melexis NV		1.3	%
		20.9	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Reach Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023


						Since	Expense Ratio^(b)
	Six Months	1 Year	3 Years	5 Years	10 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Reach Fund – Investor (GPROX)	-9.56%	-1.85%	-3.76%	-4.68%	5.87%	7.07%	1.50%	1.50%
Grandeur Peak Global Reach Fund –Institutional (GPRIX)	-9.38%	-1.56%	-3.52%	4.95%	6.13%	7.33%	1.25%	1.25%
MSCI ACWI Small Cap Index^(d)	-5.62%	1.78%	5.15%	4.90%	5.64%	6.57%
MSCI ACWI IMI Index^(e)	-2.13%	9.98%	6.95%	7.63%	7.15%	7.86%

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of June 19, 2013. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding 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 Fund’s service providers (other than the Advisor))) to 1.50% and 1.25% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) shall continue at least through October 6, 2024. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

(e)

Grandeur Peak Global Reach Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Grandeur Peak Global Reach Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
North America		29.9	%
Europe		31.8	%
Asia ex Japan		16.3	%
Japan		9.6	%
Latin America		4.0	%
Africa/Middle East		3.7	%
Australia/New Zealand		1.8	%
Cash, Cash Equivalents, & Other Net Assets		2.9	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
B&M European Value Retail SA		1.7	%
BayCurrent Consulting, Inc.		1.5	%
PJT Partners, Inc.		1.2	%
CVS Group plc		1.1	%
JTC plc		1.0	%
Parex Resources, Inc.		1.0	%
Endava plc, ADR		1.0	%
EQT AB		1.0	%
Vietnam Technological & Commercial Joint Stock Bank		1.0	%
Globant SA		0.9	%
		11.4	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Stalwarts Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023


					Since	Expense Ratio^(b)
	Six Months	1 Year	3 Years	5 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Stalwarts Fund –Investor (GGSOX)	-11.06%	-5.92%	-7.31%	2.94%	5.67%	1.19%	1.19%
Grandeur Peak Global Stalwarts Fund –Institutional (GGSYX)	-10.96%	-5.67%	-7.07%	3.20%	5.94%	0.94%	0.94%
MSCI ACWI Mid Cap Index^(d)	-6.08%	3.65%	4.21%	5.27%	6.41%
MSCI ACWI Small Cap Index^(e)	-5.62%	1.78%	5.15%	4.92%	6.63%

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of September 1, 2015. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding 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 Fund’s service providers (other than the Advisor))) to 1.35% and 1.10% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively.This agreement (the “Expense Agreement”) shall continue at least through October 6, 2024. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

The MSCI ACWI Mid Cap Index is designed to measure the equity market performance of performance of mid-cap companies across developed and emerging markets globally. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

(e)

The MSCI ACWI Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Grandeur Peak Global Stalwarts Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Grandeur Peak Global Stalwarts Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
North America		44.2	%
Europe		30.3	%
Asia ex Japan		12.9	%
Latin America		5.5	%
Japan		5.2	%
Africa/Middle East		1.8	%
Cash, Cash Equivalents, & Other Net Assets		0.1	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
B&M European Value Retail SA		3.4	%
Littelfuse, Inc.		3.3	%
Globant SA		3.2	%
PJT Partners, Inc.		2.8	%
BayCurrent Consulting, Inc.		2.5	%
EQT AB		2.4	%
Silergy Corporation		2.3	%
Endava plc, ADR		2.3	%
Techtronic Industries Co., Ltd.		2.3	%
CVS Group plc		2.1	%
		26.6	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak International Opportunities Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023


						Since	Expense Ratio^(b)
	Six Months	1 Year	3 Years	5 Years	10 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak International Opportunities Fund – Investor (GPIOX)	-14.88%	-2.68%	-6.04%	2.64%	4.00%	7.67%	1.60%	1.55%
Grandeur Peak International Opportunities Fund – Institutional (GPIIX)	-14.45%	-2.48%	-5.77%	2.85%	4.25%	7.91%	1.35%	1.30%
MSCI ACWI ex USA Small Cap Index^(d)	-6.42%	9.36%	3.43%	3.95%	3.84%	5.73%
MSCI ACWI IMI ex USA Index^(e)	-6.80%	-8.14%	3.52%	3.95%	3.13%	4.96%

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of October 17, 2011. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (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 Fund’s service providers (other than the Advisor))) to 1.75% and 1.50% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) shall continue at least through October 6, 2024. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

(e)

The MSCI ACWI ex USA IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across developed and emerging markets globally, excluding the United States. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Grandeur Peak International Opportunities Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Grandeur Peak International Opportunities Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
Europe		48.2	%
Asia ex Japan		17.5	%
Japan		15.5	%
North America		7.8	%
Africa/Middle East		5.2	%
Latin America		3.5	%
Australia/New Zealand		0.7	%
Cash, Cash Equivalents, & Other Net Assets		1.6	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
B&M European Value Retail SA		2.5	%
CVS Group plc		2.3	%
Volution Group PLC		2.2	%
Virbac SA		2.2	%
Endava plc, ADR		2.1	%
Sporton International, Inc.		1.5	%
Alten SA		1.5	%
Musti Group Oyj		1.5	%
JTC plc		1.4	%
Melexis NV		1.3	%
		18.4	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak International Stalwarts Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023


					Since	Expense Ratio^(b)
	Six Months	1 Year	3 Years	5 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak International Stalwarts Fund – Investor (GISOX)	-15.08%	-4.54%	-6.42%	3.20%	5.90%	1.13%	1.13%
Grandeur Peak International Stalwarts Fund – Institutional (GISYX)	-15.00%	-4.32%	-6.19%	3.46%	6.15%	0.88%	0.88%
MSCI ACWI ex USA Mid Cap Index^(d)	-7.63%	10.45%	2.23%	2.83%	4.21%
MSCI ACWI ex USA Small Index^(e)	-6.42%	9.36%	3.43%	3.95%	5.18%

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of September 1, 2015. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursements (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 Fund’s service providers (other than the Advisor))) to 1.35% and 1.10% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) shall continue at least through October 6, 2024. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

The MSCI ACWI ex USA Mid Cap Index is designed to measure the equity market performance of midcap companies across developed and emerging markets globally, excluding the United States. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

(e)

The MSCI ACWI ex USA Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally, excluding the United States. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Grandeur Peak International Stalwarts Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Grandeur Peak International Stalwarts Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
Europe		46.1	%
Asia ex Japan		17.4	%
North America		13.0	%
Japan		8.8	%
Africa/Middle East		4.4	%
Latin America		3.4	%
Australia/New Zealand		1.1	%
Cash, Cash Equivalents, & Other Net Assets		5.8	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
B&M European Value Retail SA		4.8	%
Globant SA		3.6	%
EQT AB		3.2	%
BayCurrent Consulting, Inc.		2.9	%
Techtronic Industries Co., Ltd.		2.8	%
Endava plc, ADR		2.7	%
Silergy Corporation		2.3	%
Dino Polska SA		2.3	%
Melexis NV		2.0	%
Halma PLC		1.9	%
		28.5	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak US Stalwarts Fund	Performance Update
	October 31, 2023 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2023


				Since	Expense Ratio^(b)
	Six Months	1 Year	3 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak US Stalwarts Fund – Institutional (GUSYX)	-4.01%	-6.66%	-3.40%	12.77%	0.90%	0.90%
MSCI USA Mid Cap Index^(d)	-4.57%	-2.18%	6.05%	17.20%
MSCI USA Small Cap Index^(e)	-4.84%	-4.54%	6.69%	18.17%

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

(a)

Fund inception date of March 19, 2020. The Fund reorganized into the Trust on October 20, 2023.

(b)

Ratios as of the Prospectus dated October 20, 2023 and may differ from the ratios presented in the Financial Highlights.

(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding 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 Fund’s service providers (other than the Advisor))) to 1.00% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) shall continue at least through October 6, 2024. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified prior to October 6, 2024, except with the approval of the Trust’s Board of Trustees.

(d)

The MSCI USA Mid Cap Index is designed to measure the performance of the mid cap segments of the US market. With 339 constituents, the index covers approximately 15% of the free float-adjusted market capitalization in the US. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

(e)

The MSCI USA Small Cap Index is designed to measure the performance of the small cap segment of the US equity market. With 1,740 constituents, the index represents approximately 14% of the free float-adjusted market capitalization in the US. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Grandeur Peak US Stalwarts Fund	Performance Update
	October 31, 2023 (Unaudited)

Growth of $10,000 for the period ended October 31, 2023

(LINE GRAPH)

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Grandeur Peak US Stalwarts Fund	Performance Update
	October 31, 2023 (Unaudited)

Regional Allocation (as a% of Net Assets)*	% of Net Assets
North America		88.0	%
Europe		4.5	%
Asia ex Japan		2.8	%
Latin America		2.5	%
Cash, Cash Equivalents, & Other Net Assets		2.2	%
		100.0	%

Top 10 Holdings (as a% of Net Assets)	% of Net Assets
PJT Partners, Inc.		5.0	%
Littelfuse, Inc.		4.0	%
Paycom Software, Inc.		3.1	%
Techtronic Industries Co., Ltd.		2.8	%
Crowdstrike Holdings, Inc.		2.7	%
Qualys, Inc.		2.5	%
Globant SA		2.5	%
Monolithic Power Systems, Inc.		2.4	%
Tradeweb Markets, Inc.		2.2	%
Ollie’s Bargain Outlet Holdings, Inc.		2.2	%
		29.5	%

Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Please refer to the Schedule of Investments in this semi-annual report for a listing of the Fund’s holdings.

Grandeur Peak Funds^®	Disclosure of Fund Expenses
	October 31, 2023 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases of Class A shares; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example for 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 is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2023 through October 31, 2023.

Actual Expenses

The “Actual” columns in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” columns in the table below provide information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each of Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund, and Grandeur Peak US Stalwarts Fund and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Grandeur Peak Funds^®	Disclosure of Fund Expenses
	October 31, 2023 (Unaudited)

					*Hypothetical*
			*Actual*		*(5% return before expenses)*
			Ending		Ending
	Funds’	Beginning	Account	Expenses	Account	Expense Paid
	Annualized	Account	Value	Paid During	Value	During
	Expense	Value	10/31/23	Period*	10/31/23	Period
Grandeur Peak Emerging Markets Opportunities Fund - Investor Class	1.73%	$1,000.00	$937.30	$8.42	$1,016.44	$8.77
Grandeur Peak Emerging Markets Opportunities Fund - Institutional Class	1.49%	1,000.00	938.70	7.25	1,017.65	7.55
Grandeur Peak Global Contrarian Fund - Institutional Class	1.35%	1,000.00	986.40	6.74	1,018.35	6.85
Grandeur Peak Global Explorer Fund - Institutional Class	1.25%	1,000.00	904.90	5.98	1,018.86	6.34
Grandeur Peak Global Micro Cap Fund - Institutional Class	1.95%	1,000.00	922.80	9.41	1,015.34	9.87
Grandeur Peak Global Opportunities Fund - Investor Class	1.42%	1,000.00	886.00	6.73	1,018.00	7.20
Grandeur Peak Global Opportunities Fund - Institutional Class	1.31%	1,000.00	886.00	6.21	1,018.55	6.65
Grandeur Peak Global Reach Fund - Investor Class	1.50%	1,000.00	904.40	7.18	1,017.60	7.61
Grandeur Peak Global Reach Fund - Institutional Class	1.25%	1,000.00	906.20	5.97	1,018.87	6.32
Grandeur Peak Global Stalwarts Fund - Investor Class	1.25%	1,000.00	889.40	5.93	1,018.86	6.34
Grandeur Peak Global Stalwarts Fund -International Class	1.00%	1,000.00	890.40	4.76	1,020.10	5.09
Grandeur Peak International Opportunities Fund - Investor Class	1.60%	1,000.00	851.20	7.45	1,017.09	8.11
Grandeur Peak International Opportunities Fund - Institutional Class	1.33%	1,000.00	855.50	6.22	1,018.44	6.76
Grandeur Peak International Stalwarts Fund - Investor Class	1.17%	1,000.00	849.20	5.42	1,019.27	5.92
Grandeur Peak International Stalwarts Fund - Institutional Class	0.92%	1,000.00	850.00	4.27	1,020.52	4.66
Grandeur Peak US Stalwarts Fund - Institutional Class	0.91%	1,000.00	959.90	4.47	1,020.57	4.61

Expenses are equal to the average account value over the period, multiplied by the Funds’ annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (366).

Grandeur Peak Emerging Markets Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 91.86%
Argentina — 2.75%
Globant SA^(a)		65,091	$	11,084,346

Brazil — 11.67%
Armac Locacao Logistica E Servicos SA^(a)		883,000		2,124,777
BR Advisory Partners^(a)		899,600		1,993,400
CI&T, Inc.^(a)		260,514		1,198,364
Grupo Mateus SA^(a)		4,950,300		5,705,577
Hypera SA		955,100		5,748,524
Locaweb Servicos de Internet SA^(a)(b)(c)		5,433,200		5,863,359
MercadoLibre, Inc.^(a)		3,813		4,730,942
Pagseguro Digital Ltd., Class A^(a)		176,953		1,249,288
Patria Investments Ltd.^(a)		451,839		5,824,206
Raia Drogasil SA^(a)		897,208		4,593,810
Track & Field Co. SA^(a)		861,300		2,274,178
Vinci Partners Invest Ltd.^(a)		319,185		3,131,205
XP, Inc., Class A^(a)		130,227		2,604,540
				47,042,170
China — 16.36%
Adicon Holdings Ltd.^(a)		1,395,400		1,993,620
Aier Eye Hospital Group Co., Ltd.^(a)		1,359,600		3,402,670
Alibaba Group Holding Ltd.^(a)		216,000		2,209,616
ANTA Sports Products Ltd.		554,600		6,261,642
Beijing Huafeng Test & Control Technology Co., Ltd.^(a)		54,400		893,766
Chaoju Eye Care Holdings Ltd.^(a)		4,173,000		2,218,419
China Yongda Automobiles Services
Holdings Ltd.		6,195,000		2,375,004
CSPC Pharmaceutical Group Ltd.		3,028,720		2,643,514
Hangzhou Tigermed Consulting Co., Ltd.^(a)		256,134		2,335,143
JD.com, Inc.^(a)		148,500		1,893,908
Man Wah Holdings Ltd.^(a)		6,759,500		4,198,098
ManpowerGroup Greater China Ltd.^(a)(c)		1,494,550		1,126,845
Shanghai Chicmax Cosmetic Co., Ltd.^(a)		397,800		1,245,468
Shanghai Hanbell Precise Machinery Co., Ltd.^(a)		1,347,300		4,305,555
Shenzhen Mindray Bio-Medical Electronics Co.^(a)		61,200		2,392,589
Silergy Corporation^(a)		728,288		6,425,279
Suofeiya Home Collection Co., Ltd., CLASS A^(a)		2,199,386		5,420,229
TK Group Holdings Ltd.^(a)		10,499,117		1,811,291
WuXi AppTec Co., Ltd.^(a)(b)(c)		871,500		10,468,804
Wuxi Biologics Cayman, Inc.^(a)(b)(c)		373,500		2,319,683
				65,941,143
Colombia — 1.28%
Parex Resources, Inc.		269,031		5,156,512

Greece — 0.86%
Sarantis SA^(a)		418,362		3,475,650

	Shares		Fair Value
COMMON STOCKS — (continued)
Hong Kong — 2.39%
Plover Bay Technologies Ltd.^(a)(c)		9,628,000	$	2,743,739
Techtronic Industries Co., Ltd.		755,400		6,882,849
				9,626,588
India — 11.88%
Ajanta Pharma Ltd.^(a)		150,942		3,196,331
AU Small Finance Bank Ltd.^(a)(b)		270,705		2,175,341
Bajaj Finance Ltd.^(a)		34,611		3,114,510
Cera Sanitaryware Ltd.^(a)		29,843		3,040,517
City Union Bank Ltd.^(a)		598,321		992,357
Gulf Oil Lubricants India Ltd.		324,958		2,436,663
HCL Technologies Ltd.		107,117		1,641,531
Home First Finance Co. India Ltd.^(a)(b)(c)		226,876		2,458,417
IndiaMart InterMesh Ltd.^(a)(b)(c)		161,943		5,153,267
Kotak Mahindra Bank Ltd.^(a)		194,666		4,066,584
Mankind Pharma Ltd.^(a)		130,182		2,722,871
Metropolis Healthcare Ltd.^(a)(b)(c)		275,352		4,647,761
Motherson Sumi Wiring India Ltd.^(a)		5,253,786		3,782,698
Polycab India Ltd.^(a)		53,050		3,135,999
SJS Enterprises Ltd.^(a)		464,559		3,775,245
WNS Holdings Ltd., ADR^(a)		29,259		1,589,349
				47,929,441
Indonesia — 4.58%
Arwana Citramulia Tbk PT^(a)		41,025,200		1,699,299
Avia Avian Tbk PT^(a)		95,716,200		3,003,521
Bank BTPN Syariah Tbk PT^(a)		21,107,600		2,086,386
Metrodata Electronics Tbk^(a)		100,348,900		3,180,381
Selamat Sempurna Tbk PT^(a)		35,850,000		4,882,295
Ultrajaya Milk Industry & Trading Co.^(a)		34,286,900		3,615,037
				18,466,919
Malaysia — 0.79%
Mr DIY Group Berhad^(a)		10,263,100		3,188,770

Mexico 5.32%
Arca Continental COM NPV		240,000		2,153,501
Bolsa Mexicana de Valores SAB^(a)		1,696,800		2,641,692
Grupo Aeroportuario del Centro Norte SAB de CV^(a)		458,200		3,512,397
Grupo Financiero Banorte SAB de CV		272,700		2,209,000
Grupo Rotoplas SAB de CV^(a)		1,534,300		2,065,329
Regional SAB de CV^(a)		891,000		6,752,501
Vesta Real Estate Corporation^(a)		67,516		2,122,703
				21,457,123
Philippines — 3.66%
Century Pacific Food, Inc.^(a)		6,407,200		3,159,591
Concepcion Industrial Corporation^(a)		1,861,792		491,188
Philippine Seven Corporation^(a)		791,050		1,058,820
Puregold Price Club, Inc.^(a)		6,467,600		3,086,861
Robinsons Land Corporation^(a)		8,321,200		2,042,929
Wilcon Depot, Inc.^(a)		14,126,800		4,926,218
				14,765,607
Poland — 5.27%
Auto Partner SA		426,942		2,417,686

See accompanying notes to financial statements.

Grandeur Peak Emerging Markets Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Poland — 5.27% (continued)
Dino Polska SA^(a)(b)(c)		92,887	$	8,788,725
Inter Cars SA^(a)		56,190		7,604,601
Text SA		90,164		2,427,665
				21,238,677
Singapore — 2.04%
iFast Corporation^(a)		1,022,400		4,928,381
Keppel DC REIT^(a)		1,464,800		1,808,025
Riverstone Holdings Ltd.		3,475,200		1,497,515
				8,233,921
South Africa — 1.71%
Clicks Group Ltd.^(a)		316,876		4,669,197
Italtile Ltd.^(a)		3,636,472		2,243,712
				6,912,909
South Korea — 3.97%
Coupang, Inc.^(a)		121,815		2,070,855
Douzone Bizon Co., Ltd^(a)		93,973		1,897,490
Eo Technics Co., Ltd.^(a)		28,840		2,971,392
Hyundai Ezwel Co., Ltd.^(a)		478,474		2,187,059
LEENO Industrial, Inc.^(a)		48,014		4,882,972
Tokai Carbon Korea Co., Ltd.^(a)		32,334		1,982,566
				15,992,334
Taiwan — 8.73%
91APP, Inc.^(a)		598,000		1,714,412
Acer E-Enabling Service Business, Inc.^(a)		170,000		1,340,149
Asia Vital Components Co., Ltd.^(a)		227,000		1,981,724
ASPEED Technology, Inc.^(a)		25,000		1,978,506
FineTek Co. Ltd.^(a)		742,818		1,990,059
GEM Services, Inc.^(a)		881,000		1,774,262
M3 Technology, Inc.^(a)		855,000		3,106,792
Realtek Semiconductor Corporation^(a)		171,000		2,114,199
Sinbon Electronics Co., Ltd.^(a)		778,000		6,636,262
Sporton International, Inc.^(a)		1,050,805		6,924,687
Voltronic Power Technology Corporation^(a)		73,108		2,915,405
Wistron Information Technology and Services Corporation^(a)		819,248		2,737,218
				35,213,675
Thailand — 1.47%
Humanica PCL^(a)		8,383,900		2,192,097
Netbay PCL^(a)		2,801,100		1,565,531
TQM Alpha PCL^(a)		2,584,121		2,180,693
				5,938,321
United States — 2.73%
BizLink Holding, Inc.^(a)		677,202		5,244,697
Frontage Holdings Corporation^(a)(b)(c)		15,271,982		3,805,676
Genpact Ltd.		59,905		2,009,214
				11,059,587
Vietnam — 4.40%
Asia Commercial Bank JSC^(a)		3,183,100		2,773,209
FPT Corporation^(a)		2,646,642		8,943,178

	Shares		Fair Value
COMMON STOCKS — (continued)
Vietnam — 4.40% (continued)
Vietnam Technological & Commercial Joint Stock Bank^(a)		3,440,269	$	3,879,634
Vincom Retail JSC^(a)		2,386,220		2,156,662
				17,752,683
Total Common Stocks
(Cost $354,511,283)				370,476,376


EXCHANGE-TRADED FUNDS — 1.06%
iShares MSCI India ETF		98,654		4,265,799

Total Exchange-Traded Funds
(Cost $4,362,963)				4,265,799


Total Investments — 92.92%
(Cost $358,874,246)				374,742,175

Other Assets in Excess of Liabilities — 7.08%			$	28,544,040

NET ASSETS — 100.00%			$	403,286,215

^(a)

Non-income producing security.

^(b)

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, 2023, these securities had a total aggregate market value of $45,681,033, representing 11.33% of net assets.

^(c)

See accompanying notes to financial statements.

Grandeur Peak Emerging Markets Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

Sector Composition (October 31, 2023)
Technology	20.3%
Consumer Discretionary	19.7%
Financials	12.1%
Health Care	11.8%
Consumer Staples	10.3%
Industrials	9.8%
Communications	3.3%
Real Estate	2.0%
Materials	1.3%
Energy	1.3%
Equity	1.0%
Other Assets in Excess of Liabilities	7.1%
Total	100.0%

Industry Composition (October 31, 2023)
Food & Drug Stores	6.9%
Banks	6.2%
IT Services	5.9%
Health Care Services	5.5%
Online Marketplace	4.0%
Auto Parts	3.7%
Specialty & Generic Pharma	3.6%
Internet Media & Services	3.3%
Home Products Stores	3.0%
Electronics Components	2.8%
Furniture	2.4%
Private Equity	2.2%
Other Commercial Support Services	2.2%
Semiconductor Mfg	1.9%
Automotive Wholesalers	1.9%
Application Software	1.8%
Consumer Electronics	1.8%
Semiconductor Devices	1.8%
Other Machinery & Equipment	1.7%
Packaged Food	1.7%
Technology Distributors	1.6%
Specialty Apparel Stores	1.6%
Electrical Components	1.5%
It Services	1.4%
Specialty Chemicals	1.3%
Exploration & Production	1.3%
Personal Care Products	1.2%
Flow Control Equipment	1.1%
Equity	1.1%
Other Industries (each less than 1%)	16.9%
Other Assets in Excess of Liabilities	7.1%
Total	100.0%

See accompanying notes to financial statements.

Grandeur Peak Global Contrarian Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.76%
Australia — 5.71%
Atturra, Ltd.^(a)		2,223,659	$	1,170,792
Emeco Holdings Ltd.^(a)		4,087,041		1,490,769
Fiducian Group Ltd.^(a)		364,458		1,271,580
Kogan.com Ltd.^(a)		180,232		500,771
PeopleIN Ltd.^(a)		834,791		796,981
QANTM Intellectual Property Ltd.^(a)		2,814,634		1,660,499
				6,891,392
Bangladesh — 1.14%
Square Pharmaceuticals Ltd.^(a)		715,482		1,371,454

Belgium — 2.59%
Melexis NV		16,046		1,177,680
X-Fab Silicon Foundries SE^(a)(b)(c)		215,040		1,943,530
				3,121,210
Brazil — 3.07%
Hypera SA		115,000		692,158
Pagseguro Digital Ltd., Class A^(a)		100,000		706,000
Patria Investments Ltd.^(a)		129,543		1,669,809
Vinci Partners Invest Ltd.^(a)		65,000		637,650
				3,705,617
Canada — 2.12%
BioSyent, Inc.^(a)		113,187		640,307
Converge Technology Solutions Corporation^(a)		545,779		1,086,236
Gildan Activewear, Inc.^(a)		29,170		828,555
				2,555,098
China — 10.69%
Alibaba Group Holding Ltd.^(a)		110,600		1,131,405
Chaoju Eye Care Holdings Ltd.^(a)		4,013,500		2,133,626
China Yongda Automobiles Services Holdings Ltd.		7,470,500		2,863,998
CSPC Pharmaceutical Group Ltd.		1,750,300		1,527,689
ManpowerGroup Greater China Ltd.^(a)		382,100		288,092
TK Group Holdings Ltd.^(a)		8,707,283		1,502,167
WH Group Ltd.		1,912,000		1,141,055
Xin Point Holdings Ltd.^(a)(c)		7,576,984		2,749,898
				13,337,930
Colombia — 1.83%
Canacol Energy Ltd.^(a)		865		4,279
Parex Resources, Inc.		114,772		2,199,833
				2,204,112
France — 3.02%
Antin Infrastructure Partners^(a)		125,456		1,492,354
Thermador Groupe^(a)		8,677		616,178
Virbac SA^(a)		5,347		1,533,535
				3,642,067

	Shares		Fair Value
COMMON STOCKS — (continued)
Germany — 1.09%
Friedrich Vorwerrk Group SE^(a)		100,000	$	1,320,775

Hong Kong — 3.31%
Plover Bay Technologies Ltd.^(a)(c)		13,996,539		3,988,663

India — 3.41%
City Union Bank Ltd.^(a)		900,496		1,493,536
Gulf Oil Lubricants India Ltd.		349,589		2,621,356
				4,114,892
Indonesia — 1.39%
Bank BTPN Syariah Tbk PT^(a)		9,322,200		921,456
Selamat Sempurna Tbk PT^(a)		5,508,600		750,198
				1,671,654
Japan 9.34%
Beenos, Inc.^(a)		292,300		2,722,927
Central Automotive Products Ltd.^(a)		48,900		1,088,817
Gakujo Co., Ltd.^(a)		45,000		495,794
geechs, Inc.^(a)		15,200		63,578
Medikit Co., Ltd.^(a)		83,400		1,474,047
Seria Co., Ltd.^(a)		60,000		830,480
System Support, Inc.^(a)		90,100		1,156,157
Systena Corporation^(a)		549,000		923,602
ULS Group, Inc.^(a)		48,000		1,463,038
YAMADA Consulting Group Co., Ltd.^(a)		102,700		1,058,337
				11,276,777
Netherlands — 1.11%
Flow Traders Ltd.^(a)		73,342		1,340,477

Oman — 0.99%
Tethys Oil AB^(a)		234,129		1,195,072

Philippines — 1.06%
AllHome Corporation^(a)		15,088,000		398,591
Concepcion Industrial Corporation^(a)		1,259,700		332,341
Pryce Corporation^(a)		6,013,600		550,735
				1,281,667
Poland — 1.79%
Auto Partner SA		202,656		1,147,599
Inter Cars SA^(a)		7,500		1,015,030
				2,162,629
Singapore — 4.12%
Riverstone Holdings Ltd.		11,534,575		4,970,420

South Korea — 0.66%
MegaStudyEdu Co., Ltd.^(a)		17,400		796,624

Sweden — 1.43%
Fasadgruppen Group AB^(a)		122,140		520,812
Knowit AB		40,760		511,186

See accompanying notes to financial statements.

Grandeur Peak Global Contrarian Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Sweden — 1.43% (continued)
RVRC Holding AB^(a)		200,000	$	690,133
				1,722,131
Taiwan — 2.67%
Allied Supreme Corporation^(a)		100,000		959,229
FineTek Co. Ltd.^(a)		179,465		480,799
Fuzetec Technology Co., Ltd.^(a)		487,363		693,359
M3 Technology, Inc.^(a)		81,000		294,328
Sporton International, Inc.^(a)		120,750		795,729
				3,223,444
United Kingdom — 12.82%
B&M European Value Retail SA		364,661		2,343,502
CVS Group plc^(a)		35,386		630,019
Endava plc, ADR^(a)		32,262		1,618,262
Foresight Group Holdings Ltd.^(a)		234,417		1,048,387
FRP Advisory Group PLC^(a)		1,501,096		2,079,686
Hotel Chocolat Group PLC^(a)		206,346		339,797
Intermediate Capital Group PLC^(a)		58,127		921,524
Manolete Partners PLC^(a)		171,578		308,609
Marlowe PLC^(a)		150,000		1,009,917
Petershill Partners PLC^(a)(b)(c)		2,889,630		5,183,381
				15,483,084
United States — 18.02%
Bank of NT Butterfield & Son Ltd. (The)		81,306		2,053,789
Barrett Business Services, Inc.		14,825		1,355,894
BizLink Holding, Inc.^(a)		104,324		807,954
Bowman Consulting Group Ltd.^(a)		22,146		588,419
Dollar General Corporation		6,000		714,240
Enhabit, Inc.^(a)		37,835		278,844
Esquire Financial Holdings, Inc.^(a)		35,450		1,623,610
Evercore, Inc., Class A		14,176		1,845,432
Frontage Holdings Corporation^(a)(b)(c)		4,749,000		1,183,419
GQG Partners, Inc.^(a)		1,106,824		912,757
Hackett Group, Inc. (The)		70,290		1,566,763
Healthcare Services Group, Inc.		90,601		860,710
Littelfuse, Inc.		5,485		1,188,435
P10, Inc.^(a)		86,768		817,355
Perella Weinberg Partners LP		195,700		1,919,817
Plumas Bancorp^(a)		53,575		1,829,586
Sprouts Farmers Market, Inc.^(a)		27,343		1,148,953
Western Alliance Bancorp		25,730		1,057,503
				21,753,480
Vietnam — 4.01%
Asia Commercial Bank JSC^(a)		1,213,800		1,057,498
FPT Corporation^(a)		637,267		2,153,367
Vietnam Technological & Commercial Joint Stock Bank^(a)		1,445,900		1,630,560
				4,841,425
Total Common Stocks (Cost $127,610,941)				117,972,094

	Shares	Fair Value
Total Investments — 97.76%
(Cost $127,610,941)		$	117,972,094

Other Assets in Excess of Liabilities — 2.24%			2,702,157

NET ASSETS — 100.00%		$	120,674,251

^(a)

Non-income producing security.

^(b)

^(c)

See accompanying notes to financial statements.

Grandeur Peak Global Contrarian Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

Sector Composition (October 31, 2023)
Financials	27.4%
Technology	15.8%
Industrials	15.7%
Health Care	13.6%
Consumer Discretionary	11.4%
Consumer Staples	5.4%
Energy	3.9%
Materials	3.4%
Communications	0.7%
Utilities	0.5%
Other Assets in Excess of Liabilities	2.2%
Total	100.0%

Industry Composition (October 31, 2023)
Banks	9.7%
Private Equity	5.6%
Health Care Supplies	5.3%
It Services	5.3%
Specialty & Generic Pharma	4.8%
Professional Services	4.6%
Investment Companies	4.3%
Institutional Brokerage	4.2%
Online Marketplace	3.6%
Communications Equipment	3.3%
Mass Merchants	3.2%
IT Services	3.1%
Exploration & Production	2.8%
Health Care Services	2.5%
Automotive Retailers	2.4%
Fabricated Metal & Hardware	2.3%
Specialty Chemicals	2.2%
Other Commercial Support Services	2.0%
Automotive Wholesalers	1.7%
Wealth Management	1.7%
Investment Management	1.6%
Semiconductor Manufacturing	1.6%
Auto Parts	1.6%
Electrical Components	1.6%
Apparel, Footwear & Acc Design	1.3%
Rubber & Plastic	1.2%
Industrial Wholesale & Rental	1.2%
Packaged Food	1.2%
Semiconductor Devices	1.2%
Midstream - Oil & Gas	1.1%
Biotech	1.0%
Food & Drug Stores	1.0%
Other Industries (each less than 1%)	7.5%
Other Assets in Excess of Liabilities	2.2%
Total	100.0%

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.31%
Argentina — 0.98%
Globant SA^(a)		620	$	105,580

Australia — 3.28%
Atturra, Ltd.^(a)		75,437		39,719
Domino’s Pizza Enterprises Ltd.^(a)		957		30,840
EQT Holdings Ltd.^(a)		2,715		43,056
HUB24 Ltd.^(a)		1,672		32,063
Imdex Ltd.^(a)		16,571		17,345
Johns Lyng Group Ltd.^(a)		8,843		34,219
Kogan.com Ltd.^(a)		16,401		45,570
Netwealth Group Ltd.^(a)		3,528		28,423
PeopleIN Ltd.^(a)		28,341		27,057
Pinnacle Investment Management Group^(a)		5,163		25,350
QANTM Intellectual Property Ltd.^(a)		48,896		28,846
				352,488
Belgium — 1.41%
Melexis NV		921		67,596
Warehouses De Pauw CVA^(a)		1,754		43,288
X-Fab Silicon Foundries SE^(a)(b)(c)		4,483		40,517
				151,401
Brazil — 2.25%
Armac Locacao Logistica E Servicos SA^(a)		6,700		16,122
CI&T, Inc.^(a)		1,866		8,584
Grupo Mateus SA^(a)		30,000		34,577
Hypera SA		4,200		25,279
Locaweb Servicos de Internet SA^(a)(b)(c)		29,447		31,778
Patria Investments Ltd.^(a)		6,651		85,732
Vinci Partners Invest Ltd.^(a)		1,690		16,579
XP, Inc., Class A^(a)		1,115		22,300
				240,951
Canada — 1.32%
Aritzia, Inc.^(a)		1,334		20,749
Converge Technology Solutions Corporation^(a)		13,002		25,877
Docebo, Inc.^(a)		905		35,717
Gildan Activewear, Inc.^(a)		939		26,672
Richelieu Hardware Ltd.^(a)		1,078		32,245
				141,260
China — 5.84%
Adicon Holdings Ltd.^(a)		37,000		52,862
Aier Eye Hospital Group Co., Ltd.^(a)		6,700		16,768
Alibaba Group Holding Ltd.^(a)		2,200		22,505
Angelalign Technology, Inc.^(a)(b)(c)		2,500		17,188
ANTA Sports Products Ltd.		3,200		36,129
Beijing Huafeng Test & Control Technology Co., Ltd.^(a)		842		13,834
Chaoju Eye Care Holdings Ltd.^(a)		32,600		17,331
China Yongda Automobiles Services Holdings Ltd.		23,400		8,971
CSPC Pharmaceutical Group Ltd.		18,000		15,711

	Shares		Fair Value
COMMON STOCKS — (continued)
China — 5.84% (continued)
Guangzhou Kingmed Diagnostics Group Co., Ltd.^(a)		3,600	$	30,459
Hangzhou Robam Appliances Co., Ltd.^(a)		8,831		27,883
Hangzhou Tigermed Consulting Co., Ltd.^(a)		4,721		43,041
Li Ning Company Ltd.		4,000		12,268
Man Wah Holdings Ltd.^(a)		56,900		35,339
Shanghai Hanbell Precise Machinery Co., Ltd.^(a)		11,500		36,750
Shenzhen Mindray Bio-Medical Electronics Co.^(a)		800		31,276
Silergy Corporation^(a)		9,000		79,402
Suofeiya Home Collection Co., Ltd., CLASS A^(a)		6,700		16,512
TK Group Holdings Ltd.^(a)		32,900		5,676
WuXi AppTec Co., Ltd.^(a)(b)(c)		5,534		66,476
Wuxi Biologics Cayman, Inc.^(a)(b)(c)		6,500		40,369
				626,750
Colombia — 0.97%
Parex Resources, Inc.		5,440		104,268

Finland — 1.33%
Evli Oyj^(a)		938		17,720
Musti Group Oyj^(a)		4,222		83,153
Revenio Group Oyj^(a)		1,134		26,355
Vaisala Oyj^(a)		469		15,982
				143,210
France — 3.31%
Alten SA^(a)		604		71,145
Antin Infrastructure Partners^(a)		3,050		36,281
Aubay SA^(a)		398		13,331
BioMerieux^(a)		302		28,925
Esker SA^(a)		139		17,609
Neurones SA^(a)		240		8,725
Thermador Groupe^(a)		602		42,750
Virbac SA^(a)		376		107,838
Wavestone^(a)		624		28,363
				354,967
Germany — 2.70%
AIXTRON SE^(a)		570		15,962
Atoss Software AG^(a)		177		37,277
Dermapharm Holding SE^(a)		1,987		76,670
Friedrich Vorwerrk Group SE^(a)		643		8,493
Mensch und Maschine Software SE^(a)		783		40,894
Nagarro SE^(a)		344		24,192
Nexus AG^(a)		1,446		70,471
QIAGEN NV^(a)		417		15,608
				289,567
Hong Kong — 0.71%
Plover Bay Technologies Ltd.^(a)(c)		106,861		30,453
Techtronic Industries Co., Ltd.		5,000		45,557
				76,010

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
India — 3.27%
Ajanta Pharma Ltd.^(a)		806	$	17,068
AU Small Finance Bank Ltd.^(a)		2,529		20,323
Bajaj Finance Ltd.^(a)		227		20,427
Cera Sanitaryware Ltd.^(a)		125		12,735
Gulf Oil Lubricants India Ltd.		9,077		68,063
IndiaMart InterMesh Ltd.^(a)(b)(c)		1,421		45,218
Kotak Mahindra Bank Ltd.^(a)		3,363		70,254
Motherson Sumi Wiring India Ltd.^(a)		25,701		18,505
Polycab India Ltd.^(a)		284		16,788
SJS Enterprises Ltd.^(a)		4,747		38,576
WNS Holdings Ltd., ADR^(a)		413		22,434
				350,391
Indonesia — 1.48%
Arwana Citramulia Tbk PT^(a)		677,300		28,054
Avia Avian Tbk PT^(a)		871,500		27,347
Bank BTPN Syariah Tbk PT^(a)		123,800		12,237
Metrodata Electronics Tbk^(a)		336,400		10,662
Selamat Sempurna Tbk PT^(a)		445,500		60,671
Ultrajaya Milk Industry & Trading Co.^(a)		188,000		19,822
				158,793
Ireland — 0.86%
ICON PLC, ADR^(a)		94		22,932
Keywords Studios plc^(a)		3,027		48,008
Uniphar PLC^(a)		9,638		21,369
				92,309
Israel — 0.38%
Monday.com Ltd.^(a)		117		15,209
Wix.com Ltd.^(a)		324		25,887
				41,096
Italy — 1.39%
Interpump Group SpA^(a)		912		38,028
Recordati Industria Chimica e Farmaceutica SpA^(a)		1,274		58,786
Sesa SpA^(a)		515		51,914
				148,728
Japan — 12.28%
BayCurrent Consulting, Inc.		2,900		71,919
Beenos, Inc.^(a)		6,673		62,163
Bengo4.com, Inc.^(a)		700		19,350
Carenet, Inc. NPV^(a)		10,000		56,473
Central Automotive Products Ltd.^(a)		1,300		28,946
Charm Care Corporation KK^(a)		6,700		48,358
Comture Corporation^(a)		1,200		15,818
Creema Ltd.^(a)		3,600		7,054
CrowdWorks, Inc.^(a)		1,200		9,888
Cyber Security Cloud, Inc.^(a)		3,500		46,597
Digital Arts, Inc.^(a)		600		16,388
eGuarantee, Inc.^(a)		3,800		43,346
eWeLL Co., Ltd.^(a)		600		12,370
F&M Co., Ltd.^(a)		1,600		21,460
FP Partner, Inc.^(a)		500		13,591

	Shares		Fair Value
COMMON STOCKS — (continued)
Japan — 12.28% (continued)
Gakujo Co., Ltd.^(a)		1,700	$	18,730
GENOVA, Inc.^(a)		1,600		14,356
GMO Payment Gateway, Inc. NPV^(a)		400		15,797
Hennge KK^(a)		5,000		32,657
Integral Corporation^(a)		2,600		29,195
JMDC, Inc.^(a)		600		16,614
M&A Capital Partners Company Ltd.^(a)		2,300		41,273
M&A Research Institute, Inc.^(a)		1,200		25,809
M3, Inc.		700		10,686
MarkLines Co., Ltd.^(a)		3,000		54,588
Medikit Co., Ltd.^(a)		1,400		24,744
Meitec Corporation^(a)		1,400		24,375
MonotaRO Co., Ltd.^(a)		6,100		48,313
OBIC Business Consultants Co., Ltd.^(a)		600		25,516
Open Door, Inc.^(a)		1,400		6,863
Oro Co., Ltd.^(a)		1,300		17,634
Prestige International, Inc.^(a)		5,300		21,294
SBI Global Asset Management Co.^(a)		5,400		19,096
Seria Co., Ltd.^(a)		3,000		41,525
SMS Company Ltd.^(a)		600		9,381
Sun*, Inc.^(a)		7,300		60,586
Synchro Food Co., Ltd.^(a)		7,400		26,949
System Support, Inc.^(a)		2,300		29,513
Syuppin Company, Ltd.^(a)		3,100		21,065
TechnoPro Holdings, Inc.^(a)		700		13,577
Tsuruha Holdings, Inc.		400		29,160
ULS Group, Inc.^(a)		2,500		76,200
User Local, Inc.^(a)		1,300		13,362
Visional, Inc.^(a)		800		38,687
WDB coco Co., Ltd.^(a)		300		10,213
Yakuodo Holdings Co., Ltd.^(a)		1,500		27,392
				1,318,871
Luxembourg — 0.21%
Sword Group^(a)		615		22,357

Mexico — 0.80%
Bolsa Mexicana de Valores SAB^(a)		10,300		16,036
Grupo Aeroportuario del Centro Norte SAB de CV^(a)		1,151		8,823
Regional SAB de CV^(a)		5,750		43,577
Vesta Real Estate Corporation^(a)		550		17,292
				85,728
Netherlands — 0.39%
Alfen Beheer BV^(a)(b)(c)		229		7,191
ASM International NV^(a)		40		16,446
Redcare Pharmacy NV^(a)		162		18,045
				41,682
Norway — 0.67%
Bouvet ASA^(a)		7,352		35,411
Nordic Semiconductor ASA^(a)		1,330		10,735
SmartCraft ASA^(a)		13,607		25,947
				72,093

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Philippines — 0.83%
Century Pacific Food, Inc.^(a)		56,600	$	27,911
Philippine Seven Corporation^(a)		16,120		21,577
Puregold Price Club, Inc.^(a)		35,797		17,085
Wilcon Depot, Inc.^(a)		63,033		21,981
				88,554
Poland — 1.16%
Auto Partner SA		5,436		30,783
Dino Polska SA^(a)(b)(c)		654		61,879
Inter Cars SA^(a)		233		31,534
				124,196
Singapore — 0.65%
iFast Corporation^(a)		5,800		27,958
Keppel DC REIT^(a)		12,000		14,812
Riverstone Holdings Ltd.		61,445		26,478
				69,248
South Africa — 0.22%
Italtile Ltd.^(a)		37,806		23,326

South Korea — 1.36%
Coupang, Inc.^(a)		1,926		32,742
Hyundai Ezwel Co., Ltd.^(a)		6,797		31,068
LEENO Industrial, Inc.^(a)		283		28,781
MegaStudyEdu Co., Ltd.^(a)		484		22,159
SaraminHR Co., Ltd.^(a)		1,500		21,157
Tokai Carbon Korea Co., Ltd.^(a)		162		9,933
				145,840
Sweden — 4.75%
AddTech AB^(a)		2,708		39,638
Beijer Alma AB^(a)		3,001		47,691
BoneSupport Holding AB^(a)		1,119		14,555
Byggfakta Group Nordic Holdco AB^(a)		4,150		9,982
EQT AB^(a)		2,050		37,261
Knowit AB		4,632		58,092
Lifco AB, Class B^(a)		2,069		37,773
Lyko Group AB^(a)(c)		640		5,492
Nibe Industrier AB		2,458		14,132
OX2 AB^(a)		6,219		25,103
Sagax AB^(a)		2,361		42,617
Sdiptech AB^(a)		3,995		78,232
Swedencare AB		5,854		23,719
Teqnion AB^(a)		865		15,924
Vitec Software Group^(a)		628		25,023
Vitrolife AB^(a)		2,684		34,887
				510,121
Taiwan — 2.60%
Acer E-Enabling Service Business, Inc.^(a)		2,000		15,766
Brighten Optix Corporation^(a)		3,000		16,721
FineTek Co. Ltd.^(a)		7,392		19,804
Fuzetec Technology Co., Ltd.^(a)		11,000		15,649
M3 Technology, Inc.^(a)		4,000		14,535
Sinbon Electronics Co., Ltd.^(a)		7,000		59,709

	Shares		Fair Value
COMMON STOCKS — (continued)
Taiwan — 2.60% (continued)
Sporton International, Inc.^(a)		14,700	$	96,872
Voltronic Power Technology Corporation^(a)		1,000		39,878
				278,934
Thailand — 0.70%
Humanica PCL^(a)		144,600		37,808
Netbay PCL^(a)		15,500		8,663
TQM Alpha PCL^(a)		33,500		28,270
				74,741
United Kingdom — 10.32%
AB Dynamics PLC^(a)		2,371		41,349
Advanced Medical Solutions Group plc^(a)		8,113		19,108
B&M European Value Retail SA		14,245		91,546
Big Technologies plc^(a)		5,807		12,703
CVS Group plc^(a)		5,238		93,258
Diploma plc		1,236		42,690
Elixirr International PLC^(a)		5,312		30,342
Endava plc, ADR^(a)		2,016		101,123
Foresight Group Holdings Ltd.^(a)		7,371		32,965
FRP Advisory Group PLC^(a)		25,867		35,837
GlobalData PLC^(a)		9,303		16,959
Halma PLC		1,912		42,872
Hotel Chocolat Group PLC^(a)		11,805		19,440
Impax Asset Management Group plc^(a)		15,905		74,418
Intermediate Capital Group PLC^(a)		1,074		17,027
JTC plc^(a)(b)(c)		11,287		87,584
Marlowe PLC^(a)		8,129		54,731
Pensionbee Group PLC^(a)		13,468		9,870
Petershill Partners PLC^(a)(b)(c)		14,892		26,713
Pets at Home Group PLC^(a)		14,481		49,417
SDI Group PLC^(a)		15,401		18,998
Softcat PLC^(a)		3,674		56,483
Volution Group PLC^(a)		22,246		98,031
YouGov plc^(a)		3,442		35,556
				1,109,020
United States — 29.51%
Alexandria Real Estate Equities, Inc.		304		28,312
Align Technology, Inc.^(a)		120		22,151
Ares Management Corporation, CLASS A		587		57,872
Ashtead Group PLC		729		41,675
Barrett Business Services, Inc.		465		42,529
BILL Holdings, Inc.^(a)		238		21,727
BizLink Holding, Inc.^(a)		8,283		64,149
Blue Owl Capital, Inc.		1,556		19,185
Bowman Consulting Group Ltd.^(a)		1,197		31,804
Cactus, Inc., Class A		374		17,556
Charles River Laboratories International, Inc.^(a)		194		32,662
Chewy, Inc.^(a)		919		17,764
Cloudflare, Inc., Class A^(a)		533		30,216
Crowdstrike Holdings, Inc., CLASS A^(a)		350		61,870
Datadog, Inc., Class A^(a)		288		23,463

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
United States — 29.51% (continued)
DexCom, Inc.^(a)		381	$	33,844
Digital Realty Trust, Inc.		177		22,012
DigitalOcean Holdings, Inc.^(a)		1,665		34,066
Dollar General Corporation		177		21,070
Doximity, Inc.^(a)		1,099		22,453
Elastic NV^(a)		1,038		77,892
Envista Holdings Corporation^(a)		633		14,730
Esquire Financial Holdings, Inc.^(a)		536		24,549
Etsy, Inc.^(a)		514		32,022
Evercore, Inc., Class A		335		43,610
Fastenal Co.		371		21,644
Five Below, Inc.^(a)		175		30,447
Freshpet, Inc.^(a)		402		23,075
Frontage Holdings Corporation^(a)(b)(c)		260,200		64,840
Genpact Ltd.		1,797		60,271
Gitlab, Inc.^(a)		378		16,360
Global Industrial Co.		678		21,662
Goosehead Insurance, Inc., CLASS A^(a)		387		25,105
GQG Partners, Inc.^(a)		64,344		53,062
Hackett Group, Inc. (The)		2,553		56,906
HealthEquity, Inc.^(a)		545		39,066
Herc Holdings, Inc.		197		21,038
Houlihan Lokey, Inc.		549		55,185
HubSpot, Inc.^(a)		47		19,917
I3 Verticals, Inc., Class A^(a)		1,004		18,825
Insperity, Inc.		478		50,592
Insulet Corporation^(a)		241		31,949
JFrog Ltd.^(a)		3,740		84,113
Joint Corporation (The)^(a)		2,745		21,438
Littelfuse, Inc.		327		70,851
Lululemon Athletica, Inc.^(a)		70		27,544
MarketAxess Holdings, Inc.		182		38,903
Marvell Technology, Inc.		345		16,291
MaxCyte, Inc.^(a)		9,334		27,629
Medpace Holdings, Inc.^(a)		108		26,208
Microchip Technology, Inc.		769		54,822
Moelis & Co., Class A		615		25,609
Monolithic Power Systems, Inc.		71		31,364
MSCI, Inc.		47		22,163
Neogen Corporation^(a)		1,056		15,724
New Relic, Inc.^(a)		123		10,660
NV5 Global, Inc.^(a)		572		53,968
Ollie’s Bargain Outlet Holdings, Inc.^(a)		1,226		94,696
P10, Inc.^(a)		9,190		86,571
PagerDuty, Inc.^(a)		2,814		56,758
Paycom Software, Inc.		380		93,088
Paylocity Holding Corporation^(a)		107		19,196
Perella Weinberg Partners LP		3,386		33,217
PJT Partners, Inc., Class A		1,302		102,025
Planet Fitness, Inc., A^(a)		619		34,212
Pool Corporation		124		39,155

	Shares		Fair Value
COMMON STOCKS — (continued)
United States — 29.51% (continued)
Power Integrations, Inc.		203	$	14,074
Qualys, Inc.^(a)		567		86,723
Rexford Industrial Realty, Inc.		781		33,770
Ross Stores, Inc.		254		29,456
Shoals Technologies Group, Inc., Class A^(a)		3,142		48,261
Silicon Laboratories, Inc.^(a)		268		24,704
SiTime Corporation^(a)		148		14,770
Skechers USA, Inc., Class A^(a)		425		20,494
Smartsheet, Inc., CLASS A^(a)		1,291		51,046
Sprouts Farmers Market, Inc.^(a)		897		37,692
Squarespace, Inc.^(a)		1,896		53,865
Terreno Realty Corporation		526		28,025
Texas Roadhouse, Inc.		296		30,056
TPG, Inc.^(a)		1,346		37,203
Tradeweb Markets, Inc., CLASS A		429		38,614
TriMas Corporation		742		17,964
United Rentals, Inc.		56		22,751
WW Grainger, Inc.		30		21,895
Zscaler, Inc.^(a)		129		20,471
				3,167,166
Vietnam — 1.38%
FPT Corporation^(a)		27,600		93,262
Vietnam Technological & Commercial Joint Stock Bank^(a)		49,000		55,258
				148,520
Total Common Stocks (Cost $12,767,391)				10,658,166

Total Investments — 99.31%
(Cost $12,767,391)				10,658,166

Other Assets in Excess of Liabilities — 0.69%				73,581

NET ASSETS — 100.00%			$	10,731,747

^(a)

Non-income producing security.

^(b)

^(c)

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

Sector Composition (October 31, 2023)
Technology	30.2%
Industrials	15.3%
Financials	14.7%
Health Care	13.7%
Consumer Discretionary	11.8%
Consumer Staples	5.5%
Communications	2.9%
Real Estate	2.1%
Energy	1.7%
Materials	1.2%
Other Assets in Excess of Liabilities	0.7%
Total	100.0%

Industry Composition (October 31, 2023)
Application Software	8.5%
IT Services	5.2%
Health Care Services	4.9%
It Services	4.3%
Investment Management	3.8%
Infrastructure Software	3.4%
Professional Services	3.4%
Institutional Brokerage	3.0%
Specialty & Generic Pharma	3.0%
Private Equity	2.9%
Mass Merchants	2.6%
Semiconductor Devices	2.3%
Online Marketplace	2.3%
Food & Drug Stores	2.3%
Internet Media & Services	2.1%
Banks	2.1%
Industrial Wholesale & Rental	1.9%
Auto Parts	1.8%
Medical Equipment	1.7%
Engineering Services	1.7%
Other Commercial Support Services	1.7%
Electrical Components	1.3%
Health Care Supplies	1.3%
Specialty Apparel Stores	1.2%
Wealth Management	1.1%
Home Products Stores	1.1%
Technology Distributors	1.0%
Electronics Components	1.0%
Exploration & Production	1.0%
Industrial Reit	1.0%
Other Industries (each less than 1%)	25.1%
Other Assets in Excess of Liabilities	0.7%
Total	100.0%

See accompanying notes to financial statements.

Grandeur Peak Global Micro Cap Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.48%
Australia — 8.72%
Atturra, Ltd.^(a)		765,242	$	402,912
EQT Holdings Ltd.^(a)		14,824		235,093
Fiducian Group Ltd.^(a)		208,133		726,167
Imdex Ltd.^(a)		178,344		186,671
Kogan.com Ltd.^(a)		314,487		873,797
Megaport Ltd.^(a)		28,540		172,174
PeopleIN Ltd.^(a)		292,940		279,672
Silk Logistics Holdings Ltd.^(a)		294,436		336,199
Whispir Ltd.^(a)		909,737		178,901
				3,391,586
Belgium — 0.79%
X-Fab Silicon Foundries SE^(a)(b)(c)		34,079		308,006

Brazil — 0.68%
Locaweb Servicos de Internet SA^(a)		107,000		115,471
Vinci Partners Invest Ltd.^(a)		15,260		149,701
				265,172
Canada — 0.70%
BioSyent, Inc.^(a)		48,100		272,105

China — 1.17%
Chaoju Eye Care Holdings Ltd.^(a)		380,000		202,013
TK Group Holdings Ltd.^(a)		1,462,600		252,326
				454,339
Finland — 2.25%
Musti Group Oyj^(a)		36,931		727,364
Revenio Group Oyj^(a)		6,394		148,600
				875,964
France — 2.85%
Aubay SA^(a)		3,600		120,584
Esker SA^(a)		991		125,540
Neurones SA^(a)		8,295		301,548
Thermador Groupe^(a)		4,607		327,156
Wavestone^(a)		5,180		235,455
				1,110,283
Germany — 1.71%
Friedrich Vorwerrk Group SE^(a)		5,285		69,803
Mensch und Maschine Software SE^(a)		5,555		290,125
Nexus AG^(a)		6,251		304,645
				664,573
Greece — 1.81%
Kri-Kri Milk Industry SA^(a)		42,365		364,961
Sarantis SA^(a)		40,988		340,518
				705,479
Hong Kong — 1.01%
Plover Bay Technologies Ltd.^(a)(c)		1,383,600		394,291

India — 5.63%
Cera Sanitaryware Ltd.^(a)		5,942		605,393

	Shares		Fair Value
COMMON STOCKS — (continued)
India — 5.63% (continued)
Gulf Oil Lubricants India Ltd.		98,696	$	740,062
Metropolis Healthcare Ltd.^(a)(b)(c)		19,428		327,932
SJS Enterprises Ltd.^(a)		31,500		255,985
Vaibhav Global Ltd.^(a)		51,651		259,668
				2,189,040
Indonesia — 1.08%
Arwana Citramulia Tbk PT^(a)		2,517,600		104,281
Selamat Sempurna Tbk PT^(a)		2,309,700		314,551
				418,832
Ireland — 0.52%
Uniphar PLC^(a)		90,411		200,456

Japan — 24.71%
Beenos, Inc.^(a)		97,100		904,536
Bengo4.com, Inc.^(a)		6,600		182,444
Carenet, Inc. NPV^(a)		87,300		493,015
Central Automotive Products Ltd.^(a)		12,400		276,101
Charm Care Corporation KK^(a)		70,600		509,559
Comture Corporation^(a)		10,200		134,452
Creema Ltd.^(a)		49,200		96,404
CrowdWorks, Inc.^(a)		29,000		238,964
Cyber Security Cloud, Inc.^(a)		14,700		195,709
eGuarantee, Inc.^(a)		26,000		296,579
eWeLL Co., Ltd.^(a)		7,500		154,626
F&M Co., Ltd.^(a)		10,500		140,831
FP Partner, Inc.^(a)		4,900		133,188
GENOVA, Inc.^(a)		19,100		171,374
Hennge KK^(a)		55,100		359,881
Integral Corporation^(a)		13,400		150,465
M&A Capital Partners Company Ltd.^(a)		31,000		556,293
MarkLines Co., Ltd.^(a)		23,000		418,500
Open Door, Inc.^(a)		11,300		55,391
Oro Co., Ltd.^(a)		32,500		440,838
Prestige International, Inc.^(a)		50,000		200,891
Sun*, Inc.^(a)		74,200		615,824
Synchro Food Co., Ltd.^(a)		53,100		193,378
System Support, Inc.^(a)		38,700		496,596
Syuppin Company, Ltd.^(a)		43,400		294,917
ULS Group, Inc.^(a)		27,800		847,342
User Local, Inc.^(a)		9,000		92,509
WDB coco Co., Ltd.^(a)		5,000		170,213
Yakuodo Holdings Co., Ltd.^(a)		31,200		569,762
YMIRLINK, Inc.^(a)		26,600		214,274
				9,604,856
Luxembourg — 0.70%
Sword Group^(a)		7,482		271,994

Norway — 1.29%
Bouvet ASA^(a)		38,828		187,014

See accompanying notes to financial statements.

Grandeur Peak Global Micro Cap Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Norway — 1.29% (continued)
SmartCraft ASA^(a)		166,002	$	316,548
				503,562
Oman — 0.86%
Tethys Oil AB^(a)		65,711		335,411

Philippines — 1.09%
AllHome Corporation^(a)		3,701,098		97,775
Pryce Corporation^(a)		3,545,900		324,739
				422,514
Poland — 1.71%
Auto Partner SA		77,576		439,297
Shoper Spolka Akcyjna^(a)		30,600		224,503
				663,800
Singapore — 1.32%
Riverstone Holdings Ltd.		1,194,125		514,566

South Korea — 0.84%
Hyundai Ezwel Co., Ltd.^(a)		25,910		118,432
MegaStudyEdu Co., Ltd.^(a)		4,572		209,320
				327,752
Sweden — 6.94%
BoneSupport Holding AB^(a)		13,900		180,800
Knowit AB		31,682		397,335
Lyko Group AB^(a)(c)		10,547		90,513
RVRC Holding AB^(a)		65,929		227,499
Sdiptech AB^(a)		14,961		292,973
Swedencare AB		298,913		1,211,121
Teqnion AB^(a)		10,963		201,817
Vitec Software Group^(a)		2,401		95,669
				2,697,727
Taiwan — 4.34%
Acer E-Enabling Service Business, Inc.^(a)		40,000		315,329
FineTek Co. Ltd.^(a)		80,204		214,872
Fuzetec Technology Co., Ltd.^(a)		61,955		88,142
GEM Services, Inc.^(a)		107,000		215,489
M3 Technology, Inc.^(a)		53,000		192,585
Sporton International, Inc.^(a)		76,699		505,438
Wistron Information Technology and Services Corporation^(a)		47,477		158,627
				1,690,482
Thailand — 1.04%
Humanica PCL^(a)		1,280,000		334,676
Netbay PCL^(a)		125,000		69,862
				404,538
United Kingdom — 13.62%
AB Dynamics PLC^(a)		19,430		338,851
Advanced Medical Solutions Group plc^(a)		88,459		208,344
CVS Group plc^(a)		5,800		103,264
EKF Diagnostics Holdings PLC^(a)		400,873		130,565
Elixirr International PLC^(a)		93,105		531,810
Foresight Group Holdings Ltd.^(a)		65,739		294,006
Franchise Brands PLC^(a)		133,559		218,313
FRP Advisory Group PLC^(a)		325,991		451,642

	Shares		Fair Value
COMMON STOCKS — (continued)
United Kingdom — 13.62% (continued)
Hotel Chocolat Group PLC^(a)		89,449	$	147,299
Impax Asset Management Group plc^(a)		75,916		355,204
JTC plc^(a)(b)(c)		38,251		296,817
Marlowe PLC^(a)		47,353		318,817
Pensionbee Group PLC^(a)		256,812		188,199
Premier Miton Group PLC^(a)		268,041		167,762
SDI Group PLC^(a)		225,400		278,038
Victorian Plumbing Group PLC^(a)		305,715		284,225
Volution Group PLC^(a)		136,926		603,390
XPS Pensions Group PLC^(a)(c)		147,229		381,116
				5,297,662
United States 12.10%
4imprint Group PLC^(a)		2,421		147,701
Barrett Business Services, Inc.		7,561		691,529
Bowman Consulting Group Ltd.^(a)		23,255		617,885
FIGS, Inc.^(a)		40,006		220,433
Frontage Holdings Corporation^(a)(b)(c)		1,093,800		272,568
Global Industrial Co.		15,340		490,113
Hackett Group, Inc. (The)		33,010		735,793
Joint Corporation (The)^(a)		57,499		449,067
LeMaitre Vascular, Inc.		3,305		160,557
MaxCyte, Inc.^(a)		115,776		342,697
Perella Weinberg Partners LP		35,540		348,647
Plumas Bancorp^(a)		6,666		227,644
				4,704,634
Total Common Stocks (Cost $40,989,391)				38,689,624

Total Investments — 99.48%
(Cost $40,989,391)				38,689,624

Other Assets in Excess of Liabilities — 0.52%				203,812

NET ASSETS — 100.00%			$	38,893,436

^(a)

Non-income producing security.

^(b)

^(c)

See accompanying notes to financial statements.

Grandeur Peak Global Micro Cap Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

Sector Composition (October 31, 2023)
Technology	24.4%
Industrials	19.3%
Consumer Discretionary	18.6%
Health Care	13.9%
Financials	10.3%
Communications	5.0%
Consumer Staples	3.7%
Materials	2.4%
Energy	1.0%
Utilities	0.8%
Other Assets in Excess of Liabilities	0.5%
Total	100.0%


Industry Composition (October 31, 2023)
It Services	10.7%
Professional Services	9.4%
Application Software	7.2%
Health Care Services	5.2%
Online Marketplace	4.8%
Internet Media & Services	4.1%
Auto Parts	3.5%
Other Spec Retail - Discr	3.1%
Investment Management	2.7%
Private Equity	2.6%
Health Care Facilities	2.5%
Infrastructure Software	2.2%
Wealth Management	1.9%
Specialty Chemicals	1.9%
Health Care Supplies	1.9%
Other Commercial Support Services	1.9%
Industrial Wholesale & Rental	1.8%
Specialty Online Retailers	1.7%
Engineering Services	1.6%
Biotech	1.6%
Building Products	1.6%
Comml & Res Bldg Equipment & Sys	1.6%
Specialty Technology Hardware	1.5%
Food & Drug Stores	1.5%
Home Products Stores	1.4%
Packaged Food	1.3%
Specialty & Generic Pharma	1.2%
Apparel, Footwear & Acc Design	1.2%
Communications Equipment	1.0%
Other Industries (each less than 1%)	15.4%
Other Assets in Excess of Liabilities	0.5%
Total	100.0%

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.43%
Argentina — 1.16%
Globant SA^(a)		38,199	$	6,504,908

Australia — 0.11%
Fiducian Group Ltd.^(a)		182,850		637,957

Belgium — 2.41%
Melexis NV		102,099		7,493,455
X-Fab Silicon Foundries SE^(a)(b)(c)		666,184		6,020,967
				13,514,422
Brazil — 1.39%
Hypera SA		784,200		4,719,917
Patria Investments Ltd.^(a)		238,699		3,076,830
				7,796,747
Canada — 1.50%
Aritzia, Inc.^(a)		137,700		2,141,819
Gildan Activewear, Inc.^(a)		119,825		3,403,550
Richelieu Hardware Ltd.^(a)		95,665		2,861,479
				8,406,848
China — 3.16%
Hangzhou Robam Appliances Co., Ltd.^(a)		1,241,826		3,920,966
Man Wah Holdings Ltd.^(a)		4,687,300		2,911,125
Shanghai Hanbell Precise Machinery Co., Ltd.^(a)		1,202,300		3,842,180
Silergy Corporation^(a)		553,008		4,878,881
Suofeiya Home Collection Co., Ltd., CLASS A^(a)		871,633		2,148,077
				17,701,229
Colombia — 0.63%
Parex Resources, Inc.		183,302		3,513,346

Finland — 1.45%
Musti Group Oyj^(a)		411,649		8,107,512

France — 6.67%
Alten SA^(a)		72,385		8,526,247
Antin Infrastructure Partners^(a)		94,688		1,126,355
BioMerieux^(a)		31,769		3,042,750
Esker SA^(a)		14,780		1,872,331
Neurones SA^(a)		110,960		4,033,735
Thermador Groupe^(a)		64,104		4,552,205
Virbac SA^(a)		40,133		11,510,259
Wavestone^(a)		59,623		2,710,136
				37,374,018
Germany — 2.98%
Dermapharm Holding SE^(a)		131,338		5,067,821
Friedrich Vorwerrk Group SE^(a)		60,903		804,391
Nagarro SE^(a)		30,956		2,176,978
Nexus AG^(a)		79,645		3,881,524
QIAGEN NV^(a)		128,030		4,792,163
				16,722,877

	Shares		Fair Value
COMMON STOCKS — (continued)
Hong Kong — 0.75%
Techtronic Industries Co., Ltd.		459,000	$	4,182,192

India — 1.52%
Cera Sanitaryware Ltd.^(a)		28,284		2,881,680
Gulf Oil Lubricants India Ltd.		186,873		1,401,247
IndiaMart InterMesh Ltd.^(a)		30,514		971,001
				8,526,663
Indonesia — 1.50%
Arwana Citramulia Tbk PT^(a)		46,609,800		1,930,618
Selamat Sempurna Tbk PT^(a)		33,500,600		4,562,339
Ultrajaya Milk Industry & Trading Co.^(a)		18,240,200		1,923,154
				8,416,111
Ireland — 1.21%
ICON PLC, ADR^(a)		11,046		2,694,782
Keywords Studios plc^(a)		256,516		4,068,268
				6,763,050
Italy — 2.04%
Interpump Group SpA^(a)		101,151		4,217,747
Recordati Industria Chimica e Farmaceutica SpA^(a)		92,959		4,289,356
Sesa SpA^(a)		29,070		2,930,382
				11,437,485
Japan — 12.43%
AIT Corporation^(a)		54,800		594,729
BayCurrent Consulting, Inc.		142,600		3,536,424
Carenet, Inc. NPV^(a)		521,400		2,944,538
Charm Care Corporation KK^(a)		191,500		1,382,161
Comture Corporation^(a)		162,900		2,147,282
Create SD Holdings Co., Ltd.^(a)		124,400		2,646,809
CrowdWorks, Inc.^(a)		246,200		2,028,724
F&M Co., Ltd.^(a)		72,100		967,041
FP Partner, Inc.^(a)		75,700		2,057,622
Funai Soken Holdings, Inc.^(a)		110,800		1,800,431
Hennge KK^(a)		305,700		1,996,655
Integral Corporation^(a)		247,600		2,780,242
Kitz Corporation		344,900		2,300,471
M&A Capital Partners Company Ltd.^(a)		221,000		3,965,827
MarkLines Co., Ltd.^(a)		247,400		4,501,594
MonotaRO Co., Ltd.^(a)		216,500		1,714,717
Prestige International, Inc.^(a)		807,000		3,242,375
Seria Co., Ltd.^(a)		266,200		3,684,562
Strike Co., Ltd.		219,800		5,321,893
Sun*, Inc.^(a)		367,100		3,046,754
Synchro Food Co., Ltd.^(a)		482,000		1,755,329
Trancom Co., Ltd.^(a)		92,570		4,232,295
Tsuruha Holdings, Inc.		45,000		3,280,554
ULS Group, Inc.^(a)		13,800		420,623
User Local, Inc.^(a)		113,700		1,168,693
Visional, Inc.^(a)		65,000		3,143,328
Yakuodo Holdings Co., Ltd.^(a)		164,800		3,009,509
				69,671,182

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares			Fair Value
COMMON STOCKS — (continued)
Luxembourg — 0.27%
Sword Group^(a)		41,691		$	1,515,595

Mexico — 2.21%
Grupo Aeroportuario del Centro Norte SAB de CV^(a)		310,000			2,376,349
Grupo Financiero Banorte SAB de CV		349,100			2,827,877
Regional SAB de CV^(a)		656,927			4,978,564
Vesta Real Estate Corporation^(a)		69,644			2,189,607
					12,373,397
Netherlands — 0.50%
Redcare Pharmacy NV^(a)		25,369			2,825,788

Norway — 0.94%
Bouvet ASA^(a)		230,309			1,109,277
Nordic Semiconductor ASA^(a)		169,734			1,370,028
SmartCraft ASA^(a)		1,457,082			2,778,501
					5,257,806
Philippines — 1.33%			��
Century Pacific Food, Inc.^(a)		3,004,500			1,481,613
Concepcion Industrial Corporation^(a)		1,020,252			269,168
Puregold Price Club, Inc.^(a)		8,009,700			3,822,876
Wilcon Depot, Inc.^(a)		5,330,600			1,858,857
					7,432,514
Poland — 1.93%
Dino Polska SA^(a)(b)(c)		88,606			8,383,668
Inter Cars SA^(a)		17,951			2,429,439
					10,813,107
Singapore — 0.86%
Riverstone Holdings Ltd.		11,229,300			4,838,872

South Africa — 0.26%
Italtile Ltd.^(a)		2,394,999			1,477,720

South Korea — 0.90%
Eo Technics Co., Ltd.^(a)		25,905			2,668,999
LEENO Industrial, Inc.^(a)		23,594			2,399,484
					5,068,483
Sweden — 5.12%
AddTech AB^(a)		216,712			3,172,133
Beijer Alma AB^(a)		240,995			3,829,816
Byggfakta Group Nordic Holdco AB^(a)		570,528			1,372,264
Hexpol AB		380,806			3,366,955
Knowit AB		187,743			2,354,551
Lifco AB, Class B^(a)		147,038			2,684,418
Lyko Group AB^(a)(c)		48,531			416,487
RVRC Holding AB^(a)		436,418			1,505,932
Sdiptech AB^(a)		292,432			5,726,528
Swedencare AB		651,855			2,641,155
Vitrolife AB^(a)		125,023			1,625,076
					28,695,315
Taiwan — 1.65%
Fuzetec Technology Co., Ltd.^(a)		278,482			396,190

	Shares		Fair Value
COMMON STOCKS — (continued)
Taiwan — 1.65% (continued)
M3 Technology, Inc.^(a)		712,000	$	2,587,177
Sporton International, Inc.^(a)		949,151		6,254,798
				9,238,165
United Kingdom — 17.80%
B&M European Value Retail SA		3,608,355		23,189,175
City of London Investment Group PLC^(a)		385,437		1,501,295
CVS Group plc^(a)		745,787		13,278,134
Diploma plc		82,742		2,857,819
Elixirr International PLC^(a)		108,470		619,572
Endava plc, ADR^(a)		253,670		12,724,087
Foresight Group Holdings Ltd.^(a)		617,350		2,760,984
FRP Advisory Group PLC^(a)		875,323		1,212,712
GlobalData PLC^(a)		1,283,338		2,339,467
Halma PLC		156,992		3,520,128
Impax Asset Management Group plc^(a)		609,471		2,851,664
Intertek Group PLC^(a)		99,935		4,643,085
JTC plc^(a)(b)(c)		602,443		4,674,783
Marlowe PLC^(a)		660,886		4,449,599
On The Beach Group PLC^(a)(b)(c)		1,126,330		1,300,391
Petershill Partners PLC^(a)		1,147,692		2,058,715
Pets at Home Group PLC^(a)		839,119		2,863,553
Premier Miton Group PLC^(a)		1,939,173		1,213,692
Softcat PLC^(a)		251,172		3,861,414
Victorian Plumbing Group PLC^(a)		1,039,569		966,494
Volution Group PLC^(a)		1,557,641		6,864,039
				99,750,802
United States — 22.07%
4imprint Group PLC^(a)		49,399		3,013,745
Bank of NT Butterfield & Son Ltd. (The)		113,455		2,865,874
BizLink Holding, Inc.^(a)		659,078		5,104,334
Charles River Laboratories International, Inc.^(a)		21,483		3,616,878
Crowdstrike Holdings, Inc., CLASS A^(a)		34,460		6,091,493
DigitalOcean Holdings, Inc.^(a)		70,999		1,452,640
Elastic NV^(a)		20,635		1,548,450
Evercore, Inc., Class A		28,195		3,670,425
Five Below, Inc.^(a)		32,273		5,614,857
Frontage Holdings Corporation^(a)(b)(c)		11,448,283		2,852,836
Global Industrial Co.		157,991		5,047,812
GQG Partners, Inc.^(a)		2,094,198		1,727,009
Hackett Group, Inc. (The)		98,183		2,188,499
Hingham Institution for Savings		4,431		658,358
Insperity, Inc.		27,905		2,953,465
Insulet Corporation^(a)		12,785		1,694,908
JFrog Ltd.^(a)		67,577		1,519,807
Littelfuse, Inc.		73,007		15,818,427
MaxCyte, Inc.^(a)		259,488		768,084
MaxCyte, Inc.^(a)		286,500		818,233
Medpace Holdings, Inc.^(a)		10,938		2,654,324
Neogen Corporation^(a)		100,578		1,497,606
NV5 Global, Inc.^(a)		52,764		4,978,283

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
United States — 22.07% (continued)
Ollie’s Bargain Outlet Holdings, Inc.^(a)		77,132	$	5,957,675
P10, Inc.^(a)		400,806		3,775,593
PagerDuty, Inc.^(a)		106,997		2,158,129
Paycom Software, Inc.		23,213		5,686,489
PJT Partners, Inc., Class A		76,625		6,004,335
Plumas Bancorp^(a)		31,329		1,069,885
Power Integrations, Inc.		21,062		1,460,228
Qualys, Inc.^(a)		54,145		8,281,477
Silicon Laboratories, Inc.^(a)		16,034		1,478,014
SiTime Corporation^(a)		18,514		1,847,698
Texas Roadhouse, Inc.		38,457		3,904,924
TriMas Corporation		158,318		3,832,879
				123,613,673
Vietnam — 1.68%
Asia Commercial Bank JSC^(a)		3,107,100		2,706,996
Vietnam Technological & Commercial Joint Stock Bank^(a)		5,964,004		6,725,681
				9,432,677
Total Common Stocks (Cost $537,391,369)				551,609,461

PREFERRED STOCKS — 0.34%
United States — 0.34%
Dataminr, Inc.- Private Placement^(a)(d)		96,640		1,923,136

Total Preferred Stocks
(Cost $1,923,136)				1,923,136

Total Investments — 98.77%
(Cost $539,314,505)				553,532,597

Other Assets in Excess of Liabilities — 1.23%				6,900,331

NET ASSETS — 100.00%			$	560,432,928

^(a)

Non-income producing security.

^(b)

^(c)

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, 2023, the aggregate market value of these securities was $23,649,132, representing 4.22% of net assets. (d) As a result of the use of significant unobservable inputs to determine fair value, this investment has been classified as level 3 assets. See also Note 2 to the financial statements for additional information.

Sector Composition (October 31, 2023)
Technology	25.6%
Industrials	19.9%
Health Care	15.3%
Financials	12.2%
Consumer Staples	11.7%
Consumer Discretionary	9.5%
Communications	2.4%
Materials	0.9%
Energy	0.8%
Real Estate	0.4%
Other Assets in Excess of Liabilities	1.2%
Total	100.0%

Industry Composition (October 31, 2023)
Mass Merchants	6.9%
Health Care Services	6.1%
IT Services	5.9%
Application Software	5.0%
Specialty & Generic Pharma	4.6%
Food & Drug Stores	4.3%
Banks	3.9%
It Services	3.1%
Infrastructure Software	3.0%
Electrical Components	2.9%
Semiconductor Devices	2.9%
Professional Services	2.8%
Institutional Brokerage	2.7%
Engineering Services	2.4%
Private Equity	2.0%
Other Commercial Support Services	2.0%
Flow Control Equipment	1.9%
Investment Management	1.8%
Home Products Stores	1.7%
Life Science & Diagnostics	1.6%
Industrial Wholesale & Rental	1.5%
Health Care Supplies	1.4%
Electronics Components	1.3%
Comml & Res Bldg Equipment & Sys	1.3%
Internet Media & Services	1.2%
Rubber & Plastic	1.1%
Semiconductor Manufacturing	1.1%
Wealth Management	1.0%
Building Products	1.0%
Specialty Technology Hardware	1.0%
Other Spec Retail - Discr	1.0%
Other Industries (each less than 1%)	16.9%
Other Assets in Excess of Liabilities	1.2%
Total	100.0%

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 96.21%
Argentina — 0.93%
Globant SA^(a)		11,478	$	1,954,589

Australia — 1.78%
EQT Holdings Ltd.^(a)		46,050		730,303
Imdex Ltd.^(a)		496,245		519,414
Johns Lyng Group Ltd.^(a)		180,059		696,752
Netwealth Group Ltd.^(a)		89,313		719,535
PeopleIN Ltd.^(a)		593,251		566,381
Pinnacle Investment Management Group^(a)		102,200		501,794
				3,734,179
Belgium — 1.30%
Melexis NV		12,468		915,077
Warehouses De Pauw CVA^(a)		31,610		780,130
X-Fab Silicon Foundries SE^(a)(b)(c)		113,341		1,024,375
				2,719,582
Brazil — 2.04%
CI&T, Inc.^(a)		81,500		374,900
Grupo Mateus SA^(a)		434,787		501,123
Hypera SA		85,800		516,410
Locaweb Servicos de Internet SA^(a)(b)(c)		708,568		764,667
Patria Investments Ltd.^(a)		77,699		1,001,540
Raia Drogasil SA^(a)		64,500		330,248
Vinci Partners Invest Ltd.^(a)		33,047		324,191
XP, Inc., Class A^(a)		23,213		464,260
				4,277,339
Canada — 1.19%
Aritzia, Inc.^(a)		45,179		702,725
Docebo, Inc.^(a)		15,600		615,671
Gildan Activewear, Inc.^(a)		12,020		341,420
Pet Valu Holdings Ltd.^(a)		28,400		508,708
Richelieu Hardware Ltd.^(a)		11,094		331,838
				2,500,362
China — 5.24%
Adicon Holdings Ltd.^(a)		633,100		904,515
Aier Eye Hospital Group Co., Ltd.^(a)		131,300		328,604
Angelalign Technology, Inc.^(a)(b)(c)		59,200		407,011
ANTA Sports Products Ltd.		63,200		713,552
Beijing Huafeng Test & Control Technology Co., Ltd.^(a)		12,100		198,797
Chaoju Eye Care Holdings Ltd.^(a)		840,000		446,554
China Yongda Automobiles Services Holdings Ltd.		1,125,100		431,334
CSPC Pharmaceutical Group Ltd.		353,220		308,296
Guangzhou Kingmed Diagnostics Group Co., Ltd.^(a)		82,800		700,554
Hangzhou Tigermed Consulting Co., Ltd.^(a)		70,600		643,652
Li Ning Company Ltd.		249,600		765,522
Man Wah Holdings Ltd.^(a)		938,400		582,809
ManpowerGroup Greater China Ltd.^(a)(c)		145,800		109,929

	Shares		Fair Value
COMMON STOCKS — (continued)
China — 5.24% (continued)
Shanghai Hanbell Precise Machinery Co., Ltd.^(a)(c)		183,200	$	585,451
Shenzhen Mindray Bio-Medical Electronics Co.^(a)		15,100		590,328
Silergy Corporation^(a)		101,700		897,242
TK Group Holdings Ltd.^(a)		1,492,400		257,467
WuXi AppTec Co., Ltd.^(a)(b)(c)		111,412		1,338,324
Wuxi Biologics Cayman, Inc.^(a)(b)(c)		135,500		841,545
				11,051,486
Colombia — 1.04%
Canacol Energy Ltd.^(a)		3,887		19,228
Parex Resources, Inc.		112,657		2,159,295
				2,178,523
Finland — 1.15%
Evli Oyj^(a)		27,312		515,948
Musti Group Oyj^(a)		78,138		1,538,944
Revenio Group Oyj^(a)		14,900		346,284
				2,401,176
France — 3.07%
Alten SA^(a)		11,365		1,338,686
Antin Infrastructure Partners^(a)		94,558		1,124,809
Aubay SA^(a)		5,771		193,303
BioMerieux^(a)		6,000		574,664
Esker SA^(a)		3,867		489,872
Neurones SA^(a)		11,386		413,916
Thermador Groupe^(a)		4,977		353,431
Virbac SA^(a)		6,769		1,941,368
				6,430,049
Germany — 2.25%
Atoss Software AG^(a)		1,418		298,637
Dermapharm Holding SE^(a)		20,563		793,446
Elmos Semiconductor AG		4,778		311,993
Friedrich Vorwerrk Group SE^(a)		40,255		531,678
Mensch und Maschine Software SE^(a)		8,301		433,543
Nagarro SE^(a)		8,375		588,971
Nexus AG^(a)		15,717		765,973
QIAGEN NV^(a)		26,493		991,633
				4,715,874
Hong Kong — 1.00%
Plover Bay Technologies Ltd.^(a)		4,118,000		1,173,527
Techtronic Industries Co., Ltd.		101,500		924,820
				2,098,347
India — 2.62%
Ajanta Pharma Ltd.^(a)		15,672		331,869
Cera Sanitaryware Ltd.^(a)		4,267		434,738
Gulf Oil Lubricants India Ltd.		146,334		1,097,270
IndiaMart InterMesh Ltd.^(a)(b)(c)		21,336		678,943
Kotak Mahindra Bank Ltd.^(a)		24,838		518,867
Metropolis Healthcare Ltd.^(a)(b)(c)		38,641		652,235
Motherson Sumi Wiring India Ltd.^(a)		612,241		440,810
Polycab India Ltd.^(a)		6,071		358,881

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
India — 2.62% (continued)
SJS Enterprises Ltd.^(a)		86,869	$	705,942
WNS Holdings Ltd., ADR^(a)		4,835		262,637
				5,482,192
Indonesia — 1.57%
Arwana Citramulia Tbk PT^(a)		11,519,400		477,143
Avia Avian Tbk PT^(a)		18,442,000		578,700
Bank BTPN Syariah Tbk PT^(a)		4,558,400		450,576
Selamat Sempurna Tbk PT^(a)		10,020,400		1,364,646
Ultrajaya Milk Industry & Trading Co.^(a)		4,006,000		422,372
				3,293,437
Ireland — 1.32%
ICON PLC, ADR^(a)		4,675		1,140,512
Keywords Studios plc^(a)		58,166		922,496
Uniphar PLC^(a)		315,297		699,066
				2,762,074
Israel — 0.26%
Monday.com Ltd.^(a)		4,142		538,419

Italy — 1.26%
DiaSorin SpA^(a)		4,483		400,903
Interpump Group SpA^(a)		12,429		518,259
Recordati Industria Chimica e Farmaceutica SpA^(a)		15,169		699,935
Sesa SpA^(a)		10,025		1,010,563
				2,629,660
Japan — 9.64%
AIT Corporation^(a)		23,900		259,380
Atrae, Inc.^(a)		31,200		204,604
BayCurrent Consulting, Inc.		124,900		3,097,470
Beenos, Inc.^(a)		36,500		340,016
Carenet, Inc. NPV^(a)		169,100		954,971
Central Automotive Products Ltd.^(a)		23,800		529,936
Charm Care Corporation KK^(a)		30,000		216,526
Comture Corporation^(a)		33,600		442,902
CrowdWorks, Inc.^(a)		56,200		463,096
Cyber Security Cloud, Inc.^(a)		29,300		390,087
Digital Arts, Inc.^(a)		10,000		273,132
eWeLL Co., Ltd.^(a)		16,500		340,178
F&M Co., Ltd.^(a)		23,700		317,876
FP Partner, Inc.^(a)		27,400		744,767
Funai Soken Holdings, Inc.^(a)		18,500		300,614
GMO Payment Gateway, Inc. NPV^(a)		6,800		268,546
gremz, Inc.^(a)		37,100		484,631
Hennge KK^(a)		105,000		685,798
Integral Corporation^(a)		50,800		570,421
JMDC, Inc.^(a)		12,400		343,347
Lifedrink Co., Inc.^(a)		14,300		352,842
M&A Capital Partners Company Ltd.^(a)		37,400		671,140
M&A Research Institute, Inc.^(a)		30,400		653,828
M3, Inc.		22,500		343,493
MarkLines Co., Ltd.^(a)		53,300		969,827

	Shares		Fair Value
COMMON STOCKS — (continued)
Japan — 9.64% (continued)
Medikit Co., Ltd.^(a)		29,000	$	512,558
MonotaRO Co., Ltd.^(a)		53,200		421,354
Prestige International, Inc.^(a)		135,800		545,618
SBI Global Asset Management Co.^(a)		126,000		445,562
Sun*, Inc.^(a)		36,000		298,783
Synchro Food Co., Ltd.^(a)		162,700		592,515
System Support, Inc.^(a)		38,600		495,312
Systena Corporation^(a)		256,800		432,024
Syuppin Company, Ltd.^(a)		42,400		288,121
ULS Group, Inc.^(a)		26,800		816,862
User Local, Inc.^(a)		35,000		359,756
Visional, Inc.^(a)		7,300		353,020
WDB coco Co., Ltd.^(a)		11,900		405,106
				20,186,019
Luxembourg 0.14%
Sword Group^(a)		8,334		302,966

Malaysia — 0.42%
Mr DIY Group Berhad^(a)(b)(c)		2,845,700		884,166

Mexico — 1.18%
Arca Continental COM NPV		78,800		707,066
Bolsa Mexicana de Valores SAB^(a)		163,700		254,859
Corp Inmobiliaria Vesta SAB de CV^(a)		112,600		353,105
Grupo Financiero Banorte SAB de CV		41,900		339,410
Regional SAB de CV^(a)		106,900		810,149
				2,464,589
Netherlands — 0.36%
Alfen Beheer BV^(a)(b)(c)		12,592		395,391
ASM International NV^(a)		879		361,405
				756,796
Norway — 0.66%
Bouvet ASA^(a)		120,257		579,215
Nordic Semiconductor ASA^(a)		25,476		205,633
SmartCraft ASA^(a)		313,578		597,959
				1,382,807
Oman — 0.41%
Tethys Oil AB^(a)		168,263		858,870

Philippines — 1.45%
Century Pacific Food, Inc.^(a)		1,024,500		505,213
Concepcion Industrial Corporation^(a)		1,793,920		473,281
Philippine Seven Corporation^(a)		292,400		391,377
Pryce Corporation^(a)		6,894,800		631,436
Puregold Price Club, Inc.^(a)		861,100		410,987
Wilcon Depot, Inc.^(a)		1,803,300		628,837
				3,041,131
Poland — 1.67%
Auto Partner SA		121,437		687,673
Dino Polska SA^(a)(b)(c)		12,866		1,217,347
Inter Cars SA^(a)		9,739		1,318,050

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Poland — 1.67% (continued)
Text SA		10,262	$	276,304
				3,499,374
Singapore — 1.16%
iFast Corporation^(a)		263,100		1,268,248
Keppel DC REIT^(a)		400,300		494,096
Riverstone Holdings Ltd.		1,521,700		655,723
				2,418,067
South Africa 0.41%
Clicks Group Ltd.^(a)		27,746		408,840
Italtile Ltd.^(a)		717,806		442,888
				851,728
South Korea — 0.94%
Coupang, Inc.^(a)		41,211		700,587
Hyundai Ezwel Co., Ltd.^(a)		96,236		439,886
LEENO Industrial, Inc.^(a)		3,790		385,439
Tokai Carbon Korea Co., Ltd.^(a)		7,139		437,729
				1,963,641
Sweden — 5.13%
AddTech AB^(a)		30,000		439,127
Beijer Alma AB^(a)		26,524		421,511
Byggfakta Group Nordic Holdco AB^(a)		96,749		232,706
EQT AB^(a)		112,670		2,047,890
Fasadgruppen Group AB^(a)		50,000		213,203
Knowit AB		66,725		836,822
Lifco AB, Class B^(a)		35,265		643,820
Lyko Group AB^(a)(c)		11,255		96,589
Nibe Industrier AB		114,917		660,694
OX2 AB^(a)		117,378		473,799
RVRC Holding AB^(a)		94,129		324,808
Sagax AB^(a)		17,771		321,573
Sagax AB^(a)		24,922		449,857
Sdiptech AB^(a)		59,055		1,156,440
Swedencare AB		245,298		993,887
Teqnion AB^(a)		23,954		440,967
Vitec Software Group^(a)		13,247		527,835
Vitrolife AB^(a)		35,200		457,537
				10,739,065
Taiwan — 2.59%
Allied Supreme Corporation^(a)		50,000		479,614
Asia Vital Components Co., Ltd.^(a)		47,000		410,313
Brighten Optix Corporation^(a)		47,000		261,963
Fuzetec Technology Co., Ltd.^(a)		227,519		323,686
GEM Services, Inc.^(a)		166,000		334,311
M3 Technology, Inc.^(a)		114,000		414,239
Sinbon Electronics Co., Ltd.^(a)		56,000		477,675
Sporton International, Inc.^(a)		266,868		1,758,631
Voltronic Power Technology Corporation^(a)		7,247		288,996
Wistron Information Technology and Services Corporation^(a)		175,803		587,381
				5,336,809

	Shares		Fair Value
COMMON STOCKS — (continued)
Thailand — 0.23%
Humanica PCL^(a)		1,869,000	$	488,678

United Kingdom — 13.47%
AB Dynamics PLC^(a)		72,465		1,263,761
Advanced Medical Solutions Group plc^(a)		162,800		383,436
B&M European Value Retail SA		545,149		3,503,412
Big Technologies plc^(a)		219,199		479,508
CVS Group plc^(a)		131,435		2,340,094
Darktrace plc^(a)		276,032		1,174,118
Diploma plc		13,359		461,405
dotdigital group plc^(a)		378,995		331,628
Elixirr International PLC^(a)		204,772		1,169,642
Endava plc, ADR^(a)		41,557		2,084,499
Foresight Group Holdings Ltd.^(a)		216,892		970,009
FRP Advisory Group PLC^(a)		566,926		785,445
Gamma Communications PLC^(a)		37,522		476,982
GlobalData PLC^(a)		337,000		614,336
Halma PLC		9,762		218,887
Hotel Chocolat Group PLC^(a)		458,986		755,829
Impax Asset Management Group plc^(a)		351,017		1,642,379
Intermediate Capital Group PLC^(a)		34,887		553,086
JTC plc^(a)(b)(c)		279,191		2,166,442
Keystone Law Group PLC^(a)		102,373		590,968
Marlowe PLC^(a)		249,243		1,678,098
Pensionbee Group PLC^(a)		776,513		569,050
Petershill Partners PLC^(a)(b)(c)		641,913		1,151,455
Pets at Home Group PLC^(a)		337,561		1,151,951
SDI Group PLC^(a)		199,856		246,529
Softcat PLC^(a)		24,537		377,222
Volution Group PLC^(a)		121,147		533,857
YouGov plc^(a)		53,463		552,277
				28,226,305
United States — 26.63%
4imprint Group PLC^(a)		7,309		445,909
Alexandria Real Estate Equities, Inc.		9,919		923,757
Align Technology, Inc.^(a)		2,682		495,070
Ares Management Corporation, CLASS A		16,624		1,638,960
Ashtead Group PLC		8,512		486,613
Barrett Business Services, Inc.		12,931		1,182,669
BILL Holdings, Inc.^(a)		2,999		273,779
Bio-Techne Corporation		6,692		365,584
BizLink Holding, Inc.^(a)		101,476		785,897
Blue Owl Capital, Inc.		72,860		898,364
Bowman Consulting Group Ltd.^(a)		50,373		1,338,411
Cactus, Inc., Class A		12,877		604,446
Charles River Laboratories International, Inc.^(a)		2,925		492,453
Chewy, Inc.^(a)		19,161		370,382
Cloudflare, Inc., Class A^(a)		8,763		496,774
Crocs, Inc.^(a)		3,730		333,164

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
United States — 26.63% (continued)
Cross Creek Lucid LP/Partnership Interest^(a)(d)		1,000,000	$	786,666
Crowdstrike Holdings, Inc., CLASS A^(a)		6,338		1,120,368
Cytek Biosciences, Inc.^(a)		33,131		139,482
Datadog, Inc., Class A^(a)		3,651		297,447
DexCom, Inc.^(a)		7,486		664,981
DigitalOcean Holdings, Inc.^(a)		38,950		796,917
Dollar General Corporation		3,308		393,784
Elastic NV^(a)		18,178		1,364,076
Envista Holdings Corporation^(a)		12,050		280,404
Esquire Financial Holdings, Inc.^(a)		18,400		842,720
Etsy, Inc.^(a)		16,470		1,026,081
Evercore, Inc., Class A		5,549		722,369
Fastenal Co.		4,511		263,172
Five Below, Inc.^(a)		2,958		514,633
Floor & Decor Holdings, Inc., Class A^(a)		6,307		519,697
Freshpet, Inc.^(a)		8,772		503,513
Frontage Holdings Corporation^(a)(b)(c)		6,030,000		1,502,636
Genpact Ltd.		9,106		305,415
Gitlab, Inc.^(a)		7,545		326,548
Global Industrial Co.		22,970		733,891
GQG Partners, Inc.^(a)		880,386		726,022
Hackett Group, Inc. (The)		32,726		729,463
Healthcare Services Group, Inc.		50,208		476,976
HealthEquity, Inc.^(a)		7,136		511,508
Houlihan Lokey, Inc.		7,352		739,023
HubSpot, Inc.^(a)		960		406,819
I3 Verticals, Inc., Class A^(a)		20,080		376,500
Insperity, Inc.		6,663		705,212
Insulet Corporation^(a)		2,050		271,769
JFrog Ltd.^(a)		56,491		1,270,483
Littelfuse, Inc.		6,196		1,342,487
Lululemon Athletica, Inc.^(a)		1,867		734,627
MarketAxess Holdings, Inc.		2,311		493,976
Marvell Technology, Inc.		4,881		230,481
MaxCyte, Inc.^(a)		71,488		211,604
MaxCyte, Inc.^(a)		147,600		421,540
Medpace Holdings, Inc.^(a)		3,177		770,963
Microchip Technology, Inc.		11,043		787,255
Monolithic Power Systems, Inc.		699		308,776
Neogen Corporation^(a)		35,629		530,516
NV5 Global, Inc.^(a)		11,241		1,060,588
Ollie’s Bargain Outlet Holdings, Inc.^(a)		18,131		1,400,439
P10, Inc.^(a)		189,000		1,780,380
PagerDuty, Inc.^(a)		47,328		954,606
Paycom Software, Inc.		3,508		859,355
Paylocity Holding Corporation^(a)		1,722		308,927
Perella Weinberg Partners LP		94,328		925,358
PJT Partners, Inc., Class A		30,897		2,421,089
Planet Fitness, Inc., A^(a)		13,440		742,829
Pool Corporation		957		302,192
Power Integrations, Inc.		4,008		277,875

	Shares		Fair Value
COMMON STOCKS — (continued)
United States — 26.63% (continued)
Qualys, Inc.^(a)		10,665	$	1,631,211
Revolve Group, Inc.^(a)		23,484		322,905
Rexford Industrial Realty, Inc.		18,039		780,006
Ross Stores, Inc.		4,525		524,764
Shoals Technologies Group, Inc., Class A^(a)		39,096		600,515
Silicon Laboratories, Inc.^(a)		3,200		294,976
Smartsheet, Inc., CLASS A^(a)		17,836		705,235
Squarespace, Inc.^(a)		21,109		599,707
Terreno Realty Corporation		15,935		849,017
Texas Roadhouse, Inc.		8,409		853,850
TPG, Inc.^(a)		11,137		307,827
Tradeweb Markets, Inc., CLASS A		7,923		713,149
Zscaler, Inc.^(a)		1,855		294,370
				55,794,202
Vietnam — 1.70%
Asia Commercial Bank JSC^(a)		574,500		500,521
FPT Corporation^(a)		308,477		1,042,364
Vietnam Technological & Commercial Joint Stock Bank^(a)		1,789,681		2,018,246
				3,561,131
Total Common Stocks (Cost $198,396,181)				201,523,632

PREFERRED STOCKS — 0.90%
United States — 0.90%
Dataminr, Inc. — Private Placement^(a)(d)		45,833		912,077
Gusto, Inc., Series E Preferred^(a)(d)		32,241		980,126
				1,892,203
Total Preferred Stocks
(Cost $1,892,053)				1,892,203

Total Investments — 97.11%
(Cost $200,288,234)				203,415,835

Other Assets in Excess of Liabilities — 2.89%				6,053,811

NET ASSETS — 100.00%			$	209,469,646

^(a)

Non-income producing security.

^(b)

^(c)

^(d)

As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also Note 2 to the financial statements for additional information.

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

Sector Composition (October 31, 2023)
Technology	25.8%
Financials	16.2%
Health Care	14.2%
Industrials	13.2%
Consumer Discretionary	12.0%
Consumer Staples	5.6%
Communications	3.2%
Real Estate	2.4%
Energy	2.2%
Materials	1.4%
Utilities	0.5%
Listed Private Equity Investments	0.4%
Other Assets in Excess of Liabilities	2.9%
Total	100.0%

Industry Composition (October 31, 2023)
Application Software	7.7%
Health Care Services	5.9%
IT Services	4.8%
Investment Management	4.4%
Private Equity	3.5%
Professional Services	3.4%
It Services	3.0%
Institutional Brokerage	3.0%
Mass Merchants	2.8%
Banks	2.6%
Infrastructure Software	2.6%
Specialty & Generic Pharma	2.2%
Auto Parts	2.1%
Internet Media & Services	2.0%
Engineering Services	1.8%
Semiconductor Devices	1.8%
Specialty Apparel Stores	1.6%
Home Products Stores	1.6%
Food & Drug Stores	1.6%
Other Spec Retail - Discr	1.5%
Exploration & Production	1.5%
Medical Equipment	1.5%
Wealth Management	1.4%
Health Care Supplies	1.3%
Life Science & Diagnostics	1.3%
Online Marketplace	1.3%
Other Commercial Support Services	1.3%
Industrial Reit	1.2%
Industrial Wholesale & Rental	1.1%
Electrical Components	1.1%
Communications Equipment	1.0%
Other Industries (each less than 1%)	23.3%
Other Assets in Excess of Liabilities	2.9%
Total	100.0%

See accompanying notes to financial statements.

Grandeur Peak Global Stalwarts Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.56%
Argentina — 3.20%
Globant SA^(a)		25,724	$	4,380,540

Belgium — 1.76%
Melexis NV		22,663		1,663,328
Warehouses De Pauw CVA^(a)		29,971		739,680
				2,403,008
Brazil — 2.28%
Hypera SA		115,800		696,973
Patria Investments Ltd.^(a)		147,625		1,902,886
Raia Drogasil SA^(a)		102,092		522,723
				3,122,582
Canada — 0.36%
Aritzia, Inc.^(a)		31,644		492,198

China — 4.82%
Guangzhou Kingmed Diagnostics Group Co., Ltd.^(a)		66,000		558,412
Shanghai Hanbell Precise Machinery Co., Ltd.^(a)		249,400		797,006
Shenzhen Mindray Bio-Medical Electronics Co.^(a)		15,000		586,419
Silergy Corporation^(a)		358,000		3,158,434
WuXi AppTec Co., Ltd.^(a)(b)(c)		72,471		870,551
Wuxi Biologics Cayman, Inc.^(a)(b)(c)		99,900		620,445
				6,591,267
Finland — 0.39%
Musti Group Oyj^(a)		27,381		539,274

France — 3.31%
Alten SA^(a)		7,562		890,730
Antin Infrastructure Partners^(a)		63,815		759,107
BioMerieux^(a)		10,456		1,001,448
Virbac SA^(a)		6,571		1,884,581
				4,535,866
Germany — 2.19%
AIXTRON SE^(a)		22,680		635,107
Atoss Software AG^(a)		2,201		463,540
Dermapharm Holding SE^(a)		33,429		1,289,895
Hensoldt AG^(a)		20,558		607,015
				2,995,557
Hong Kong — 2.27%
Techtronic Industries Co., Ltd.		340,200		3,099,743

India — 1.76%
Avenue Supermarts Ltd.^(a)(b)(c)		12,051		525,868
Bajaj Finance Ltd.^(a)		6,796		611,546
IndiaMart InterMesh Ltd.^(a)(b)(c)		26,782		852,242
Motherson Sumi Wiring India Ltd.^(a)		586,601		422,350
				2,412,006
Ireland — 0.92%
ICON PLC, ADR^(a)		4,037		984,866

	Shares		Fair Value
COMMON STOCKS — (continued)
Ireland — 0.92% (continued)
Keywords Studios plc^(a)		17,535	$	278,100
				1,262,966
Italy — 0.55%
Recordati Industria Chimica e Farmaceutica SpA^(a)		16,273		750,876

Japan — 5.17%
BayCurrent Consulting, Inc.		136,500		3,385,147
Lasertec Corporation		4,000		665,149
M&A Capital Partners Company Ltd.^(a)		54,300		974,409
M&A Research Institute, Inc.^(a)		23,500		505,426
MonotaRO Co., Ltd.^(a)		194,700		1,542,057
				7,072,188
Mexico — 2.38%
Corp Inmobiliaria Vesta SAB de CV^(a)		360,865		1,131,644
Grupo Aeroportuario del Centro Norte SAB de CV^(a)		72,460		555,452
Regional SAB de CV^(a)		207,933		1,575,834
				3,262,930
Netherlands — 0.56%
ASM International NV^(a)		1,856		763,103

Poland — 1.46%
Dino Polska SA^(a)(b)(c)		21,093		1,995,764

South Korea — 1.16%
HPSP Company Ltd.^(a)		8,988		207,078
LEENO Industrial, Inc.^(a)		13,622		1,385,343
				1,592,421
Sweden — 6.09%
AddTech AB^(a)		52,058		762,002
EQT AB^(a)		180,339		3,277,842
HMS Networks AB^(a)		13,071		432,302
Lifco AB, Class B^(a)		63,279		1,155,261
Nibe Industrier AB		115,726		665,345
OX2 AB^(a)		137,250		554,013
Sagax AB^(a)		27,163		490,308
Swedencare AB		125,638		509,054
Vitrolife AB^(a)		37,506		487,511
				8,333,638
Switzerland — 0.43%
VAT Group AG^(a)		1,669		588,431

Taiwan — 2.49%
Asia Vital Components Co., Ltd.^(a)		88,000		768,245
ASPEED Technology, Inc.^(a)		13,000		1,028,823
Chroma Ate Inc^(a)		102,000		684,732
Sinbon Electronics Co., Ltd.^(a)		62,500		533,119
Voltronic Power Technology Corporation^(a)		9,975		397,784
				3,412,703

See accompanying notes to financial statements.

Grandeur Peak Global Stalwarts Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
United Kingdom — 12.59%
B&M European Value Retail SA		729,740	$	4,689,690
CVS Group plc^(a)		161,883		2,882,196
Darktrace plc^(a)		252,699		1,074,871
Diploma plc		27,275		942,049
Endava plc, ADR^(a)		61,970		3,108,415
Halma PLC		72,284		1,620,777
Impax Asset Management Group plc^(a)		196,738		920,521
JTC plc^(a)(b)(c)		165,893		1,287,281
Softcat PLC^(a)		46,092		708,599
				17,234,399
United States — 40.23%
Alexandria Real Estate Equities, Inc.		8,001		745,133
Align Technology, Inc.^(a)		3,192		589,211
Ares Management Corporation, CLASS A		17,821		1,756,972
Ashtead Group PLC		29,744		1,700,401
BILL Holdings, Inc.^(a)		3,724		339,964
Cactus, Inc., Class A		14,501		680,677
Charles River Laboratories International, Inc.^(a)		5,400		909,144
Cloudflare, Inc., Class A^(a)		22,990		1,303,303
Cross Creek Lucid LP/Partnership Interest^(a)(d)		1,300,000		1,022,666
Crowdstrike Holdings, Inc., CLASS A^(a)		13,848		2,447,912
Datadog, Inc., Class A^(a)		7,921		645,324
DexCom, Inc.^(a)		5,289		469,822
DigitalOcean Holdings, Inc.^(a)		52,739		1,079,040
Doximity, Inc.^(a)		23,230		474,589
Elastic NV^(a)		19,555		1,467,407
Etsy, Inc.^(a)		17,936		1,117,413
Evercore, Inc., Class A		6,904		898,763
Five Below, Inc.^(a)		6,933		1,206,203
Global Industrial Co.		27,979		893,929
Herc Holdings, Inc.		4,970		530,746
Houlihan Lokey, Inc.		13,520		1,359,030
HubSpot, Inc.^(a)		1,399		592,854
IDEXX Laboratories, Inc.^(a)		1,294		516,914
Insulet Corporation^(a)		4,080		540,886
JFrog Ltd.^(a)		50,604		1,138,084
Littelfuse, Inc.		21,061		4,563,287
Lululemon Athletica, Inc.^(a)		3,398		1,337,045
MarketAxess Holdings, Inc.		2,788		595,935
Marvell Technology, Inc.		16,321		770,678
MaxCyte, Inc.^(a)		175,193		518,571
Medpace Holdings, Inc.^(a)		2,809		681,660
Microchip Technology, Inc.		8,177		582,938
Moelis & Co., Class A		17,460		727,034
Monolithic Power Systems, Inc.		3,581		1,581,871
Neogen Corporation^(a)		41,074		611,592
NV5 Global, Inc.^(a)		7,983		753,196
Ollie’s Bargain Outlet Holdings, Inc.^(a)		15,037		1,161,458
P10, Inc.^(a)		124,311		1,171,010

	Shares		Fair Value
COMMON STOCKS — (continued)
United States — 40.23% (continued)
PagerDuty, Inc.^(a)		33,989	$	685,558
Paycom Software, Inc.		9,631		2,359,306
PJT Partners, Inc., Class A		49,152		3,851,551
Pool Corporation		2,557		807,424
Qualys, Inc.^(a)		10,218		1,562,843
Rexford Industrial Realty, Inc.		16,495		713,244
Shoals Technologies Group, Inc., Class A^(a)		77,808		1,195,131
Silicon Laboratories, Inc.^(a)		11,488		1,058,964
SiTime Corporation^(a)		5,573		556,185
Terreno Realty Corporation		9,799		522,091
Tradeweb Markets, Inc., CLASS A		15,993		1,439,530
Zscaler, Inc.^(a)		5,113		811,382
				55,045,871
Vietnam — 2.19%
Asia Commercial Bank JSC^(a)		622,000		541,904
FPT Corporation^(a)		295,205		997,517
Vietnam Technological & Commercial Joint Stock Bank^(a)		1,291,505		1,456,447
				2,995,868
Total Common Stocks (Cost $133,670,912)				134,883,199

PREFERRED STOCKS — 1.19%
United States — 1.19%
Dataminr, Inc. Private Placement^(a)(d)		24,262		482,814
Gusto, Inc., Series E Preferred^(a)(d)		37,637		1,144,165
				1,626,979
Total Preferred Stocks
(Cost $1,626,803)				1,626,979

Total Investments — 99.75%
(Cost $135,297,715)				136,510,178

Other Assets in Excess of Liabilities — 0.25%				335,340

NET ASSETS — 100.00%			$	136,845,518

^(a)

Non-income producing security.

^(b)

^(c)

^(d)

See accompanying notes to financial statements.

Grandeur Peak Global Stalwarts Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

Sector Composition (October 31, 2023)
Technology	34.4%
Financials	17.6%
Industrials	16.1%
Health Care	14.0%
Consumer Staples	7.4%
Consumer Discretionary	5.2%
Real Estate	3.2%
Energy	1.3%
Listed Private Equity Investments	0.6%
Other Assets in Excess of Liabilities	0.3%
Total	100.0%

Industry Composition (October 31, 2023)
IT Services	9.4%
Application Software	8.1%
Institutional Brokerage	6.4%
Health Care Services	5.9%
Semiconductor Devices	5.9%
Private Equity	5.2%
Mass Merchants	5.2%
Infrastructure Software	4.3%
Electrical Components	3.6%
Specialty & Generic Pharma	3.4%
Electronics Components	3.3%
Industrial Wholesale & Rental	2.8%
Banks	2.6%
Medical Equipment	2.4%
Other Machinery & Equipment	2.3%
Food & Drug Stores	2.2%
Investment Management	2.0%
Measurement Instruments	1.7%
Semiconductor Mfg	1.5%
Industrial Reit	1.4%
Online Marketplace	1.4%
Specialty Apparel Stores	1.3%
Engineering Services	1.2%
Industrial Owners & Developers	1.2%
Specialty Online Retailers	1.1%
Life Science & Diagnostics	1.1%
Flow Control Equipment	1.1%
Other Industries (each less than 1%)	11.8%
Other Assets in Excess of Liabilities	0.3%
Total	100.0%

See accompanying notes to financial statements.

Grandeur Peak International Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.36%
Argentina — 1.11%
Globant SA^(a)		33,755	$	5,748,139

Australia — 0.66%
Fiducian Group Ltd.^(a)		215,640		752,360
PeopleIN Ltd.^(a)		1,501,201		1,433,207
Pinnacle Investment Management Group^(a)		247,111		1,213,295
				3,398,862
Belgium — 3.23%
Melexis NV		89,020		6,533,535
Warehouses De Pauw CVA^(a)		178,074		4,394,842
X-Fab Silicon Foundries SE^(a)(b)(c)		639,845		5,782,915
				16,711,292
Brazil — 1.74%
Hypera SA		418,400		2,518,252
Locaweb Servicos de Internet SA^(a)(b)(c)		2,558,300		2,760,847
Patria Investments Ltd.^(a)		287,046		3,700,023
				8,979,122
Canada — 1.95%
Aritzia, Inc.^(a)		220,401		3,428,170
Gildan Activewear, Inc.^(a)		92,922		2,639,388
Richelieu Hardware Ltd.^(a)		134,736		4,030,149
				10,097,707
China — 5.09%
Adicon Holdings Ltd.^(a)		1,856,500		2,652,397
Guangzhou Kingmed Diagnostics Group Co., Ltd.^(a)		228,200		1,930,753
Hangzhou Robam Appliances Co., Ltd.^(a)		1,160,377		3,663,796
Man Wah Holdings Ltd.^(a)		4,669,500		2,900,070
Shanghai Hanbell Precise Machinery Co., Ltd.^(a)		1,152,700		3,683,674
Silergy Corporation^(a)		704,996		6,219,787
Suofeiya Home Collection Co., Ltd., CLASS A^(a)		620,100		1,528,192
TK Group Holdings Ltd.^(a)		6,312,500		1,089,023
WuXi AppTec Co., Ltd.^(a)(b)(c)		218,000		2,618,702
				26,286,394
Colombia — 0.65%
Parex Resources, Inc.		174,306		3,340,919

Finland — 1.46%
Musti Group Oyj^(a)		384,110		7,565,126

France — 6.40%
Alten SA^(a)		66,453		7,827,515
Antin Infrastructure Partners^(a)		141,072		1,678,113
Aubay SA^(a)		13,151		440,501
BioMerieux^(a)		31,849		3,050,412
Esker SA^(a)		13,831		1,752,112
Neurones SA^(a)		77,697		2,824,523
Thermador Groupe^(a)		61,268		4,350,813

	Shares		Fair Value
COMMON STOCKS — (continued)
France — 6.40% (continued)
Virbac SA^(a)		38,869	$	11,147,740
				33,071,729
Germany — 4.63%
Atoss Software AG^(a)		14,854		3,128,316
Dermapharm Holding SE^(a)		165,476		6,385,072
Friedrich Vorwerrk Group SE^(a)		99,654		1,316,205
Mensch und Maschine Software SE^(a)		76,966		4,019,761
Nagarro SE^(a)		25,475		1,791,527
Nexus AG^(a)		81,206		3,957,600
QIAGEN NV^(a)		89,137		3,336,398
				23,934,879
Hong Kong — 0.66%
Techtronic Industries Co., Ltd.		374,200		3,409,535

India — 4.78%
Ajanta Pharma Ltd.^(a)		133,905		2,835,558
Cera Sanitaryware Ltd.^(a)		31,552		3,214,636
Gulf Oil Lubricants India Ltd.		161,771		1,213,023
IndiaMart InterMesh Ltd.^(a)(b)(c)		122,694		3,904,305
Kotak Mahindra Bank Ltd.^(a)		115,766		2,418,358
Metropolis Healthcare Ltd.^(a)(b)(c)		207,987		3,510,684
Motherson Sumi Wiring India Ltd.^(a)		2,715,755		1,955,329
Polycab India Ltd.^(a)		57,111		3,376,061
WNS Holdings Ltd., ADR^(a)		41,706		2,265,470
				24,693,424
Indonesia — 2.06%
Arwana Citramulia Tbk PT^(a)		48,815,300		2,021,972
Avia Avian Tbk PT^(a)		22,774,300		714,645
Bank BTPN Syariah Tbk PT^(a)		17,877,500		1,767,106
Selamat Sempurna Tbk PT^(a)		28,534,800		3,886,062
Ultrajaya Milk Industry & Trading Co.^(a)		21,448,900		2,261,463
				10,651,248
Ireland — 2.32%
ICON PLC, ADR^(a)		15,398		3,756,496
Keywords Studios plc^(a)		260,220		4,127,013
Uniphar PLC^(a)		1,850,749		4,103,417
				11,986,926
Italy — 2.59%
Interpump Group SpA^(a)		124,272		5,181,836
Recordati Industria Chimica e Farmaceutica SpA^(a)		88,215		4,070,456
Sesa SpA^(a)		40,842		4,117,050
				13,369,342
Japan — 15.46%
AIT Corporation^(a)		156,500		1,698,450
Atrae, Inc.^(a)		183,100		1,200,735
BayCurrent Consulting, Inc.		165,700		4,109,294
Beenos, Inc.^(a)		112,700		1,049,859
Carenet, Inc. NPV^(a)		526,300		2,972,210
Central Automotive Products Ltd.^(a)		37,900		843,889
Charm Care Corporation KK^(a)		480,900		3,470,920

See accompanying notes to financial statements.

Grandeur Peak International Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Japan — 15.46% (continued)
Comture Corporation^(a)		190,200	$	2,507,139
Create SD Holdings Co., Ltd.^(a)		115,500		2,457,447
CrowdWorks, Inc.^(a)		425,700		3,507,830
eGuarantee, Inc.^(a)		184,100		2,100,010
F&M Co., Ltd.^(a)		58,400		783,290
FP Partner, Inc.^(a)		69,900		1,899,970
Funai Soken Holdings, Inc.^(a)		86,100		1,399,072
gremz, Inc.^(a)		153,100		1,999,921
Hennge KK^(a)		279,100		1,822,919
Integral Corporation^(a)		251,200		2,820,666
Kitz Corporation		333,200		2,222,432
M&A Capital Partners Company Ltd.^(a)		216,400		3,883,278
MarkLines Co., Ltd.^(a)		270,000		4,912,815
MonotaRO Co., Ltd.^(a)		211,700		1,676,700
Prestige International, Inc.^(a)		800,100		3,214,652
Seria Co., Ltd.^(a)		97,800		1,353,682
Strike Co., Ltd.		147,500		3,571,334
Sun*, Inc.^(a)		351,100		2,913,963
Synchro Food Co., Ltd.^(a)		643,100		2,342,017
Systena Corporation^(a)		1,290,400		2,170,886
Trancom Co., Ltd.^(a)		70,990		3,245,658
Tsuruha Holdings, Inc.		54,100		3,943,955
ULS Group, Inc.^(a)		35,400		1,078,991
User Local, Inc.^(a)		110,100		1,131,689
Visional, Inc.^(a)		56,600		2,737,114
Yakuodo Holdings Co., Ltd.^(a)		156,800		2,863,417
				79,906,204
Luxembourg — 0.44%
Sword Group^(a)		62,260		2,263,341

Mexico — 2.80%
Bolsa Mexicana de Valores SAB^(a)		1,436,400		2,236,284
Corp Inmobiliaria Vesta SAB de CV^(a)		468,200		1,468,237
Grupo Aeroportuario del Centro Norte SAB de CV^(a)		339,500		2,602,486
Grupo Financiero Banorte SAB de CV		366,300		2,967,205
Regional SAB de CV^(a)		416,500		3,156,472
Vesta Real Estate Corporation^(a)		64,778		2,036,620
				14,467,304
Netherlands — 0.56%
Redcare Pharmacy NV^(a)		26,026		2,898,970

Norway — 1.07%
Bouvet ASA^(a)		326,244		1,571,345
Nordic Semiconductor ASA^(a)		172,183		1,389,796
SmartCraft ASA^(a)		1,335,830		2,547,286
				5,508,427
Philippines — 1.84%
Century Pacific Food, Inc.^(a)		3,704,800		1,826,953
Puregold Price Club, Inc.^(a)		6,141,500		2,931,220
Robinsons Land Corporation^(a)		11,279,400		2,769,194

	Shares		Fair Value
COMMON STOCKS — (continued)
Philippines — 1.84% (continued)
Wilcon Depot, Inc.^(a)		5,738,600	$	2,001,132
				9,528,499
Poland — 1.66%
Dino Polska SA^(a)(b)(c)		60,569		5,730,880
Inter Cars SA^(a)		21,003		2,842,489
				8,573,369
Singapore — 1.06%
iFast Corporation^(a)		135,600		653,647
Keppel DC REIT^(a)		1,208,200		1,491,300
Riverstone Holdings Ltd.		7,661,900		3,301,626
				5,446,573
South Africa — 0.45%
Italtile Ltd.^(a)		3,754,710		2,316,665

South Korea — 1.70%
Eo Technics Co., Ltd.^(a)		26,786		2,759,769
Hyundai Ezwel Co., Ltd.^(a)		317,703		1,452,190
LEENO Industrial, Inc.^(a)		38,262		3,891,204
Tokai Carbon Korea Co., Ltd.^(a)		11,482		704,021
				8,807,184
Sweden — 5.82%
AddTech AB^(a)		235,018		3,440,088
Beijer Alma AB^(a)		233,081		3,704,050
Byggfakta Group Nordic Holdco AB^(a)		650,446		1,564,487
EQT AB^(a)		108,667		1,975,132
Knowit AB		292,109		3,663,442
Lifco AB, Class B^(a)		131,184		2,394,977
Lyko Group AB^(a)(c)		59,177		507,849
Nibe Industrier AB		219,321		1,260,945
OX2 AB^(a)		261,656		1,056,181
RVRC Holding AB^(a)		183,655		633,732
Sagax AB^(a)		117,372		2,118,634
Sdiptech AB^(a)		245,106		4,799,770
Swedencare AB		519,457		2,104,711
Vitrolife AB^(a)		64,556		839,113
				30,063,111
Taiwan — 3.14%
M3 Technology, Inc.^(a)		559,000		2,031,225
Sinbon Electronics Co., Ltd.^(a)		373,000		3,181,653
Sporton International, Inc.^(a)		1,189,338		7,837,603
Voltronic Power Technology Corporation^(a)		47,850		1,908,165
Wistron Information Technology and Services Corporation^(a)		376,312		1,257,309
				16,215,955
United Kingdom — 18.04%
AB Dynamics PLC^(a)		29,969		522,647
B&M European Value Retail SA		2,013,461		12,939,553
CVS Group plc^(a)		666,755		11,871,033
Diploma plc		135,284		4,672,562
Endava plc, ADR^(a)		216,852		10,877,296
Foresight Group Holdings Ltd.^(a)		833,342		3,726,968

See accompanying notes to financial statements.

Grandeur Peak International Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
United Kingdom — 18.04% (continued)
FRP Advisory Group PLC^(a)		1,083,932	$	1,501,729
GlobalData PLC^(a)		1,466,966		2,674,212
Halma PLC		133,695		2,997,755
Hotel Chocolat Group PLC^(a)		719,776		1,185,281
Impax Asset Management Group plc^(a)		985,124		4,609,313
Intermediate Capital Group PLC^(a)		118,005		1,870,807
JTC plc^(a)(b)(c)		923,122		7,163,160
Marlowe PLC^(a)		603,955		4,066,296
On The Beach Group PLC^(a)(b)(c)		1,269,458		1,465,637
Pensionbee Group PLC^(a)		946,427		693,568
Petershill Partners PLC^(a)		1,152,782		2,067,846
Pets at Home Group PLC^(a)		492,287		1,679,964
Premier Miton Group PLC^(a)		1,050,931		657,758
Softcat PLC^(a)		296,728		4,561,773
Volution Group PLC^(a)		2,602,618		11,468,928
				93,274,086
United States — 3.00%
Bank of NT Butterfield & Son Ltd. (The)		91,729		2,317,075
BizLink Holding, Inc.^(a)		470,264		3,642,034
Frontage Holdings Corporation^(a)(b)(c)		12,426,000		3,096,476
Genpact Ltd.		76,807		2,576,107
GQG Partners, Inc.^(a)		1,987,710		1,639,192
JFrog Ltd.^(a)		99,887		2,246,459
				15,517,343
Vietnam — 1.99%
Asia Commercial Bank JSC^(a)		2,833,200		2,468,366
FPT Corporation^(a)		934,432		3,157,507
Vietnam Technological & Commercial Joint Stock Bank^(a)		4,151,773		4,682,007
				10,307,880
Total Common Stocks (Cost $521,005,131)				508,339,555

Total Investments — 98.36%
(Cost $521,005,131)				508,339,555

Other Assets in Excess of Liabilities — 1.64%				8,478,952

NET ASSETS — 100.00%			$	516,818,507

^(a)

Non-income producing security.

^(b)

^(c)

See accompanying notes to financial statements.

Grandeur Peak International Opportunities Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

Sector Composition (October 31, 2023)
Technology	25.1%
Industrials	17.7%
Health Care	16.4%
Financials	12.7%
Consumer Discretionary	10.7%
Consumer Staples	7.8%
Communications	3.3%
Real Estate	2.8%
Energy	1.1%
Utilities	0.4%
Materials	0.4%
Other Assets in Excess of Liabilities	1.6%
Total	100.0%

Industry Composition (October 31, 2023)
IT Services	7.2%
Health Care Services	6.6%
Specialty & Generic Pharma	5.2%
Application Software	4.5%
Food & Drug Stores	4.0%
Banks	3.8%
It Services	3.8%
Mass Merchants	2.8%
Private Equity	2.5%
Internet Media & Services	2.3%
Investment Management	2.3%
Comml & Res Bldg Equipment & Sys	2.2%
Flow Control Equipment	2.1%
Home Products Stores	2.1%
Other Commercial Support Services	2.0%
Professional Services	2.0%
Electronics Components	2.0%
Semiconductor Devices	1.9%
Wealth Management	1.7%
Engineering Services	1.5%
Technology Distributors	1.4%
Building Products	1.4%
Life Science & Diagnostics	1.2%
Auto Parts	1.2%
Semiconductor Manufacturing	1.1%
Rubber & Plastic	1.1%
Electrical Components	1.0%
Packaged Food	1.0%
Online Marketplace	1.0%
Other Industries (each less than 1%)	25.4%
Other Assets in Excess of Liabilities	1.6%
Total	100.0%

See accompanying notes to financial statements.

Grandeur Peak International Stalwarts Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.63%
Argentina — 3.62%
Globant SA^(a)		295,153	$	50,261,604

Australia — 1.11%
Domino’s Pizza Enterprises Ltd.^(a)		331,348		10,677,797
Netwealth Group Ltd.^(a)		582,736		4,694,714
				15,372,511
Belgium — 3.04%
Melexis NV		372,166		27,314,755
Warehouses De Pauw CVA^(a)		606,268		14,962,609
				42,277,364
Brazil — 3.38%
CI&T, Inc.^(a)		497,181		2,287,033
Hypera SA		2,523,185		15,186,462
Patria Investments Ltd.^(a)		1,155,126		14,889,574
Raia Drogasil SA^(a)		2,841,756		14,550,124
				46,913,193
Canada — 0.50%
Aritzia, Inc.^(a)		446,727		6,948,500

China — 6.64%
Guangzhou Kingmed Diagnostics Group Co., Ltd.^(a)		633,102		5,356,544
Hangzhou Tigermed Consulting Co., Ltd.^(a)		770,713		7,026,497
Man Wah Holdings Ltd.^(a)		6,006,261		3,730,287
Shanghai Hanbell Precise Machinery Co., Ltd.^(a)		2,961,071		9,462,670
Shenzhen Mindray Bio-Medical Electronics Co.^(a)		266,900		10,434,349
Silergy Corporation^(a)		3,700,805		32,650,140
WuXi AppTec Co., Ltd.^(a)(b)(c)		1,264,676		15,191,789
Wuxi Biologics Cayman, Inc.^(a)(b)(c)		1,349,400		8,380,670
				92,232,946
Finland — 0.41%
Musti Group Oyj^(a)		287,787		5,668,024

France — 4.96%
Alten SA^(a)		158,472		18,666,455
Antin Infrastructure Partners^(a)		709,212		8,436,388
BioMerieux^(a)		222,562		21,316,395
Virbac SA^(a)		71,568		20,525,905
				68,945,143
Germany — 3.81%
AIXTRON SE^(a)		267,193		7,482,196
Atoss Software AG^(a)		46,501		9,793,310
Dermapharm Holding SE^(a)		444,565		17,154,027
Hensoldt AG^(a)		280,335		8,277,433
QIAGEN NV^(a)		275,338		10,305,901
				53,012,867
Hong Kong — 2.80%
Techtronic Industries Co., Ltd.		4,269,300		38,899,855

	Shares		Fair Value
COMMON STOCKS — (continued)
India — 4.40%
Ajanta Pharma Ltd.^(a)		245,324	$	5,194,954
Avenue Supermarts Ltd.^(a)(b)(c)		193,495		8,443,511
Bajaj Finance Ltd.^(a)		136,389		12,273,118
IndiaMart InterMesh Ltd.^(a)(b)(c)		372,625		11,857,481
Kotak Mahindra Bank Ltd.^(a)		418,049		8,733,067
Metropolis Healthcare Ltd.^(a)(b)(c)		348,082		5,875,395
Motherson Sumi Wiring India Ltd.^(a)		12,111,741		8,720,390
				61,097,916
Ireland — 2.15%
ICON PLC, ADR^(a)		95,900		23,395,764
Keywords Studios plc^(a)		408,605		6,480,355
				29,876,119
Italy — 2.86%
Interpump Group SpA^(a)		338,389		14,109,987
Recordati Industria Chimica e Farmaceutica SpA^(a)		336,733		15,537,685
Sesa SpA^(a)		99,883		10,068,638
				39,716,310
Japan — 8.75%
BayCurrent Consulting, Inc.		1,653,223		40,999,276
GMO Payment Gateway, Inc. NPV^(a)		183,400		7,242,833
Lasertec Corporation		41,700		6,934,181
M&A Capital Partners Company Ltd.^(a)		652,800		11,714,439
M&A Research Institute, Inc.^(a)		313,300		6,738,301
MonotaRO Co., Ltd.^(a)		2,817,914		22,318,362
Systena Corporation^(a)		6,826,500		11,484,463
Tsuruha Holdings, Inc.		144,100		10,505,064
Visional, Inc.^(a)		77,700		3,757,486
				121,694,405
Mexico — 4.62%
Corp Inmobiliaria Vesta SAB de CV^(a)		5,330,800		16,716,959
Grupo Aeroportuario del Centro Norte SAB de CV^(a)		1,324,852		10,155,842
Grupo Financiero Banorte SAB de CV		1,047,400		8,484,441
Regional SAB de CV^(a)		2,491,700		18,883,509
Wal-Mart de Mexico SAB de CV		2,801,500		10,037,654
				64,278,405
Netherlands — 0.65%
ASM International NV^(a)		21,869		8,991,540

Philippines — 0.48%
Wilcon Depot, Inc.^(a)		19,282,400		6,724,049

Poland — 2.25%
Dino Polska SA^(a)(b)(c)		330,947		31,313,337

Singapore — 0.64%
Keppel DC REIT^(a)		7,166,937		8,846,261

South Korea — 1.44%
HPSP Company Ltd.^(a)		106,983		2,464,827

Grandeur Peak International Stalwarts Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
South Korea — 1.44% (continued)
LEENO Industrial, Inc.^(a)		172,898	$	17,583,541
				20,048,368
Sweden — 8.83%
AddTech AB^(a)		853,769		12,497,087
EQT AB^(a)		2,410,322		43,810,021
HMS Networks AB^(a)		125,392		4,147,132
Lagercrantz Group AB^(a)		796,367		7,255,220
Lifco AB, Class B^(a)		816,984		14,915,372
Nibe Industrier AB		1,981,734		11,393,612
OX2 AB^(a)		1,757,530		7,094,312
Sagax AB^(a)		519,907		9,384,628
Swedencare AB		1,359,064		5,506,591
Vitrolife AB^(a)		524,690		6,820,034
				122,824,009
Switzerland — 0.51%
VAT Group AG^(a)		20,182		7,115,463

Taiwan — 4.18%
Asia Vital Components Co., Ltd.^(a)		1,123,000		9,803,859
ASPEED Technology, Inc.^(a)		195,145		15,443,821
Chroma Ate Inc^(a)		1,549,000		10,398,534
Sinbon Electronics Co., Ltd.^(a)		1,523,000		12,991,039
Voltronic Power Technology Corporation^(a)		236,490		9,430,762
				58,068,015
United Kingdom — 16.58%
B&M European Value Retail SA		10,437,790		67,078,694
CVS Group plc^(a)		1,321,086		23,520,867
Darktrace plc^(a)		3,814,544		16,225,395
Diploma plc		704,060		24,317,468
Endava plc, ADR^(a)		734,651		36,850,094
Halma PLC		1,181,212		26,485,540
Impax Asset Management Group plc^(a)		2,230,760		10,437,541
JTC plc^(a)(b)(c)		1,877,367		14,567,824
Softcat PLC^(a)		724,263		11,134,518
				230,617,941
United States — 7.85%
Ashtead Group PLC		437,417		25,006,193
Cloudflare, Inc., Class A^(a)		224,172		12,708,311
JFrog Ltd.^(a)		939,323		21,125,374
Lululemon Athletica, Inc.^(a)		61,106		24,043,989
Monolithic Power Systems, Inc.		59,315		26,201,808
				109,085,675
Vietnam — 1.17%
Asia Commercial Bank JSC^(a)		7,767,000		6,766,836
Vietnam Technological & Commercial Joint Stock Bank^(a)		8,443,926		9,522,320
				16,289,156
Total Common Stocks
(Cost $1,417,974,773)				1,357,118,976

	Fair Value
COMMON STOCKS — (continued)
Total Investments — 97.63%
(Cost $1,417,974,773)	$	1,357,118,976

Other Assets in Excess of Liabilities — 2.37%		32,874,978

NET ASSETS — 100.00%	$	1,389,993,954

^(a)

Non-income producing security.

^(b)

^(c)

Grandeur Peak International Stalwarts Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

Sector Composition (October 31, 2023)
Technology	29.5%
Industrials	17.8%
Health Care	16.7%
Financials	12.1%
Consumer Staples	10.2%
Consumer Discretionary	7.2%
Real Estate	3.6%
Energy	0.5%
Other Assets in Excess of Liabilities	2.4%
Total	100.0%

Industry Composition (October 31, 2023)
IT Services	10.5%
Health Care Services	6.8%
Semiconductor Devices	5.7%
Mass Merchants	5.5%
Specialty & Generic Pharma	5.3%
Private Equity	4.8%
Food & Drug Stores	4.7%
Banks	3.8%
Electronics Components	3.6%
Application Software	3.6%
Other Machinery & Equipment	2.8%
Industrial Wholesale & Rental	2.7%
Measurement Instruments	2.7%
Life Science & Diagnostics	2.3%
Specialty Apparel Stores	2.2%
Industrial Owners & Developers	1.9%
Medical Equipment	1.8%
Rubber & Plastic	1.8%
Flow Control Equipment	1.7%
Semiconductor Mfg	1.7%
Technology Distributors	1.7%
Specialty Online Retailers	1.6%
Engineering Services	1.3%
Professional Services	1.1%
Investment Management	1.1%
Industrial Reit	1.1%
Wealth Management	1.1%
Other Industries (each less than 1%)	12.9%
Other Assets in Excess of Liabilities	2.4%
Total	100.0%

Grandeur Peak US Stalwarts Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.16%
Argentina — 2.50%
Globant SA^(a)		14,998	$	2,554,009

Canada — 0.56%
Aritzia, Inc.^(a)		36,900		573,952

Germany — 0.60%
QIAGEN NV^(a)		16,429		614,937

Hong Kong — 2.76%
Techtronic Industries Co., Ltd.		310,000		2,824,574

Ireland — 1.84%
ICON PLC, ADR^(a)		7,686		1,875,077

United Kingdom — 2.09%
Endava plc, ADR^(a)		42,570		2,135,311

United States — 86.81%
Alexandria Real Estate Equities, Inc.		14,297		1,331,480
Align Technology, Inc.^(a)		5,784		1,067,668
Ares Management Corporation, CLASS A		22,834		2,251,203
Ashtead Group PLC		32,297		1,846,350
BILL Holdings, Inc.^(a)		4,014		366,438
Bio-Techne Corporation		7,898		431,468
Cactus, Inc., Class A		23,150		1,086,661
Charles River Laboratories International, Inc.^(a)		6,623		1,115,048
Cloudflare, Inc., Class A^(a)		30,107		1,706,766
Cross Creek Lucid LP/Partnership Interest^(a)(b)		700,000		550,666
Crowdstrike Holdings, Inc., CLASS A^(a)		15,812		2,795,088
Datadog, Inc., Class A^(a)		8,842		720,358
DexCom, Inc.^(a)		11,243		998,716
Digital Realty Trust, Inc.		5,975		743,051
DigitalOcean Holdings, Inc.^(a)		65,979		1,349,930
Doximity, Inc.^(a)		34,764		710,229
Elastic NV^(a)		27,793		2,085,587
Etsy, Inc.^(a)		24,680		1,537,564
Evercore, Inc., Class A		6,358		827,684
Fastenal Co.		17,875		1,042,828
Five Below, Inc.^(a)		8,434		1,467,347
Floor & Decor Holdings, Inc., Class A^(a)		8,013		660,271
Frontage Holdings Corporation^(a)(c)(d)		3,314,900		826,050
Global Industrial Co.		48,182		1,539,415
GQG Partners, Inc.^(a)		401,671		331,244
HealthEquity, Inc.^(a)		10,506		753,070
Herc Holdings, Inc.		5,265		562,249
Houlihan Lokey, Inc.		15,335		1,541,475
HubSpot, Inc.^(a)		1,703		721,680
IDEXX Laboratories, Inc.^(a)		3,427		1,368,983
Insulet Corporation^(a)		5,315		704,610
JFrog Ltd.^(a)		60,586		1,362,579

	Shares		Fair Value
COMMON STOCKS — (continued)
United States — 86.81% (continued)
Littelfuse, Inc.		19,020	$	4,121,063
Lululemon Athletica, Inc.^(a)		4,265		1,678,192
MarketAxess Holdings, Inc.		6,277		1,341,709
Marvell Technology, Inc.		29,759		1,405,220
MaxCyte, Inc.^(a)		163,586		484,215
Medpace Holdings, Inc.^(a)		4,521		1,097,111
Microchip Technology, Inc.		14,307		1,019,946
Moelis & Co., Class A		33,132		1,379,616
Monolithic Power Systems, Inc.		5,631		2,487,439
MSCI, Inc.		1,357		639,893
Neogen Corporation^(a)		70,662		1,052,157
NV5 Global, Inc.^(a)		14,320		1,351,092
Ollie’s Bargain Outlet Holdings, Inc.^(a)		29,321		2,264,754
P10, Inc.^(a)		143,618		1,352,882
PagerDuty, Inc.^(a)		46,356		935,001
Paycom Software, Inc.		12,952		3,172,852
Paylocity Holding Corporation^(a)		4,601		825,419
Perella Weinberg Partners LP		85,016		834,007
PJT Partners, Inc., Class A		64,639		5,065,113
Planet Fitness, Inc., A^(a)		15,182		839,109
Pool Corporation		4,802		1,516,328
Power Integrations, Inc.		12,589		872,795
Qualys, Inc.^(a)		16,718		2,557,018
Rexford Industrial Realty, Inc.		35,429		1,531,950
Shoals Technologies Group, Inc., Class A^(a)		97,509		1,497,738
Silicon Laboratories, Inc.^(a)		19,247		1,774,189
SiTime Corporation^(a)		7,363		734,827
Terreno Realty Corporation		16,632		886,153
Texas Roadhouse, Inc.		8,093		821,763
TPG, Inc.^(a)		19,713		544,867
Tradeweb Markets, Inc., CLASS A		25,349		2,281,664
United Rentals, Inc.		2,320		942,546
WW Grainger, Inc.		2,591		1,890,990
Zscaler, Inc.^(a)		6,816		1,081,631
				88,685,005
Total Common Stocks (Cost $102,086,393)				99,262,865

PREFERRED STOCKS — 0.61%
United States — 0.61%
Gusto, Inc., Series E Preferred^(a)(b)		20,595		626,088

Total Preferred Stocks
(Cost $625,992)				626,088

Total Investments — 97.77%
(Cost $102,712,385)				99,888,953

Other Assets in Excess of Liabilities — 2.23%				2,278,320

NET ASSETS — 100.00%			$	102,167,273

^(a)

Non-income producing security.

See accompanying notes to financial statements.

Grandeur Peak US Stalwarts Fund	Portfolio of Investments
	October 31, 2023 (Unaudited)

^(b)

As a result of the use of significant unobservable inputs to determine fair value, this investment has been classified as level 3 assets. See also Note 2 to the financial statements for additional information.

^(c)

^(d)

Sector Composition (October 31, 2023)
Technology	34.4%
Financials	17.6%
Industrials	16.1%
Health Care	14.0%
Consumer Staples	7.4%
Consumer Discretionary	5.2%
Real Estate	3.2%
Energy	1.3%
Listed Private Equity Investments	0.7%
Other Assets in Excess of Liabilities	0.2%
Total	100.0%

Industry Composition (October 31, 2023)
IT Services	9.4%
Application Software	8.1%
Institutional Brokerage	6.4%
Health Care Services	5.9%
Semiconductor Devices	5.9%
Private Equity	5.2%
Mass Merchants	5.2%
Infrastructure Software	4.3%
Electrical Components	3.6%
Specialty & Generic Pharma	3.4%
Electronics Components	3.3%
Industrial Wholesale & Rental	2.8%
Banks	2.6%
Medical Equipment	2.4%
Other Machinery & Equipment	2.3%
Food & Drug Stores	2.2%
Investment Management	2.0%
Measurement Instruments	1.7%
Semiconductor Mfg	1.5%
Industrial Reit	1.4%
Online Marketplace	1.4%
Specialty Apparel Stores	1.3%
Engineering Services	1.2%
Industrial Owners & Developers	1.2%
Specialty Online Retailers	1.1%
Life Science & Diagnostics	1.1%
Flow Control Equipment	1.1%
Other Industries (each less than 1%)	11.8%
Other Assets in Excess of Liabilities	0.2%
Total	100.0%

See accompanying notes to financial statements.

Grandeur Peak Funds^®	Statements of Assets and Liabilities
	October 31, 2023 (Unaudited)

	Grandeur Peak		Grandeur Peak						Grandeur Peak			Grandeur Peak
	Emerging Markets		Global Contrarian			Grandeur Peak			Global Micro Cap			Global Opportunities
	Opportunities Fund		Fund			Global Explorer Fund			Fund			Fund
ASSETS
Investments, at cost	$	358,874,246	$	127,610,941		$	12,767,391		$	40,989,391		$	539,314,505
Investments, at value	$	374,742,175	$	117,972,094		$	10,658,166		$	38,689,624		$	553,532,597
Cash held at custodian		23,466,890		1,677,361			155,160			69,866			3,703,984
Foreign currency at fair value (Cost $121,241, $331,646, $851, $0 and $158,625)		108,260		315,066			832			—			155,745
Receivable for securities sold		6,667,555		1,368,660			101,862			149,367			3,553,795
Receivable for Fund shares sold		865		119,241			—			60			32,488
Dividends and interest receivable		284,075		187,381			7,205			44,916			906,479
Due from advisor		—		—			11,263			—			—
Prepaid expenses and other assets		3,377		14,401			13,409			21,189			33,562
TOTAL ASSETS		405,273,197		121,654,204			10,947,897			38,975,022			561,918,650

LIABILITIES
Due to custodian from foreign cash (Cost $0, $0, $0,$64 and $0)		—		—			—			48			—
Payable for investments purchased		1,184,712		750,933			76,578			7,953			291,220
Payable for Fund shares repurchased		288,846		3,471			—			25			546,759
Management fees payable		474,331		123,932			—			50,303			621,190
Distribution (12b-1) fees payable		599		—			—			—			12,179
Payable to related parties		8,823		3,520			2,086			2,811			11,380
Accrued expenses and other liabilities		29,671		98,097			137,486			20,446			2,994
TOTAL LIABILITIES		1,986,982		979,953			216,150			81,586			1,485,722
NET ASSETS	$	403,286,215	$	120,674,251		$	10,731,747		$	38,893,436		$	560,432,928

NET ASSETS CONSISTS OF
Paid in capital	$	371,098,537	$	132,739,885		$	14,594,302		$	42,892,774		$	547,823,809
Total distributable earnings (losses)		32,187,678		(12,065,634	)		(3,862,555	)		(3,999,338	)		12,609,119
NET ASSETS	$	403,286,215	$	120,674,251		$	10,731,747		$	38,893,436		$	560,432,928

PRICING OF SHARES:
Investor Class
Net Assets	$	7,554,951	$	—		$	—		$	—		$	53,080,801
Shares of beneficial interest outstanding (a)		640,152		—			—			—			17,542,861
Net Asset Value, offering and redemption price per share	$	11.80	$	—		$	—		$	—		$	3.03

Institutional Class
Net Assets	$	395,731,264	$	120,674,251		$	10,731,747		$	38,893,436		$	507,352,127
Shares of beneficial interest outstanding (a)		33,122,306		9,226,715			1,610,713			3,387,943			163,203,027
Net Asset Value, offering and redemption price per share	$	11.95	$	13.08		$	6.66		$	11.48		$	3.11

^(a)

Unlimited number of shares of beneficial interest authorized, no par value.

Grandeur Peak Funds^®	Statements of Assets and Liabilities
	October 31, 2023 (Unaudited)

			Grandeur Peak			Grandeur Peak			Grandeur Peak
	Grandeur Peak		Global Stalwarts			International			International			Grandeur Peak US
	Global Reach Fund		Fund			Opportunities Fund			Stalwarts Fund			Stalwarts Fund
ASSETS
Investments, at cost	$	200,288,234	$	135,297,715		$	521,005,131		$	1,417,974,773		$	102,712,385
Investments, at value	$	203,415,835	$	136,510,178		$	508,339,555		$	1,357,118,976		$	99,888,953
Cash held at custodian		4,978,834		—			8,656,945			31,257,114			2,271,496
Foreign currency at fair value (Cost $37,903, $0, $87,518, $67,609 and $0)		43,136		—			83,689			41,165			67
Receivable for securities sold		2,321,427		1,121,798			2,275,163			5,003,367			646,885
Receivable for Fund shares sold		161,058		11,708			444,282			1,349,184			15,000
Dividends and interest receivable		194,174		148,098			836,275			1,925,882			18,976
Prepaid expenses and other assets		13,834		57,052			19,635			56,282			26,769
TOTAL ASSETS		211,128,298		137,848,834			520,655,544			1,396,751,970			102,868,146

LIABILITIES
Due to custodian		—		251,120			—			—			—
Due to custodian from foreign cash (Cost $0, $525, $0, $0 and $0)		—		490			—			—			—
Payable for investments purchased		1,372,146		598,764			430,027			2,708,372			611,152
Payable for Fund shares repurchased		76,434		24,212			2,812,696			3,002,757			—
Management fees payable		185,080		98,555			564,581			1,007,565			67,662
Distribution (12b-1) fees payable		574		4,991			4,942			4,953			—
Payable to related parties		6,443		5,705			10,189			26,908			3,491
Accrued expenses and other liabilities		17,975		19,479			14,602			7,461			18,568
TOTAL LIABILITIES		1,658,652		1,003,316			3,837,037			6,758,016			700,873
NET ASSETS	$	209,469,646	$	136,845,518		$	516,818,507		$	1,389,993,954		$	102,167,273

Composition of Net Assets:
Paid in capital	$	208,475,243	$	174,742,632		$	527,610,277		$	1,547,082,117		$	138,687,414
Total distributable earnings (losses)		994,403		(37,897,114	)		(10,791,770	)		(157,088,163	)		(36,520,141	)
NET ASSETS	$	209,469,646	$	136,845,518		$	516,818,507		$	1,389,993,954		$	102,167,273

PRICING OF SHARES
Investor Class
Net Assets	$	22,183,022	$	22,281,302		$	22,382,448		$	21,717,200		$	—
Shares of beneficial interest outstanding (a)		1,673,775		1,731,702			7,826,759			1,549,304			—
Net Asset Value, offering and redemption price per share	$	13.25	$	12.87		$	2.86		$	14.02		$	—

Institutional Class
Net Assets	$	187,286,624	$	114,564,216		$	494,436,059		$	1,368,276,754		$	102,167,273
Shares of beneficial interest outstanding (a)		13,947,243		8,760,195			170,704,333			96,584,638			6,764,860
Net Asset Value, offering and redemption price per share	$	13.43	$	13.08		$	2.90		$	14.17		$	15.10

^(a)

Unlimited number of shares of beneficial interest authorized, no par value.

See accompanying notes to financial statements.

Grandeur Peak Funds^®	Statements of Operations
	October 31, 2023 (Unaudited)

	Grandeur Peak			Grandeur Peak						Grandeur Peak			Grandeur Peak
	Emerging Markets			Global Contrarian			Grandeur Peak			Global Micro Cap			Global Opportunities
	Opportunities Fund			Fund			Global Explorer Fund			Fund			Fund

INVESTMENT INCOME
Dividends	$	6,808,821		$	3,014,569		$	123,599		$	597,724		$	7,171,830
Interest		392,387			90,352			4,164			21,489			416,685
Less: Foreign dividend withholding taxes		(770,886	)		(135,867	)		(11,794	)		(56,903	)		(612,735	)
TOTAL INVESTMENT INCOME		6,430,322			2,969,054			115,969			562,310			6,975,780

EXPENSES
Investment advisor fees		3,002,499			628,183			67,242			332,657			4,075,010
Distribution and service fees - Investor Class		10,757			—			—			—			80,731
Custodian fees		169,344			80,788			73,166			22,862			97,836
Administrative fees		78,753			31,479			28,696			19,096			107,802
Registration fees		23,957			11,552			5,794			8,407			14,064
Transfer agent fees		21,386			20,384			25,169			20,928			29,932
Audit fees		18,730			15,209			10,600			15,381			17,217
Trustees fees and expenses		17,192			3,203			3,356			2,064			12,491
Chief compliance officer fees		4,953			884			95			477			7,281
Printing fees		4,666			796			5,057			952			14,765
Insurance expense		3,158			1,534			4,157			400			4,149
Legal fees		1,571			235			5,014			113			7,897
Other expenses		25,400			8,546			45,209			9,424			24,105
TOTAL EXPENSES		3,382,366			802,793			273,555			432,761			4,493,280
Less: Fees waived/reimbursed by the investment advisor		(74,601	)		—			(197,205	)		(778	)		(186,587	)
Plus: Recapture of fees previously waived		—			45,374			—			—			—
NET EXPENSES		3,307,765			848,167			76,350			431,983			4,306,693
NET INVESTMENT INCOME		3,122,557			2,120,887			39,619			130,327			2,669,087

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from:
Investments		3,617,089			7,685,587			(220,232	)		1,187,490			30,142,170
Foreign currency transactions		(251,513	)		(34,774	)		(369	)		(6,745	)		9,808
Net realized gain (loss)		3,365,576			7,650,813			(220,601	)		1,180,745			30,151,978
Net change in unrealized appreciation (depreciation) on:
Investments		(33,532,658	)		(11,286,110	)		(957,499	)		(4,722,547	)		(105,428,763	)
Foreign currency translations		464,628			366			(426	)		13,625			(20,345	)
Net change in unrealized depreciation		(33,068,030	)		(11,285,744	)		(957,925	)		(4,708,922	)		(105,449,108	)

NET REALIZED AND UNREALIZED LOSS FROM INVESTMENTS		(29,702,454	)		(3,634,931	)		(1,178,526	)		(3,528,177	)		(75,297,130	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(26,579,897	)	$	(1,514,044	)	$	(1,138,907	)	$	(3,397,850	)	$	(72,628,043	)

See accompanying notes to financial statements.

Grandeur Peak Funds^®	Statements of Operations
	October 31, 2023 (Unaudited)

				Grandeur Peak			Grandeur Peak			Grandeur Peak
	Grandeur Peak			Global Stalwarts			International			International			Grandeur Peak US
	Global Reach Fund			Fund			Opportunities Fund			Stalwarts Fund			Stalwarts Fund

INVESTMENT INCOME
Dividend income	$	2,514,484		$	1,493,677		$	7,390,628		$	17,138,647		$	556,493
Interest		62,554			7,438			440,419			245,178			50,590
Less: Foreign dividend withholding taxes		(208,309	)		(110,247	)		(790,074	)		(1,753,183	)		—
TOTAL INVESTMENT INCOME		2,368,729			1,390,868			7,040,973			15,630,642			607,083

EXPENSES
Investment advisor fees		1,340,396			717,340			3,770,687			6,639,614			419,352
Distribution and service fees - Investor Class		33,565			33,871			32,657			34,369			—
Custodian fees		75,325			50,018			120,577			299,562			10,343
Administrative fees		56,284			38,368			103,310			288,813			24,985
Transfer agent fees		26,053			20,991			21,716			83,202			21,667
Registration fees		20,253			13,302			15,914			25,580			373
Audit fees		18,305			17,231			18,800			22,227			15,312
Trustees fees and expenses		10,381			7,890			20,293			75,567			4,816
Printing fees		10,378			8,847			16,167			74,632			1,734
Legal fees		3,760			3,769			8,453			19,418			1,702
Chief compliance officer fees		3,051			2,340			5,316			22,035			1,340
Insurance expense		2,103			1,676			4,247			11,491			613
Other expenses		16,707			16,724			27,750			55,121			5,485
TOTAL EXPENSES		1,616,561			932,367			4,165,887			7,651,631			507,722
Less: Fees waived/reimbursed by the investment advisor		(61,796	)		—			(125,722	)		—			—
NET EXPENSES		1,554,765			932,367			4,040,165			7,651,631			507,722
NET INVESTMENT INCOME		813,964			458,501			3,000,808			7,979,011			99,361

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from:
Investments		9,065,816			420,590			17,885,354			(22,652,529	)		(2,045,265	)
Foreign currency transactions		(30,533	)		(25,466	)		(24,011	)		(400,142	)		(892	)
Net realized gain (loss) from:		9,035,283			395,124			17,861,343			(23,052,671	)		(2,046,157	)
Net change in unrealized appreciation (depreciation) on:
Investments		(32,036,862	)		(17,309,815	)		(111,291,670	)		(232,950,851	)		(2,650,793	)
Foreign currency translations		(2,869	)		(4,452	)		479,331			(6,896	)		49
Net change in unrealized depreciation on:		(32,039,731	)		(17,314,267	)		(110,812,339	)		(232,957,747	)		(2,650,744	)

NET REALIZED AND UNREALIZED LOSS FROM INVESTMENTS		(23,004,448	)		(16,919,143	)		(92,950,996	)		(256,010,418	)		(4,696,901	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(22,190,484	)	$	(16,460,642	)	$	(89,950,188	)	$	(248,031,407	)	$	(4,597,540	)

See accompanying notes to financial statements.

Grandeur Peak Emerging Markets Opportunities Fund

Statements of Changes in Net Assets

	For the			For the
	Six Months Ended			Year Ended
	October 31, 2023			April 30, 2023
	(Unaudited)
OPERATIONS
Net investment income	$	3,122,557		$	2,818,503
Net realized gain		3,365,576			17,342,803
Net change in unrealized depreciation		(33,068,030	)		(44,342,979	)
Net decrease in net assets resulting from operations		(26,579,897	)		(24,181,673	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		—			(14,330	)
Institutional Class		—			(1,228,754	)
Net decrease in net assets from distributions		—			(1,243,084	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Investor Class		74,152			613,572
Institutional Class		32,569,987			51,238,758

Distributions reinvested:
Investor Class		—			14,035
Institutional Class		—			1,153,392

Redemption fees:
Investor Class		49			20
Institutional Class		8,632			1,888

Cost of shares redeemed:
Investor Class		(796,352	)		(2,185,292	)
Institutional Class		(27,629,664	)		(95,848,913	)

Net increase/(decrease) from capital shares transactions		4,226,804			(45,012,540	)

NET DECREASE IN NET ASSETS		(22,353,093	)		(70,437,297	)

NET ASSETS
Beginning of Period/Year		425,639,308			496,076,605
End of Period/Year	$	403,286,215		$	425,639,308

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		5,822			49,029
Issued to shareholders in reinvestment of distributions		—			1,167
Redeemed		(62,324	)		(174,437	)
Net decrease in share transactions		(56,502	)		(124,241	)

Institutional Class
Issued		2,516,925			4,050,696
Issued to shareholders in reinvestment of distributions		—			94,851
Redeemed		(2,157,831	)		(7,718,184	)
Net increase (decrease) in share transactions		359,094			(3,572,637	)

See accompanying notes to financial statements.

Grandeur Peak Global Contrarian Fund

Statements of Changes in Net Assets

	For the			For the
	Six Months Ended			Year Ended
	October 31, 2023			April 30, 2023
	(Unaudited)
OPERATIONS
Net investment income	$	2,120,887		$	2,325,042
Net realized gain (loss)		7,650,813			(12,166,283	)
Net change in unrealized appreciation (depreciation)		(11,285,744	)		8,452,852
Net decrease in net assets resulting from operations		(1,514,044	)		(1,388,389	)

DISTRIBUTIONS TO SHAREHOLDERS
Institutional Class		—			(2,503,330	)
Total distributions to shareholders		—			(2,503,330	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Institutional Class		18,860,777			52,743,021

Distributions reinvested:
Institutional Class		—			2,426,838

Redemption fees:
Institutional Class		2,640			7,491

Cost of shares redeemed:
Institutional Class		(14,080,767	)		(40,008,507	)

Net increase from capital shares transactions		4,782,650			15,168,843

NET INCREASE IN NET ASSETS		3,268,606			11,277,124

NET ASSETS
Beginning of Period/Year		117,405,645			106,128,521
End of Period/Year	$	120,674,251		$	117,405,645


OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		1,397,058			3,970,518
Issued to shareholders in reinvestment of distributions		—			192,912
Redeemed		(1,025,054	)		(3,111,613	)
Net increase in share transactions		372,004			1,051,817

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund

Statements of Changes in Net Assets

	For the			For the
	Six Months Ended			Year Ended
	October 31, 2023			April 30, 2023
	(Unaudited)
OPERATIONS
Net investment income	$	39,619		$	28,927
Net realized loss		(220,601	)		(1,455,685	)
Net change in unrealized appreciation (depreciation)		(957,925	)		1,073,911
Net decrease in net assets resulting from operations		(1,138,907	)		(352,847	)

DISTRIBUTIONS TO SHAREHOLDERS
Total Distributions Paid
Institutional Class		—			(24,043	)
Net decrease in net assets from distributions		—			(24,043	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Institutional Class		177,132			4,855,871

Distributions reinvested:
Institutional Class		—			23,263

Redemption fees:
Institutional Class		19			1,033

Cost of shares redeemed:
Institutional Class		(750,359	)		(1,520,472	)

Net increase (decrease) from capital shares transactions		(573,208	)		3,359,695

NET INCREASE (DECREASE) IN NET ASSETS		(1,712,115	)		2,982,805

NET ASSETS
Beginning of Period/Year		12,443,862			9,461,057
End of Period/Year	$	10,731,747		$	12,443,862

OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		21,605			680,904
Issued to shareholders in reinvestment of distributions		—			3,272
Redeemed		(102,743	)		(205,464	)
Net increase (decrease) in share transactions		(81,138	)		478,712

See accompanying notes to financial statements.

Grandeur Peak Global Micro Cap Fund

Statements of Changes in Net Assets

	For the			For the
	Six Months Ended			Year Ended
	October 31, 2023			April 30, 2023
	(Unaudited)
OPERATIONS
Net investment income	$	130,327		$	60,577
Net realized gain(loss)		1,180,745			(858,745	)
Net change in unrealized (depreciation)		(4,708,922	)		(3,472,808	)
Net decrease in net assets resulting from operations		(3,397,850	)		(4,270,976	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Institutional Class		1,505,693			5,982,899

Redemption fees:
Institutional Class		104			2

Cost of shares redeemed:
Institutional Class		(4,446,213	)		(9,655,549	)

Net decrease from capital shares transactions		(2,940,416	)		(3,672,648	)

NET DECREASE IN NET ASSETS		(6,338,266	)		(7,943,624	)

NET ASSETS
Beginning of Period/Year		45,231,702			53,175,326
End of Period/Year	$	38,893,436		$	45,231,702

OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		114,320			490,504
Redeemed		(361,713	)		(795,840	)
Net decrease in share transactions		(247,393	)		(305,336	)

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund

Statements of Changes in Net Assets

	For the			For the
	Six Months Ended			Year Ended
	October 31, 2023			April 30, 2023
	(Unaudited)
OPERATIONS
Net investment income	$	2,669,087		$	2,798,218
Net realized gain (loss)		30,151,978			(28,625,725	)
Net change in unrealized depreciation		(105,449,108	)		(22,316,079	)
Net decrease in net assets resulting from operations		(72,628,043	)		(48,143,586	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		—			(1,234,811	)
Institutional Class		—			(9,962,438	)
Net decrease in net assets from distributions		—			(11,197,249	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Investor Class		2,103,721			6,815,397
Institutional Class		23,718,964			97,065,543

Distributions reinvested:
Investor Class		—			1,229,951
Institutional Class		—			9,217,749

Redemption fees:
Investor Class		223			590
Institutional Class		776			10,111

Cost of shares redeemed:
Investor Class		(14,051,701	)		(20,587,851	)
Institutional Class		(54,923,973	)		(130,357,753	)

Net decrease from capital shares transactions		(43,151,990	)		(36,606,263	)

NET DECREASE IN NET ASSETS		(115,780,033	)		(95,947,098	)

NET ASSETS
Beginning of Period/Year		676,212,961			772,160,059
End of Period/Year	$	560,432,928		$	676,212,961

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		619,825			2,037,656
Issued to shareholders in reinvestment of distributions		—			379,614
Redeemed		(4,248,705	)		(6,171,045	)
Net decrease in share transactions		(3,628,880	)		(3,753,775	)

Institutional Class
Issued		7,169,484			28,386,407
Issued to shareholders in reinvestment of distributions		—			2,768,093
Redeemed		(15,960,323	)		(38,623,807	)
Net decrease in share transactions		(8,790,839	)		(7,469,307	)

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund

Statements of Changes in Net Assets

	For the			For the
	Six Months Ended			Year Ended
	October 31, 2023			April 30, 2023
	(Unaudited)
OPERATIONS
Net investment income	$	813,964		$	961,436
Net realized gain (loss)		9,035,283			(7,305,144	)
Net change in depreciation		(32,039,731	)		(21,389,299	)
Net decrease in net assets resulting from operations		(22,190,484	)		(27,733,007	)

DISTRIBUTIONS TO SHAREHOLDERS
Institutional Class		—			(128,741	)
Net decrease in net assets from distributions		—			(128,741	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Investor Class		1,001,124			2,593,183
Institutional Class		13,596,433			34,183,813

Distributions reinvested:
Institutional Class		—			116,486

Redemption fees:
Investor Class		91			27
Institutional Class		2,279			1,562

Cost of shares redeemed:
Investor Class		(3,789,035	)		(5,684,434	)
Institutional Class		(44,191,209	)		(59,269,232	)

Net decrease from capital shares transactions		(33,380,317	)		(28,058,595	)

NET DECREASE IN NET ASSETS		(55,570,801	)		(55,920,343	)

NET ASSETS
Beginning of Period/Year		265,040,447			320,960,790
End of Period/Year	$	209,469,646		$	265,040,447

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		68,905			177,920
Issued to shareholders in reinvestment of distributions		—			—
Redeemed		(267,477	)		(395,196	)
Net decrease in share transactions		(198,572	)		(217,276	)

Institutional Class
Issued		931,514			2,343,747
Issued to shareholders in reinvestment of distributions		—			8,146
Redeemed		(3,014,773	)		(4,098,540	)
Net decrease in share transactions		(2,083,259	)		(1,746,647	)

See accompanying notes to financial statements.

Grandeur Peak Global Stalwarts Fund

Statements of Changes in Net Assets

	For the			For the
	Six Months Ended			Year Ended
	October 31, 2023			April 30, 2023
	(Unaudited)
OPERATIONS
Net investment income	$	458,501		$	339,907
Net realized gain (loss)		395,124			(37,174,210	)
Net change in unrealized appreciation/(depreciation)		(17,314,267	)		(782,805	)
Net decrease in net assets resulting from operations		(16,460,642	)		(37,617,108	)

DISTRIBUTIONS TO SHAREHOLDERS
Return of Capital		—			(323,040	)
Net decrease in net assets from distributions		—			(323,040	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from sales of shares:
Investor Class		1,002,521			4,381,138
Institutional Class		8,124,117			61,912,119

Distributions reinvested:
Institutional Class		—			304,452

Redemption fees:
Investor Class		244			3,549
Institutional Class		27,303			22,409

Cost of shares redeemed:
Investor Class		(6,664,321	)		(19,837,801	)
Institutional Class		(47,798,317	)		(147,754,620	)

Net decrease from capital shares transactions		(45,308,453	)		(100,968,754	)

NET DECREASE IN NET ASSETS		(61,769,095	)		(138,908,902	)

NET ASSETS
Beginning of Period/Year		198,614,613			337,523,515
End of Period/Year	$	136,845,518		$	198,614,613

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		69,435			294,329
Redeemed		(458,166	)		(1,321,990	)
Net decrease in share transactions		(388,731	)		(1,027,661	)

Institutional Class
Issued		575,177			4,074,362
Issued to shareholders in reinvestment of distributions		—			21,084
Redeemed		(3,249,671	)		(9,713,154	)
Net decrease in share transactions		(2,674,494	)		(5,617,708	)

See accompanying notes to financial statements.

Grandeur Peak International Opportunities Fund

Statements of Changes in Net Assets

	For the			For the
	Six Months Ended			Year Ended
	October 31, 2023			April 30, 2023
	(Unaudited)
OPERATIONS
Net investment income	$	3,000,808		$	3,187,352
Net realized gain (loss)		17,861,343			(8,627,989	)
Net change in unrealized depreciation		(110,812,339	)		(35,924,300	)
Net decrease in net assets resulting from operations		(89,950,188	)		(41,364,937	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		—			(12,024	)
Institutional Class		—			(1,283,282	)
Net decrease in net assets from distributions		—			(1,295,306	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from sales of shares:
Investor Class		1,206,320			4,113,677
Institutional Class		15,624,943			125,533,553

Distributions reinvested:
Investor Class		—			11,774
Institutional Class		—			1,149,581

Redemption fees:
Investor Class		15			549
Institutional Class		283			513

Cost of shares redeemed:
Investor Class		(4,132,753	)		(12,851,897	)
Institutional Class		(39,055,366	)		(140,172,258	)

Net increase/(decrease) from capital shares transactions		(26,356,558	)		(22,214,508	)

NET DECREASE IN NET ASSETS		(116,306,746	)		(64,874,751	)

NET ASSETS
Beginning of Period/Year		633,125,253			698,000,004
End of Period/Year	$	516,818,507		$	633,125,253

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		370,803			1,255,558
Issued to shareholders in reinvestment of distributions		—			3,703
Redeemed		(1,267,301	)		(3,983,035	)
Net decrease in share transactions		(896,498	)		(2,723,774	)

Institutional Class
Issued		4,853,962			38,471,407
Issued to shareholders in reinvestment of distributions		—			358,125
Redeemed		(12,008,607	)		(43,196,954	)
Net decrease in share transactions		(7,154,645	)		(4,367,422	)

See accompanying notes to financial statements.

Grandeur Peak International Stalwarts Fund

Statements of Changes in Net Assets

		For the			For the
		Six Months Ended			Year Ended
		October 31, 2023			April 30, 2023
		(Unaudited)
OPERATIONS
Net investment income		$	7,979,011		$	8,587,723
Net realized loss			(23,052,671	)		(67,741,816	)
Net change in unrealized depreciation			(232,957,747	)		(53,374,756	)
Net decrease in net assets resulting from operations			(248,031,407	)		(112,528,849	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class			—			(28,865	)
Institutional Class			—			(3,931,419	)
Net decrease in net assets from distributions			—			(3,960,284	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from sales of shares:
Investor Class			572,755			2,633,104
Institutional Class			154,338,618			599,089,862

Distributions reinvested:
Investor Class			—			28,703
Institutional Class			—			3,830,117

Redemption fees:
Investor Class			327			2,441
Institutional Class			6,145			30,156

Cost of shares redeemed:
Investor Class			(5,832,802	)		(19,013,074	)
Institutional Class	��		(240,026,674	)		(375,516,743	)

Net increase (decrease) from capital shares transactions			(90,941,631	)		211,084,566

NET INCREASE (DECREASE) IN NET ASSETS			(338,973,038	)		94,595,433

NET ASSETS
Beginning of Period/Year			1,728,966,992			1,634,371,559
End of Period/Year		$	1,389,993,954		$	1,728,966,992

OTHER INFORMATION
Shares Transactions
Investor Class
Issued			35,956			159,819
Issued to shareholders in reinvestment of distributions			—			1,810
Redeemed			(368,307	)		(1,141,972	)
Net decrease in share transactions			(332,351	)		(980,343	)

Institutional Class
Issued			9,930,666			37,183,737
Issued to shareholders in reinvestment of distributions			—			239,383
Redeemed			(15,201,967	)		(23,214,152	)
Net increase (decrease) in share transactions			(5,271,301	)		14,208,968

See accompanying notes to financial statements.

Grandeur Peak US Stalwarts Fund

Statements of Changes in Net Assets

	For the			For the
	Six Months Ended			Year Ended
	October 31, 2023			April 30, 2023
	(Unaudited)
OPERATIONS
Net investment income (loss)	$	99,361		$	(146,277	)
Net realized loss		(2,046,157	)		(27,885,294	)
Net change in unrealized appreciation (depreciation)		(2,650,744	)		12,726,238
Net decrease in net assets resulting from operations		(4,597,540	)		(15,305,333	)

DISTRIBUTIONS TO SHAREHOLDERS
Institutional Class		—			(13,503	)
Net decrease in net assets from distributions		—			(13,503	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from sales of shares:
Institutional Class		19,548,992			56,471,344

Distributions reinvested:
Institutional Class		—			11,569

Redemption fees:
Institutional Class		—			1,337

Cost of shares redeemed:
Institutional Class		(17,242,896	)		(68,240,742	)

Net increase (decrease) from capital shares transactions		2,306,096			(11,756,492	)

NET DECREASE IN NET ASSETS		(2,291,444	)		(27,075,328	)

NET ASSETS
Beginning of Period/Year		104,458,717			131,534,045
End of Period/Year	$	102,167,273		$	104,458,717

OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		4,853,962			3,367,288
Issued to shareholders in reinvestment of distributions		—			729
Redeemed		(12,008,607	)		(4,182,186	)
Net decrease in share transactions		(7,154,645	)		(814,169	)

See accompanying notes to financial statements.

Grandeur Peak Emerging Markets Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.58		$	13.21		$	17.70		$	11.07		$	11.82		$	13.05
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.08			0.06			(0.01	)		(0.08	)		0.01			0.01
Net realized and unrealized gain/(loss) on investments		(0.86	)		(0.67	)		(2.48	)		6.71			(0.75	)		(1.13	)
Total income/(loss) from investment operations		(0.78	)		(0.61	)		(2.49	)		6.63			(0.74	)		(1.12	)
DISTRIBUTIONS
From net investment income		—			(0.02	)		—			(0.00	) ^(b)		(0.01	)		(0.02	)
From net realized gain on investments		—			—			(2.00	)		—			—			(0.09	)
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.02	)		(2.00	)		(0.00	) ^(b)		(0.01	)		(0.11	)
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	$	11.80		$	12.58		$	13.21		$	17.70		$	11.07		$	11.82
TOTAL RETURN^(c)		(6.27	^{)% (d)}		(4.62	)%		(16.01	)%		59.92	%		(6.29	)%		(8.48	)%
Net assets, at end of period (000s)	$	7,555		$	8,767		$	10,846		$	15,011		$	10,056		$	13,869
Expenses (excluding fees waived/reimbursed by investment advisor)		1.76	% ^(e)		1.70	%		1.76	%		1.75	%		1.76	%		1.77	%
Expenses (including fees waived/reimbursed by investment advisor)		1.73	% ^(e)		1.68	%		1.63	%		1.68	%		1.74	%		1.76	%
Net investment income/(loss)		1.19	% ^(e)		0.45	%		(0.09	)%		(0.50	)%		0.09	%		0.11	%
PORTFOLIO TURNOVER RATE		27	% ^(d)		32	%		31	%		35	%		24	%		34	%

(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.

Grandeur Peak Emerging Markets Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.72		$	13.35		$	17.83		$	11.14		$	11.88		$	13.12
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.09			0.08			0.03			(0.04	)		0.04			0.03
Net realized and unrealized gain/(loss) on investments		(0.86	)		(0.67	)		(2.51	)		6.67			(0.75	)		(1.14	)
Total income/(loss) from investment operations		(0.77	)		(0.59	)		(2.48	)		6.72			(0.71	)		(1.11	)
DISTRIBUTIONS
From net investment income		—			(0.04	)		—			(0.01	)		(0.03	)		(0.04	)
From net realized gain on investments		—			—			(2.00	)		(0.02	)		—			(0.09	)
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.04	)		(2.00	)		(0.03	)		(0.03	)		(0.13	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	11.95		$	12.72		$	13.35		$	17.83		$	11.14		$	11.88
TOTAL RETURN^(c)		(6.13	^{)% (d)}		(4.42	)%		(15.82	)%		6.30	%		(6.03	)%		(8.32	)%
Net assets, at end of period (000s)	$	395,731		$	416,872		$	485,230		$	623,538		$	389,373		$	452,530
Expenses (excluding fees waived/reimbursed by investment advisor)		1.52	% ^(e)		1.51	%		1.52	%		1.52	%		1.53	%		1.53	%
Expenses (including fees waived/reimbursed by investment advisor)		1.49	% ^(e)		1.48	%		1.39	%		1.45	%		1.51	%		1.52	%
Net investment income/(loss)		1.41	% ^(e)		0.66	%		0.15	%		(0.27	)%		0.29	%		0.29	%
PORTFOLIO TURNOVER RATE		27	% ^(d)		32	%		31	%		35	%		24	%		34	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

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

(c)

(d)

Not annualized.

(e)

Annualized.

See accompanying notes to financial statements.

Grandeur Peak Global Contrarian Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Period Ended
Institutional Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020^(a)
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	13.26		$	13.60		$	15.41		$	8.78		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income^(b)		0.23			0.30			0.20			0.25			0.06
Net realized and unrealized gain/(loss) on investments		(0.39	)		(0.26	)		(1.12	)		6.61			(1.25	)
Total income/(loss) from investment operations		(0.16	)		0.04			(0.92	)		6.86			(1.19	)
DISTRIBUTIONS
From net investment income		—			(0.29	)		(0.14	)		(0.23	)		(0.01	)
From net realized gain on investments		—			(0.09	)		(0.75	)		—			(0.02	)
Return of capital		(0.02	)		—			—			—			—
Total distributions		(0.02	)		(0.38	)		(0.89	)		(0.23	)		(0.03	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(c)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	13.08		$	13.26		$	13.60		$	15.41		$	8.78
TOTAL RETURN^(d)		(1.36	)% ^(e)		0.42	%		(6.51	)%		78.51	%		(11.96	)% ^(e)
Net assets, at end of period (000s)	$	120,674		$	117,406		$	106,129		$	49,403		$	8,861
Expenses (excluding fees waived/reimbursed/recaptured by investment advisor)		1.35	% ^(f)		1.35	%		1.40	%		1.87	%		4.69	%^(f)(g)
Expenses (including fees waived/reimbursed/recaptured by investment advisor)		1.35	% ^(f)		1.35	%		1.35	%		1.35	%		1.35	% ^(f)(g)
Net investment income		3.37	% ^(f)		2.29	%		1.33	%		1.91	%		1.05	% ^(f)
PORTFOLIO TURNOVER RATE		28	% ^(e)		81	%		50	%		54	%		34	% ^(e)

(a)

Grandeur Peak Global Contrarian Fund commenced on September 18, 2019 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 or recaptured 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.

Grandeur Peak Global Explorer Fund	Financial Highlights
For a Share Outstanding Throughout the Year or Periods Presented

	Six Months
	Ended			Year Ended			Period Ended
Institutional Class	October 31, 2023			April 30, 2023			April 30, 2022^(a)
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	7.36		$	7.80		$	10.00

INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(b)		0.02			0.02			(0.01	)
Net realized and unrealized loss on investments		(0.72	)		(0.44	)		(2.19	)
Total loss from investment operations		(0.70	)		(0.42	)		(2.20	)
DISTRIBUTIONS
From net investment income		—			(0.02	)		—
From net realized gain on investments		—			—			—
Return of capital		—			—			—
Total distributions		—			(0.02	)		—
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(c)		0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	6.66		$	7.36		$	7.80
TOTAL RETURN^(d)		(9.51	)%		(5.40	)%		(22.00	)% ^(e)
Net assets, at end of period (000s)	$	10,732		$	12,444		$	9,461
Expenses (excluding fees waived/reimbursed by investment advisor)		4.47	%		3.97	%		2.45	% ^(f)(g)
Expenses (including fees waived/reimbursed by investment advisor)		1.25	%		1.25	%		1.25	% ^(f)(g)
Net investment income/(loss)		0.65	%		0.29	%		(0.16	)% ^(f)
PORTFOLIO TURNOVER RATE		20	%		38	%		8	% ^(e)

(a)

Grandeur Peak Global Explorer 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)

(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.

Grandeur Peak Global Micro Cap Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.44		$	13.49		$	20.65		$	11.05		$	11.31		$	13.12
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.04			0.02			(0.09	)		(0.10	)		0.01			(0.01	)
Net realized and unrealized gain/(loss) on investments		(1.00	)		(1.07	)		(4.24	)		11.17			(0.19	)		(1.08	)
Total income/(loss) from investment operations		(0.96	)		(1.05	)		(4.33	)		11.07			(0.18	)		(1.09	)
DISTRIBUTIONS
From net investment income		—			—			—			(0.14	)		(0.03	)		—
From net realized gain on investments		—			—			(2.83	)		(1.33	)		(0.05	)		(0.72	)
Total distributions		—			—			(2.83	)		(1.47	)		(0.08	)		(0.72	)
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	$	11.48		$	12.44		$	13.49		$	20.65		$	11.05		$	11.31
TOTAL RETURN^(c)		(7.72	)% ^(d)		(7.78	)%		(24.25	)%		102.43	%		(1.62	)%		(7.67	)%
Net assets, at end of period (000s)	$	38,893		$	45,232		$	53,175		$	70,375		$	29,634		$	35,654
Expenses (excluding fees waived/reimbursed by investment advisor)		1.95	% ^(e)		1.85	%		1.94	%		2.02	%		2.06	%		2.05	%
Expenses (including fees waived/reimbursed by investment advisor)		1.95	% ^(e)		1.85	%		1.94	%		2.00	%		2.00	%		2.00	%
Net investment income/(loss)		0.59	% ^(e)		0.13	%		(0.50	)%		(0.62	)%		0.09	%		(0.06	)%
PORTFOLIO TURNOVER RATE		16	% ^(d)		37	%		36	%		36	%		33	%		37	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

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

(c)

(d)

Not annualized.

(e)

Annualized.

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	3.42		$	3.70		$	5.51		$	3.24		$	3.48		$	3.95
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.05			0.01			(0.01	)		(0.02	)		(0.01	) ^(b)		(0.00	) ^(c)
Net realized and unrealized gain/(loss) on investments		(0.44	)		(0.23	)		(0.82	)		2.66			(0.03	)		(0.14	)
Total income/(loss) from investment operations		(0.39	)		(0.22	)		(0.83	)		2.64			(0.04	)		(0.14	)
DISTRIBUTIONS
From net investment income		—			—			—			(0.00	) ^(c)		—			(0.00	) ^(c)
From net realized gain on investments		—			(0.06	)		(0.98	)		(0.37	)		(0.20	)		(0.33	)
Return of capital		—			(0.06	)		(0.98	)		(0.37	)		(0.20	)		(0.33	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(c)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	3.03		$	3.42		$	3.70		$	5.51		$	3.24		$	3.48
TOTAL RETURN^(d)		(11.40	)% ^(e)		(5.99	)%		(19.49	)%		82.94	%		(1.73	)%		(1.83	)%
Net assets, at end of period (000s)	$	53,081		$	72,420		$	92,173		$	131,739		$	92,843		$	130,745
Expenses (excluding fees waived/reimbursed by investment advisor)		1.61	% ^(f)		1.60	%		1.57	%		1.60	%		1.61	%		1.61	%
Expenses (including fees waived/reimbursed by investment advisor)		1.47	% ^(f)		1.54	%		1.45	%		1.51	%		1.57	%		1.57	%
Net investment income/(loss)		1.79	% ^(f)		0.21	%		(0.14	)%		(0.34	)%		(0.17	)%		(0.12	)%
PORTFOLIO TURNOVER RATE		16	% ^(e)		28	%		33	%		47	%		41	%		38	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

(c)

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

(d)

(e)

Not annualized.

(f)

Annualized.

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	3.51		$	3.79		$	5.61		$	3.29		$	3.52		$	4.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income^(a)		0.01			0.02			0.00			0.00			0.00			0.00
Net realized and unrealized gain/(loss) on investments		(0.41	)		(0.24	)		(0.84	)		2.70			(0.03	)		(0.14	)
Total income/(loss) from investment operations		(0.40	)		(0.22	)		(0.84	)		2.70			(0.03	)		(0.14	)
DISTRIBUTIONS
From net investment income		—			(0.00	)		(0.00	)		(0.01	)		��			(0.01	)
From net realized gain on investments		—			(0.06	)		(0.98	)		(0.37	)		(0.20	)		(0.33	)
		—			(0.06	)		(0.98	)		(0.37	)		(0.20	)		(0.34	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	3.11		$	3.51		$	3.79		$	5.61		$	3.29		$	3.52
TOTAL RETURN^(c)		(11.40	)% ^(d)		(5.74	)%		(19.30	)%		83.44	%		(1.42	)%		(1.84	)%
Net assets, at end of period (000s)	$	507,352		$	603,793		$	679,987		$	889,823		$	470,142		$	523,862
Expenses (excluding fees waived/reimbursed by investment advisor)		1.36	% ^(e)		1.36	%		1.34	%		1.35	%		1.37	%		1.37	%
Expenses (including fees waived/reimbursed by investment advisor)		1.31	% ^(e)		1.30	%		1.22	%		1.27	%		1.33	%		1.33	%
Net investment income/(loss)		0.66	% ^(e)		0.44	%		0.09	%		(0.08	)%		0.05	%		0.13	%
PORTFOLIO TURNOVER RATE		16	% ^(d)		28	%		33	%		47	%		41	%		38	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

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

(c)

(d)

Not annualized.

(e)

Annualized.

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.65		$	16.01		$	23.16		$	14.12		$	14.98		$	16.97
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.03			0.02			(0.07	)		(0.07	)		(0.01	) ^(b)		0.01
Net realized and unrealized gain/(loss) on investments		(1.43	)		(1.38	)		(3.77	)		10.79			(0.44	)		(0.58	)
Total income/(loss) from investment operations		(1.40	)		(1.36	)		(3.84	)		10.72			(0.45	)		(0.57	)
DISTRIBUTIONS
From net investment income		—			—			—			(0.01	)		—			(0.00	)^(c)
From net realized gain on investments		—			—			(3.31	)		(1.67	)		(0.41	)		(1.42	)
		—			—			(3.31	)		(1.68	)		(0.41	)		(1.42	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(c)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	13.25		$	14.65		$	16.01		$	23.16		$	14.12		$	14.98
TOTAL RETURN^(d)		(9.56	)% ^(e)		(8.49	)%		(20.17	)%		77.38	%		(3.31	)%		(1.61	)%
Net assets, at end of period (000s)	$	22,183		$	27,427		$	33,459		$	59,164		$	40,307		$	56,307
Expenses (excluding fees waived/reimbursed by investment advisor)		1.57	% ^(f)		1.49	%		1.49	%		1.52	%		1.52	%		1.52	%
Expenses (including fees waived/reimbursed by investment advisor)		1.50	% ^(f)		1.49	%		1.48	%		1.52	%		1.52	%		1.52	%
Net investment income/(loss)		0.45	% ^(f)		0.16	%		(0.32	)%		(0.38	)%		(0.04	)%		0.05	%
PORTFOLIO TURNOVER RATE		21	% ^(e)		42	%		42	%		41	%		32	%		50	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

(c)

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

(d)

(e)

Not annualized.

(f)

Annualized.

See accompanying notes to financial statements.

100

Grandeur Peak Global Reach Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.82		$	16.17		$	23.31		$	14.19		$	15.04		$	17.02
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.05			0.06			(0.02	)		(0.03	)		0.03			0.05
Net realized and unrealized gain/(loss) on investments		(1.44	)		(1.40	)		(3.81	)		10.86			(0.45	)		(0.58	)
Total income/(loss) from investment operations		(1.39	)		(1.34	)		(3.83	)		10.83			(0.42	)		(0.53	)
DISTRIBUTIONS
From net investment income		—			(0.01	)		—			(0.04	)		(0.02	)		(0.03	)
From net realized gain on investments		—			—			(3.31	)		(1.67	)		(0.41	)		(1.42	)
		—			(0.01	)		(3.31	)		(1.71	)		(0.43	)		(1.45	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	13.43		$	14.82		$	16.17		$	23.31		$	14.19		$	15.04
TOTAL RETURN^(c)		(9.38	)% ^(d)		(8.30	)%		(19.99	)%		77.81	%		(3.09	)%		(1.33	)%
Net assets, at end of period (000s)	$	187,287		$	237,614		$	287,502		$	317,828		$	200,988		$	272,743
Expenses (excluding fees waived/reimbursed by investment advisor)		1.30	% ^(e)		1.26	%		1.25	%		1.27	%		1.27	%		1.27	%
Expenses (including fees waived/reimbursed by investment advisor)		1.25	% ^(e)		1.25	%		1.24	%		1.27	%		1.27	%		1.27	%
Net investment income/(loss)		0.70	% ^(e)		0.40	%		(0.09	)%		(0.14	)%		0.21	%		0.29	%
PORTFOLIO TURNOVER RATE		21	% ^(d)		42	%		42	%		41	%		32	%		50	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

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

(c)

(d)

Not annualized.

(e)

Annualized.

See accompanying notes to financial statements.

101

Grandeur Peak Global Stalwarts Fund	Financial Highlights
	For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.47		$	16.51		$	23.26		$	14.26		$	14.83		$	15.06
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.02			(0.01	)		(0.06	)		(0.04	)		(0.01	) ^(b)		0.01
Net realized and unrealized gain/(loss) on investments		(1.60	)		(2.03	)		(4.21	)		9.72			0.31			0.16
Total income/(loss) from investment operations		(1.58	)		(2.04	)		(4.27	)		9.68			(0.32	)		0.17
DISTRIBUTIONS
From net investment income		—			—			—			—			(0.00	)^(c)		—
From net realized gain on investments		(0.03	)		—			(2.48	)		(0.68	)		(0.25	)		(0.40	)
		(0.03	)		—			(2.48	)		(0.68	)		(0.25	)		(0.40	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(c)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	12.87		$	14.47		$	16.51		$	23.26		$	14.26		$	14.83
TOTAL RETURN^(d)		(11.06	)% ^(e)		(12.36	)%		(21.45	)%		68.36	%		(2.22	)%		1.78	%
Net assets, at end of period (000s)	$	22,281		$	30,682		$	51,984		$	103,891		$	85,310		$	90,400
Expenses (excluding fees waived/reimbursed by investment advisor)		1.25	% ^(f)		1.21	%		1.17	%		1.21	%		1.24	%		1.27	%
Expenses (including fees waived/reimbursed by investment advisor)		1.25	% ^(f)		1.21	%		1.17	%		1.21	%		1.24	%		1.27	%
Net investment income/(loss)		0.30	% ^(f)		(0.06	)%		(0.24	)%		(0.23	)%		(0.10	)%		0.05	%
PORTFOLIO TURNOVER RATE		27	% ^(e)		32	%		49	%		50	%		50	%		52	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

(c)

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

(d)

(e)

Not annualized.

(f)

Annualized.

See accompanying notes to financial statements.

102

Grandeur Peak Global Stalwarts Fund	Financial Highlights
	For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.69		$	16.74		$	23.50		$	14.37		$	14.93		$	15.14
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.04			0.03			(0.00	) ^(b)		0.01			0.03			0.04
Net realized and unrealized gain/(loss) on investments		(1.63	)		(2.05	)		(4.28	)		9.80			(0.31	)		0.17
Total income/(loss) from investment operations		(1.58	)		(2.02	)		(4.28	)		9.81			(0.28	)		0.21
DISTRIBUTIONS
From net investment income		—			(0.03	)		—			—			(0.03	)		(0.02	)
From net realized gain on investments		(0.03	)		—			(2.48	)		(0.68	)		(0.25	)		(0.40	)
		(0.03	)		(0.03	)		(2.48	)		(0.68	)		(0.28	)		(0.42	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	13.08		$	14.69		$	16.74		$	23.50		$	14.37		$	14.93
TOTAL RETURN^(c)		(10.96	)% ^(d)		(12.09	)%		(21.26	)%		68.74	%		(2.05	)%		2.08	%
Net assets, at end of period (000s)	$	114,564		$	167,932		$	285,539		$	263,711		$	119,600		$	108,934
Expenses (excluding fees waived/reimbursed by investment advisor)		1.00	% ^(e)		0.94	%		0.93	%		0.96	%		0.99	%		1.02	%
Expenses (including fees waived/reimbursed by investment advisor)		1.00	% ^(e)		0.94	%		0.93	%		0.96	%		0.99	%		1.02	%
Net investment income/(loss)		0.55	% ^(e)		0.21	%		(0.01	)%		0.06	%		0.17	%		0.27	%
PORTFOLIO TURNOVER RATE		27	% ^(d)		32	%		49	%		50	%		50	%		52	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

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

(c)

(d)

Not annualized.

(e)

Annualized.

See accompanying notes to financial statements.

103

Grandeur Peak International Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	3.36		$	3.57		$	5.17		$	3.04		$	3.34		$	4.10
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.01			0.01			(0.01	)		(0.01	)		0.00	^(b)		0.00	^(b)
Net realized and unrealized gain/(loss) on investments		(0.51	)		(0.22	)		(0.94	)		2.30			(0.18	)		(0.38	)
Total income/(loss) from investment operations		(0.50	)		(0.21	)		(0.95	)		2.29			(0.18	)		(0.38	)
DISTRIBUTIONS
From net investment income		—			(0.00	) ^(b)		—			(0.01	)		(0.00	) ^(b)		(0.01	)
From net realized gain on investments		—			—			(0.65	)		(0.15	)		(0.12	)		(0.37	)
		—			(0.00	) ^(b)		(0.65	)		(0.16	)		(0.12	)		(0.38	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	2.86		$	3.36		$	3.57		$	5.17		$	3.04		$	3.34
TOTAL RETURN^(c)		(14.88	)% ^(d)		(5.85	)%		(21.60	)%		75.87	%		(5.79	)%		(7.40	)%
Net assets, at end of period (000s)	$	22,382		$	29,277		$	40,835		$	69,041		$	41,351		$	58,070
Expenses (excluding fees waived/reimbursed by investment advisor)		1.64	% ^(e)		1.60	%		1.60	%		1.60	%		1.61	%		1.62	%
Expenses (including fees waived/reimbursed by investment advisor)		1.60	% ^(e)		1.55	%		1.48	%		1.53	%		1.58	%		1.57	%
Net investment income/(loss)		0.78	% ^(e)		0.29	%		(0.24	)%		(0.27	)%		0.01	%		0.11	%
PORTFOLIO TURNOVER RATE		16	% ^(d)		28	%		26	%		36	%		27	%		34	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

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

(c)

(d)

Not annualized.

(e)

Annualized.

See accompanying notes to financial statements.

104

Grandeur Peak International Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	3.40		$	3.61		$	5.21		$	3.06		$	3.36		$	4.12
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.02			0.02			(0.00	) ^(b)		(0.00	) ^(b)		0.01			0.01
Net realized and unrealized gain/(loss) on investments		(0.52	)		(0.22	)		(0.95	)		2.31			(0.18	)		(0.38	)
Total income/(loss) from investment operations		(0.50	)		(0.20	)		(0.95	)		2.31			(0.17	)		(0.37	)
DISTRIBUTIONS
From net investment income		—			(0.01	)		(0.00	) ^(b)		(0.01	)		(0.01	)		(0.02	)
From net realized gain on investments		—			—			(0.65	)		(0.15	)		(0.12	)		(0.37	)
		—			(0.01	)		(0.65	)		(0.16	)		(0.13	)		(0.39	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	2.90		$	3.40		$	3.61		$	5.21		$	3.06		$	3.36
TOTAL RETURN^(c)		(14.45	)% ^(d)		(5.61	)%		(21.38	)%		76.29	%		(5.60	)%		(7.19	)%
Net assets, at end of period (000s)	$	494,436		$	603,848		$	657,165		$	904,059		$	473,820		$	653,241
Expenses (excluding fees waived/reimbursed by investment advisor)		1.37	% ^(e)		1.36	%		1.35	%		1.36	%		1.37	%		1.37	%
Expenses (including fees waived/reimbursed by investment advisor)		1.33	% ^(e)		1.31	%		1.23	%		1.28	%		1.34	%		1.32	%
Net investment income/(loss)		1.00	% ^(e)		0.51	%		(0.01	)%		(0.02	)%		0.24	%		0.41	%
PORTFOLIO TURNOVER RATE		16	% ^(d)		28	%		26	%		36	%		27	%		34	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

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

(c)

(d)

Not annualized.

(e)

Annualized.

See accompanying notes to financial statements.

105

Grandeur Peak International Stalwarts Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	16.51		$	17.91		$	24.05		$	14.40		$	14.70		$	15.53
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.06			0.05			(0.03	)		(0.00	) ^(b)		0.01			0.04
Net realized and unrealized gain/(loss) on investments		(2.55	)		(1.44	)		(3.93	)		9.70			(0.29	)		(0.53	)
Total income/(loss) from investment operations		(2.49	)		(1.39	)		(3.96	)		9.70			(0.28	)		(0.49	)
DISTRIBUTIONS
From net investment income		—			(0.01	)		—			—			(0.02	)		(0.05	)
From net realized gain on investments		—			—			(2.18	)		(0.05	)		—			(0.29	)
		—			(0.01	)		(2.18	)		(0.05	)		(0.02	)		(0.34	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	14.02		$	16.51		$	17.91		$	9.65		$	14.40		$	14.70
TOTAL RETURN^(c)		(15.08	)% ^(d)		(7.73	)%		(19.07	)%		67.36	%		(1.91	)%		(2.69	)%
Net assets, at end of period (000s)	$	21,717		$	31,075		$	51,250		$	67,688		$	82,289		$	72,204
Expenses (excluding fees waived/reimbursed by investment advisor)		1.17	% ^(e)		1.15	%		1.14	%		1.15	%		1.17	%		1.19	%
Expenses (including fees waived/reimbursed by investment advisor)		1.17	% ^(e)		1.15	%		1.14	%		1.15	%		1.17	%		1.19	%
Net investment income/(loss)		0.75	% ^(e)		0.32	%		(0.13	)%		(0.01	)%		0.04	%		0.26	%
PORTFOLIO TURNOVER RATE		28	% ^(d)		32	%		43	%		33	%		32	%		42	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

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

(c)

(d)

Not annualized.

(e)

Annualized.

See accompanying notes to financial statements.

106

Grandeur Peak International Stalwarts Fund	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020			April 30, 2019
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	16.67		$	18.06		$	24.19		$	14.46		$	14.74		$	15.57
INCOME FROM INVESTMENT OPERATIONS
Net investment income^(a)		0.08			0.09			0.03			0.06			0.05			0.07
Net realized and unrealized gain/(loss) on investments		(2.58	)		(1.44	)		(3.98	)		9.75			(0.29	)		(0.54	)
Total income/(loss) from investment operations		(2.50	)		(1.35	)		(3.95	)		9.81			(0.24	)		(0.47	)
DISTRIBUTIONS
From net investment income		—			(0.04	)		(0.00	) ^(b)		(0.03	)		(0.04	)		(0.07	)
From net realized gain on investments		—			—			(2.18	)		(0.05	)		—			(0.29	)
		—			(0.04	)		(2.18	)		(0.08	)		(0.04	)		(0.36	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD	$	14.17		$	16.67		$	18.06		$	9.73		$	14.46		$	14.74
TOTAL RETURN^(c)		(15.00	)% ^(d)		(7.45	)%		(18.90	)%		67.84	%		(1.63	)%		(2.50	)%
Net assets, at end of period (000s)	$	1,368,277		$	1,697,892		$	1,583,122		$	1,966,043		$	870,916		$	561,100
Expenses (excluding fees waived/reimbursed by investment advisor)		0.92	% ^(e)		0.90	%		0.89	%		0.90	%		0.92	%		0.94	%
Expenses (including fees waived/reimbursed by investment advisor)		0.92	% ^(e)		0.90	%		0.89	%		0.90	%		0.92	%		0.94	%
Net investment income		0.96	% ^(e)		0.55	%		0.13	%		0.31	%		0.32	%		0.51	%
PORTFOLIO TURNOVER RATE		28	% ^(d)		32	%		43	%		33	%		32	%		42	%

(a)

Per share numbers have been calculated using the average shares method.

(b)

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

(c)

(d)

Not annualized.

(e)

Annualized.

See accompanying notes to financial statements.

107

Grandeur Peak US Stalwarts Fund	Financial Highlights
	For a Share Outstanding Throughout the Years or Periods Presented

	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Period Ended
Investor Class	October 31, 2023			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020^(a)
	(Unaudited)
NET ASSET VALUE, BEGINNING OF PERIOD	$	15.73		$	17.65		$	22.71		$	13.15		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(b)		0.01			(0.01	)		(0.03	)		(0.06	)		(0.01	)
Net realized and unrealized gain/(loss) on investments		(0.64	)		(1.91	)		(4.62	)		9.73			3.16
Total income/(loss) from investment operations		(0.63	)		(1.92	)		(4.65	)		9.67			3.15
DISTRIBUTIONS
From net investment income		—			(0.00	)^(c)		—			—			—
From net realized gain on investments		—			—			(0.42	)		(0.11	)		—
		—			(0.00	)^(c)		(0.42	)		(0.11	)		—
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		—			0.00	^(c)		0.01			0.00	^(c)		0.00	^(c)
NET ASSET VALUE, END OF PERIOD	$	15.10		$	15.73		$	17.65		$	9.56		$	13.15
TOTAL RETURN^(d)		(4.01	)% ^(e)		(10.87	)%		(20.93	)%		73.67	%		31.50	% ^(e)
Net assets, at end of period (000s)	$	102,167		$	104,459		$	131,534		$	126,106		$	9,421
Expenses (excluding fees waived/reimbursed by investment advisor)		0.91	% ^(f)		0.90	%		0.91	%		1.11	%		6.23	% ^(f)(g)
Expenses (including fees waived/reimbursed by investment advisor)		0.91	% ^(f)		0.90	%		0.91	%		1.00	%		1.00	% ^(f)(g)
Net investment income/(loss)		0.18	% ^(f)		(0.07	)%		(0.14	)%		0.30	%		(0.53	)% ^(f)
PORTFOLIO TURNOVER RATE		32	% ^(e)		56	%		31	%		24	%		2	% ^(e)

(a)

Grandeur Peak US Stalwarts Fund commenced on March 20, 2020 and reorganized into the Trust on October 20, 2023.

(b)

Per share numbers have been calculated using the average shares method.

(b)

The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

(c)

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

(d)

(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.

108

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

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 (each a “Fund” and collectively the “Funds”) are diversified series of shares of beneficial interest of Grandeur Peak Global Trust, (the “Trust”), a statutory trust organized under the laws of the State of Delaware on October 6, 2023, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Fund reorganized on October 20, 2023 from their predecessor fund to a series of Grandeur Peak Global Trust. The Funds seek long-term growth of capital. The Grandeur Peak Emerging Markets Opportunities Fund’s inception date is December 16, 2023. The Grandeur Peak Global Contrarian Fund’s inception date is September 17, 2019. The Grandeur Peak Global Explorer Fund’s inception date is December 16, 2013. The Grandeur Peak Global Micro Cap Fund’s inception date is October 20, 2015. The Grandeur Peak Global Opportunities Fund’s and Grandeur Peak International Opportunities Fund’s inception date is October 17, 2011. The Grandeur Peak Global Reach Fund’s inception date is June 19, 2013. The Grandeur Peak Global Stalwarts Fund’s and Grandeur Peak International Stalwarts Fund’s inception date is September 1, 2015. The Grandeur Peak US Stalwarts Fund’s inception date is March 19, 2020. Each Fund reorganized into the Trust on October 20, 2023.

The Board of Trustees of the Financial Investors Trust held a Special Meeting of the Shareholders of the Funds, each a series of the Financial Investors Trust (the “Predecessor Funds”), on June 14, 2023, for the purpose of approving an Agreement and Plan of Reorganization and Termination, under which all of the assets of the Predecessor Funds were transferred to a correspondingly named series of Grandeur Peak Global Trust. The transfer (a) exchanged your shares of the Predecessor Fund for shares of the corresponding Fund equivalent in value to the outstanding shares of the Predecessor Fund; and (b) each Fund assumed the liabilities of the relevant Predecessor Fund.

The Funds offer Investor Class and 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.

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 accounting principles generally accepted 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.

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).

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

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

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

109

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

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 securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the “Valuation Designee”). 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 – The 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 the 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.

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.

110

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

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, 2023, 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*	$	370,476,376	$	—	$	—	$	370,476,376
Exchange-Traded Funds		4,265,799		—		—		4,265,799
Total	$	374,742,175	$	—	$	—	$	374,742,175

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Contrarian Fund
Common Stocks*	$	117,972,094	$	—	$	—	$	117,972,094
Total	$	117,972,094	$	—	$	—	$	117,972,094

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Explorer Fund
Common Stocks*	$	10,658,166	$	—	$	—	$	10,658,166
Total	$	10,658,166	$	—	$	—	$	10,658,166

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Micro Cap Fund
Common Stocks*	$	38,689,624	$	—	$	—	$	38,689,624
Total	$	38,689,624	$	—	$	—	$	38,689,624

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Opportunities Fund
Common Stocks*	$	551,609,461	$	—	$	—	$	551,609,461
Preferred Stocks		—		—		1,923,136		1,923,136
Total	$	551,609,461	$	—	$	1,923,136	$	553,532,597

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Reach Fund
Common Stocks*	$	200,736,966	$	—	$	786,666	$	201,523,632
Preferred Stocks		—		—		1,892,203		1,892,203
Total	$	200,736,966	$	—	$	2,678,869	$	203,415,835

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Stalwarts Fund
Common Stocks*	$	133,860,533	$	—	$	1,022,666	$	134,883,199
Preferred Stocks		—		—		1,626,979		1,626,979
Total	$	133,860,533	$	—	$	2,649,645	$	136,510,178

111

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak International Opportunities Fund
Common Stocks*	$	508,339,555	$	—	$	—	$	508,339,555
Total	$	508,339,555	$	—	$	—	$	508,339,555

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak International Stalwarts Fund
Common Stocks*	$	1,357,118,976	$	—	$	—	$	1,357,118,976
Total	$	1,357,118,976	$	—	$	—	$	1,357,118,976

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak US Stalwarts Fund
Common Stocks*	$	98,712,199	$	—	$	550,666	$	99,262,865
Preferred Stocks		—		—		626,088		626,088
Total	$	98,712,199	$	—	$	1,176,754	$	99,888,953

For a detailed country breakdown, see the accompanying Schedule 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 Opportunities Fund	Common Stocks		Preferred Stocks		Total
Balance as of April 30, 2023	$	—	$	1,923,136	$	1,923,136
Accrued discount/ premium		—		—		—
Realized Gain (Loss)		—		—		—
Change in Unrealized Appreciation (Depreciation)		—		—		—
Purchases		—		—		—
Sales Proceeds		—		—		—
Transfer in/out Level 3		—		—		—
Balance as of October 31, 2023	$	—	$	1,923,136	$	1,923,136
Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to
Level 3 investments held at October 31, 2023	$	—	$	—	$	—

Grandeur Peak Global Reach Fund	Common Stocks		Preferred Stocks		Total
Balance as of April 30, 2023	$	786,666	$	1,892,203	$	2,678,869
Accrued discount/ premium		—		—		—
Realized Gain (Loss)		—		—		—
Change in Unrealized Appreciation (Depreciation)		—		—		—
Purchases		—		—		—
Sales Proceeds		—		—		—
Transfer in/out Level 3		—		—		—
Balance as of October 31, 2023	$	786,666	$	1,892,203	$	2,678,869
Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to
Level 3 investments held at October 31, 2023	$	—	$	—	$	—

Grandeur Peak Global Stalwarts Fund	Common Stocks		Preferred Stocks		Total
Balance as of April 30, 2023	$	1,022,666	$	1,626,979	$	2,649,645
Accrued discount/ premium		—		—		—
Realized Gain (Loss)		—		—		—
Change in Unrealized Appreciation (Depreciation)		—		—		—
Purchases		—		—		—
Sales Proceeds		—		—		—
Transfer in/out Level 3		—		—		—
Balance as of October 31, 2023	$	1,022,666	$	1,626,979	$	2,649,645
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to
Level 3 investments held at October 31, 2023	$	—	$	—	$	—

112

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

Grandeur Peak US Stalwarts Fund	Common Stocks		Preferred Stocks		Total
Balance as of April 30, 2023	$	550,666	$	626,088	$	1,176,754
Accrued discount/ premium		—		—		—
Realized Gain (Loss)		—		—		—
Change in Unrealized Appreciation (Depreciation)		—		—		—
Purchases		—		—		—
Sales Proceeds		—		—		—
Transfer in/out Level 3		—		—		—
Balance as of October 31, 2023	$	550,666	$	626,088	$	1,176,754
Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2023	$	—	$	—	$	—

The table below provides additional information about the Level 3 Fair Value Measurements as of October 31, 2023:

Quantitative Information about Level 3 Fair Value Measurements

Grandeur Peak Global Opportunities Fund

	Fair Value (USD) at
Asset Class	10/31/23		Valuation Technique	Unobservable Inputs^(a)	Value/Range
Preferred Stocks	$	1,923,136	Market Approach	Enterprise Value-to-Sales Multiple	4.00x

Grandeur Peak Global Reach Fund

	Fair Value (USD) at
Asset Class	10/31/23		Valuation Technique	Unobservable Inputs^(a)	Value/Range
Common Stocks	$	786,666	Discount/Third Party Valuation	Third-Party Valuation	Discounted Partnership Interest
Preferred Stocks	$	912,077	Market Approach	Enterprise Value-to-Sales Multiple	4.00x
Preferred Stocks	$	980,126	Market Approach	Enterprise Value-to-Sales Multiple	4.80x

Grandeur Peak Global Stalwarts Fund

	Fair Value (USD) at
Asset Class	10/31/23		Valuation Technique	Unobservable Inputs^(a)	Value/Range
Common Stocks	$	1,022,666	Discount/Third Party Valuation	Third-Party Valuation	Discounted Partnership Interest
Preferred Stocks	$	482,814	Market Approach	Enterprise Value-to-Sales Multiple	4.00x
Preferred Stocks	$	1,144,164	Market Approach	Enterprise Value-to-Sales Multiple	4.80x

Grandeur Peak US Stalwarts Fund

	Fair Value (USD) at
Asset Class	10/31/23		Valuation Technique	Unobservable Inputs^(a)	Value/Range
Common Stocks	$	550,666	Discount/Third Party Valuation	Third-Party Valuation	Discounted Partnership Interest
Preferred Stocks	$	626,088	Market Approach	Enterprise Value-to-Sales Multiple	4.80x

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.

113

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (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, 2023.

g. Special Purpose Vehicle - The Funds may invest in a Special Purpose Vehicle (a “SPV”). A SPV is a separate legal entity created by an organization. The SPV is a distinct company with its own assets and liabilities, as well as its own legal status. Usually, they are created for a specific objective, often to isolate financial risk. As it is a separate legal entity, if the parent company goes bankrupt, the special purpose vehicle can carry on.

h. Cash Management Transactions – The Funds subscribe to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of October 31, 2023, the Funds had the following cash balances participating in the BBH CMS:

Fund
Grandeur Peak Emerging Markets Opportunities Fund	$	62,717
Grandeur Peak Global Contrarian Fund		674,067
Grandeur Peak Global Explorer Fund		606
Grandeur Peak Global Micro Cap Fund		278
Grandeur Peak Global Opportunities Fund		381,291
Grandeur Peak Global Reach Fund		9,762
Grandeur Peak Global Stalwarts Fund		—
Grandeur Peak International Opportunities Fund		338,637
Grandeur Peak International Stalwarts Fund		892,442
Grandeur Peak US Stalwarts Fund		4,635

114

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

As of October 31, 2023, the Funds had the following foreign cash balances 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	$	23,404,173
Grandeur Peak Global Contrarian Fund		1,003,294
Grandeur Peak Global Explorer Fund		154,554
Grandeur Peak Global Micro Cap Fund		69,588
Grandeur Peak Global Opportunities Fund		3,322,693
Grandeur Peak Global Reach Fund		4,969,072
Grandeur Peak Global Stalwarts Fund		—
Grandeur Peak International Opportunities Fund		8,318,308
Grandeur Peak International Stalwarts Fund		30,364,672
Grandeur Peak US Stalwarts Fund		2,266,861

i. Federal Income Taxes – It is each Fund’s policy to continue to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and gains, if any, to its shareholders and therefore, no provision for federal income tax has been made. Each Fund is treated as a separate taxpayer for federal income tax purposes. The Funds recognize the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years of 2021 through 2023, or expected to be taken in the Funds’ April 30, 2024 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, 2023, the Funds did not incur any interest or penalties.

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

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

l. Foreign Taxes – Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income.

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

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

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

115

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

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, 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.

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		1.10%
Grandeur Peak Global Micro Cap Fund		1.50%
Grandeur Peak Global Opportunities Fund		1.25%
Grandeur Peak Global Reach Fund		1.10%
Grandeur Peak Global Stalwarts Fund		0.80%
Grandeur Peak International Opportunities Fund		1.25%
Grandeur Peak International Stalwarts Fund		0.80%
Grandeur Peak US Stalwarts Fund		0.75%

116

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

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 Fund’s service providers (other than the Advisor))) at a certain level through October 6, 2024. 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 the Funds’ expense cap.

Fund		Expense Cap
Grandeur Peak Emerging Markets Opportunities Fund
Investor Class		1.95%
Institutional Class		1.70%
Grandeur Peak Global Contrarian Fund
Institutional Class		1.35%
Grandeur Peak Global Explorer Fund
Institutional Class		1.25%
Grandeur Peak Global Micro Cap Fund
Institutional Class		2.00%
Grandeur Peak Global Opportunities Fund
Investor Class		1.75%
Institutional Class		1.50%
Grandeur Peak Global Reach Fund
Investor Class		1.50%
Institutional Class		1.25%
Grandeur Peak Global Stalwarts Fund
Investor Class		1.35%
Institutional Class		1.10%
Grandeur Peak International Opportunities Fund
Investor Class		1.75%
Institutional Class		1.50%
Grandeur Peak International Stalwarts Fund
Investor Class		1.35%
Institutional Class		1.10%
Grandeur Peak US Stalwarts Fund
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 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 Adviser 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. Additional fees waived by the Advisor for the six months ended October 31, 2023 are disclosed in the Statements of Operations.

117

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

For the six months ended October 31, 2023, the fee waivers/reimbursements and/or recoupments were as follows:

	Fees		Recoupment of
	Waived/Reimbursed By		Previously Waived Fees
Fund	Advisor		by Advisor
Grandeur Peak Emerging Markets Opportunities Fund	$	74,601	$	—
Grandeur Peak Global Contrarian Fund		—		45,374
Grandeur Peak Global Explorer Fund		197,205		—
Grandeur Peak Global Micro Cap Fund		778		—
Grandeur Peak Global Opportunities Fund		186,587		—
Grandeur Peak Global Reach Fund		61,796		—
Grandeur Peak Global Stalwarts Fund		—		—
Grandeur Peak International Opportunities Fund		125,722		—
Grandeur Peak International Stalwarts Fund		—		—
Grandeur Peak US Stalwarts Fund		—		—

As of October 31, 2023, the Advisor has waived/reimbursed expenses that may be recovered no later than April 30 of the years indicated below:

Fund	Expires 2024		Expires 2025		Expires 2026		Total
Grandeur Peak Emerging Markets Opportunities Fund	$	—	$	—	$	—	$	—
Grandeur Peak Global Contrarian Fund		109,006		40,900		—		149,906
Grandeur Peak Global Explorer Fund		—		39,713		280,910		320,623
Grandeur Peak Global Micro Cap Fund		—		—		—		—
Grandeur Peak Global Opportunities Fund		—		—		—		—
Grandeur Peak Global Reach Fund		—		49,396		28,389		77,785
Grandeur Peak Global Stalwarts Fund		—		—		—		—
Grandeur Peak International Opportunities Fund		—		—		—		—
Grandeur Peak International Stalwarts Fund		—		—		—		—
Grandeur Peak US Stalwarts Fund		625		—		—		625

Each Fund was reorganized on October 20, 2023 from a series of Financial Investors Trust to a series of Grandeur Peak Global 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. Prior to October 20, 2023, ALPS Distributors, Inc. (“ADI”) acted as the distributor of the Funds’ shares pursuant to a Distribution Agreement with the Financial Investors Trust. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission. The following table reflects the Funds incurred distribution fees for the six months ended October 31, 2023.

Fund	Distribution Fees
Grandeur Peak Emerging Markets Opportunities Fund	$	10,757
Grandeur Peak Global Contrarian Fund		—
Grandeur Peak Global Explorer Fund		—
Grandeur Peak Global Micro Cap Fund		—
Grandeur Peak Global Opportunities Fund		80,731
Grandeur Peak Global Reach Fund		33,565
Grandeur Peak Global Stalwarts Fund		33,871
Grandeur Peak International Opportunities Fund		32,657
Grandeur Peak International Stalwarts Fund		34,369
Grandeur Peak US Stalwarts Fund		—

118

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

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. Prior to October 20, 2023, ALPS Fund Services, Inc. (“ALPS”) served as administrator to the Funds providing operational services to the Funds including, but not limited to, fund accounting, fund administration and transfer agency and generally assists in the Funds’ operations.

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. Prior to October 20, 2023, ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and received an annual base fee. ALPS was reimbursed for certain out-of-pocket expenses by the Funds.

Printing Services

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

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, 2023 were as follows:

			Proceeds From Sales of
Fund	Purchases of Securities		Securities
Grandeur Peak Emerging Markets Opportunities Fund	$	111,362,813	$	121,353,379
Grandeur Peak Global Contrarian Fund		45,194,374		33,615,987
Grandeur Peak Global Explorer Fund		2,403,660		2,788,563
Grandeur Peak Global Micro Cap Fund		7,001,051		9,883,608
Grandeur Peak Global Opportunities Fund		102,044,949		129,470,801
Grandeur Peak Global Reach Fund		48,791,973		77,027,863
Grandeur Peak Global Stalwarts Fund		48,213,198		89,106,965
Grandeur Peak International Opportunities Fund		92,537,799		107,318,795
Grandeur Peak International Stalwarts Fund		455,349,262		525,264,954
Grandeur Peak US Stalwarts Fund		37,544,449		35,236,429

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 of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the share do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

Shares redeemed within 60 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. For the six months ended October 31, 2023, the redemption fees charged by the Funds are presented in the Statement of Changes in Net Assets.

119

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

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:

	Aggregate Cost for							Net Unrealized
	Federal Tax		Gross Unrealized		Gross Unrealized			Appreciation/
Fund	Purposes		Appreciation		Depreciation			(Depreciation)
Grandeur Peak Emerging Markets Opportunities Fund	$	359,353,855	$	57,589,726	$	(42,201,406	)	$	15,388,320
Grandeur Peak Global Contrarian Fund		129,781,525		7,735,128		(19,544,559	)		(11,809,431	)
Grandeur Peak Global Explorer Fund		12,863,024		532,987		(2,737,845	)		(2,204,858	)
Grandeur Peak Global Micro Cap Fund		41,262,939		5,386,410		(7,959,725	)		(2,573,315	)
Grandeur Peak Global Opportunities Fund		540,867,975		96,878,380		(84,213,758	)		12,664,622
Grandeur Peak Global Reach Fund		201,221,509		35,583,323		(33,388,997	)		2,194,326
Grandeur Peak Global Stalwarts Fund		137,350,079		19,922,287		(20,762,188	)		(839,901	)
Grandeur Peak International Opportunities Fund		521,778,848		73,538,121		(86,977,414	)		(13,439,293	)
Grandeur Peak International Stalwarts Fund		1,422,585,650		138,163,413		(203,630,087	)		(65,466,674	)
Grandeur Peak US Stalwarts Fund		104,110,333		9,892,218		(14,113,598	)		(4,221,380	)

Reclassifications: As of April 30, 2023, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and are primarily attributed to tax equalization. The reclassifications were as follows:

				Distributable
Fund	Paid-in Capital			Earnings
Grandeur Peak Emerging Markets Opportunities Fund	$	95,417		$	(95,417	)
Grandeur Peak Global Contrarian Fund		—			—
Grandeur Peak Global Explorer Fund		—			—
Grandeur Peak Global Micro Cap Fund		(70,275	)		70,275
Grandeur Peak Global Opportunities Fund		—			—
Grandeur Peak Global Reach Fund		(11,291	)		11,291
Grandeur Peak Global Stalwarts Fund		(144,252	)		144,252
Grandeur Peak International Opportunities Fund		—			—
Grandeur Peak International Stalwarts Fund		—			—
Grandeur Peak US Stalwarts Fund		(185,212	)		185,212

120

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

Components of Earnings: As of April 30, 2023, components of distributable earnings on a tax basis were as follows:

									Net Unrealized
									Appreciation/
			Accumulated			Other			(Depreciation) on			Total
	Undistributed		Capital			Accumulated			Investments and			Distributable
Fund	Ordinary Income		Gains/(Losses)			Gain/(Loss)			Foreign Currency			Earnings
Grandeur Peak Emerging
Markets Opportunities Fund	$	—	$	8,794,327		$	1,529,448		$	48,443,800		$	58,767,575
Grandeur Peak Global Contrarian Fund		1,000,254		(11,020,894	)		—			(530,950	)		(10,551,590	)
Grandeur Peak Global Explorer Fund		24,088		(1,500,267	)		—			(1,247,469	)		(2,723,648	)
Grandeur Peak Global Micro Cap Fund		—		(2,688,892	)		(46,560	)		2,133,964			(601,488	)
Grandeur Peak Global Opportunities Fund		901,833		(33,747,224	)		—			118,082,553			85,237,162
Grandeur Peak Global Reach Fund		—		(11,004,017	)		—			34,188,904			23,184,887
Grandeur Peak Global Stalwarts Fund		—		(37,871,516	)		(21,353	)		16,456,396			(21,436,473	)
Grandeur Peak International Opportunities Fund		714,729		(18,895,819	)		—			97,339,509			79,158,419
Grandeur Peak International Stalwarts Fund		2,842,788		(79,373,810	)		—			167,474,266			90,943,244
Grandeur Peak US Stalwarts Fund		—		(30,273,474	)		(78,540	)		(1,570,587	)		(31,922,601	)

Tax Basis of Distributions to Shareholders: The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Funds.

The tax character of distributions paid by the Funds for the year ended April 30, 2023 were as follows:

			Long-Term Capital
Fund	Ordinary Income		Gain		Return of Capital
Grandeur Peak Emerging Markets Opportunities Fund	$	926,920	$	316,164	$	—
Grandeur Peak Global Contrarian Fund		1,928,652		574,678		—
Grandeur Peak Global Explorer Fund		24,043		—		—
Grandeur Peak Global Micro Cap Fund		—		—		—
Grandeur Peak Global Opportunities Fund		691,880		10,505,369		—
Grandeur Peak Global Reach Fund		128,741		—		—
Grandeur Peak Global Stalwarts Fund		—		—		323,040
Grandeur Peak International Opportunities Fund		1,295,306		—		—
Grandeur Peak International Stalwarts Fund		3,960,284		—		—
Grandeur Peak US Stalwarts Fund		13,503		—		—

121

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

The tax character of distributions paid by the Funds for the year ended April 30, 2022 were as follows:

			Long-Term Capital
Fund	Ordinary Income		Gain		Return of Capital
Grandeur Peak Emerging Markets Opportunities Fund	$	726,332	$	68,462,853	$	549,374
Grandeur Peak Global Contrarian Fund		3,862,022		1,773,223		—
Grandeur Peak Global Explorer Fund		—		—		—
Grandeur Peak Global Micro Cap Fund		805,398		8,908,310		—
Grandeur Peak Global Opportunities Fund		13,505,418		162,339,284		—
Grandeur Peak Global Reach Fund		5,530,237		52,203,184		—
Grandeur Peak Global Stalwarts Fund		4,870,113		39,430,293		—
Grandeur Peak International Opportunities Fund		12,992,299		108,524,120		—
Grandeur Peak International Stalwarts Fund		2,961,918		178,478,056		—
Grandeur Peak US Stalwarts Fund		1,608,892		1,295,457		—

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

Fund	Capital Losses Recognized
Grandeur Peak Emerging Markets Opportunities Fund	$	—
Grandeur Peak Global Contrarian Fund		9,449,037
Grandeur Peak Global Explorer Fund		650,311
Grandeur Peak Global Micro Cap Fund		2,688,892
Grandeur Peak Global Opportunities Fund		12,234,886
Grandeur Peak Global Reach Fund		7,965,844
Grandeur Peak Global Stalwarts Fund		25,545,628
Grandeur Peak International Opportunities Fund		10,966,568
Grandeur Peak International Stalwarts Fund		59,952,517
Grandeur Peak US Stalwarts Fund		17,249,892

The Funds elect to defer to the period ending April 30, 2024, capital losses recognized during the period 11/1/2022 - 04/30/2023 in the amount of:

Fund	Capital Losses Recognized
Grandeur Peak Emerging Markets Opportunities Fund	$	—
Grandeur Peak Global Contrarian Fund		1,571,857
Grandeur Peak Global Explorer Fund		849,956
Grandeur Peak Global Micro Cap Fund		46,560
Grandeur Peak Global Opportunities Fund		21,512,338
Grandeur Peak Global Reach Fund		3,038,173
Grandeur Peak Global Stalwarts Fund		12,325,888
Grandeur Peak International Opportunities Fund		7,929,251
Grandeur Peak International Stalwarts Fund		19,421,293
Grandeur Peak US Stalwarts Fund		13,023,582

122

Grandeur Peak Funds^®	Notes to Financial Statements
	October 31, 2023 (Unaudited)

The following Funds elect to defer to the period ending April 30, 2024, late year ordinary losses in the amount of:

Fund	Capital Losses Recognized
Grandeur Peak Emerging Markets Opportunities Fund	$	—
Grandeur Peak Global Contrarian Fund		—
Grandeur Peak Global Explorer Fund		—
Grandeur Peak Global Micro Cap Fund		46,560
Grandeur Peak Global Opportunities Fund		257,734
Grandeur Peak Global Reach Fund		—
Grandeur Peak Global Stalwarts Fund		21,353
Grandeur Peak International Opportunities Fund		—
Grandeur Peak International Stalwarts Fund		—
Grandeur Peak US Stalwarts Fund		78,540

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 and address of any person who owns of record or beneficially 5% or more of the outstanding shares of each class of the Fund as of October 31, 2023:

Fund	Shareholder Name	Percentage of Interest
Grandeur Peak Emerging Markets Opportunities Fund	National Financial Services, LLC	34.5%
	Charles Schwab & Co. Inc.	21.0%
Grandeur Peak Global Contrarian Fund	Charles Schwab & Co. Inc.	53.6%
	National Financial Services, LLC	25.3%
Grandeur Peak Global Explorer Fund	Grandeur Peak Global Advisors, LLC	31.7%
	Charles Schwab & Co. Inc.	31.1%
Grandeur Peak Global Micro Cap Fund	Charles Schwab & Co. Inc.	25.5%
Grandeur Peak Global Opportunities Fund	Charles Schwab & Co. Inc.	43.1%
Grandeur Peak Global Reach Fund	Charles Schwab & Co. Inc.	31.2%
Grandeur Peak Global Stalwarts Fund	National Financial Services, LLC	38.1%
	Charles Schwab & Co. Inc.	32.2%
Grandeur Peak International Opportunities Fund	National Financial Services, LLC	28.5%
Grandeur Peak US Stalwarts Fund	Charles Schwab & Co. Inc.	54.4%
	Saxon & co.	33.9%

RECENT REGULATORY UPDATES

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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.

123

Grandeur Peak Funds^®	Disclosure Regarding Approval
	of Fund Advisory Agreement
	October 31, 2023 (Unaudited)

Approval of Advisory Agreement – Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund, Grandeur Peak US Stalwarts Fund, and Grandeur Peak Global Explorer Fund*

In connection with a meeting held on February 23, 2023, 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 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”), Grandeur Peak US Stalwarts Fund (“US Stalwarts”), and Grandeur Peak Global Explorer Fund (“Global Explorer”) (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.

Nature, Extent and Quality of Service. The Board observed that the Adviser was founded in 2011 and managed approximately $6.2 billion in assets as of December 31, 2022. The Board reviewed the background information of the key investment professionals that would service the Funds and noted their educational backgrounds, years of financial industry experience, and broad investment backgrounds. The Board discussed that the Adviser’s investment process was highly fundamental and involved independent research that relied on proprietary screens, hands-on evaluations, earnings growth modeling, and other information derived from in-person meetings with portfolio companies’ management personnel. The Board observed that the Adviser ultimately strived to identify high quality growth companies with long term potential and invest 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, noting that best execution required the consideration of the full range and quality of a broker’s services. The Board noted that the Adviser represented that it had no material regulatory, compliance or litigation issues over the past 36 months. After further discussion, the Board agreed that the Adviser had the resources necessary to provide quality service to each Fund.

124

Grandeur Peak Funds^®	Disclosure Regarding Approval
	of Fund Advisory Agreement
	October 31, 2023 (Unaudited)

Performance.

Emerging Markets—The Board reviewed the performance information regarding the predecessor fund of Emerging Markets. The Board acknowledged that the predecessor fund was a 4-star Morningstar rated fund that outperformed its peer group, Morningstar category and benchmark over the 5-year and since inception periods. The Board observed that the predecessor fund underperformed its peer group, Morningstar category and benchmark over the 1-year period. The Board recalled that the Adviser attributed underperformance to a focus on growth, quality, and small-cap stocks which were out of favor in 2022. The Board further noted that the predecessor fund outperformed its peer group and Morningstar category over the 3-year period and performed on par with its benchmark over the same period. The Board concluded that the Adviser could be expected to provide satisfactory performance for Emerging Markets.

Global Contrarian—The Board reviewed the performance information regarding the predecessor fund to Global Contrarian. The Board acknowledged that the predecessor fund was a 4-star Morningstar rated fund and outperformed its Morningstar category, peer group, and the MSCI ACWI Small Cap Index across all periods. The Board also considered the performance of the MSCI ACWI Small Cap Value Index compared to that of the Fund. The Board concluded that the Adviser could be expected to provide satisfactory performance for Global Contrarian.

Global Micro Cap—The Board reviewed the performance information regarding the predecessor fund to Global Micro Cap. The Board acknowledged that the predecessor fund was a 5-star Morningstar rated fund and outperformed its peer group over the 1-year period but underperformed its benchmark and Morningstar category over the same period. The Board recalled that the Adviser attributed underperformance to its focus on growth, quality, and small cap stocks which were out of favor in 2022 compared to its peer funds that used different investment styles. The Board acknowledged that the predecessor fund outperformed its peer group, Morningstar category and benchmark across all other periods. The Board concluded that the Adviser could be expected to provide satisfactory performance for Global Micro Cap.

Global Opportunities—The Board reviewed the performance information regarding the predecessor fund and Global Opportunities. The Board acknowledged that the predecessor fund was a 4-star Morningstar rated fund and underperformed its peer group, Morningstar category and benchmark over the 1-year period but outperformed each across all other periods. The Board recalled the Adviser’s position that the market shift from growth stocks to value stocks was the largest detractor from performance in 2022. The Board concluded that the Adviser could be expected to provide satisfactory performance for Global Opportunities.

Global Reach—The Board reviewed the performance information regarding the predecessor fund to Global Reach. The Board observed that the predecessor fund was a 3-star Morningstar rated fund. The Board noted that the predecessor fund underperformed its peer group, Morningstar category, and benchmark over the 1-year period. The Board noted that the predecessor fund outperformed its Morningstar category and benchmark over the 3-year period and performed on par with its peer group over the same period. The Board further noted that the predecessor fund outperformed its Morningstar category and benchmark over the 5-year period but underperformed its peer group over the same period. The Board observed that the predecessor fund outperformed its peer group, Morningstar category and benchmark over the since inception period. The Board recalled the Adviser’s position that the market shift from growth stocks to value stocks was the largest detractor from performance in 2022. The Board concluded that the Adviser could be expected to provide satisfactory performance for Global Reach.

125

Grandeur Peak Funds^®	Disclosure Regarding Approval
	of Fund Advisory Agreement
	October 31, 2023 (Unaudited)

Global Stalwarts—The Board reviewed the performance information regarding the predecessor fund to Global Stalwarts. The Board observed that the predecessor fund was a 3-star Morningstar rated fund. The Board noted that the predecessor fund underperformed its peer group, Morningstar category, and benchmark over the 1-year, 3-year, and 5-year periods. The Board observed that the predecessor fund outperformed its Morningstar category, peer group, and benchmark over the since inception period. The Board recalled the Adviser’s position that the market shift from growth stocks to value stocks was the largest detractor from performance in 2022 and that the predecessor fund performed worse than other funds due to its stronger bent towards quality stocks. The Board concluded that the Adviser could be expected to provide satisfactory performance for Global Stalwarts over a full market cycle.

International Opportunities— The Board reviewed the performance information regarding the predecessor fund to International Opportunities. The Board observed that the predecessor fund was a 4-star Morningstar rated fund. The Board noted that the predecessor fund underperformed its peer group, Morningstar category, and the MSCI ACWI Small GR Index over the 1-year period. The Board observed that the predecessor fund outperformed its peer group and Morningstar category over the 3-year and 5-year periods but underperformed the MSCI ACWI Small GR Index over the same periods. The Board observed that the predecessor fund outperformed its Morningstar category, peer group, and the MSCI ACWI Small GR Index over the since inception period. The Board also considered that the Adviser provided data showing the predecessor fund underperformed the MSCI ACWI ex-USA Small Cap Index over the 1-year period but outperformed the index across all other periods. The Board discussed the Adviser’s view that the MSCI ACWI ex-USA Small Cap Index was a better comparison to International Opportunities because the predecessor fund invested primarily in small- and micro-cap companies economically tied to countries outside the United States, and under normal market conditions, these companies will be tied to at least five of the countries included in the MSCI ACWI ex-USA Small Cap Index. The Board recalled the Adviser’s position that the market shift from growth stocks to value stocks was the largest detractor from performance in 2022. The Board concluded that the Adviser could be expected to provide satisfactory performance for International Opportunities.

International Stalwarts—The Board reviewed the performance information regarding the predecessor fund to International Stalwarts. The Board observed that the predecessor fund was a 4-star Morningstar rated fund. The Board noted that the predecessor fund underperformed its peer group, Morningstar category, and the MSCI ACWI ex USA Mid Cap Index over the 1-year period but outperformed each benchmark across all other periods. The Board recalled the Adviser’s position that the market shift from growth stocks to value stocks was the largest detractor from performance in 2022 and that the predecessor fund performed worse than other funds due to its even stronger bent towards quality. The Board concluded that the Adviser could be expected to provide satisfactory performance for International Stalwarts.

US Stalwarts—The Board reviewed the performance information regarding the predecessor fund to US Stalwarts. The Board noted that the predecessor fund underperformed its peer group, Morningstar category, and benchmark over the 1-year period. The Board observed that the predecessor fund outperformed its Morningstar category and peer group over the since inception period but underperformed its benchmark over the same period. The Board recalled the Adviser’s position that the market shift from growth stocks to value stocks was the largest detractor from performance in 2022. The Board concluded that the Adviser could be expected to provide satisfactory performance for US Stalwarts.

Global Explorer—The Board reviewed the performance information regarding the predecessor fund to Global Explorer. The Board acknowledged that the predecessor fund underperformed its Morningstar category, peer group, and benchmark over the 1-year and since inception periods. The Board recalled the Adviser’s position that the market shift from growth stocks to value stocks was the largest detractor from performance in 2022 which coincided with the launch of the predecessor fund. The Board concluded that the Adviser could be expected to provide satisfactory performance for Global Explorer.

126

Grandeur Peak Funds^®	Disclosure Regarding Approval
	of Fund Advisory Agreement
	October 31, 2023 (Unaudited)

Fees and Expenses. The Board observed that the Adviser’s proposed advisory fee for each Fund was identical to the fee charged by the Adviser to each Fund’s predecessor fund.

Emerging Markets—The Board observed that the Adviser’s proposed advisory fee for Emerging Markets was higher than the advisory fee of Emerging Markets’ peer group and Morningstar category averages and medians. The Board commented that Emerging Markets’ net expense ratio was also higher than its peer group and Morningstar category medians and averages. The Board noted that the Adviser attributed the higher fees to capacity constraints and the extensive involvement of personnel and resources needed to analyze a wider variety of potential investments than its peers. The Board further noted the Adviser’s position that Emerging Markets was one of the smaller funds among its peers. The Board acknowledged that the Adviser proposed to limit the operating expenses of Emerging Markets’ Investor Class shares and Institutional Class shares to 1.95% and 1.70%, respectively.

Global Contrarian— The Board noted that the proposed advisory fee and net expense ratio were higher than the medians and averages of its peer group and Morningstar category but below the highs of each. The Board noted that the Adviser attributed the higher fees to capacity constraints and the extensive involvement of personnel and resources needed to analyze a wider variety of potential investments than its peers. The Board acknowledged that the Adviser proposed to limit the operating expenses of Global Contrarian’s Institutional Class shares to 1.35%.

Global Micro Cap—The Board observed that the Adviser’s proposed advisory fee for Global Micro Cap was higher than the advisory fee of Global Micro Cap’s peer group and Morningstar category averages and medians. The Board commented that Global Micro Cap’s net expense ratio was also higher than its peer group and Morningstar category medians and averages. The Board noted that the Adviser attributed the higher fees to capacity constraints and the extensive involvement of personnel and resources needed to analyze a wider variety of potential investments than its peers. The Board acknowledged that the Adviser proposed to limit the operating expenses of Global Micro Cap’s Institutional Class shares to 2.00%.

Global Opportunities— The Board noted that the proposed advisory fee and net expense ratio were higher than the medians and averages of its peer group and Morningstar category. The Board noted that the Adviser attributed the higher fees to capacity constraints and the extensive involvement of personnel and resources needed to analyze a wider variety of potential investments than its peers. The Board compared the Adviser’s fees with the fees charged by the Adviser to manage a limited partnership with a strategy similar to that of Global Opportunities, acknowledging that private funds had less regulatory requirements and other terms that made it difficult to compare the costs of managing Global Opportunities. The Board recalled the Adviser’s position that it had structured the fees for the private fund such that the net fee received by the Adviser would be roughly equivalent to the fee received from Global Opportunities. The Board acknowledged that the Adviser proposed to limit the operating expenses of Global Opportunities’ Investor Class shares and Institutional Class shares to 1.75% and 1.50%, respectively.

Global Reach— The Board noted that the proposed advisory fee and net expense ratio were higher than the medians and averages of Global Reach’s peer group and Morningstar category but below the highs of each. The Board noted that the Adviser attributed the higher fees to capacity constraints and the extensive involvement of personnel and resources needed to analyze a wider variety of potential investments than its peers. The Board acknowledged the Adviser’s advisory fee was higher than the fee charged by the Adviser for similar managed accounts due to the lower operating costs and regulatory requirements required to operate separate accounts. The Board acknowledged that the Adviser proposed to limit the operating expenses of Global Reach’s Investor Class shares and Institutional Class shares to 1.50% and 1.25%, respectively.

127

Grandeur Peak Funds^®	Disclosure Regarding Approval
	of Fund Advisory Agreement
	October 31, 2023 (Unaudited)

Global Stalwarts— The Board noted that the proposed advisory fee and net expense ratio were lower than the medians and averages of Global Stalwarts’ peer group and Morningstar category. The Board acknowledged the Adviser’s advisory fee was higher than the fee charged by the Adviser for similar managed accounts due to the lower operating costs and regulatory requirements required to operate large separate accounts. The Board recalled the Adviser’s position that it had structure the fees for similar managed accounts such that the net fee received by the Adviser would be roughly equivalent to the fee received from a mutual fund. The Board acknowledged that the Adviser proposed to limit the operating expenses of Global Stalwarts’ Investor Class shares and Institutional Class shares to 1.35% and 1.10%, respectively.

International Opportunities— The Board noted that the proposed advisory fee and net expense ratio were higher than the medians and averages of International Opportunities’ peer group and Morningstar category but below the highs of each. The Board noted that the Adviser attributed the higher fees to capacity constraints and the extensive involvement of personnel and resources needed to analyze a wider variety of potential investments than its peers. The Board acknowledged the Adviser’s advisory fee was higher than the fee charged by the Adviser for similar managed accounts due to the lower operating costs and regulatory requirements required to operate large separate accounts. The Board recalled the Adviser’s position that it had structure the fees for similar managed accounts such that the net fee received by the Adviser would be roughly equivalent to the fee received from a mutual fund. The Board acknowledged that the Adviser proposed to limit the operating expenses of International Opportunities’ Investor Class shares and Institutional Class shares to 1.75% and 1.50%, respectively.

International Stalwarts— The Board noted that the proposed advisory fee and net expense ratio were lower than the medians and averages of International Stalwarts’ peer group and Morningstar category. The Board acknowledged the Adviser’s advisory fee was higher than the fee charged by the Adviser for similar managed accounts and similarly managed limited partnership due to the lower operating costs and regulatory requirements in managing large separate accounts and investment products. The Board recalled the Adviser’s position that it had structured the fees for different investment products with similar strategies such that the net fee received by the Adviser would be roughly equivalent to the fee received from managing International Stalwarts. The Board acknowledged that the Adviser proposed to limit the operating expenses of International Stalwarts’ Investor Class shares and Institutional Class shares to 1.35% and 1.10%, respectively.

US Stalwarts— The Board noted that the proposed advisory fee was below the peer group average, equivalent to the peer group and Morningstar category median, and slightly above the Morningstar category average. The Board observed that US Stalwarts’ net expense ratio was equal to its peer group average but higher than peer group median and Morningstar category median and average. The Board noted that the Adviser attributed the higher fees to capacity constraints and the extensive involvement of personnel and resources needed to analyze a wider variety of potential investments than its peers. The Board acknowledged that the Adviser proposed to limit the operating expenses of US Stalwarts’ Institutional Class shares to 1.00%.

Global Explorer— The Board noted that the proposed advisory fee and net expense ratio were higher than the medians and averages of its Morningstar category and peer group but below the highs of each. The Board noted that the Adviser attributed the higher fees to capacity constraints and the extensive involvement of personnel and resources needed to analyze a wider variety of potential investments than its peers. The Board acknowledged the Adviser’s advisory fee was higher than the fee charged by the Adviser for similar managed accounts due to the lower operating costs and regulatory requirements involved with managing large separate accounts. The Board acknowledged that the Adviser proposed to limit the operating expenses of Global Explorer’s Institutional Class shares to 1.25%.

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

128

Grandeur Peak Funds^®	Disclosure Regarding Approval
	of Fund Advisory Agreement
	October 31, 2023 (Unaudited)

Economies of Scale. The Board discussed the anticipated size of each Fund and their respective prospects for growth. The Board noted the Adviser’s position that it had competitively priced its management fee at inception in order to effectively provide the benefits of economies to shareholders prior to achieving scale. The Board acknowledged the Adviser’s general concerns regarding capacity constraints and the possibility of soft and/or hard closes for some of the Funds. The Board agreed to monitor and revisit the issue at the appropriate time.

Profitability. The Board reviewed the Adviser’s projected profitability analysis in connection with the operation of each Fund individually and whether the amount of profit was a fair entrepreneurial profit with respect to the services to be provided to each Fund. The Board also considered the benefits that could be derived by the Adviser from its soft dollar arrangements. The Board recognized that the Adviser expected to realize a reasonable profit over the initial term of the Advisory Agreement with respect to each Fund except that the Adviser expected to manage Global Explorer at a loss over the initial term of the Advisory Agreement. 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 estimated profits for each Fund, both in terms of actual dollars and as a percent of total revenue, would not be excessive.

Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that approval of the Advisory Agreement was in the best interest of future shareholders of each Fund.

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

129

ATTACHMENT 13.A - GRANDEUR PEAK PRIVACY POLICY

PRIVACY NOTICE

February 2023

PRIVACY NOTICE

FACTS	WHAT DOES GRANDEUR PEAK GLOBAL TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	Social Security number Assets Retirement Assets Transaction History Checking Account Information	Purchase History Account Balances Account Transactions Wire Transfer Instructions
	When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Grandeur Peak Global Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Grandeur Peak Global Trust share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions?

Call (631) 490-4300

130

Who we are
Who is providing this notice?	Grandeur Peak Global Trust
What we do
How does Grandeur Peak Global Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Grandeur Peak Global Trust collect my personal information?	We collect your personal information, for example, when you ● Open an account ● Provide account information ● Give us your contact information ● Make deposits or withdrawals from your account ● Make a wire transfer ● Tell us where to send the money ● Tells us who receives the money ● Show your government-issued ID ● Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● Sharing for affiliates’ everyday business purposes – information about your creditworthiness ● Affiliates from using your information to market to you ● Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Grandeur Peak Global Trust does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial

131

PROXY VOTING POLICY

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-855-377-PEAK (7325) or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

Each Fund files its complete portfolio of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-855-377-PEAK (7325).

132

(LOGO)

Contact Us
Mail:	Grandeur Peak Funds, P.O. Box 13664, Denver, CO 80201	E-Mail:	grandeurpeakglobal@alpsinc.com
Phone:	1.855.377.PEAK (7325)	Web:	www.GrandeurPeakGlobal.com

GP-SAR23

(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 Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments.

(a)

Schedule of investments in securities of unaffiliated issuers is included under Item 1.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(a)(3) Not applicable.

(b) Certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Grandeur Peak Global Trust

By (Signature and Title)

/s/ Brian Curley

Brian Curley, Principal Executive Officer/President

Date 1/3/2024

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 1/3/2024

By (Signature and Title)

/s/ Richard Gleason

Richard Gleason, Principal Financial Officer/Treasurer

Date 1/3/2024

Grandeur Peak Global Trust N-CSRSCertified semi-annual shareholder report (management investment company)