Grandeur Peak Global Trust NCSR Certified 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)

CT 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: 4/30

Date of reporting period: 4/30/24

Item 1. Reports to Stockholders.

(COVER PAGE)

(LOGO)

TABLE OF CONTENTS

Shareholder Letter	1
Performance Update	13
Disclosure of Fund Expenses	43
Schedule of Investments
Grandeur Peak Emerging Markets Opportunities Fund	45
Grandeur Peak Global Contrarian Fund	48
Grandeur Peak Global Explorer Fund	50
Grandeur Peak Global Micro Cap Fund	55
Grandeur Peak Global Opportunities Fund	58
Grandeur Peak Global Reach Fund	61
Grandeur Peak Global Stalwarts Fund	66
Grandeur Peak International Opportunities Fund	69
Grandeur Peak International Stalwarts Fund	72
Grandeur Peak US Stalwarts Fund	75
Statements of Assets and Liabilities	77
Statements of Operations	79
Statement of Changes in Net Assets
Grandeur Peak Emerging Markets Opportunities Fund	81
Grandeur Peak Global Contrarian Fund	82
Grandeur Peak Global Explorer Fund	83
Grandeur Peak Global Micro Cap Fund	84
Grandeur Peak Global Opportunities Fund	85
Grandeur Peak Global Reach Fund	86
Grandeur Peak Global Stalwarts Fund	87
Grandeur Peak International Opportunities Fund	88
Grandeur Peak International Stalwarts Fund	89
Grandeur Peak US Stalwarts Fund	90
Financial Highlights
Grandeur Peak Emerging Markets Opportunities Fund	91
Grandeur Peak Global Contrarian Fund	93
Grandeur Peak Global Explorer Fund	94
Grandeur Peak Global Micro Cap Fund	95
Grandeur Peak Global Opportunities Fund	96
Grandeur Peak Global Reach Fund	98
Grandeur Peak Global Stalwarts Fund	100
Grandeur Peak International Opportunities Fund	102
Grandeur Peak International Stalwarts Fund	104
Grandeur Peak US Stalwarts Fund	106
Notes to Financial Statements	107
Report of Independent Registered Public Accounting Firm	121
Additional Information	123
Privacy Policy	125
Trustees and Officers	127

136 S. MAIN STREET, SUITE 720
SALT LAKE CITY, UT 84101

Dear Fellow Shareholders,

After finishing calendar 2023 with a strong 4th quarter performance in absolute and relative terms, we entered 2024 believing that the wind was finally back in our small cap sails and that we would see the price performance of the portfolios recouple with the fundamental earnings growth captured over the past several years. Unfortunately, this was not the case in the first four months of 2024.

Given the global breadth of our investment opportunity set, we recognize there are always numerous factors impacting performance results. Some factors are macro-economic in nature while others are micro related or company specific. While top-down and bottom -up factors are always somewhat interconnected, there are periods through every market cycle when macro-related turbulence has a more pronounced impact on investor sentiment and company-specific stock performance. This has been the case in small-cap investing over the last few years.

Price-Earnings Correlation

The first factor we see is a dislocation of the price-earnings correlation ¹. The long-term price-earnings correlation across equity markets is above 0.9 (e.g., it is 0.97 for the S&P 500 Index² dating back to 1957), which suggests that earnings growth can be a strong predictor of long - term equity price performance. The historical three-year average price-earnings correlation of the MSCI ACWI Small Cap Index³ is 0.65, significantly lower than the long-term correlation, but still reasonably strong. However, over the past three years, the correlation of the MSCI ACWI Small Cap Index has been negative at -0.4 (see Exhibit 1), implying that there has been an inverse

Correlation is a statistical measure that expresses the extent to which two variables are related. Correlation measures the strength in relations between two variables. A correlation of 1 indicates a perfect relationship, a correlation of -1 indicates a perfect inverse relationship. A correlation of 0 indicates no relationship.

The S&P 500 Index is a market index which includes the value of 500 corporations listed on the New York Stock Exchange and the NASDAQ. As a group, the Index is often considered a gauge of the strength of the US economy.

The MSCI ACWI Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally.

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relationship between price and earnings during the period. This breakdown in the price-earnings relationship for an extended period, but which we believe will have to re -align at some point, has continued longer than we expected and is frustrating to us and our clients.

Exhibit 1

MSCI ACWI Small Cap Index Rolling Price-Earning Correlations

(LINE GRAPH)

Source: FactSet, MSCI, 04/30/24

Stock-Bond Correlation

Another macro factor affecting current global markets is the change in stock -bond market correlations. Exhibit 2 below illustrates the rolling three-year price correlation between global equities and US bond prices as represented by the Bloomberg Aggregate Bond Index price⁴.

⁴

The Bloomberg Aggregate Bond Index is a broad-based fixed income index used as a benchmark to track the performance of the US investment-grade bond market including both corporate and government bonds.

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Despite conventional investment wisdom, which suggests that bonds may provide diversification⁵ or a counterbalance to equities, zigging when equities zag, the relationship between stocks and bonds has been inconsistent over time. Over the last three years, the equity -US bond correlation has been high across markets. The correlation has been especially high for global small cap stocks at +0.86. We believe this indicates that small cap equity market prices are largely being driven by changes or expected changes in US interest rates. So, while stock prices have a long history of being driven by earnings growth over the long-run, earnings growth has recently taken a back seat to US interest rates in the short-run.

Exhibit 2

(LINE GRAPH)

Source: FactSet, MSCI, 04/30/24

⁵

Diversification is a risk management strategy based on creating a portfolio that contains a mix of investment types and asset classes, with the objective of reducing the risk of holding any individual securities.

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Shift in US Interest Rate Expectations

A third factor affecting this year’s performance was the expectations regarding the US interest rates. Mapping the changes in the expectation for the Fed interest rate policy to the corresponding equity market performance illustrates this year’s strong relationship between stocks and bonds. Following the Fed’s aggressive 2022-23 monetary tightening campaign, investors have anxiously awaited inflation containment, which would allow the Fed to reverse course and lower interest rates. For much of 2023, the market expressed the view (via the futures⁶ markets) that the Fed would lower interest rates three times, in 0.25% increments, in 2024. Then in mid-October 2023, some signs of economic weakness and moderating inflation prompted the market to increase the number of expected 2024 rate cuts from three to seven. This shift in expectations fueled a late 2023 equity market rally. Small cap stocks, which tend to be more negatively impacted by higher interest rates, benefited from the change in sentiment and delivered a +19.2 percent return, as seen in the Nov-Dec 2023 return of the MSCI ACWI Small Cap Index, meaningfully outperforming larger cap market indices.

However, higher than expected inflation during the first quarter of 2024, coupled with some signs of economic stability, prompted the Fed to temper expectations for aggressive rate cutting in 2024. As a result, the market significantly scaled back the number of rate cuts it expected from the Fed in 2024 (Exhibit 3). In response, global small cap markets gave back the late 2023 outperformance and lagged the US and larger cap global markets in 1Q ’24, as shown in Exhibit 4.

⁶

A future contract is a type of derivative investment based on an agreement to buy or sell a specific underlying asset at a set future date. The potential return is generated from the value of the underlying asset. The Futures Market is a marketplace where the contracts are bought and sold, typically used to speculate on the change in price of the underlying security.

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Exhibit 3

2024 Expected Rate Cuts

(BAR GRAPH)

Source: Bloomberg, SFRZ4 Future, April 2024

Comment: US money market futures on the 3-month US SOFR (secured overnight lending rate) serve as a good gauge for the market’s expectations about the future path of the Fed Funds rate. In this graph, the Dec ’24 SOFR futures contract was pricing in three or four 0.25% rate cuts by the Fed in Oct ’23. In Dec ’23, the same contract priced in six or seven rate cuts by the end of ’24 and then reverted back to three or four expected ’24 rate cuts by the end of April 2024.

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Exhibit 4

2023-24 Global Equity Market Returns

(BAR GRAPH)

Source: MSCI, FactSet, April 2024

High US Short-Term Interest Rates Continue to Draw Money to the Market Sidelines

A fourth factor affecting this year’s performance is the draw to money market funds⁷. High US short-term interest rates continue to lure investors away from higher risk asset classes, such as small-cap equities, and into money market funds, which currently offer attractive yields with little to no price fluctuation. In 2023 alone, over $1 trillion dollars piled into US money market funds, an all-time high.

⁷

A Money Market Fund is a mutual fund that invests in highly liquid, near-term investments including cash and cash equivalents. They tend to offer high liquidity with a low level of risk.

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Exhibit 5

US Money Markets - AUM and Flows

(BAR GRAPH)

Source: Morningstar Direct, April 2024

Continued Dollar Strength

A final factor affecting this year’s performance is the ongoing strength of the US Dollar. Higher interest rates in the US continue to attract foreign investments, bolstering US equity markets and strengthening the US Dollar, thus penalizing US investors’ unhedged foreign market returns even more. The US Dollar’s effective exchange rate continues to trend near 4-decade highs. With few exceptions, the Dollar strengthened versus most major market currencies in 1Q ’24. Asian currencies realized the largest declines. The Chinese Renminbi and Japanese Yen both depreciated by over 7 percent versus the US Dollar during the period. See Exhibit 6.

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Exhibit 6

U.S. Dollar Effective Exchange Rate

(LINE GRAPH)

Source: https://stats.bis.org, April 2024; An increase indicates an appreciation of the economy’s currency against a broad basket of currencies where the year 2020=value of 100.

Fund Performance & Attribution

See full performance on pages 13-42.

Emerging Markets Opportunities: For the year, the Institutional share class was +2.58%, while the benchmark was +15.81%. The Fund outperformed in “friend shoring” countries like South Korea, Vietnam, and Thailand, but lost ground in the larger emerging market countries like India, Taiwan, and Brazil. Across sectors, the Fund benefited from its holdings in Materials and Consumer Staples, but underperformed in Industrials, Consumer Discretionary and Health Care.

Global Contrarian: For the year, the Fund was +16.28%, while the benchmark was +12.15%. The Fund outperformed across Materials, Financials, and Consumer. The main sector of underperformance was Industrials. While many countries contributed to the outperformance, the largest drivers were stocks in the United States, India, and Vietnam. China and France were a drag on performance over the time period.

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Global Explorer: For the year, the Fund was +4.05%, while the benchmark was +12.15%. The Fund struggled across sectors and geographies due to the bigger issues at play as outlined in the prior section. Despite its underweight to the United States, stock picking resulted in the largest contribution to excess return at the country level. Japan and the United Kingdom were the largest detractors to performance. On the sector front, Consumer Staples was the bright spot, with Industrials being by far the largest detractor, followed by Technology.

Global Micro Cap: For the year, the Fund was +7.40%, while the MSCI ACWI Small Cap Index was +12.15% and the MSCI World Micro Cap Index was +3.80%. The Fund’s performance in Japan and Taiwan were detractors, while Nordic countries plus India provided the most positive contribution to the Fund. Materials and Health Care were the largest contributors at the sector level while Technology, Industrials, and Financials underperformed.

Global Opportunities/International Opportunities: For the year, the Global Opportunities Fund Institutional share class was -1.01%, while the benchmark was +12.15%. The International Opportunities Fund Institutional share class was -3.85%, while the benchmark was +10.08%. The Funds struggled across sectors and geographies due to the bigger issues at play as outlined in the prior section. In both Global and International Opportunities, Industrials and Technology were the largest detracting sectors, for which the slightly positive contribution from Real Estate, Materials, and Consumer could not compensate. Both Funds also faced the same largest detractors of the United Kingdom, Japan, and India.

Global Reach: For the year, the Fund was +4.11%, while the benchmark was +12.15%. The Fund struggled across sectors and geographies due to the bigger issues at play as outlined in the prior section. Despite its underweight to the United States, stock picking resulted in the largest contribution to excess return at the country level. Japan, China, and the United Kingdom were the largest detractors to performance. On the sector front, Consumer Staples was the bright spot, with Industrials being by far the largest detractor, followed by Health Care.

Global Stalwarts/International Stalwarts: For the year, the Global Stalwarts Fund Institutional share class was +5.31%, while the benchmark was 12.51%. The International Stalwarts Fund Institutional share class was +1.13%, while the benchmark was +7.76%. The Funds struggled across sectors and geographies due to the bigger issues at play as outlined in the prior section.

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In both Funds, Industrials was by far the largest detractor, while Technology, where we have a large overweight, had a slight positive contribution. Japan and the UK were the largest detractors from performance for both funds.

US Stalwarts: For the year, the Fund was +14.43%, while the benchmark was +17.20%. Industrials and Consumer were the largest detractors but were almost fully offset by positive excess returns in Health Care, Technology, and Financials.

Business Update

We strongly believe in the importance of being invested alongside our clients. Our portfolio managers have a large portion of their personal assets invested in the Grandeur Peak Funds. They tend to spread their investments across all of the Grandeur Peak Funds given our collaborative approach. Roughly half of their Grandeur Peak Fund investments are invested in the funds they manage directly, and the other half is allocated across the remaining Grandeur Peak Funds.

In many firms like ours, the partners would take the opportunity to withdraw the majority of the firm’s profits as a return on their invested capital. Our firm has instead reinvested over the years a) to create and maintain a healthy rainy-day fund to ensure our staying power, and b) to invest significantly in the Grandeur Peak Funds as an incentive for the next generation and to confirm our belief in the firm’s long-term perspective.

We encourage and support our team in seeking further education by providing annual individual learning budgets and supporting our team in graduate school programs. Dane Nielson finished his MBA at Cambridge Business School last summer and returned to Grandeur Peak full-time. Preston Williams will be finishing his MBA at Columbia Business School this spring and will also re-join the Grandeur Peak team full-time. Meanwhile, Alexis Watson and Ayden Richards, recently became the 11^th and 12^th members of our team to become a CFA® charter holders.

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

Sincerely,

Your Grandeur Peak Team

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.

There is no assurance that these opinions or forecasts will come to pass, and past performance is no assurance of future results.

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. Diversification does not eliminate the risk of experiencing investment loss.

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

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or consequential caused by the use of this information. Past performance does not guarantee future results.

CFA® is a trademark owned by CFA Institute. The Chartered Financial Analyst (CFA) designation is issued by the CFA Institute. Candidates must meet one of the following prerequisites: undergraduate degree and 4 years of professional experience involving investment decision -making, or 4 years qualified work experience (full time, but not necessarily investment related). Candidates are then required to undertake extensive self-study programs (250 hours of study for each of the 3 levels) and pass examinations for all 3 levels.

Grandeur Peak Funds are distributed by Northern Lights Distributors LLC (Member FINRA), which is not affiliated with Grandeur Peak Global Advisors, LLC.

Grandeur Peak Emerging Markets Opportunities Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024

					Since	Expense Ratio^(b)
	1 Year	3 Years	5 Years	10 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Emerging Markets Opportunities Fund – Investor (GPEOX)	2.30%	-6.39%	4.21%	4.04%	4.41%	1.75%	1.72%
Grandeur Peak Emerging Markets Opportunities Fund – Institutional (GPEIX)	2.58%	-6.18%	4.46%	4.28%	4.65%	1.50%	1.47%
MSCI Emerging Markets SMID Cap Index^(d)	15.81%	0.71%	6.31%	4.28%	4.55%
MSCI Emerging Markets IMI Index^(e)	11.96%	-4.23%	3.14%	3.63%	3.68%

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.

(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 Fund’s 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. As part as the same Expense Agreement, the Adviser has agreed through at least October 6, 2024, to waive annual management fees of 1.35% to 1.00% to the extent that the assets of the Fund exceed an average daily net asset level of $400 million. This waiver of management fees is not subject to recapture by the Adviser. The Fund’s total annual operating expenses, before fee waivers and/or expense reimbursements, are 1.75% and 1.50% for Investor Shares and Institutional Shares, respectively, per the October 20, 2023 prospectus. 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
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30,2 024. 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
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
Asia ex Japan		69.6	%
Latin America		13.3	%
North America		6.7	%
Europe		5.6	%
Africa/Middle East		1.5	%
Cash, Cash Equivalents, & Other Net Assets		3.3	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
Silergy Corp		3.3	%
FPT Corp		3.1	%
Sporton International, Inc.		2.5	%
Techtronic Industries Co Limited		2.5	%
Regional SAB de cv		2.3	%
Inter Cars SA		2.1	%
Sinbon Electronics Co., Limited		2.1	%
Globant S.A.		2.0	%
Patria Investments Limited Class A		1.8	%
Grupo Mateus SA		1.6	%
		23.3	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Contrarian Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024


			Since	Expense Ratio^(b)
	1 Year	3 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Contrarian Fund – Institutional (GPGCX)	16.28%	2.97%	12.40%	1.35%	1.35%
MSCI ACWI Small Cap Index^(d)	12.15%	-0.69%	7.70%
MSCI ACWI ex-US Small Cap Index^(e)	10.08%	-1.13%	6.75%
MSCI ACWI Small Cap Value Index^(f)	13.50%	2.14%	7.74%

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.

(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 Fund’s 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. The Fund’s total annual operating expenses is 1.35% per the October 20, 2023 prospectus.

(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
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30, 2024. 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.

Grandeur Peak Global Contrarian Fund	Performance Update
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
Asia ex Japan		32.3	%
Europe		23.7	%
North America		20.2	%
Japan		11.9	%
Australia/New Zealand		5.9	%
Latin America		4.3	%
Africa/Middle East		1.0	%
Cash, Cash Equivalents, & Other Net Assets		0.7	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
Petershill Partners PLC		4.7	%
Riverstone Holdings Ltd.		4.3	%
Plover Bay Tech		3.5	%
Beenos Inc		2.7	%
BayCurrent Consulting, Inc.		2.7	%
China Yongda Automobiles Services Holdings Limited 50		2.1	%
Chaoju Eye Care Holdings Ltd		2.1	%
Perella Weinberg Partners		2.0	%
Bank of N.T. Butterfield & Son Ltd. (The)		2.0	%
FPT Corp		1.9	%
		28.0	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Explorer Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024

		Since	Expense Ratio^(b)
	1 Year	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Explorer Fund – Institutional (GPGEX)	4.05%	-10.55%	3.45%	1.25%
MSCI ACWI Small Cap Index^(d)	12.15%	-0.37%
MSCI ACWI IMI Index^(e)	17.37%	2.76%

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.

(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 Fund’s 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. 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. The Fund’s total annual operating expenses, before fee waivers and/or expense reimbursements, are 3.45% per the October 20, 2023 prospectus.

(d)

The MSCI ACWI Small Cap Index is designed to measure the equity market 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 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
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30, 2024. 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.

Grandeur Peak Global Explorer Fund	Performance Update
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
North America		30.4	%
Europe		29.7	%
Asia ex Japan		19.9	%
Japan		12.3	%
Latin America		4.0	%
Australia/New Zealand		2.6	%
Africa/Middle East		0.7	%
Cash, Cash Equivalents, & Other Net Assets		0.4	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
Sporton International, Inc.		1.1	%
FPT Corp		1.1	%
JTC plc		1.0	%
B & M European Value Retail SA		1.0	%
Virbac SA		1.0	%
Volution Group PLC		0.9	%
Darktrace plc		0.9	%
BayCurrent Consulting, Inc.		0.9	%
Elastic N.V.		0.8	%
GQG Partners Inc		0.8	%
		9.5	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Micro Cap Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024

				Since	Expense Ratio^(b)
	1 Year	3 Years	5 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Micro Cap Fund – Institutional (GPMCX)	7.40%	-9.14%	8.36%	8.26%	1.85%	1.85%
MSCI ACWI Small Cap Index^(d)	12.15%	-0.69%	6.97%	8.00%
MSCI ACWI ex-US Small Cap Index^(e)	10.08%	-1.13%	5.94%	6.38%
MSCI World Micro Cap Index^(f)	3.80%	-6.69%	4.85%	6.25%

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.

(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 Fund’s 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. The Fund’s total annual operating expenses are 1.85% per the October 20, 2023 prospectus.

(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
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30, 2024. 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.

Grandeur Peak Global Micro Cap Fund	Performance Update
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
Europe		31.2	%
Japan		24.0	%
Asia ex Japan		20.1	%
North America		14.0	%
Australia/New Zealand		8.6	%
Latin America		0.7	%
Africa/Middle East		0.5	%
Cash, Cash Equivalents, & Other Net Assets		0.9	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
Pennant Group, Inc. (The)		2.7	%
Gulf Oil Lubricants India Ltd.		2.7	%
Beenos Inc		2.4	%
Kogan.com Ltd		2.4	%
Fiducian Group Ltd		2.4	%
Swedencare AB		2.3	%
Barrett Business Services, Inc.		2.1	%
Sun* Inc		1.9	%
ULS Group Inc		1.8	%
Oro Co Ltd		1.7	%
		22.4	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Opportunities Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024

					Since	Expense Ratio^(b)
	1 Year	3 Years	5 Years	10 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Opportunities Fund – Investor (GPGOX)	-1.03%	-9.18%	6.13%	6.82%	10.24%	1.60%	1.54%
Grandeur Peak Global Opportunities Fund – Institutional (GPGIX)	-1.01%	-9.02%	6.37%	7.02%	10.51%	1.35%	1.29%
MSCI ACWI Small Cap Index^(d)	12.15%	-0.69%	6.97%	6.94%	9.37%
MSCI ACWI IMI Index^(e)	17.37%	4.11%	9.62%	8.53%	10.25%

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.

(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 Fund’s 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. As part as the same Expense Agreement, the Adviser has agreed through at least October 6, 2024, to waive annual management fees of 1.25% to 1.00% to the extent that the assets of the Fund exceed an average daily net asset level of $500 million. This waiver of management fees is not subject to recapture by the Adviser. The Fund’s total annual operating expenses, before fee waivers and/or expense reimbursements, are 1.60% and 1.35% for Investor Shares and Institutional Shares, respectively, per the October 20, 2023 prospectus.

(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
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30, 2024. 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.

Grandeur Peak Global Opportunities Fund	Performance Update
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
Europe		39.1	%
North America		26.8	%
Asia ex Japan		15.3	%
Japan		13.0	%
Latin America		2.8	%
Australia/New Zealand		0.2	%
Africa/Middle East		0.2	%
Cash, Cash Equivalents, & Other Net Assets		2.6	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
B & M European Value Retail SA		3.7	%
Littelfuse, Inc.		3.0	%
Virbac SA		2.5	%
BayCurrent Consulting, Inc.		1.7	%
CVS Group plc		1.6	%
Melexis NV		1.5	%
Volution Group PLC		1.5	%
Vietnam Technological & Comm Joint-stock Bank		1.4	%
Qualys, Inc.		1.3	%
Silergy Corp		1.3	%
		19.5	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Reach Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024

					Since	Expense Ratio^(b)
	1 Year	3 Years	5 Years	10 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Reach Fund – Investor (GPROX)	3.77%	-8.82%	5.39%	6.41%	8.10%	1.50%	1.50%
Grandeur Peak Global Reach Fund – Institutional (GPRIX)	4.11%	-8.59%	5.65%	6.67%	8.36%	1.25%	1.25%
MSCI ACWI Small Cap Index^(d)	12.15%	-0.69%	6.97%	6.94%	7.97%
MSCI ACWI IMI Index^(e)	17.37%	4.11%	9.62%	8.53%	9.30%

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.

(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 Fund’s 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. The Fund’s total annual operating expenses are 1.50% and 1.25% for Investor Shares and Institutional Shares, respectively, per the October 20, 2023 prospectus.

(d)

(e)

Grandeur Peak Global Reach Fund	Performance Update
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30, 2024. 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.

Grandeur Peak Global Reach Fund	Performance Update
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
North America		27.9	%
Europe		30.6	%
Asia ex Japan		20.6	%
Japan		10.2	%
Latin America		3.6	%
Australia/New Zealand		2.2	%
Africa/Middle East		1.2	%
Cash, Cash Equivalents, & Other Net Assets		3.7	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
B & M European Value Retail SA		1.6	%
BayCurrent Consulting, Inc.		1.5	%
Virbac SA		1.2	%
Darktrace plc		1.1	%
JTC plc		1.1	%
Silergy Corp		0.9	%
Ares Management Corporation Class A		0.8	%
Perella Weinberg Partners		0.8	%
Sporton International, Inc.		0.8	%
Petershill Partners PLC		0.8	%
		10.6	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak Global Stalwarts Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024

				Since	Expense Ratio^(b)
	1 Year	3 Years	5 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Stalwarts Fund – Investor (GGSOX)	5.09%	-10.23%	3.54%	7.39%	1.19%	1.19%
Grandeur Peak Global Stalwarts Fund – Institutional (GGSYX)	5.31%	-10.00%	3.80%	7.66%	0.94%	0.94%
MSCI ACWI Mid Cap Index^(d)	12.51%	0.71%	7.15%	8.26%
MSCI ACWI Small Cap Index^(e)	12.15%	-0.69%	6.97%	8.37%

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.

(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 Fund’s 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. The Fund’s total annual operating expenses are 1.19% and 0.94% for Investor Shares and Institutional Shares, respectively, per the October 20, 2023 prospectus.

(d)

The MSCI ACWI Mid Cap Index is designed to measure the equity market 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
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30, 2024. 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.

Grandeur Peak Global Stalwarts Fund	Performance Update
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
North America		47.8	%
Europe		28.0	%
Asia ex Japan		14.2	%
Japan		6.3	%
Latin America		2.8	%
Africa/Middle East		0.7	%
Australia/New Zealand		0.5	%
Cash, Cash Equivalents, & Other Net Assets		-0.3	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
Littelfuse, Inc.		3.5	%
B & M European Value Retail SA		3.2	%
Silergy Corp		2.9	%
BayCurrent Consulting, Inc.		2.5	%
Pjt Partners, Inc. CLASS A		1.8	%
Melexis NV		1.7	%
Virbac SA		1.5	%
Ashtead Group plc		1.5	%
Crowdshare Holdings, Inc.		1.5	%
Darktrace plc		1.5	%
		21.6	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak International Opportunities Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024

					Since	Expense Ratio^(b)
	1 Year	3 Years	5 Years	10 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak International Opportunities Fund – Investor (GPIOX)	-4.45%	-10.99%	3.16%	4.39%	8.34%	1.60%	1.55%
Grandeur Peak International Opportunities Fund – Institutional (GPIIX)	-3.85%	-10.73%	3.43%	4.64%	8.59%	1.35%	1.30%
MSCI ACWI ex USA Small Cap Index^(d)	10.08%	-1.13%	5.94%	5.03%	6.87%
MSCI ACWI IMI ex USA Index^(e)	9.91%	0.57%	5.59%	4.50%	6.14%

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.

(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 Fund’s 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. As part as the same Expense Agreement, the Adviser has agreed through at least October 6, 2024, to waive annual management fees of 1.25% to 1.00% to the extent that the assets of the Fund exceed an average daily net asset level of $500 million. This waiver of management fees is not subject to recapture by the Adviser. The Fund’s total annual operating expenses, before fee waivers and /or expense reimbursements, are 1.60% and 1.35% for Investor Shares and Institutional Shares, respectively, per the October 20, 2023 prospectus.

(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
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30, 2024. 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.

Grandeur Peak International Opportunities Fund	Performance Update
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
Europe		46.2	%
Asia ex Japan		25.9	%
Japan		17.0	%
North America		5.5	%
Latin America		3.8	%
Australia/New Zealand		0.7	%
Africa/Middle East		0.2	%
Cash, Cash Equivalents, & Other Net Assets		0.7	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
Volution Group PLC		2.7	%
B & M European Value Retail SA		2.6	%
Virbac SA		2.2	%
Silergy Corp		2.0	%
JTC plc		1.9	%
BayCurrent Consulting, Inc.		1.8	%
Sporton International, Inc.		1.7	%
Melexis NV		1.5	%
CVS Group plc		1.5	%
Integral Corp		1.3	%
		19.2	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak International Stalwarts Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024

				Since	Expense Ratio^(b)
	1 Year	3 Years	5 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak International Stalwarts Fund – Investor (GISOX)	0.86%	-9.02%	4.34%	7.37%	1.13%	1.13%
Grandeur Peak International Stalwarts Fund – Institutional (GISYX)	1.13%	-8.78%	4.62%	7.93%	0.88%	0.88%
MSCI ACWI ex USA Mid Cap Index^(d)	7.76%	-1.20%	4.44%	5.83%
MSCI ACWI ex USA Small Index^(e)	10.08%	-1.13%	5.94%	6.86%

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.

(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 Fund’s 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. The Fund’s total annual operating expenses are 1.13% and 0.88% for Investor Shares and Institutional Shares, respectively, per the October 20, 2023 prospectus.

(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
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30, 2024. 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.

Grandeur Peak International Stalwarts Fund	Performance Update
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
Europe		46.9	%
Asia ex Japan		19.6	%
North America		15.2	%
Japan		9.3	%
Latin America		4.0	%
Africa/Middle East		1.1	%
Australia/New Zealand		1.1	%
Cash, Cash Equivalents, & Other Net Assets		2.8	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
B & M European Value Retail SA		4.5	%
Silergy Corp		3.0	%
Darktrace plc		2.9	%
BayCurrent Consulting, Inc.		2.7	%
Melexis NV		2.4	%
JFrog Ltd.		2.1	%
Techtronic Industries Co Limited		2.1	%
Diploma plc		1.9	%
Monolithic Power Systems, Inc.		1.9	%
EQT AB		1.9	%
		25.4	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak US Stalwarts Fund	Performance Update
	April 30, 2024 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2024

			Since	Expense Ratio^(b)
	1 Year	3 Years	Inception^(a)	Gross	Net^(c)
Grandeur Peak US Stalwarts Fund – Institutional (GUSYX)	14.43%	-6.92%	16.00%	0.90%	0.90%
MSCI USA Mid Cap Index^(d)	17.20%	2.43%	20.86%
MSCI USA Small Cap Index^(e)	14.11%	-0.36%	21.04%

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.

(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 Fund’s 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. The Fund’s total annual operating expenses are 0.90% per the October 20, 2023 prospectus.

(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
	April 30, 2024 (Unaudited)

Growth of $10,000 for the period ended April 30, 2024

(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 April 30, 2024. 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.

Grandeur Peak US Stalwarts Fund	Performance Update
	April 30, 2024 (Unaudited)

Regional Allocation (as a % of Net Assets)*	% of Net Assets
North America		92.2	%
Europe		2.6	%
Asia ex Japan		2.2	%
Africa/Middle East		1.3	%
Latin America		1.2	%
Cash, Cash Equivalents, & Other Net Assets		0.5	%
		100.0	%

Top 10 Holdings (as a % of Net Assets)	% of Net Assets
Littelfuse, Inc.		4.1	%
Pjt Partners, Inc. CLASS A		3.1	%
Elastic N.V.		2.6	%
Ares Management Corporation Class A		2.6	%
Monolithic Power Systems, Inc.		2.2	%
Crowdshare Holdings, Inc.		2.2	%
Techtronic Industries Co Limited		2.2	%
Silicon Laboratories, Inc.		2.0	%
Ollie’s Bargain Outlet Holdings, Inc.		2.0	%
JFrog Ltd.		2.0	%
		25.0	%

* 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 annual report for a listing of the Fund’s holdings.

Grandeur Peak Funds^®	Disclosure of Fund Expenses
	April 30, 2024 (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 each Fund is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 through April 30, 2024.

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 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
	April 30, 2024 (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	4/30/24	Period*	4/30/24	Period
Grandeur Peak Emerging Markets Opportunities Fund - Investor Class	1.66%	$1,000.00	$1,091.50	$8.63	$1,016.61	$8.32
Grandeur Peak Emerging Markets Opportunities Fund - Institutional Class	1.56%	1,000.00	1,092.70	8.13	1,017.09	7.84
Grandeur Peak Global Contrarian Fund - Institutional Class	1.35%	1,000.00	1,178.80	7.31	1,018.15	6.77
Grandeur Peak Global Explorer Fund - Institutional Class	1.25%	1,000.00	1,149.90	6.71	1,018.62	6.30
Grandeur Peak Global Micro Cap Fund - Institutional Class	2.00%	1,000.00	1,163.80	10.76	1,014.92	10.02
Grandeur Peak Global Opportunities Fund - Investor Class	1.47%	1,000.00	1,117.10	7.72	1,017.57	7.36
Grandeur Peak Global Opportunities Fund - Institutional Class	1.33%	1,000.00	1,117.30	7.01	1,018.24	6.68
Grandeur Peak Global Reach Fund - Investor Class	1.50%	1,000.00	1,147.30	8.01	1,017.40	7.52
Grandeur Peak Global Reach Fund - Institutional Class	1.25%	1,000.00	1,148.80	6.68	1,018.65	6.27
Grandeur Peak Global Stalwarts Fund - Investor Class	1.27%	1,000.00	1,181.60	6.92	1,018.52	6.40
Grandeur Peak Global Stalwarts Fund - Institutional Class	1.03%	1,000.00	1,182.70	5.58	1,019.75	5.16
Grandeur Peak International Opportunities Fund - Investor Class	1.53%	1,000.00	1,122.50	8.10	1,017.23	7.70
Grandeur Peak International Opportunities Fund - Institutional Class	1.36%	1,000.00	1,123.90	7.18	1,018.11	6.82
Grandeur Peak International Stalwarts Fund - Investor Class	1.17%	1,000.00	1,187.80	6.35	1,019.05	5.86
Grandeur Peak International Stalwarts Fund - Institutional Class	0.92%	1,000.00	1,189.70	5.02	1,020.28	4.63
Grandeur Peak US Stalwarts Fund - Institutional Class	0.90%	1,000.00	1,192.10	4.90	1,020.39	4.52

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 (182) divided by the number of days in the fiscal year (366).

Grandeur Peak Emerging Markets Opportunities Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 96.78%
Argentina — 2.04%
Globant SA		39,548	$	7,062,877

Brazil — 9.99%
Armac Locacao Logistica E Servicos SA		1,288,700		2,615,818
BR Advisory Partners		899,600		2,517,272
CI&T, Inc.^(a)		141,699		558,294
Grupo Mateus SA		3,837,700		5,469,126
Hypera SA		566,200		3,226,487
Locaweb Servicos de Internet SA^(b)(c)		638,000		562,732
MercadoLibre, Inc.		1,588		2,316,416
Patria Investments Ltd.		451,839		6,054,643
Raia Drogasil SA		722,008		3,565,128
Track & Field Co. SA		956,000		2,049,124
Vinci Partners Invest Ltd.		319,185		3,447,198
XP, Inc., Class A		109,790		2,247,401
				34,629,639
China — 14.08%
Adicon Holdings Ltd.		1,721,100		2,569,745
ANTA Sports Products Ltd.		453,500		5,134,044
Beijing Huafeng Test & Control Technology Co., Ltd.		54,400		838,655
Centre Testing International Group Company Ltd.		1,245,500		2,154,782
Chaoju Eye Care Holdings Ltd.		4,173,000		2,040,706
CSPC Pharmaceutical Group Ltd.		3,028,720		2,486,967
Guangzhou Kingmed Diagnostics Group Co., Ltd.		162,500		858,563
Hangzhou Tigermed Consulting Co., Ltd.		256,134		2,080,444
Man Wah Holdings Ltd.		4,972,200		3,628,941
ManpowerGroup Greater China Ltd.^(c)		1,494,050		926,101
Shanghai Hanbell Precise Machinery Co., Ltd.		1,218,400		3,464,448
Shenzhen Mindray Bio-Medical Electronics Co.		61,200		2,569,777
Silergy Corporation		863,288		11,439,090
Suofeiya Home Collection Co., Ltd., CLASS A		1,407,486		3,317,439
TK Group Holdings Ltd.		10,499,117		2,031,518
Yum China Holdings Inc.		86,900		3,253,127
				48,794,347
Colombia — 1.24%
Parex Resources, Inc.		247,731		4,318,536

Greece — 1.32%
Sarantis SA		361,023		4,561,240

Hong Kong — 3.47%
Plover Bay Technologies Ltd.^(c)		9,628,000		3,433,505
Techtronic Industries Co., Ltd.		621,000		8,581,742
				12,015,247
India — 12.76%
Ajanta Pharma Ltd.		51,046		1,353,183

	Shares			Fair Value
COMMON STOCKS — 96.78% (continued)
India — 12.76% (continued)
Bajaj Finance Ltd.		34,611	$		2,869,558
Cera Sanitaryware Ltd.		27,711			2,383,065
City Union Bank Ltd.		1,267,053			2,433,467
Five-Star Business^(a)		315,052			2,856,130
Gulf Oil Lubricants India Ltd.		301,117			3,706,095
HCL Technologies Ltd.		47,067			767,496
Home First Finance Co. India Ltd.^(b)(c)		226,876			2,473,723
IndiaMart InterMesh Ltd.^(b)(c)		169,870			5,364,565
Indigo Paints Ltd		165,285			2,721,220
Kotak Mahindra Bank Ltd.		194,666			3,781,433
LT Foods Ltd		883,592			2,273,208
Mankind Pharma Ltd.^(a)		72,227			2,040,777
Metropolis Healthcare Ltd.^(b)(c)		63,114			1,370,711
Motherson Sumi Wiring India Ltd.		5,253,786			4,338,457
SJS Enterprises Ltd.^(a)		464,559			3,486,622
					44,219,710
Indonesia — 5.70%
Ace Hardware		45,268,800			2,598,904
Arwana Citramulia Tbk PT		41,025,200			1,639,999
Avia Avian Tbk PT		83,284,900			2,612,257
Bank BTPN Syariah Tbk PT		21,107,600			1,577,228
Metrodata Electronics Tbk		100,348,900			3,606,329
Selamat Sempurna Tbk PT		34,412,900			3,812,099
Ultrajaya Milk Industry & Trading Co.		34,286,900			3,922,118
					19,768,934
Malaysia — 0.97%
Mr DIY Group Berhad		10,263,100			3,356,345

Mexico — 6.45%
Arca Continental COM NPV		450,900			4,387,684
Bolsa Mexicana de Valores SAB		1,175,300			2,202,813
Grupo Financiero Banorte SAB de CV		272,700			2,705,537
Grupo Rotoplas SAB de CV		1,585,443			2,654,007
Regional SAB de CV		891,000			8,014,775
Vesta Real Estate Corporation – ADR		67,516			2,397,493
					22,362,309
Philippines — 3.57%
Century Pacific Food, Inc.		5,124,400			3,360,918
Concepcion Industrial Corporation		1,711,792			347,129
Philippine Seven Corporation^(a)		791,050			1,184,546
Puregold Price Club, Inc.		5,186,800			2,127,135
Robinsons Land Corporation		7,570,300			2,039,742
Wilcon Depot, Inc.		11,517,700			3,328,354
					12,387,824
Poland — 4.32%
Auto Partner SA		426,942			2,837,422
Dino Polska SA^(a)(b)(c)		49,589			4,751,223
Inter Cars SA		56,190			7,383,943
					14,972,588
Singapore — 1.77%
iFast Corporation		990,100			5,327,938
Riverstone Holdings Ltd.		1,413,900			810,353
					6,138,291

See accompanying notes to financial statements.

Grandeur Peak Emerging Markets Opportunities Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 96.78% (continued)
South Africa — 1.54%
Clicks Group Ltd.		235,207	$	3,659,976
Italtile Ltd.		3,316,922		1,672,900
				5,332,876
South Korea — 7.69%
Coupang, Inc.^(a)		138,362		3,113,144
Douzone Bizon Co., Ltd		66,787		2,858,966
Eo Technics Co., Ltd.		19,157		3,244,370
Hyundai Ezwel Co., Ltd.		478,474		1,994,525
Innox Advanced Materials		59,705		1,376,356
LEENO Industrial, Inc.		30,682		5,453,552
Ray Co Ltd/KR^(a)		90,000		861,885
Segyung Hitech Co Ltd		344,750		2,377,202
SOLUM Co Ltd^(a)		134,911		2,535,520
Tokai Carbon Korea Co., Ltd.		32,334		2,827,590
				26,643,110
Taiwan — 13.20%
91APP, Inc.		598,000		1,614,287
Acer E-Enabling Service Business, Inc.		325,000		2,585,354
Asia Vital Components Co., Ltd.		198,000		3,896,721
ASPEED Technology, Inc.		25,000		2,335,496
BizLink Holding, Inc.		511,202		3,593,081
FineTek Co. Ltd.		1,050,818		3,044,504
Gem Services, Inc.		610,000		1,268,763
M3 Technology, Inc.		715,000		3,251,032
Realtek Semiconductor Corporation		160,000		2,518,225
Sinbon Electronics Co., Ltd.		848,000		7,287,703
Sporton International, Inc.		1,139,805		8,675,786
Voltronic Power Technology Corporation		56,108		2,648,774
Wistron Information Technology and
Services Corporation		718,248		3,009,895
				45,729,621
Thailand — 0.71%
Humanica PCL		8,383,900		2,458,225

United States — 0.20%
Frontage Holdings Corporation^(a)(b)(c)		4,598,082		719,910

Vietnam — 5.76%
Asia Commercial Bank JSC		3,183,100		3,376,554
FPT Corporation		2,192,052		10,680,610
Vietnam Technological & Commercial Joint Stock Bank(a)		2,731,569		5,022,782
Vincom Retail JSC^(a)		1,000,000		885,276
				19,965,222
Total Common Stocks (Cost $283,547,838)				335,436,851

Total Investments — 96.78% (Cost $283,547,838)				335,436,851

Other Assets in Excess of Liabilities — 3.22%				11,144,518

NET ASSETS — 100.00%			$	346,581,369

^(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 April 30, 2024, these securities had a total aggregate market value of $15,242,864, representing 4.40% of net assets.

^(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 April 30, 2024, the aggregate market value of these securities was $19,602,470, representing 5.66% of net assets.

Sector Composition (April 30, 2024)
Technology	24.8%
Consumer Discretionary	20.6%
Financials	14.9%
Industrials	12.1%
Consumer Staples	11.3%
Health Care	5.9%
Materials	2.6%
Communications	1.7%
Real Estate	1.5%
Energy	1.2%
Other Assets in Excess of Liabilities	3.2%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak Emerging Markets Opportunities Fund	Schedule of Investments
	April 30, 2024

Industry Composition (April 30, 2024)
Banks	7.8%
IT Services	6.9%
Food & Drug Stores	6.0%
Electronics Components	5.3%
Auto Parts	4.2%
Other Commercial Support Services	3.9%
Home Products Stores	3.6%
Online Marketplace	3.1%
Packaged Food	2.8%
Private Equity	2.7%
Specialty & Generic Pharma	2.6%
Specialty Chemicals	2.6%
Other Machinery & Equipment	2.5%
Semiconductor Mfg	2.4%
Semiconductor Devices	2.3%
Consumer Electronics	2.2%
Automotive Wholesalers	2.1%
Technology Distributors	2.1%
Furniture	2.0%
Application Software	1.9%
Health Care Services	1.8%
Internet Media & Services	1.7%
Specialty Apparel Stores	1.5%
Electrical Components	1.5%
Personal Care Products	1.3%
Non-Alcoholic Beverages	1.3%
Exploration & Production	1.3%
Consumer Elec & Applc Whslrs	1.0%
Flow Control Equipment	1.0%
Communications Equipment	1.0%
Professional Services	1.0%
Other Industries (each less than 1%)	13.4%
Other Assets in Excess of Liabilities	3.2%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak Global Contrarian Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.25%
Australia — 5.90%
Atturra, Ltd.^(a)		1,973,659	$	1,069,715
Emeco Holdings Ltd.		4,287,041		1,989,203
Fiducian Group Ltd.		364,458		1,873,126
PeopleIN Ltd.		1,605,781		1,003,374
QANTM Intellectual Property Ltd.		2,271,389		2,423,722
				8,359,140
Belgium — 2.57%
Melexis NV		20,046		1,675,578
X-Fab Silicon Foundries SE^(a)(b)(c)		285,040		1,972,102
				3,647,680
Brazil — 2.87%
Hypera SA		115,000		655,327
Pagseguro Digital Ltd., Class A^(a)		78,475		977,014
Patria Investments Ltd.		129,543		1,735,876
Vinci Partners Invest Ltd.		65,000		702,000
				4,070,217

Canada — 3.43%
BioSyent, Inc.		113,187		707,033
Converge Technology Solutions Corporation		545,779		2,120,877
Gildan Activewear, Inc.		29,170		1,011,071
Winpak Ltd.		32,931		1,025,424
				4,864,405
China — 11.14%

Alibaba Group Holding Ltd.		164,600		1,541,153
Chaoju Eye Care Holdings Ltd.		6,026,500		2,947,117
China Yongda Automobiles Services Holdings Ltd.		11,140,500		3,018,837
CSPC Pharmaceutical Group Ltd.		1,872,300		1,537,398
Li Ning Company Ltd.		431,000		1,128,296
TK Group Holdings Ltd.		8,707,283		1,684,809
WH Group Ltd.		1,912,000		1,389,711
Xin Point Holdings Ltd.^(c)		6,252,984		2,533,089
				15,780,410
Colombia — 1.41%
Parex Resources, Inc.		114,772		2,000,747

France — 2.61%
Antin Infrastructure Partners		76,295		974,518
Thermador Groupe		8,677		741,734
Virbac SA		5,347		1,976,494
				3,692,746
Germany — 1.46%
Elmos Semiconductor AG		24,984		2,070,652

Hong Kong — 3.52%
Plover Bay Technologies Ltd.^(c)		13,996,539		4,991,398

India — 2.79%
City Union Bank Ltd.		900,496		1,729,468
Gulf Oil Lubricants India Ltd.		180,789		2,225,119
				3,954,587

	Shares			Fair Value
COMMON STOCKS — 99.25% (continued)
Indonesia — 1.84%
Ace Hardware Indonesia Tbk PT		20,871,600	$		1,198,249
Bank BTPN Syariah Tbk PT		10,706,700			800,039
Selamat Sempurna Tbk PT		5,508,600			610,217
					2,608,505
Japan — 11.87%
BayCurrent Consulting, Inc.		181,100			3,855,179
Beenos, Inc.		290,000			3,880,584
Central Automotive Products Ltd.		48,900			1,790,023
Gakujo Co., Ltd.		45,000			496,642
gremz, Inc.		6,100			82,107
M&A Capital Partners Company Ltd.		26,300			355,069
Medikit Co., Ltd.		32,100			574,174
Rise Consulting Group Inc^(a)		250,000			1,254,402
Seria Co., Ltd.		60,000			1,017,092
System Support, Inc.		90,100			1,067,177
ULS Group, Inc.		48,000			1,201,812
YAMADA Consulting Group Co., Ltd.		102,700			1,227,423
					16,801,684
Netherlands — 1.20%
Flow Traders Ltd.		82,608			1,700,557

Oman — 1.02%
Tethys Oil AB		438,366			1,448,416

Philippines — 0.61%
Concepcion Industrial Corporation		1,259,700			255,451
Pryce Corporation		6,013,600			608,748
					864,199
Poland — 1.74%
Auto Partner SA		222,656			1,479,754
Inter Cars SA		7,500			985,577
					2,465,331
Singapore — 4.26%
Riverstone Holdings Ltd.		10,534,575			6,037,713

Sweden — 1.92%
Fasadgruppen Group AB		182,140			1,130,813
Knowit AB		42,915			555,422
RVRC Holding AB		183,225			1,036,441
					2,722,676
Taiwan — 3.44%
Acer E-Enabling Service Business, Inc.		242,000			1,925,094
Allied Supreme Corporation		77,000			1,000,106
BizLink Holding, Inc.		94,324			662,974
M3 Technology, Inc.		81,000			368,299
Sporton International, Inc.		120,750			919,106
					4,875,579
United Kingdom — 12.20%
B&M European Value Retail SA		268,411			1,732,336
CVS Group plc		206,656			2,528,226
Foresight Group Holdings Ltd.		284,417			1,569,001
FRP Advisory Group PLC		1,501,096			2,228,010
Intermediate Capital Group PLC		40,049			1,043,909

See accompanying notes to financial statements.

Grandeur Peak Global Contrarian Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.25% (continued)
United Kingdom — 12.20% (continued)
Marlowe PLC^(a)		240,074	$	1,470,031
Petershill Partners PLC^(b)(c)		2,612,611		6,702,372
				17,273,885
United States — 16.76%
Atmus Filtration Tech^(a)		22,875		692,884
Bank of NT Butterfield & Son Ltd. (The)		81,306		2,764,403
Barrett Business Services, Inc.		14,825		1,801,237
Bowman Consulting Group Ltd.^(a)		23,146		752,014
Dorman Products, Inc.^(a)		7,575		662,434
Esquire Financial Holdings, Inc.		30,000		1,411,800
Evercore Partners, Inc., Class A		4,351		789,707
Five Below, Inc.^(a)		14,325		2,096,321
Frontage Holdings Corporation^(a)(b)(c)		4,749,000		743,539
GQG Partners, Inc.		776,388		1,146,252
Hackett Group, Inc. (The)		75,290		1,633,039
Healthcare Services Group, Inc.		90,601		962,183
Littelfuse, Inc.		5,485		1,265,060
P10, Inc.		200,493		1,423,500
Perella Weinberg Partners LP		185,700		2,770,643
Plumas Bancorp		32,350		1,137,426
Shoals Technologies Group, Inc., Class A^(a)		81,850		691,633
Western Alliance Bancorp		17,255		980,602
				23,724,677
Vietnam — 4.69%
Asia Commercial Bank JSC		1,213,800		1,287,569
FPT Corporation		554,467		2,701,599
Vietnam Technological & Commercial Joint Stock Bank(a)		1,445,900		2,658,707
				6,647,875
Total Common Stocks (Cost $132,194,579)				140,603,079

Total Investments — 99.25% (Cost $132,194,579)				140,603,079

Other Assets in Excess of Liabilities — 0.75%				1,060,178

NET ASSETS — 100.00%			$	141,663,257

^(a)

Non-income producing security.

^(b)

^(c)

Sector Composition (April 30, 2024)
Financials	26.4%
Technology	19.2%
Industrials	16.0%
Consumer Discretionary	13.5%
Health Care	12.5%
Consumer Staples	4.4%
Materials	3.8%
Energy	2.9%
Utilities	0.5%
Other Assets in Excess of Liabilities	0.8%
Total	100%

Industry Composition (April 30, 2024)
Banks		9.0%
IT Services		10.2%
Private Equity		5.5%
Professional Services		5.5%
Investment Companies		4.7%
Health Care Supplies		4.7%
Health Care Services		3.9%
Online Marketplace		3.8%
Institutional Brokerage		3.7%
Communications Equipment		3.5%
Specialty & Generic Pharma		3.5%
Mass Merchants		3.4%
Semiconductor Devices		2.9%
Exploration & Production		2.4%
Other Commercial Support Services		2.4%
Automotive Retailers		2.1%
Automotive Wholesalers		2.0%
Auto Parts		1.9%
Investment Management		1.9%
Fabricated Metal & Hardware		1.8%
Specialty Chemicals		1.6%
Wealth Management		1.6%
Apparel, Footwear & Acc Design		1.4%
Industrial Wholesale & Rental		1.4%
Semiconductor Manufacturing		1.4%
Electrical Components		1.4%
Home Products Stores		1.4%
Rubber & Plastic		1.2%
Security Services		1.0%
Packaged Food		1.0%
Other Industries (each less than 1%)		7.0%
Other Assets in Excess of Liabilities		0.8%
Total		100%

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.65%
Argentina — 0.71%
Globant SA^(a)		470	$	83,937

Australia — 2.59%
Atturra, Ltd.^(a)		75,437		40,887
EQT Holdings Ltd.		1,825		35,854
Imdex Ltd.		16,571		22,221
Johns Lyng Group Ltd.		10,921		39,160
Kogan.com Ltd.		16,401		53,318
PeopleIN Ltd.		64,209		40,121
Pinnacle Investment Management Group		3,363		24,094
QANTM Intellectual Property Ltd.		48,896		52,176
				307,831
Belgium — 1.47%
Melexis NV		1,069		89,354
Warehouses De Pauw CVA		1,754		46,395
X-Fab Silicon Foundries SE^(a)(b)(c)		5,735		39,679
				175,428
Brazil — 2.44%
Armac Locacao Logistica E Servicos SA		11,200		22,734
CI&T, Inc.^(a)		1,479		5,827
Grupo Mateus SA		30,000		42,753
Hypera SA		4,200		23,934
Patria Investments Ltd.		6,011		80,547
Raia Drogasil SA		4,600		22,714
Track & Field Co. SA		20,600		44,155
Vinci Partners Invest Ltd.		2,236		24,149
XP, Inc., Class A		1,115		22,824
				289,637
Canada — 1.19%
Aritzia, Inc.^(a)		1,334		34,533
Converge Technology Solutions Corporation		13,002		50,526
Docebo, Inc.^(a)		905		40,453
Richelieu Hardware Ltd.		578		16,310
				141,822
China — 5.44%
Adicon Holdings Ltd.^(a)		35,100		52,407
Aier Eye Hospital Group Co., Ltd.		6,700		11,900
Angelalign Technology, Inc.^(b)(c)		2,500		25,044
ANTA Sports Products Ltd.		4,400		49,812
Beijing Huafeng Test & Control Technology Co., Ltd.		2,342		36,105
Centre Testing International Group Company Ltd.		20,000		34,601
Chaoju Eye Care Holdings Ltd.		53,100		25,968
China Yongda Automobiles Services Holdings Ltd.		23,400		6,341
CSPC Pharmaceutical Group Ltd.		18,000		14,780
Guangzhou Kingmed Diagnostics Group Co., Ltd.		3,600		19,020
Hangzhou Robam Appliances Co., Ltd.		8,831		28,768

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
China — 5.44% (continued)
Hangzhou Tigermed Consulting Co., Ltd.		4,721	$	38,347
Li Ning Company Ltd.		9,400		24,608
Man Wah Holdings Ltd.		56,900		41,528
Proya Cosmetics Co Ltd		1,300		19,614
Shanghai Hanbell Precise Machinery Co., Ltd.		11,500		32,700
Shenzhen Mindray Bio-Medical Electronics Co.		1,300		54,587
Silergy Corporation		7,000		92,754
Suofeiya Home Collection Co., Ltd., CLASS A		6,700		15,792
Yum China Holdings Inc.		600		22,461
				647,137
Colombia — 0.80%
Parex Resources, Inc.		5,440		94,832

Finland — 0.41%
Revenio Group Oyj		1,134		31,616
Vaisala Oyj		469		17,522
				49,138
France — 3.00%
Alten SA		361		42,435
Antin Infrastructure Partners		3,050		38,958
BioMerieux		220		23,393
Esker SA		92		17,102
Neurones SA		240		11,404
Planisware SAS^(a)		982		21,474
Thermador Groupe		602		51,461
Virbac SA		312		115,329
Wavestone		624		35,501
				357,057
Germany — 3.33%
AIXTRON SE		957		22,242
Atoss Software AG		177		47,329
Dermapharm Holding SE		2,158		72,445
Elmos Semiconductor AG		673		55,778
Mensch und Maschine Software SE		783		46,305
Nagarro SE^(a)		344		26,146
Nexus AG		1,446		79,506
QIAGEN N.V.		404		17,101
Stabilus SE		474		29,418
				396,270
Greece — 0.51%
Sarantis SA		4,776		60,341

Hong Kong — 0.90%
Plover Bay Technologies Ltd. ^(c)		106,861		38,108
Techtronic Industries Co., Ltd.		5,000		69,097
				107,205
India — 3.66%
Bajaj Finance Ltd.		544		45,102
Cera Sanitaryware Ltd.		125		10,750
City Union Bank Ltd.		12,110		23,258

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
India — 3.66% (continued)
Five-Star Business^(a)		4,472	$	40,541
Gulf Oil Lubricants India Ltd.		3,549		43,679
IndiaMart InterMesh Ltd.^(b)(c)		1,421		44,876
Indigo Paints Ltd		2,231		36,731
Kotak Mahindra Bank Ltd.		1,182		22,961
Ksolves India Ltd		1,044		14,284
LT Foods Ltd		11,337		29,167
Marksans Pharma Ltd.		15,887		31,477
Motherson Sumi Wiring India Ltd.		25,701		21,223
SJS Enterprises Ltd.^(a)		4,747		35,628
Yatharth Hospital^(a)		6,663		35,489
				435,166
Indonesia — 1.58%
Ace Hardware Indonesia Tbk PT		481,700		27,655
Arwana Citramulia Tbk PT		677,300		27,075
Avia Avian Tbk PT		871,500		27,335
Bank BTPN Syariah Tbk PT		298,800		22,327
Metrodata Electronics Tbk		336,400		12,090
Selamat Sempurna Tbk PT		445,500		49,350
Ultrajaya Milk Industry & Trading Co.		188,000		21,506
				187,338
Ireland — 0.65%
ICON plc^(a)		62		18,469
Keywords Studios plc		2,261		32,288
Uniphar PLC		9,638		26,440
				77,197
Israel — 0.56%
Monday.com Ltd.^(a)		117		22,152
Wix.com Ltd.^(a)		375		44,576
				66,728
Italy — 1.58%
DiaSorin SpA		264		26,670
Interpump Group SpA		1,357		59,125
Recordati Industria Chimica e Farmaceutica SpA		904		48,117
Sesa SpA		515		53,568
				187,480
Japan — 12.29%
Amvis Holdings, Inc.		2,700		36,837
AZOOM Co Ltd		300		10,282
BayCurrent Consulting, Inc.		4,900		104,308
Beenos, Inc.		5,373		71,898
Bengo4.com, Inc.^(a)		1,100		20,083
Carenet, Inc. NPV		1,200		4,339
Central Automotive Products Ltd.		1,300		47,588
Charm Care Corporation KK		5,500		52,234
Comture Corporation		2,000		24,494
Cosmos Pharmaceutical Corporation		200		18,451
Creema Ltd.^(a)		3,600		7,419
Cyber Security Cloud, Inc.^(a)		2,800		47,401
eGuarantee, Inc.		2,400		26,231
eWeLL Co., Ltd.		1,800		15,559
F&M Co., Ltd.		2,700		37,207

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
Japan — 12.29% (continued)
FP Partner, Inc.		1,000	$	31,847
GENOVA, Inc.^(a)		1,600		12,963
GMO Payment Gateway, Inc. NPV		400		18,297
Hennge KK^(a)		6,400		41,453
Insource Co Ltd		5,600		27,210
Integral Corporation^(a)		2,800		57,653
Japan Elevator Service Holdings Company Ltd.		1,600		24,866
JMDC, Inc.		1,800		36,412
M&A Research Institute, Inc.^(a)		600		18,962
MarkLines Co., Ltd.		3,000		56,626
Medley Inc		900		20,630
MonotaRO Co., Ltd.		3,800		45,543
Oro Co., Ltd.		1,300		21,481
Plus Alpha Consulting		1,300		16,537
Prestige International, Inc.		5,300		22,634
Rise Consulting Group Inc^(a)		5,400		27,095
Seria Co., Ltd.		3,000		50,855
Sun*, Inc.		12,000		70,270
Synchro Food Co., Ltd.		7,400		25,792
System Support, Inc.		3,000		35,533
Syuppin Company, Ltd.		6,100		44,666
Tokyo Seimitsu Company Ltd.		300		19,522
ULS Group, Inc.		3,500		87,632
User Local, Inc.		1,300		17,179
Visional, Inc.		1,300		59,318
WDB coco Co., Ltd.		700		19,960
Yakuodo Holdings Co., Ltd.		1,500		27,250
				1,462,517
Luxembourg — 0.47%
Eurofins Scientific S.E.		537		32,921
Sword Group		615		23,514
				56,435
Mexico — 0.93%
BBB Foods Inc^(a)		880		20,196
Bolsa Mexicana de Valores SAB		10,300		19,305
Regional SAB de CV		5,750		51,723
Vesta Real Estate Corporation - ADR		550		19,531
				110,755
Netherlands — 0.70%
Alfen Beheer BV^(a)(b)(c)		473		20,390
ASM International NV		40		25,168
CVC Capital Partners PLC^(a)		867		15,733
Redcare Pharmacy NV		162		21,917
				83,208
Norway — 0.62%
Bouvet ASA		7,352		40,374
SmartCraft ASA^(a)		13,607		33,074
				73,448
Philippines — 0.79%
Century Pacific Food, Inc.		56,600		37,122
Philippine Seven Corporation^(a)		16,120		24,138
Puregold Price Club, Inc.		35,797		14,681

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
Philippines — 0.79% (continued)
Wilcon Depot, Inc.		63,033	$	18,215
				94,156
Poland — 1.22%
Auto Partner SA		5,436		36,127
Dino Polska SA^(a)(b)(c)		537		51,451
Inter Cars SA		441		57,952
				145,530
Singapore — 0.56%
iFast Corporation		5,800		31,211
Riverstone Holdings Ltd.		61,445		35,216
				66,427
South Africa — 0.16%
Italtile Ltd.		37,806		19,068

South Korea — 1.39%
Coupang, Inc.^(a)		1,868		42,030
Douzone Bizon Co., Ltd		460		19,691
Eo Technics Co., Ltd.		100		16,936
LEENO Industrial, Inc.		197		35,016
MegaStudyEdu Co., Ltd.		484		21,075
SOLUM Co Ltd^(a)		878		16,501
Tokai Carbon Korea Co., Ltd.		162		14,167
				165,416
Sweden — 3.46%
AddTech AB		1,154		23,993
Beijer Alma AB		1,700		32,174
EQT A.B.		1,172		31,622
Knowit AB		4,632		59,949
Nibe Industrier A.B.		4,733		21,841
OX2 AB^(a)		6,219		22,436
Sagax AB		1,056		26,447
Sdiptech AB		2,773		70,662
Swedencare AB		4,836		24,840
Swedish Logistic^(a)		8,383		25,332
Teqnion AB		865		15,733
Vimian Group AB^(a)		9,509		26,146
Vitec Software Group		628		30,042
				411,217
Taiwan — 3.36%
Acer E-Enabling Service Business, Inc.		5,000		39,775
BizLink Holding, Inc.		5,283		37,133
FineTek Co. Ltd.		14,392		41,698
Fuzetec Technology Co., Ltd.		11,000		21,465
M3 Technology, Inc.		4,000		18,188
Sinbon Electronics Co., Ltd.		7,000		60,158
Sporton International, Inc.		17,700		134,725
Voltronic Power Technology Corporation		1,000		47,208
				400,350
Thailand — 0.36%
Humanica PCL		144,600		42,398

United Kingdom — 12.31%
AB Dynamics PLC		3,146		71,158

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
United Kingdom — 12.31% (continued)
Advanced Medical Solutions Group plc		8,141	$	19,268
B&M European Value Retail SA		18,590		119,981
CVS Group plc		5,238		64,082
Darktrace plc^(a)		14,598		108,979
Diploma plc		1,114		50,357
dotdigital group plc		16,041		18,743
Elixirr International PLC		7,350		52,355
Endava plc, ADR - ADR^(a)		1,467		42,543
Foresight Group Holdings Ltd.		12,304		67,876
Franchise Brands PLC		14,726		36,528
FRP Advisory Group PLC		34,379		51,027
GlobalData PLC		9,303		24,646
Halma PLC		1,080		29,602
Impax Asset Management Group plc		15,905		88,081
Intermediate Capital Group PLC		923		24,059
JTC plc^(b)(c)		11,287		120,636
Marlowe PLC^(a)		6,966		42,654
Pensionbee Group PLC^(a)		13,468		25,808
Petershill Partners PLC^(b)(c)		20,037		51,403
Pets at Home Group PLC		14,481		52,877
Safestore Holdings plc		2,596		25,022
SDI Group PLC^(a)		15,401		10,489
Softcat PLC		3,753		73,464
Tatton Asset Mgmt		3,818		27,005
Volution Group PLC		20,375		109,839
YouGov plc		5,124		55,707
				1,464,189
United States — 28.32%
Align Technology, Inc.^(a)		120		33,886
Apollo Global Management, Inc.		271		29,371
Ares Management Corporation, CLASS A		587		78,124
Ashtead Group PLC		729		52,938
Atmus Filtration Tech^(a)		1,117		33,834
AtriCure, Inc.^(a)		1,661		40,063
Barrett Business Services, Inc.		465		56,497
BILL Holdings, Inc.^(a)		403		25,131
Blue Owl Capital, Inc.		2,575		48,642
Bowman Consulting Group Ltd.^(a)		1,197		38,891
Burlington Stores, Inc.^(a)		240		43,185
Cactus, Inc., Class A		374		18,565
Charles River Laboratories International, Inc.(a)		119		27,251
Clearwater Analytics Holdings, Inc., CLASS A(a)		1,465		23,118
Cloudflare, Inc., Class A^(a)		231		20,189
Crowdstrike Holdings, Inc., Class A^(a)		175		51,195
Datadog, Inc., Class A^(a)		211		26,481
DexCom, Inc.^(a)		208		26,497
DigitalOcean Holdings, Inc.^(a)		1,665		54,712
Dollar General Corporation		166		23,106
Dorman Products, Inc.^(a)		543		47,485
Elastic N.V.^(a)		931		95,168
Esquire Financial Holdings, Inc.		896		42,166

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
United States — 28.32% (continued)
Etsy, Inc.^(a)		717	$	49,236
Evercore Partners, Inc., Class A		144		26,136
Fastenal Company		371		25,206
Five Below, Inc.^(a)		483		70,682
Freshpet, Inc.^(a)		227		24,078
Gitlab, Inc.^(a)		378		19,834
Global Industrials, Co.		678		26,110
Goosehead Insurance, Inc., CLASS A^(a)		728		41,430
GQG Partners, Inc.		64,344		94,997
Hackett Group, Inc. (The)		2,553		55,374
HealthEquity, Inc.^(a)		800		63,128
Herc Holdings, Inc.		197		28,177
HOULIHAN LOKEY, INC.		549		69,992
HubSpot, Inc.^(a)		47		28,429
Insperity, Inc.		478		49,201
Insulet Corporation^(a)		241		41,438
JFrog Ltd.^(a)		2,282		91,006
Joint Corporation (The)^(a)		2,745		32,775
Littelfuse, Inc.		327		75,419
Lululemon Athletica, Inc.^(a)		54		19,472
MarketAxess Holdings, Inc.		225		45,020
Marvell Technology, Inc.		345		22,739
MaxCyte, Inc.^(a)		3,649		13,246
Medpace Holdings, Inc.^(a)		61		23,689
Monolithic Power Systems, Inc.		71		47,522
MSCI, Inc.		50		23,290
Napco Security Technologies, Inc.		623		25,356
Neogen Corporation^(a)		1,391		17,151
NV5 Global, Inc.^(a)		572		53,333
Ollie’s Bargain Outlet Holdings, Inc.^(a)		1,226		89,669
P10, Inc.		9,190		65,249
PACS Group Inc^(a)		1,175		29,340
PagerDuty, Inc.^(a)		2,814		56,167
Paylocity Holding Corporation^(a)		193		29,946
Perella Weinberg Partners LP		6,104		91,072
PJT Partners, Inc., Class A		956		90,332
Pool Corporation		66		23,927
Qualys, Inc.^(a)		511		83,757
Rexford Industrial Realty, Inc.		781		33,434
Robert Half, Inc.		340		23,508
Ross Stores, Inc.		254		32,906
Savers Value Village Inc^(a)		1,838		30,364
Shoals Technologies Group, Inc., Class A^(a)		3,793		32,051
Silicon Laboratories, Inc.^(a)		268		32,559
SiTime Corporation^(a)		148		13,190
Skechers U.S.A., Inc., Class A^(a)		888		58,652
Smartsheet, Inc., Class A^(a)		1,291		48,839
Squarespace, Inc.^(a)		664		23,147
Terreno Realty Corporation		526		28,588
Texas Roadhouse, Inc.		305		49,038
Thermon Group Holdings, Inc.^(a)		786		25,097
TPG, Inc.		1,346		58,013
Tradeweb Markets, Inc., CLASS A		322		32,751

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
United States — 28.32% (continued)
TriMas Corporation		742	$	19,285
UL Solutions Inc^(a)		479		16,813
United Rentals, Inc.		56		37,406
WW Grainger, Inc.		30		27,641
YETI Holdings, Inc.^(a)		660		23,575
Zscaler, Inc.^(a)		129		22,309
				3,368,586
Vietnam — 1.89%
FPT Corporation		27,600		134,479
Vietnam Technological & Commercial Joint Stock Bank(a)		49,000		90,101
				224,580
Total Common Stocks (Cost $12,109,442)				11,852,824

Total Investments — 99.65% (Cost $12,109,442)				11,852,824

Other Assets in Excess of Liabilities — 0.35%				41,399

NET ASSETS — 100.00%			$	11,894,223

^(a)

Non-income producing security.

^(b)

^(c)

Sector Composition (April 30, 2024)
Technology	28.3%
Industrials	17.9%
Financials	16.4%
Consumer Discretionary	13.5%
Health Care	10.6%
Consumer Staples	6.3%
Communications	2.1%
Real Estate	1.7%
Energy	1.5%
Materials	1.3%
Other Assets in Excess of Liabilities	0.4%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund	Schedule of Investments
	April 30, 2024

Industry Composition (April 30, 2024)
IT Services	8.5%
Application Software	8.3%
Investment Management	4.8%
Professional Services	4.0%
Other Commercial Support Services	3.1%
Mass Merchants	3.0%
Private Equity	2.9%
Institutional Brokerage	2.8%
Infrastructure Software	2.7%
Specialty & Generic Pharma	2.6%
Semiconductor Devices	2.4%
Online Marketplace	2.3%
Health Care Services	2.3%
Auto Parts	2.2%
Banks	2.1%
Industrial Wholesale & Rental	2.0%
Food & Drug Stores	1.9%
Specialty Apparel Stores	1.7%
Health Care Facilities	1.7%
Electrical Components	1.7%
Medical Equipment	1.6%
Wealth Management	1.4%
Home Products Stores	1.2%
Internet Media & Services	1.2%
Comml & Res Bldg Equipment & Sys	1.1%
Engineering Services	1.1%
Other Spec Retail - Discr	1.1%
Electronics Components	1.1%
Semiconductor Mfg	1.0%
Technology Distributors	1.0%
Other Industries (each less than 1%)	24.8%
Other Assets in Excess of Liabilities	0.4%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak Global Micro Cap Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.12%
Australia — 8.60%
Atturra, Ltd.^(a)		765,242	$	414,758
EQT Holdings Ltd.		12,238		240,432
Fiducian Group Ltd.		208,133		1,069,695
Imdex Ltd.		178,344		239,156
Kogan.com Ltd.		329,412		1,070,891
Megaport Ltd.^(a)		33,940		290,590
PeopleIN Ltd.		301,641		188,481
Silk Logistics Holdings Ltd.		294,436		297,526
				3,811,529
Belgium — 0.53%
X-Fab Silicon Foundries SE^(a)(b)(c)		34,079		235,782

Brazil — 0.68%
Track & Field Co. SA		64,700		138,680
Vinci Partners Invest Ltd.		15,260		164,808
				303,488
Canada — 0.68%
BioSyent, Inc.		48,100		300,461

China — 1.14%
Chaoju Eye Care Holdings Ltd.		452,000		221,040
TK Group Holdings Ltd.		1,462,600		283,004
				504,044
Finland — 0.40%
Revenio Group Oyj		6,394		178,264

France — 2.86%
Esker SA		991		184,221
Neurones SA		8,295		394,160
Thermador Groupe		4,607		393,819
Wavestone		5,180		294,705
				1,266,905
Germany — 1.52%
Mensch und Maschine Software SE		5,555		328,509
Nexus AG		6,251		343,699
				672,208
Greece — 1.90%
Kri-Kri Milk Industry SA		28,265		322,839
Sarantis SA		40,988		517,851
				840,690
Hong Kong — 1.11%
Plover Bay Technologies Ltd.^(c)		1,383,600		493,415

India — 8.84%
Cera Sanitaryware Ltd.		3,412		293,422
Gulf Oil Lubricants India Ltd.		98,696		1,214,733
Indigo Paints Ltd		24,458		402,672
Ksolves India Ltd		16,000		218,915
Marksans Pharma Ltd.		94,500		187,236
Metropolis Healthcare Ltd.^(b)(c)		11,642		252,841
SJS Enterprises Ltd.^(a)		46,977		352,573

	Shares		Fair Value
COMMON STOCKS — 99.12% (continued)
India — 8.84% (continued)
Vaibhav Global Ltd.		51,651	$	255,936
Yatharth Hospital^(a)		139,000		740,345
				3,918,673
Indonesia — 1.27%
Ace Hardware Indonesia Tbk PT		3,026,500		173,753
Arwana Citramulia Tbk PT		3,364,400		134,493
Selamat Sempurna Tbk PT		2,309,700		255,858
				564,104
Ireland — 0.56%
Uniphar PLC		90,411		248,032

Japan — 23.99%
Beenos, Inc.		80,900		1,082,550
Bengo4.com, Inc.^(a)		7,300		133,275
Carenet, Inc. NPV		24,500		88,588
Central Automotive Products Ltd.		12,400		453,912
Charm Care Corporation KK		73,700		699,945
Creema Ltd.^(a)		49,200		101,387
CrowdWorks, Inc.^(a)		29,000		246,739
Cyber Security Cloud, Inc.^(a)		21,800		369,050
eGuarantee, Inc.		26,000		284,172
eWeLL Co., Ltd.		15,000		129,655
F&M Co., Ltd.		16,300		224,622
FP Partner, Inc.		6,700		213,374
GENOVA, Inc.^(a)		19,100		154,751
Hennge KK^(a)		45,800		296,650
Insource Co Ltd		28,000		136,049
Integral Corporation^(a)		13,400		275,912
M&A Capital Partners Company Ltd.		4,500		60,753
MarkLines Co., Ltd.		23,000		434,130
Oro Co., Ltd.		46,500		768,352
Plus Alpha Consulting		11,900		151,373
Prestige International, Inc.		50,000		213,532
Rise Consulting Group Inc^(a)		44,000		220,775
Sun*, Inc.		142,100		832,123
Synchro Food Co., Ltd.		53,100		185,072
System Support, Inc.		44,200		523,521
Syuppin Company, Ltd.		70,800		518,419
ULS Group, Inc.		31,100		778,675
User Local, Inc.		9,000		118,935
WDB coco Co., Ltd.		5,000		142,571
Yakuodo Holdings Co., Ltd.		31,200		566,803
YMIRLINK, Inc.		26,600		219,168
				10,624,833
Luxembourg — 0.65%
Sword Group		7,482		286,072

Norway — 1.39%
Bouvet ASA		38,828		213,225
SmartCraft ASA^(a)		166,002		403,498
				616,723

See accompanying notes to financial statements.

Grandeur Peak Global Micro Cap Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.12% (continued)
Oman — 0.49%
Tethys Oil AB		65,711	$	217,117

Philippines — 0.81%
Pryce Corporation		3,545,900		358,946

Poland — 1.79%
Auto Partner SA		77,576		515,564
Shoper Spolka Akcyjna		30,600		282,914
				798,478
Singapore — 1.19%
Riverstone Holdings Ltd.		923,725		529,417

South Korea — 0.82%
Douzone Bizon Co., Ltd		3,867		165,536
MegaStudyEdu Co., Ltd.		4,572		199,081
				364,617
Sweden — 5.77%
ADDvise Group AB^(a)		538,100		386,741
BoneSupport Holding AB^(a)		8,518		173,107
Knowit AB		11,482		148,604
RVRC Holding AB		35,938		203,289
Sdiptech AB		14,961		381,238
Swedencare AB		194,644		999,780
Teqnion AB		8,129		147,854
Vitec Software Group		2,401		114,859
				2,555,472
Taiwan — 4.07%
Acer E-Enabling Service Business, Inc.		41,000		326,153
FineTek Co. Ltd.		80,204		232,373
Gem Services, Inc.		107,000		222,554
M3 Technology, Inc.		53,000		240,986
Sporton International, Inc.		76,699		583,804
Wistron Information Technology and Services Corporation		47,477		198,957
				1,804,827
Thailand — 0.85%
Humanica PCL		1,280,000		375,306

United Kingdom — 13.91%
AB Dynamics PLC		19,430		439,477
Advanced Medical Solutions Group plc		88,727		210,001
CVS Group plc		59,938		733,280
EKF Diagnostics Holdings PLC		400,873		144,273
Elixirr International PLC		93,105		663,183
Foresight Group Holdings Ltd.		65,739		362,653
Franchise Brands PLC		162,415		402,876
FRP Advisory Group PLC		325,991		483,854
Impax Asset Management Group plc		75,916		420,420
JTC plc^(b)(c)		38,251		408,834
Marlowe PLC^(a)		36,611		224,178
Pensionbee Group PLC^(a)		175,555		336,409
SDI Group PLC^(a)		225,400		153,510
Victorian Plumbing Group PLC		201,264		193,010

	Shares		Fair Value
COMMON STOCKS — 99.12% (continued)
United Kingdom — 13.91%
Volution Group PLC		136,926	$	738,152
XPS Pensions Group PLC		73,829		245,458
				6,159,568
United States — 13.30%
Barrett Business Services, Inc.		7,561		918,662
Bowman Consulting Group Ltd.^(a)		21,236		689,958
Esquire Financial Holdings, Inc.		7,091		333,702
Figs, Inc.^(a)		73,388		375,013
Global Industrials, Co.		5,242		201,869
Hackett Group, Inc. (The)		33,010		715,987
Joint Corporation (The)^(a)		17,690		211,219
Lovesac Company (The)^(a)		10,945		242,760
Pennant Group, Inc. (The)^(a)		58,150		1,215,916
Perella Weinberg Partners LP		35,540		530,257
Plumas Bancorp		6,666		234,377
Treace Medical Concepts, Inc.^(a)		21,204		219,885
				5,889,605
Total Common Stocks (Cost $39,081,242)				43,918,576

Total Investments — 99.12%
(Cost $39,081,242)				43,918,576

Other Assets in Excess of Liabilities — 0.88%				388,095

NET ASSETS — 100.00%			$	44,306,671

^(a)

Non-income producing security.

^(b)

^(c)

Sector Composition (April 30, 2024)
Technology	23.4%
Consumer Discretionary	18.8%
Industrials	17.1%
Health Care	15.5%
Financials	12.1%
Materials	4.2%
Communications	3.5%
Consumer Staples	3.2%
Utilities	0.8%
Energy	0.5%
Other Assets in Excess of Liabilities	0.9%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak Global Micro Cap Fund	Schedule of Investments
	April 30, 2024

Industry Composition (April 30, 2024)
It Services	9.7%
Professional Services	8.5%
Application Software	7.4%
Health Care Services	6.0%
Online Marketplace	5.1%
Health Care Facilities	3.7%
Specialty Chemicals	3.7%
Auto Parts	3.5%
Private Equity	3.4%
Internet Media & Services	3.1%
Infrastructure Software	2.4%
Investment Management	2.3%
Other Spec Retail - Discr	2.3%
Other Commercial Support Services	2.2%
Health Care Supplies	2.2%
Home Products Stores	2.1%
Wealth Management	2.0%
Comml & Res Bldg Equipment & Sys	1.7%
Apparel, Footwear & Acc Design	1.6%
Specialty Online Retailers	1.6%
Engineering Services	1.6%
Specialty & Generic Pharma	1.5%
Banks	1.3%
Food & Drug Stores	1.3%
Life Science & Diagnostics	1.2%
Specialty Technology Hardware	1.2%
Institutional Brokerage	1.2%
Personal Care Products	1.2%
Communications Equipment	1.1%
Automotive Wholesalers	1.0%
Other Industries (each less than 1%)	12.0%
Other Assets in Excess of Liabilities	0.9%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 97.41%
Argentina — 0.86%
Globant SA^(a)		27,349	$	4,884,258

Australia — 0.17%
Fiducian Group Ltd.		182,850		939,754

Belgium — 2.84%
Melexis NV		102,099		8,534,116
Warehouses De Pauw CVA		112,903		2,986,385
X-Fab Silicon Foundries SE^(a)(b)(c)		666,184		4,609,116
				16,129,617
Brazil — 1.35%
Grupo Mateus SA		1,989,800		2,835,674
Patria Investments Ltd.		238,699		3,198,566
Vinci Partners Invest Ltd.		149,641		1,616,123
				7,650,363
Canada — 1.32%
Aritzia, Inc.^(a)		136,100		3,523,228
Foran Mining Corp^(a)		501,000		1,535,660
Richelieu Hardware Ltd.		85,565		2,414,527
				7,473,415
China — 3.06%
Man Wah Holdings Ltd.		5,885,100		4,295,218
Shanghai Hanbell Precise Machinery Co., Ltd.		991,100		2,818,134
Silergy Corporation		553,008		7,327,691
Yum China Holdings Inc		76,700		2,871,286
				17,312,329
Colombia — 0.56%
Parex Resources, Inc.		183,302		3,195,386

France — 5.75%
Alten SA		32,372		3,805,305
Antin Infrastructure Partners		122,243		1,561,412
BioMerieux		5,880		625,222
Neurones SA		81,840		3,888,855
Thermador Groupe		62,807		5,368,917
Virbac SA		38,358		14,178,858
Wavestone		55,799		3,174,563
				32,603,132
Germany — 3.41%
Dermapharm Holding SE		144,111		4,837,864
Elmos Semiconductor AG		42,981		3,562,228
Nexus AG		72,250		3,972,533
QIAGEN N.V.		94,857		4,015,296
Stabilus SE		47,567		2,952,162
				19,340,083
Hong Kong — 0.86%
Techtronic Industries Co., Ltd.		353,300		4,882,334

India — 2.40%
Cera Sanitaryware Ltd.		4,663		401,004
Five-Star Business^(a)		328,296		2,976,194
Gulf Oil Lubricants India Ltd.		186,873		2,300,000

	Shares		Fair Value
COMMON STOCKS — 97.41% (continued)
India — 2.40% (continued)
IndiaMart InterMesh Ltd.		89,038	$	2,811,857
Indigo Paints Ltd.		179,351		2,952,800
SJS Enterprises Ltd.^(a)		286,718		2,151,885
				13,593,740
Indonesia — 1.60%
Ace Hardware Indonesia Tbk PT		40,664,000		2,334,542
Arwana Citramulia Tbk PT		46,609,800		1,863,245
Selamat Sempurna Tbk PT		25,174,200		2,788,679
Ultrajaya Milk Industry & Trading Co.		18,240,200		2,086,517
				9,072,983
Ireland — 0.43%
Keywords Studios plc		171,282		2,445,944

Italy — 2.44%
DiaSorin SpA		12,423		1,254,999
Interpump Group SpA		99,817		4,349,079
Recordati Industria Chimica e Farmaceutica SpA		82,594		4,396,191
Sesa SpA		36,798		3,827,573
				13,827,842
Japan — 12.98%
Amvis Holdings, Inc.		185,400		2,529,456
BayCurrent Consulting, Inc.		444,500		9,462,325
Carenet, Inc. NPV		334,100		1,208,048
Charm Care Corporation KK		171,900		1,632,572
Comture Corporation		162,900		1,995,019
Create SD Holdings Co., Ltd.		129,300		2,794,394
CrowdWorks, Inc.^(a)		246,200		2,094,725
F&M Co., Ltd.		120,900		1,666,067
FP Partner, Inc.		75,700		2,410,812
Funai Soken Holdings, Inc.		110,800		1,676,344
Hennge KK^(a)		362,800		2,349,886
Insource Co Ltd		560,300		2,722,445
Integral Corporation^(a)		247,600		5,098,190
Kitz Corporation		344,900		2,935,761
M&A Capital Partners Company Ltd.		105,100		1,418,927
MarkLines Co., Ltd.		247,400		4,669,735
Medley Inc		122,700		2,812,583
MonotaRO Co., Ltd.		209,400		2,509,682
Prestige International, Inc.		641,900		2,741,326
Seria Co., Ltd.		171,800		2,912,273
Strike Co., Ltd.		90,000		2,516,391
Sun*, Inc.		381,500		2,234,026
Synchro Food Co., Ltd.		482,000		1,679,939
Trancom Co., Ltd.		36,770		1,337,062
ULS Group, Inc.		55,300		1,384,588
User Local, Inc.		113,700		1,502,543
Visional, Inc.		68,700		3,134,722
Yakuodo Holdings Co., Ltd.		116,400		2,114,610
				73,544,451
Luxembourg — 1.02%
Eurofins Scientific S.E.		68,597		4,205,263

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS —97.41% (continued)
Luxembourg — 1.02% (continued)
Sword Group		41,691	$	1,594,042
				5,799,305
Mexico — 2.09%
Grupo Financiero Banorte SAB de CV		349,100		3,463,523
Regional SAB de CV		656,927		5,909,229
Vesta Real Estate Corporation - ADR		69,644		2,473,058
				11,845,810
Netherlands — 0.57%
CVC Capital Partners PLC^(a)		40,974		743,550
Redcare Pharmacy NV		18,200		2,462,320
				3,205,870
Norway — 0.85%
Bouvet ASA		230,309		1,264,749
SmartCraft ASA^(a)		1,457,082		3,541,698
				4,806,447
Philippines — 0.92%
Century Pacific Food, Inc.		2,929,900		1,921,620
Concepcion Industrial Corporation		1,020,252		206,894
Puregold Price Club, Inc.		3,770,700		1,546,385
Wilcon Depot, Inc.		5,330,600		1,540,423
				5,215,322
Poland — 1.42%
Dino Polska SA^(a)(b)(c)		59,555		5,706,086
Inter Cars SA		17,951		2,358,946
				8,065,032
Singapore — 0.75%
Riverstone Holdings Ltd.		7,413,900		4,249,151

South Africa — 0.15%
Italtile Ltd.		1,640,724		827,504

South Korea — 1.89%
Eo Technics Co., Ltd.		25,905		4,387,190
LEENO Industrial, Inc.		25,220		4,482,713
SOLUM Co Ltd^(a)		96,566		1,814,864
				10,684,767
Sweden — 3.85%
AddTech AB		88,745		1,845,110
Beijer Alma AB		154,661		2,927,111
Knowit AB		187,743		2,429,838
RVRC Holding AB		405,970		2,296,433
Sdiptech AB		268,662		6,846,077
Swedencare AB		611,771		3,142,333
Vimian Group AB^(a)		841,665		2,314,272
				21,801,174
Taiwan — 1.88%
Fuzetec Technology Co., Ltd.		278,482		543,413
M3 Technology, Inc.		640,000		2,910,015
Sporton International, Inc.		949,151		7,224,596
				10,678,024
United Kingdom — 16.63%
B&M European Value Retail SA		3,223,378		20,803,818
CVS Group plc		724,145		8,859,177

	Shares		Fair Value
COMMON STOCKS — 97.41% (continued)
United Kingdom — 16.63% (continued)
Darktrace plc^(a)		698,450	$	5,214,204
Diploma plc		96,706		4,371,486
Elixirr International PLC		108,470		772,627
Endava plc, ADR - ADR^(a)		172,255		4,995,395
Foresight Group Holdings Ltd.		656,670		3,622,553
FRP Advisory Group PLC		1,207,973		1,792,941
GlobalData PLC		1,283,784		3,401,050
Halma PLC		70,254		1,925,580
Impax Asset Management Group plc		609,471		3,375,231
JTC plc^(b)(c)		602,443		6,439,019
Marlowe PLC^(a)		748,142		4,581,052
On The Beach Group PLC^(a)(b)(c)		104,520		188,604
Petershill Partners PLC		1,147,692		2,944,280
Pets at Home Group PLC		1,035,102		3,779,623
Softcat PLC		282,801		5,535,755
Victorian Plumbing Group PLC		1,039,569		996,934
Volution Group PLC		1,557,641		8,397,060
YouGov plc		207,296		2,253,696
				94,250,085
United States — 23.41%
4imprint Group PLC		32,932		2,545,439
Atmus Filtration Tech^(a)		92,861		2,812,760
AtriCure, Inc.^(a)		137,233		3,310,060
Burlington Stores, Inc.^(a)		17,648		3,175,581
Charles River Laboratories International, Inc.^(a)		15,330		3,510,570
Crowdstrike Holdings, Inc., Class A^(a)		14,630		4,279,860
DigitalOcean Holdings, Inc.^(a)		70,999		2,333,027
Dorman Products, Inc.^(a)		33,937		2,967,791
Elastic N.V. ^(a)		20,635		2,109,310
Esquire Financial Holdings, Inc.		31,458		1,480,413
Etsy, Inc.^(a)		45,391		3,117,000
Evercore Partners, Inc., Class A		24,873		4,514,450
Five Below, Inc.^(a)		48,462		7,091,929
Frontage Holdings Corporation^(a)(b)(c)		6,050,583		947,324
Global Industrials, Co.		82,454		3,175,304
GQG Partners, Inc.		2,094,198		3,091,855
Hackett Group, Inc. (The)		98,183		2,129,589
HealthEquity, Inc.^(a)		35,698		2,816,929
Insperity, Inc.		24,549		2,526,829
Insulet Corporation^(a)		12,197		2,097,152
JFrog Ltd. ^(a)		67,577		2,694,971
Littelfuse, Inc.		73,007		16,838,333
Medpace Holdings, Inc.^(a)		6,537		2,538,644
Neogen Corporation^(a)		165,920		2,045,794
NV5 Global, Inc.^(a)		52,311		4,877,478
Ollie’s Bargain Outlet Holdings, Inc.^(a)		73,118		5,347,851
P10, Inc.		530,771		3,768,474
PACS Group Inc^(a)		86,613		2,162,727
PagerDuty, Inc.^(a)		106,997		2,135,660
Pennant Group, Inc. (The)^(a)		26,384		551,689
PJT Partners, Inc., Class A		67,383		6,367,019
Qualys, Inc.^(a)		45,294		7,424,140

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 97.41% (continued)
United States — 23.41% (continued)
Shoals Technologies Group, Inc., Class A^(a)		334,797	$	2,829,035
Silicon Laboratories, Inc.^(a)		16,034		1,947,970
SiTime Corporation^(a)		18,514		1,649,968
Texas Roadhouse, Inc.		17,084		2,746,766
TriMas Corporation		115,252		2,995,399
UL Solutions Inc^(a)		22,488		789,329
YETI Holdings, Inc.^(a)		79,145		2,827,059
				132,571,477
Vietnam — 1.95%
Asia Commercial Bank JSC		3,107,100		3,295,935
Vietnam Technological & Commercial Joint Stock Bank^(a)		4,204,304		7,730,832
				11,026,767

Total Common Stocks (Cost $473,144,434)				551,922,366

Total Investments — 97.41% (Cost $473,144,434)				551,922,366

Other Assets in Excess of Liabilities — 2.59%				14,659,949

NET ASSETS — 100.00%			$	566,582,315

^(a)

Non-income producing security.

^(b)

^(c)

Sector Composition (April 30, 2024)
Technology	24.3%
Industrials	18.3%
Financials	13.9%
Health Care	12.4%
Consumer Discretionary	11.7%
Consumer Staples	10.2%
Communications	2.9%
Materials	1.7%
Energy	1.1%
Real Estate	1.0%
Other Assets in Excess of Liabilities	2.6%
Total	100%

Industry Composition (April 30, 2024)
Mass Merchants	6.4%
IT Services	7.7%
Application Software	4.6%
Specialty & Generic Pharma	4.1%
Banks	3.9%
Electrical Components	3.6%
Health Care Services	3.3%
Semiconductor Devices	3.3%
Food & Drug Stores	3.1%
Private Equity	3.0%
Professional Services	2.9%
Infrastructure Software	2.4%
Institutional Brokerage	2.4%
Other Commercial Support Services	2.2%
Electronics Components	2.1%
Home Products Stores	2.1%
Flow Control Equipment	1.8%
Investment Management	1.8%
Engineering Services	1.5%
Comml & Res Bldg Equipment & Sys	1.5%
Specialty Technology Hardware	1.5%
Wealth Management	1.5%
Auto Parts	1.4%
Other Machinery & Equipment	1.4%
Other Spec Retail - Discr	1.2%
Internet Media & Services	1.2%
Specialty Apparel Stores	1.2%
Advertising & Marketing	1.2%
Health Care Facilities	1.1%
Health Care Supplies	1.1%
Life Science & Diagnostics	1.1%
Online Marketplace	1.1%
Restaurants	1.0%
Commercial Finance	1.0%
Other Industries (each less than 1%)	16.7%
Other Assets in Excess of Liabilities	2.6%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 95.83%
Argentina — 0.67%
Globant SA^(a)		7,856	$	1,403,003

Australia — 1.91%
EQT Holdings Ltd.		26,829		527,091
Imdex Ltd.		383,427		514,169
Johns Lyng Group Ltd.		180,059		645,649
Kogan.com Ltd.		81,469		264,849
MA Financial Group Ltd		170,524		505,962
Netwealth Group Ltd.		34,999		440,484
PeopleIN Ltd.		563,706		352,232
Pinnacle Investment Management Group		102,200		732,194
				3,982,630
Belgium — 1.60%
Azelis Group N.V.		21,463		515,839
Melexis NV		12,468		1,042,159
Warehouses De Pauw CVA		31,610		836,112
X-Fab Silicon Foundries SE^(a)(b)(c)		137,299		949,928
				3,344,038
Brazil — 2.21%
Grupo Mateus SA		527,387		751,582
Hypera SA		85,800		488,931
Locaweb Servicos de Internet SA^(b)(c)		690,468		609,010
Patria Investments Ltd.		77,699		1,041,166
Raia Drogasil SA		87,400		431,563
Track & Field Co. SA		214,800		460,410
Vinci Partners Invest Ltd.		33,047		356,908
XP, Inc., Class A		23,213		475,170
				4,614,740
Canada — 1.17%
Aritzia, Inc.^(a)		40,579		1,050,471
Docebo, Inc.^(a)		11,900		531,924
Foran Mining Corp^(a)		174,349		534,413
Richelieu Hardware Ltd.		11,094		313,057
				2,429,865
China — 5.10%
Adicon Holdings Ltd.^(a)		665,500		993,646
Angelalign Technology, Inc.^(b)(c)		42,200		422,743
ANTA Sports Products Ltd.		39,200		443,780
Beijing Huafeng Test & Control Technology Co., Ltd.		52,200		804,739
Centre Testing International Group Company Ltd.		354,700		613,650
Chaoju Eye Care Holdings Ltd.		840,000		410,783
CSPC Pharmaceutical Group Ltd.		353,220		290,039
Hangzhou Robam Appliances Co., Ltd.		108,800		354,431
Hangzhou Tigermed Consulting Co., Ltd.		39,700		322,462
Li Ning Company Ltd.		146,600		383,778
Man Wah Holdings Ltd.		612,900		447,322
ManpowerGroup Greater China Ltd.^(c)		145,800		90,376
Proya Cosmetics Co Ltd.		27,000		407,368

	Shares		Fair Value
COMMON STOCKS — 95.83% (continued)
China — 5.10% (continued)
Shenzhen Mindray Bio-Medical Electronics Co.		20,800	$	873,388
Silergy Corporation		140,700		1,864,359
Suofeiya Home Collection Co., Ltd., CLASS A		158,600		373,820
TK Group Holdings Ltd.		1,492,400		288,771
Yum China Holdings Inc.		32,900		1,231,621
				10,617,076
Colombia — 0.74%
Parex Resources, Inc.		88,357		1,540,271

Finland — 0.26%
Revenio Group Oyj		19,500		543,658

France — 3.32%
Alten SA		7,715		906,893
Antin Infrastructure Partners		94,558		1,207,791
BioMerieux		5,000		531,651
Esker SA		2,612		485,554
Neurones SA		9,978		474,132
Planisware SAS^(a)		17,078		373,445
Thermador Groupe		4,977		425,448
Virbac SA		6,769		2,502,130
				6,907,044
Germany — 2.12%
AIXTRON SE		16,475		382,906
Atoss Software AG		1,418		379,169
Dermapharm Holding SE		23,363		784,305
Elmos Semiconductor AG		7,036		583,138
Mensch und Maschine Software SE		7,398		437,499
Nexus AG		15,717		864,170
QIAGEN N.V.		23,273		985,146
				4,416,333
Greece — 0.21%
Sarantis SA		34,652		437,801

Hong Kong — 1.22%
Plover Bay Technologies Ltd.^(c)		4,118,000		1,468,547
Techtronic Industries Co., Ltd.		78,500		1,084,810
				2,553,357
India — 3.16%
Bajaj Finance Ltd.		4,263		353,440
Cera Sanitaryware Ltd.		4,267		366,950
City Union Bank Ltd.		201,547		387,086
Five-Star Business^(a)		63,101		572,048
Gulf Oil Lubricants India Ltd.		82,305		1,012,995
Home First Finance Co. India Ltd.		39,980		435,918
IndiaMart InterMesh Ltd.^(b)(c)		21,336		673,800
Indigo Paints Ltd		24,500		403,363
Ksolves India Ltd		30,684		419,824
LT Foods Ltd		191,586		492,891
Metropolis Healthcare Ltd.^(b)(c)		16,141		350,551
Motherson Sumi Wiring India Ltd.		397,071		327,892

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 95.83% (continued)
India — 3.16% (continued)
SJS Enterprises Ltd.^(a)		106,247	$	797,408
				6,594,166
Indonesia — 1.93%
Ace Hardware Indonesia Tbk PT		27,507,600		1,579,226
Arwana Citramulia Tbk PT		11,519,400		460,493
Avia Avian Tbk PT		15,995,800		501,713
Bank BTPN Syariah Tbk PT		4,558,400		340,618
Selamat Sempurna Tbk PT		6,110,600		676,903
Ultrajaya Milk Industry & Trading Co.		4,006,000		458,251
				4,017,204

Ireland — 0.63%
ICON plc^(a)		1,000		297,880
Keywords Studios plc		25,319		361,561
Uniphar PLC		239,197		656,208
				1,315,649

Israel — 0.52%
Monday.com Ltd.^(a)		3,246		614,565
Wix.com Ltd.^(a)		3,991		474,410
				1,088,975
Italy — 1.30%
DiaSorin SpA		4,483		452,883
Interpump Group SpA		9,386		408,953
Recordati Industria Chimica e Farmaceutica SpA		15,169		807,393
Sesa SpA		10,025		1,042,758
				2,711,987
Japan — 10.20%
Amvis Holdings, Inc.		33,000		450,227
Atrae, Inc.^(a)		74,300		205,082
AZOOM Co Ltd		7,900		270,759
BayCurrent Consulting, Inc.		149,900		3,191,006
Beenos, Inc.		36,500		488,418
Carenet, Inc. NPV		61,100		220,927
Central Automotive Products Ltd.		23,800		871,218
Charm Care Corporation KK		30,000		284,917
Comture Corporation		67,800		830,339
Create SD Holdings Co., Ltd.		15,400		332,820
CrowdWorks, Inc.^(a)		56,200		478,162
Cyber Security Cloud, Inc.^(a)		39,100		661,920
eWeLL Co., Ltd.		33,000		285,241
F&M Co., Ltd.		33,400		460,270
FP Partner, Inc.		27,400		872,606
Funai Soken Holdings, Inc.		13,300		201,222
GMO Payment Gateway, Inc. NPV		6,800		311,046
gremz, Inc.		37,100		499,370
Hennge KK^(a)		95,400		617,914
Insource Co Ltd		56,900		276,472
Integral Corporation^(a)		50,800		1,045,994
JMDC, Inc.		34,400		695,877
M&A Capital Partners Company Ltd.		37,400		504,927
M&A Research Institute, Inc.^(a)		7,400		233,861
MarkLines Co., Ltd.		46,400		875,812
Medley Inc		25,000		573,060

	Shares		Fair Value
COMMON STOCKS — 95.83% (continued)
Japan — 10.20% (continued)
MonotaRO Co., Ltd.		53,200	$	637,608
Plus Alpha Consulting		29,200		371,435
Prestige International, Inc.		135,800		579,953
Rise Consulting Group Inc^(a)		70,300		352,738
Sun*, Inc.		85,700		501,851
Synchro Food Co., Ltd.		144,200		502,587
System Support, Inc.		38,600		457,193
Tokyo Seimitsu Company Ltd.		4,200		273,311
ULS Group, Inc.		28,000		701,057
User Local, Inc.		35,000		462,524
Visional, Inc.		7,300		333,093
WDB coco Co., Ltd.		11,900		339,318
				21,252,135
Luxembourg — 0.37%
Eurofins Scientific S.E.		9,100		557,865
Sword Group		5,751		219,888
				777,753
Malaysia — 0.40%
Mr DIY Group Berhad^(b)(c)		2,571,300		840,893

Mexico — 1.13%
Arca Continental COM NPV		71,300		693,817
Corp Inmobiliaria Vesta SAB de CV		112,600		398,874
Grupo Financiero Banorte SAB de CV		31,200		309,544
Regional SAB de CV		106,900		961,594
				2,363,829
Netherlands — 0.35%
ASM International NV		731		459,941
CVC Capital Partners PLC^(a)		15,158		275,070
				735,011
New Zealand — 0.30%
NZX Ltd		917,297		632,395

Norway — 0.68%
Bouvet ASA		120,257		660,395
SmartCraft ASA^(a)		313,578		762,208
				1,422,603
Oman — 0.33%
Tethys Oil AB		206,211		681,347

Philippines — 1.61%
Century Pacific Food, Inc.		916,900		601,363
Concepcion Industrial Corporation		1,793,920		363,784
Philippine Seven Corporation^(a)		561,400		840,660
Pryce Corporation		6,894,800		697,951
Puregold Price Club, Inc.		861,100		353,142
Wilcon Depot, Inc.		1,721,500		497,474
				3,354,374
Poland — 1.57%
Auto Partner SA		107,030		711,313
Dino Polska SA^(a)(b)(c)		13,464		1,290,014
Inter Cars SA		9,739		1,279,804
				3,281,131

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 95.83% (continued)
Singapore — 0.85%
iFast Corporation		199,200	$	1,071,937
Riverstone Holdings Ltd.		1,215,700		696,758
				1,768,695
South Africa — 0.34%
Clicks Group Ltd.		27,746		431,746
Italtile Ltd.		537,005		270,840
				702,586
South Korea — 1.57%
Coupang, Inc.^(a)		18,454		415,215
Douzone Bizon Co., Ltd		10,913		467,155
Eo Technics Co., Ltd.		2,808		475,554
LEENO Industrial, Inc.		3,790		673,651
Segyung Hitech Co Ltd		45,000		310,295
SOLUM Co Ltd^(a)		15,742		295,856
Tokai Carbon Korea Co., Ltd.		7,139		624,301
				3,262,027
Sweden — 3.98%
AddTech AB		14,233		295,920
Beijer Alma AB		26,524		501,993
Epiroc AB		28,507		472,564
EQT A.B.		26,496		714,895
Fasadgruppen Group AB		50,000		310,424
Knowit AB		47,540		615,280
Nibe Industrier A.B.		114,917		530,289
OX2 AB^(a)		117,378		423,468
RVRC Holding AB		71,834		406,340
Sdiptech AB		59,055		1,504,847
Swedencare AB		152,998		785,867
Swedish Logistic^(a)		152,320		460,292
Teqnion AB		17,260		313,932
Vimian Group AB^(a)		115,800		318,408
Vitec Software Group		13,247		633,710
				8,288,229
Taiwan — 2.82%
Allied Supreme Corporation		46,000		597,466
Asia Vital Components Co., Ltd.		27,000		531,371
Chroma Ate Inc		39,000		316,019
Fuzetec Technology Co., Ltd.		227,519		443,967
Gem Services, Inc.		166,000		345,270
M3 Technology, Inc.		114,000		518,346
Sinbon Electronics Co., Ltd.		56,000		481,263
Sporton International, Inc.		223,868		1,704,003
Voltronic Power Technology Corporation		7,247		342,120
Wistron Information Technology and Services Corporation		143,803		602,622
				5,882,447
Thailand — 0.26%
Humanica PCL		1,869,000		548,005

United Kingdom — 14.17%
AB Dynamics PLC		55,352		1,251,979
Advanced Medical Solutions Group plc		275,499		652,056
B&M European Value Retail SA		523,888		3,381,195

	Shares		Fair Value
COMMON STOCKS — 95.83% (continued)
United Kingdom — 14.17% (continued)
CVS Group plc		131,435	$	1,607,974
Darktrace plc^(a)		306,766		2,290,129
Diploma plc		13,359		603,879
dotdigital group plc		485,282		567,010
Elixirr International PLC		201,272		1,433,650
Endava plc, ADR - ADR^(a)		25,569		741,501
Foresight Group Holdings Ltd.		216,892		1,196,496
FRP Advisory Group PLC		566,926		841,463
Gamma Communications PLC		37,522		613,308
GlobalData PLC		337,000		892,794
Halma PLC		9,762		267,565
Impax Asset Management Group plc		271,496		1,503,536
Intermediate Capital Group PLC		29,832		777,595
JTC plc^(b)(c)		210,184		2,246,484
Keystone Law Group PLC		82,683		681,939
Marex Group PLC^(a)		20,000		385,200
Marlowe PLC^(a)		142,907		875,054
Pensionbee Group PLC^(a)		425,670		815,695
Petershill Partners PLC^(b)(c)		641,913		1,646,759
Pets at Home Group PLC		337,561		1,232,587
Safestore Holdings plc		45,465		438,217
Softcat PLC		42,750		836,820
Tatton Asset Mgmt		69,351		490,517
Volution Group PLC		121,147		653,089
YouGov plc		56,987		619,556
				29,544,047
United States — 25.12%
4imprint Group PLC		7,309		564,940
Alexandria Real Estate Equities, Inc.		3,486		403,923
Align Technology, Inc.^(a)		2,357		665,571
Apollo Global Management, Inc.		6,253		677,700
Ares Management Corporation, CLASS A		13,055		1,737,489
Ashtead Group PLC		8,512		618,117
Atmus Filtration Tech^(a)		9,900		299,871
AtriCure, Inc.^(a)		27,162		655,147
Barrett Business Services, Inc.		9,724		1,181,465
BILL Holdings, Inc.^(a)		5,184		323,274
Bio-Techne Corporation		6,692		423,001
Blue Owl Capital, Inc.		72,860		1,376,325
Bowman Consulting Group Ltd.^(a)		19,687		639,631
Burlington Stores, Inc.^(a)		4,688		843,559
Cactus, Inc., Class A		12,877		639,214
Charles River Laboratories International, Inc.^(a)		2,619		599,751
Clearwater Analytics Holdings, Inc., CLASS A^(a)		25,386		400,591
Crocs, Inc.^(a)		2,690		334,555
Cross Creek Lucid LP/Partnership Interest^(a)(d)		1,000,000		731,724
Crowdstrike Holdings, Inc., Class A^(a)		3,876		1,133,885
Datadog, Inc., Class A^(a)		2,940		368,970
DexCom, Inc.^(a)		3,911		498,222
DigitalOcean Holdings, Inc.^(a)		26,034		855,477

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 95.83% (continued)
United States — 25.12% (continued)
Dollar General Corporation		2,084	$	290,072
Dorman Products, Inc.^(a)		8,144		712,193
Elastic N.V. ^(a)		15,206		1,554,358
Ensign Group, Inc. (The)		2,625		310,695
Esquire Financial Holdings, Inc.		18,400		865,904
Etsy, Inc.^(a)		12,797		878,770
Evercore Partners, Inc., Class A		3,759		682,259
Fastenal Company		4,511		306,478
Five Below, Inc.^(a)		8,272		1,210,525
Freshpet, Inc.^(a)		3,761		398,929
Frontage Holdings Corporation^(a)(b)(c)		2,778,000		434,944
Gentex Corporation		16,311		559,467
Gitlab, Inc.^(a)		5,944		311,882
Global Industrials, Co.		7,285		280,545
Goosehead Insurance, Inc., CLASS A^(a)		7,860		447,313
GQG Partners, Inc.		771,677		1,139,297
Hackett Group, Inc. (The)		32,726		709,827
HealthEquity, Inc.^(a)		6,663		525,777
HOULIHAN LOKEY, INC.		5,948		758,311
HubSpot, Inc.^(a)		790		477,847
Insperity, Inc.		6,663		685,823
Insulet Corporation^(a)		2,050		352,477
JFrog Ltd. ^(a)		39,427		1,572,349
Littelfuse, Inc.		6,196		1,429,046
Lululemon Athletica, Inc.^(a)		842		303,625
MarketAxess Holdings, Inc.		3,578		715,922
Marvell Technology, Inc.		4,881		321,707
Medpace Holdings, Inc.^(a)		652		253,204
Monolithic Power Systems, Inc.		598		400,259
Napco Security Technologies, Inc.		10,863		442,124
Neogen Corporation^(a)		42,679		526,232
NV5 Global, Inc.^(a)		11,241		1,048,110
Ollie’s Bargain Outlet Holdings, Inc.^(a)		11,110		812,585
P10, Inc.		141,121		1,001,959
PACS Group Inc^(a)		31,915		796,918
Paycom Software, Inc.		2,233		419,759
Paylocity Holding Corporation^(a)		1,722		267,186
Pennant Group, Inc. (The)^(a)		4,438		92,799
Perella Weinberg Partners LP		114,416		1,707,086
PJT Partners, Inc., Class A		16,551		1,563,904
Pool Corporation		957		346,941
Qualys, Inc.^(a)		8,370		1,371,927
Rexford Industrial Realty, Inc.		15,334		656,449
Shoals Technologies Group, Inc., Class A^(a)		62,146		525,134
Silicon Laboratories, Inc.^(a)		3,200		388,768
Skechers U.S.A., Inc., Class A^(a)		13,882		916,906
Smartsheet, Inc., Class A^(a)		17,053		645,115
Squarespace, Inc.^(a)		11,826		412,254
Terreno Realty Corporation		7,278		395,559
Texas Roadhouse, Inc.		2,879		462,886
TPG, Inc.		21,488		926,133
Tradeweb Markets, Inc., CLASS A		3,737		380,090
Treace Medical Concepts, Inc.^(a)		34,075		353,358

	Shares		Fair Value
COMMON STOCKS — 95.83% (continued)
United States — 25.12% (continued)
UL Solutions Inc^(a)		8,275	$	290,453
YETI Holdings, Inc.^(a)		14,330		511,868
Zscaler, Inc.^(a)		1,310		226,552
				52,351,262
Vietnam — 1.71%
Asia Commercial Bank JSC		574,500		609,416
FPT Corporation		286,077		1,393,889
Vietnam Technological & Commercial Joint Stock Bank^(a)		843,581		1,551,168
				3,554,473
Total Common Stocks (Cost $171,539,123)				199,761,039

PREFERRED STOCKS — 0.47%
United States — 0.47%
Gusto, Inc., Series E Preferred^(a)(d)		32,241		980,126

Total Preferred Stocks (Cost $979,976)				980,126

Total Investments — 96.30% (Cost $172,519,099)				200,741,165

Other Assets in Excess of Liabilities —3.70%				7,705,163

NET ASSETS — 100.00%			$	208,446,328

^(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	Schedule of Investments
	April 30, 2024

Sector Composition (April 30, 2024)
Technology	25.4%
Financials	18.1%
Industrials	13.9%
Consumer Discretionary	12.9%
Health Care	10.4%
Consumer Staples	6.3%
Communications	3.0%
Materials	2.1%
Real Estate	1.7%
Energy	1.5%
Utilities	0.6%
Listed Private Equity Investments	0.4%
Other Assets in Excess of Liabilities	3.7%
Total	100%

Industry Composition (April 30, 2024)
Application Software	8.4%
IT Services	6.4%
Investment Management	5.6%
Professional Services	4.1%
Private Equity	3.1%
Mass Merchants	2.7%
Institutional Brokerage	2.6%
Infrastructure Software	2.4%
Auto Parts	2.4%
Banks	2.4%
Specialty & Generic Pharma	2.3%
Health Care Services	2.3%
Other Commercial Support Services	2.1%
Food & Drug Stores	2.1%
Home Products Stores	2.0%
Semiconductor Devices	1.6%
Electrical Components	1.5%
Semiconductor Mfg	1.5%
Wealth Management	1.5%
Internet Media & Services	1.5%
Specialty Apparel Stores	1.5%
Medical Equipment	1.4%
Online Marketplace	1.3%
Engineering Services	1.3%
Electronics Components	1.2%
Other Spec Retail - Discr	1.2%
Life Science & Diagnostics	1.2%
Exploration & Production	1.1%
Health Care Supplies	1.1%
Automotive Wholesalers	1.0%
Apparel, Footwear & Acc Design	1.0%
Other Industries (each less than 1%)	24.5%
Other Assets in Excess of Liabilities	3.7%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak Global Stalwarts Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.48%
Argentina — 1.18%
Globant SA^(a)		8,836	$	1,578,021

Australia — 0.51%
WiseTech Global Ltd.		11,663		687,046

Belgium — 2.72%
Azelis Group N.V.		28,093		675,183
Melexis NV		27,047		2,260,769
Warehouses De Pauw CVA		26,718		706,715
				3,642,667
Brazil — 1.60%
Grupo Mateus SA		322,100		459,026
Patria Investments Ltd.		85,988		1,152,239
Raia Drogasil SA		107,492		530,774
				2,142,039
Canada — 1.34%
Aritzia, Inc.^(a)		27,344		707,856
Constellation Software, Inc.		200		514,876
Descartes Systems Group, Inc. (The)^(a)		6,181		573,317
				1,796,049
China — 3.96%
Centre Testing International Group Company Ltd.		342,600		592,716
Shanghai Hanbell Precise Machinery Co., Ltd.		183,100		520,634
Silergy Corporation		289,000		3,829,426
Yum China Holdings Inc		10,200		381,840
				5,324,616
France — 2.20%
Antin Infrastructure Partners		31,256		399,234
BioMerieux		4,949		526,228
Virbac SA		5,487		2,028,244
				2,953,706
Germany — 2.19%
AIXTRON SE		30,134		700,364
Atoss Software AG		1,772		473,827
Dermapharm Holding SE		33,429		1,122,225
Hensoldt AG		16,237		639,847
				2,936,263
Hong Kong — 1.20%
Techtronic Industries Co., Ltd.		116,300		1,607,177

India — 1.65%
Bajaj Finance Ltd.		5,321		441,158
Five-Star Business^(a)		64,972		589,010
IndiaMart InterMesh Ltd.^(b)(c)		29,261		924,074
PB Fintech Ltd^(a)		16,840		254,918
				2,209,160
Ireland — 0.73%
ICON plc^(a)		3,298		982,408

	Shares		Fair Value
COMMON STOCKS — 99.48% (continued)
Israel — 0.68%
CyberArk Software Ltd.^(a)		1,761	$	421,319
Nova Ltd.^(a)		2,883		489,822
				911,141
Italy — 0.93%
Interpump Group SpA		16,387		713,990
Recordati Industria Chimica e Farmaceutica SpA		10,175		541,580
				1,255,570
Japan — 6.28%
Amvis Holdings, Inc.		49,100		669,883
BayCurrent Consulting, Inc.		157,200		3,346,406
Japan Elevator Service Holdings Company Ltd.		26,300		408,726
JMDC, Inc.		18,400		372,213
Lasertec Corporation		3,700		798,125
M&A Capital Partners Company Ltd.		4,600		62,103
M&A Research Institute, Inc.^(a)		20,800		657,338
MonotaRO Co., Ltd.		74,500		892,891
Tokyo Seimitsu Company Ltd.		11,000		715,814
Visional, Inc.		11,500		524,736
				8,448,235
Luxembourg — 0.42%
Eurofins Scientific S.E.		9,104		558,111

Mexico — 3.11%
BBB Foods Inc^(a)		16,839		386,455
Corp Inmobiliaria Vesta SAB de CV		391,665		1,387,435
Grupo Financiero Banorte SAB de CV		51,300		508,962
Kimberly-Clark de Mexico S.A.B. de C.V.		252,700		527,626
Regional SAB de CV		151,633		1,363,978
				4,174,456
Netherlands — 2.60%
Aalberts N.V.^(a)		12,845		610,877
ASM International NV		1,560		981,543
BE Semiconductor Industries N.V.		2,964		393,343
CVC Capital Partners PLC^(a)		9,894		179,545
IMCD N.V.		5,491		828,657
Topicus.com, Inc.		6,100		497,083
				3,491,048
Poland — 1.13%
Dino Polska SA^(a)(b)(c)		15,787		1,512,585

South Korea — 2.12%
Eo Technics Co., Ltd.		7,439		1,259,846
LEENO Industrial, Inc.		8,906		1,582,991
				2,842,837
Sweden — 4.36%
AddTech AB		32,406		673,758
Epiroc AB		34,634		574,132
EQT AB		51,287		1,383,786
HMS Networks AB		13,071		484,452
Lifco AB, Class B		28,359		687,146
Nibe Industrier AB		152,144		702,075

See accompanying notes to financial statements.

Grandeur Peak Global Stalwarts Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.48% (continued)
Sweden — 4.36% (continued)
OX2 AB^(a)		45,577	$	164,429
Sagax AB		23,602		591,084
Swedencare AB		118,789		610,154
				5,871,016
Switzerland — 0.52%
VAT Group AG		1,398		696,002

Taiwan — 3.15%
Asia Vital Components Co., Ltd.		64,000		1,259,546
ASPEED Technology, Inc.		13,000		1,214,458
Chroma Ate Inc		129,000		1,045,294
Sinbon Electronics Co., Ltd.		82,500		709,004
				4,228,302
United Kingdom — 10.22%
B&M European Value Retail SA		668,788		4,316,385
CVS Group plc		73,780		902,623
Darktrace plc^(a)		264,228		1,972,566
Diploma plc		27,275		1,232,936
Halma PLC		38,332		1,050,635
Impax Asset Management Group plc		160,290		887,681
Intermediate Capital Group PLC		27,516		717,227
JTC plc^(b)(c)		158,863		1,697,956
Softcat PLC		48,465		948,690
				13,726,699
United States — 42.53%
Align Technology, Inc.^(a)		3,329		940,042
Apollo Global Management, Inc.		4,251		460,723
Ares Management Corporation, CLASS A		13,588		1,808,427
Ashtead Group PLC		27,639		2,007,066
Atmus Filtration Tech^(a)		13,219		400,404
AtriCure, Inc.^(a)		21,591		520,775
Blue Owl Capital, Inc.		25,401		479,825
Burlington Stores, Inc.^(a)		3,250		584,805
Cactus, Inc., Class A		13,333		661,850
Charles River Laboratories International, Inc.^(a)		4,634		1,061,187
Clearwater Analytics Holdings, Inc., CLASS A^(a)		33,231		524,385
Cloudflare, Inc., Class A^(a)		12,365		1,080,701
Core & Main, Inc.^(a)		17,460		985,966
Cross Creek Lucid LP/Partnership Interest^(a)(d)		1,300,000		951,242
Crowdstrike Holdings, Inc., Class A^(a)		6,797		1,988,395
DexCom, Inc.^(a)		3,709		472,490
DigitalOcean Holdings, Inc.^(a)		48,804		1,603,700
Dorman Products, Inc.^(a)		6,080		531,696
Elastic N.V. ^(a)		17,653		1,804,489
Ensign Group, Inc. (The)		6,456		764,132
Etsy, Inc.^(a)		17,342		1,190,875
Evercore Partners, Inc., Class A		4,557		827,096
Five Below, Inc.^(a)		6,052		885,650
FormFactor, Inc.^(a)		18,110		807,525
Global Industrials, Co.		16,982		653,977

	Shares		Fair Value
COMMON STOCKS — 99.48% (continued)
United States — 42.53% (continued)
Goosehead Insurance, Inc., CLASS A^(a)		12,109	$	689,123
HealthEquity, Inc.^(a)		7,752		611,710
Herc Holdings, Inc.		6,850		979,756
HOULIHAN LOKEY, INC.		7,112		906,708
HubSpot, Inc.^(a)		833		503,857
IDEXX Laboratories, Inc.^(a)		1,135		559,283
Insulet Corporation^(a)		3,910		672,285
JFrog Ltd. ^(a)		31,873		1,271,095
KKR & Company, Inc.		7,226		672,524
Littelfuse, Inc.		20,532		4,735,500
Lululemon Athletica, Inc.^(a)		1,876		676,486
MarketAxess Holdings, Inc.		2,050		410,185
Marvell Technology, Inc.		15,889		1,047,244
Medpace Holdings, Inc.^(a)		1,267		492,039
Moelis & Company, Class A		9,858		483,831
Monolithic Power Systems, Inc.		2,041		1,366,103
Neogen Corporation^(a)		48,551		598,634
NV5 Global, Inc.^(a)		5,600		522,144
Ollie’s Bargain Outlet Holdings, Inc.^(a)		13,708		1,002,603
P10, Inc.		15,824		112,350
PACS Group Inc^(a)		21,291		531,636
PagerDuty, Inc.^(a)		53,051		1,058,898
PJT Partners, Inc., Class A		25,061		2,368,013
Pool Corporation		1,229		445,549
Primoris Services Corporation		11,138		519,031
QUALCOMM, Inc.		9,556		1,584,862
Qualys, Inc.^(a)		4,046		663,180
Rexford Industrial Realty, Inc.		15,067		645,018
Savers Value Village Inc^(a)		39,160		646,923
Shoals Technologies Group, Inc., Class A^(a)		60,152		508,284
Silicon Laboratories, Inc.^(a)		11,842		1,438,684
SiTime Corporation^(a)		8,290		738,805
Skechers U.S.A., Inc., Class A^(a)		11,547		762,679
Tradeweb Markets, Inc., CLASS A		6,098		620,228
WillScott Mobile Mini Holding^(a)		25,260		933,609
YETI Holdings, Inc.^(a)		15,398		550,017
Zscaler, Inc.^(a)		4,613		797,772
				57,124,071
Vietnam — 2.15%
Asia Commercial Bank JSC		622,000		659,802
FPT Corporation		166,005		808,847
Vietnam Technological & Commercial Joint Stock Bank^(a)		773,905		1,423,049
				2,891,698
Total Common Stocks (Cost $110,947,142)				133,590,923

PREFERRED STOCKS — 0.85%
United States — 0.85%
Gusto, Inc., Series E Preferred^(a)(d)		37,637		1,144,165

Total Preferred Stocks (Cost $1,143,989)				1,144,165

See accompanying notes to financial statements.

Grandeur Peak Global Stalwarts Fund	Schedule of Investments
	April 30, 2024


Total Investments — 100.33% (Cost $112,091,131)	$	134,735,088

Liabilities in Excess of Other Assets — (0.33)%		(446,310	)

NET ASSETS — 100.00%	$	134,288,778

^(a)

Non-income producing security.

^(b)

^(c)

^(d)

Sector Composition (April 30, 2024)
Technology	36.0%
Industrials	19.1%
Financials	16.0%
Health Care	10.9%
Consumer Staples	6.9%
Consumer Discretionary	6.6%
Real Estate	2.5%
Materials	1.1%
Listed Private Equity Investments	0.7%
Energy	0.5%
Liabilities in Excess of Other Assets	-0.3%
Total	100%

Industry Composition (April 30, 2024)
Application Software	9.3%
Semiconductor Devices	7.7%
IT Services	5.0%
Mass Merchants	4.6%
Institutional Brokerage	4.4%
Electrical Components	4.4%
Electronics Components	4.0%
Industrial Wholesale & Rental	3.9%
Private Equity	3.4%
Banks	3.0%
Infrastructure Software	2.9%
Semiconductor Mfg	2.8%
Specialty & Generic Pharma	2.8%
Investment Management	2.7%
Health Care Services	2.6%
Medical Equipment	2.1%
Flow Control Equipment	1.9%
Food & Drug Stores	1.9%
Online Marketplace	1.6%
Measurement Instruments	1.6%
Industrial Owners & Developers	1.5%
Specialty Apparel Stores	1.5%
Health Care Facilities	1.5%
Wealth Management	1.3%
Semiconductor Manufacturing	1.3%
Other Machinery & Equipment	1.2%
Industrial Reit	1.0%
Other Industries (each less than 1%)	18.4%
Liabilities in Excess of Other Assets	-0.3%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak International Opportunities Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.28%
Argentina — 1.15%
Globant SA^(a)		32,487	$	5,801,853

Australia — 0.67%
Fiducian Group Ltd.		161,423		829,631
PeopleIN Ltd.		1,176,781		735,313
Pinnacle Investment Management Grou		250,498		1,794,648
				3,359,592
Belgium — 3.29%
Melexis NV		89,020		7,440,886
Warehouses De Pauw CVA		178,074		4,710,215
X-Fab Silicon Foundries SE^(a)(b)(c)		639,845		4,426,885
				16,577,986
Brazil — 2.04%
Hypera SA		418,400		2,384,250
Locaweb Servicos de Internet SA^(b)(c)		2,320,200		2,046,473
Patria Investments Ltd.		287,046		3,846,416
Vinci Partners Invest Ltd.		183,667		1,983,604
				10,260,743
Canada — 1.75%
Aritzia, Inc.^(a)		168,701		4,367,171
Foran Mining Corp^(a)		651,400		1,996,665
Richelieu Hardware Ltd.		86,436		2,439,106
				8,802,942
China — 6.09%
Adicon Holdings Ltd.^(a)		1,856,500		2,771,909
Centre Testing International Group Company Ltd.		1,778,600		3,077,073
Guangzhou Kingmed Diagnostics Group Co., Ltd.		228,200		1,205,686
Hangzhou Robam Appliances Co., Ltd.		1,160,377		3,780,085
Man Wah Holdings Ltd.		4,669,500		3,408,017
Shanghai Hanbell Precise Machinery Co., Ltd.		1,152,700		3,277,634
Silergy Corporation		753,996		9,990,904
Suofeiya Home Collection Co., Ltd., CLASS A		620,100		1,461,573
Yum China Holdings Inc		44,100		1,650,896
				30,623,777
Colombia — 0.60%
Parex Resources, Inc.		174,306		3,038,565

Finland — 0.04%
Revenio Group Oyj		6,427		179,184

France — 5.59%
Alten SA		19,763		2,323,126
Antin Infrastructure Partners		141,072		1,801,916
BioMerieux		31,849		3,386,512
Neurones SA		70,623		3,355,848
Planisware SAS^(a)		57,946		1,267,105
Thermador Groupe		58,726		5,020,062

	Shares		Fair Value
COMMON STOCKS — 99.28% (continued)
France — 5.59% (continued)
Virbac SA		29,660	$	10,963,682
				28,118,251
Germany — 6.08%
Atoss Software AG		14,854		3,971,910
Dermapharm Holding SE		165,476		5,555,096
Elmos Semiconductor AG		59,451		4,927,247
Mensch und Maschine Software SE		78,975		4,670,384
Nagarro SE^(a)		19,324		1,468,757
Nexus AG		73,646		4,049,289
QIAGEN N.V.		74,172		3,139,701
Stabilus SE		44,347		2,752,318
				30,534,702
Hong Kong — 1.05%
Techtronic Industries Co., Ltd.		382,500		5,285,856

India — 4.19%
Cera Sanitaryware Ltd.		28,761		2,473,362
Five-Star Business^(a)		346,345		3,139,819
Gulf Oil Lubricants India Ltd.		161,771		1,991,049
IndiaMart InterMesh Ltd.^(b)(c)		122,694		3,874,727
Indigo Paints Ltd		162,298		2,672,043
Kotak Mahindra Bank Ltd.		115,766		2,248,782
Motherson Sumi Wiring India Ltd.		2,715,755		2,242,609
SJS Enterprises Ltd.^(a)		325,813		2,445,301
				21,087,692
Indonesia — 2.25%
Ace Hardware Indonesia Tbk PT		39,229,700		2,252,197
Arwana Citramulia Tbk PT		48,815,300		1,951,411
Avia Avian Tbk PT		26,810,800		840,929
Bank BTPN Syariah Tbk PT		17,877,500		1,335,865
Selamat Sempurna Tbk PT		22,276,900		2,467,730
Ultrajaya Milk Industry & Trading Co.		21,448,900		2,453,564
				11,301,696
Ireland — 0.70%
Uniphar PLC		1,280,840		3,513,833

Italy — 2.73%
Interpump Group SpA		134,705		5,869,169
Recordati Industria Chimica e
Farmaceutica SpA		67,776		3,607,480
Sesa SpA		40,842		4,248,212
				13,724,861
Japan — 16.99%
Amvis Holdings, Inc.		169,600		2,313,893
Atrae, Inc.^(a)		183,100		505,390
BayCurrent Consulting, Inc.		421,200		8,966,326
Beenos, Inc.		112,700		1,508,075
Carenet, Inc. NPV		310,300		1,121,991
Central Automotive Products Ltd.		41,900		1,533,782
Charm Care Corporation KK		480,900		4,567,212
Comture Corporation		190,200		2,329,359

See accompanying notes to financial statements.

Grandeur Peak International Opportunities Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.28% (continued)
Japan — 16.99% (continued)
Create SD Holdings Co., Ltd.		115,500	$	2,496,152
CrowdWorks, Inc.^(a)		425,700		3,621,951
Cyber Security Cloud, Inc.^(a)		120,500		2,039,933
eGuarantee, Inc.		184,100		2,012,152
F&M Co., Ltd.		99,800		1,375,297
FP Partner, Inc.		77,600		2,471,320
Funai Soken Holdings, Inc.		86,100		1,302,646
gremz, Inc.		153,100		2,060,742
Hennge KK^(a)		367,300		2,379,033
Insource Co Ltd		505,400		2,455,691
Integral Corporation^(a)		320,700		6,603,351
Japan Elevator Service Holdings Company Ltd.		122,000		1,895,990
Kitz Corporation		333,200		2,836,172
M&A Capital Partners Company Ltd.		93,300		1,259,618
MarkLines Co., Ltd.		270,000		5,096,316
Medley Inc		122,700		2,812,583
MonotaRO Co., Ltd.		211,700		2,537,248
Prestige International, Inc.		800,100		3,416,942
Sun*, Inc.		400,300		2,344,117
Synchro Food Co., Ltd.		643,100		2,241,429
Trancom Co., Ltd.		19,290		701,439
ULS Group, Inc.		52,600		1,316,986
User Local, Inc.		110,100		1,454,969
Visional, Inc.		65,800		3,002,399
Yakuodo Holdings Co., Ltd.		156,800		2,848,547
				85,429,051
Luxembourg — 0.47%
Sword Group		62,260		2,380,490

Mexico — 2.26%
Corp Inmobiliaria Vesta SAB de CV		468,200		1,658,552
Grupo Financiero Banorte SAB de CV		366,300		3,634,170
Regional SAB de CV		416,500		3,746,525
Vesta Real Estate Corporation - ADR		64,778		2,300,267
				11,339,514
Netherlands — 0.91%
Aalberts N.V.^(a)		29,340		1,395,338
CVC Capital Partners PLC^(a)		36,372		660,038
Redcare Pharmacy NV		18,700		2,529,966
				4,585,342
Norway — 1.00%
Bouvet ASA		326,244		1,791,580
SmartCraft ASA^(a)		1,335,830		3,246,973
				5,038,553
Philippines — 1.73%
Century Pacific Food, Inc.		3,287,200		2,155,961
Puregold Price Club, Inc.		5,699,000		2,337,192
Robinsons Land Corporation		9,421,100		2,538,422
Wilcon Depot, Inc.		5,738,600		1,658,325
				8,689,900
Poland — 1.59%
Dino Polska SA^(a)(b)(c)		54,416		5,213,708

	Shares		Fair Value
COMMON STOCKS — 99.28% (continued)
Poland — 1.59% (continued)
Inter Cars SA		21,003	$	2,760,010
				7,973,718
Singapore — 0.88%
iFast Corporation		215,100		1,157,499
Riverstone Holdings Ltd.		5,724,000		3,280,613
				4,438,112
South Africa — 0.16%
Italtile Ltd.		1,630,120		822,156

South Korea — 3.26%
Douzone Bizon Co., Ltd		18,000		770,530
Eo Technics Co., Ltd.		20,900		3,539,559
Hyundai Ezwel Co., Ltd.		138,793		578,560
LEENO Industrial, Inc.		30,774		5,469,906
Segyung Hitech Co Ltd		431,165		2,973,071
SOLUM Co Ltd^(a)		108,100		2,031,634
Tokai Carbon Korea Co., Ltd.		11,482		1,004,094
				16,367,354
Sweden — 4.63%
AddTech AB		145,728		3,029,851
Beijer Alma AB		165,699		3,136,016
Knowit AB		217,512		2,815,120
Lifco AB, Class B		62,004		1,502,373
Nibe Industrier A.B.		498,796		2,301,716
OX2 AB^(a)		261,656		943,983
Sdiptech AB		218,933		5,578,876
Swedencare AB		427,617		2,196,435
Vimian Group AB^(a)		645,261		1,774,233
				23,278,603
Taiwan — 3.79%
BizLink Holding, Inc.		421,264		2,960,934
M3 Technology, Inc.		596,000		2,709,951
Sinbon Electronics Co., Ltd.		398,000		3,420,408
Sporton International, Inc.		1,148,338		8,740,736
Wistron Information Technology and Services Corporation		284,312		1,191,440
				19,023,469
United Kingdom — 19.22%
AB Dynamics PLC		65,213		1,475,020
Advanced Medical Solutions Group plc		65,360		154,695
B&M European Value Retail SA		2,013,461		12,994,962
CVS Group plc		595,836		7,289,447
Darktrace plc^(a)		351,260		2,622,294
Diploma plc		130,104		5,881,205
Endava plc, ADR - ADR^(a)		77,688		2,252,952
Foresight Group Holdings Ltd.		871,955		4,810,184
FRP Advisory Group PLC		1,353,390		2,008,777
GlobalData PLC		984,130		2,607,195
Halma PLC		104,673		2,868,964
Impax Asset Management Group plc		784,580		4,344,979
Intermediate Capital Group PLC		137,060		3,572,579
JTC plc^(b)(c)		893,122		9,545,849
Marlowe PLC^(a)		644,209		3,944,646

See accompanying notes to financial statements.

Grandeur Peak International Opportunities Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 99.28% (continued)
United Kingdom — 19.22% (continued)
On The Beach Group PLC^(a)(b)(c)		1,269,458	$	2,290,713
Petershill Partners PLC		1,152,782		2,957,338
Pets at Home Group PLC		736,517		2,689,355
Softcat PLC		303,163		5,934,335
Volution Group PLC		2,525,387		13,614,065
YouGov plc		249,471		2,712,217
				96,571,771
United States — 1.52%
Frontage Holdings Corporation^(a)(b)(c)		6,682,700		1,046,293
GQG Partners, Inc.		1,987,710		2,934,637
JFrog Ltd.^(a)		92,210		3,677,335
				7,658,265
Vietnam — 2.65%
Asia Commercial Bank JSC		2,833,200		3,005,389
FPT Corporation		864,502		4,212,222
Vietnam Technological & Commercial Joint Stock Bank^(a)		3,307,273		6,081,380
				13,298,991
Total Common Stocks (Cost $452,217,516)				499,106,822

Total Investments — 99.28% (Cost $452,217,516)				499,106,822

Other Assets in Excess of Liabilities — 0.72%				3,626,747

NET ASSETS — 100.00%			$	502,733,569

^(a)

Non-income producing security.

^(b)

^(c)

Sector Composition (April 30, 2024)
Technology	26.8%
Industrials	18.5%
Financials	15.0%
Consumer Discretionary	12.3%
Health Care	11.3%
Consumer Staples	6.6%
Communications	3.9%
Real Estate	2.2%
Materials	1.5%
Energy	0.8%
Utilities	0.4%
Other Assets in Excess of Liabilities	0.7%
Total	100%

Industry Composition (April 30, 2024)
IT Services	9.3%
Application Software	5.4%
Specialty & Generic Pharma	4.5%
Banks	4.0%
Private Equity	3.8%
Comml & Res Bldg Equipment & Sys	3.1%
Food & Drug Stores	3.1%
Electronics Components	3.1%
Semiconductor Devices	3.0%
Other Commercial Support Services	2.9%
Investment Management	2.8%
Flow Control Equipment	2.7%
Mass Merchants	2.6%
Internet Media & Services	2.4%
Home Products Stores	2.3%
Wealth Management	2.3%
Health Care Services	2.3%
Professional Services	2.1%
Auto Parts	1.7%
Other Machinery & Equipment	1.6%
Technology Distributors	1.5%
Specialty Technology Hardware	1.5%
Health Care Facilities	1.4%
Life Science & Diagnostics	1.3%
Rubber & Plastic	1.2%
Commercial Finance	1.1%
Specialty Chemicals	1.1%
Online Marketplace	1.1%
Advertising & Marketing	1.0%
Building Products	1.0%
Furniture	1.0%
Other Spec Retail - Discr	1.0%
Other Industries (each less than 1%)	20.1%
Other Assets in Excess of Liabilities	0.7%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak International Stalwarts Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 97.09%
Argentina — 1.49%
Globant SA^(a)		131,413	$	23,469,048

Australia — 1.05%
Netwealth Group Ltd.		472,676		5,948,913
WiseTech Global Ltd.		180,080		10,608,191
				16,557,104
Belgium — 4.07%
Azelis Group N.V.		493,093		11,850,932
Melexis NV		450,185		37,629,466
Warehouses De Pauw CVA		550,589		14,563,566
				64,043,964
Brazil — 2.49%
Grupo Mateus SA		6,121,200		8,723,352
Hypera SA		242,485		1,381,799
Patria Investments Ltd.		1,115,952		14,953,757
Raia Drogasil SA		2,861,056		14,127,312
				39,186,220
Canada — 1.88%
Aritzia, Inc.^(a)		473,327		12,253,041
Constellation Software, Inc.		3,101		7,983,158
Descartes Systems Group, Inc. (The)^(a)		101,400		9,405,324
				29,641,523
China — 4.97%
Centre Testing International Group
Company Ltd.		3,403,700		5,888,584
Hangzhou Tigermed Consulting Co., Ltd.		702,613		5,706,961
Shanghai Hanbell Precise Machinery Co., Ltd.		2,811,191		7,993,454
Shenzhen Mindray Bio-Medical Electronics Co.		147,900		6,210,294
Silergy Corporation		3,511,805		46,533,548
Yum China Holdings Inc		158,500		5,933,493
				78,266,334
France — 3.10%
Antin Infrastructure Partners		514,712		6,574,427
BioMerieux		168,323		17,897,825
Virbac SA		65,813		24,327,472
				48,799,724
Germany — 3.89%
AIXTRON SE		448,692		10,428,345
Atoss Software AG		42,140		11,268,097
Dermapharm Holding SE		445,593		14,958,736
Hensoldt AG		330,969		13,042,398
QIAGEN N.V.		273,013		11,556,640
				61,254,216
Hong Kong — 2.06%
Techtronic Industries Co., Ltd.		2,346,900		32,432,354

India — 3.01%
Avenue Supermarts Ltd.^(a)(b)(c)		139,852		7,712,998
Bajaj Finance Ltd.		86,622		7,181,729
Five-Star Business^(a)		1,052,333		9,540,012
IndiaMart InterMesh Ltd.^(b)(c)		425,702		13,443,845

	Shares		Fair Value
COMMON STOCKS — 97.09% (continued)
India — 3.01% (continued)
Motherson Sumi Wiring India Ltd.		7,004,052	$	5,783,786
PB Fintech Ltd^(a)		248,241		3,757,791
				47,420,161
Ireland — 1.63%
ICON plc^(a)		86,454		25,752,918

Israel — 1.07%
CyberArk Software Ltd.^(a)		44,984		10,762,422
Nova Ltd.^(a)		35,858		6,092,274
				16,854,696
Italy — 3.01%
Interpump Group SpA		444,971		19,387,622
Recordati Industria Chimica e Farmaceutica SpA		282,663		15,045,166
Sesa SpA		124,113		12,909,710
				47,342,498
Japan — 9.32%
Amvis Holdings, Inc.		862,300		11,764,562
BayCurrent Consulting, Inc.		2,010,423		42,797,023
GMO Payment Gateway, Inc. NPV		159,700		7,305,002
Japan Elevator Service Holdings Company Ltd.		391,200		6,079,601
JMDC, Inc.		331,400		6,703,882
Lasertec Corporation		52,100		11,238,467
M&A Capital Partners Company Ltd.		256,800		3,466,988
M&A Research Institute, Inc.^(a)		309,200		9,771,586
MISUMI Group, Inc.		205,000		3,332,925
MonotaRO Co., Ltd.		1,962,814		23,524,537
Tokyo Seimitsu Company Ltd.		172,100		11,199,239
Visional, Inc.		212,400		9,691,631
				146,875,443
Luxembourg — 0.86%
Eurofins Scientific S.E.		221,710		13,591,686

Mexico — 4.84%
BBB Foods Inc^(a)		343,423		7,881,558
Corp Inmobiliaria Vesta SAB de CV		6,220,500		22,035,508
Grupo Financiero Banorte SAB de CV		1,254,800		12,449,238
Regional SAB de CV		2,491,700		22,413,486
Wal-Mart de Mexico SAB de CV		3,059,900		11,407,538
				76,187,328
Netherlands — 3.52%
Aalberts N.V.^(a)		219,327		10,430,655
ASM International NV		21,065		13,253,972
BE Semiconductor Industries N.V.		56,213		7,459,850
CVC Capital Partners PLC^(a)		113,348		2,056,913
IMCD N.V.		96,305		14,533,560
Topicus.com, Inc.		95,600		7,790,350
				55,525,300
Philippines — 0.23%
Wilcon Depot, Inc.		12,539,400		3,623,602

See accompanying notes to financial statements.

Grandeur Peak International Stalwarts Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 97.09% (continued)
Poland — 1.70%
Dino Polska SA^(a)(b)(c)		280,157	$	26,842,414

South Korea — 2.64%
Eo Technics Co., Ltd.^(a)		102,644		17,383,469
LEENO Industrial, Inc.		136,293		24,225,312
				41,608,781
Sweden — 7.34%
AddTech AB		729,173		15,160,339
Epiroc AB		510,726		8,466,366
EQT A.B.		1,086,169		29,306,173
HMS Networks AB		147,045		5,449,943
Lagercrantz Group AB		493,641		7,243,861
Lifco AB, Class B		543,026		13,157,659
Nibe Industrier A.B.		3,154,097		14,554,716
OX2 AB^(a)		795,029		2,868,247
Sagax AB		519,907		13,020,449
Swedencare AB		1,244,829		6,394,006
				115,621,759
Switzerland — 0.74%
Inficon Holding A.G.		1,152		1,601,723
VAT Group AG		20,182		10,047,723
				11,649,446
Taiwan — 5.17%
Asia Vital Components Co., Ltd.		921,000		18,125,656
ASPEED Technology, Inc.		222,145		20,752,749
Chroma Ate Inc		2,413,000		19,552,670
Sinbon Electronics Co., Ltd.		1,730,000		14,867,602
Voltronic Power Technology Corporation		170,490		8,048,577
				81,347,254
United Kingdom — 17.03%
B&M European Value Retail SA		10,924,613		70,507,910
CVS Group plc		1,257,477		15,383,952
Darktrace plc^(a)		6,195,031		46,248,345
Diploma plc		674,481		30,489,157
Halma PLC		1,011,483		27,723,564
Impax Asset Management Group plc		2,230,760		12,353,877
Intermediate Capital Group PLC		498,588		12,996,096
JTC plc^(b)(c)		1,877,367		20,065,636
London Stock Exchange Group PLC		110,110		12,139,420
Softcat PLC		1,041,016		20,377,612
				268,285,569
United States — 8.47%
Ashtead Group PLC		391,448		28,425,843
Cloudflare, Inc., Class A^(a)		151,205		13,215,317
Elastic N.V. ^(a)		102,097		10,436,355
JFrog Ltd. ^(a)		844,249		33,668,650
Lululemon Athletica, Inc.^(a)		49,130		17,716,278
Monolithic Power Systems, Inc.		44,699		29,918,382
				133,380,825

	Shares		Fair Value
COMMON STOCKS — 97.09% (continued)
Vietnam — 1.51%
Asia Commercial Bank JSC		7,767,000	$	8,239,043
Vietnam Technological & Commercial Joint Stock Bank^(a)		8,443,926		15,526,605
				23,765,648
Total Common Stocks (Cost $1,316,883,768)				1,529,325,815

Total Investments — 97.09% (Cost $1,316,883,768)				1,529,325,815

Other Assets in Excess of Liabilities — 2.91%				45,944,429

NET ASSETS — 100.00%			$	1,575,270,244

^(a)

Non-income producing security.

^(b)

^(c)

Sector Composition (April 30, 2024)
Technology	35.3%
Industrials	19.2%
Financials	12.8%
Health Care	10.4%
Consumer Staples	8.8%
Consumer Discretionary	5.6%
Real Estate	3.1%
Materials	1.7%
Energy	0.2%
Other Assets in Excess of Liabilities	2.9%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak International Stalwarts Fund	Schedule of Investments
	April 30, 2024

Industry Composition (April 30, 2024)
Application Software	9.1%
Semiconductor Devices	6.4%
IT Services	5.5%
Mass Merchants	5.2%
Electronics Components	4.5%
Private Equity	4.2%
Banks	3.7%
Food & Drug Stores	3.6%
Specialty & Generic Pharma	3.5%
Semiconductor Mfg	3.4%
Measurement Instruments	3.0%
Industrial Wholesale & Rental	3.0%
Health Care Services	3.0%
Flow Control Equipment	2.4%
Industrial Owners & Developers	2.2%
Other Machinery & Equipment	2.1%
Rubber & Plastic	1.9%
Specialty Apparel Stores	1.9%
Life Science & Diagnostics	1.9%
Technology Distributors	1.8%
Specialty Online Retailers	1.5%
Wealth Management	1.3%
Other Commercial Support Services	1.2%
Medical Equipment	1.2%
Electrical Components	1.2%
Investment Management	1.2%
Consumer Electronics	1.2%
Data & Transaction Processors	1.0%
Other Industries (each less than 1%)	15.0%
Other Assets In Excess of Liabilities	2.9%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak US Stalwarts Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 98.93%
Argentina — 1.17%
Globant SA^(a)		8,296	$	1,481,583

Canada — 0.83%
Aritzia, Inc.^(a)		40,800		1,056,192

Germany — 0.79%
QIAGEN N.V.		23,615		999,623

Hong Kong — 2.19%
Techtronic Industries Co., Ltd.		200,900		2,776,284

Ireland — 1.81%
ICON plc^(a)		7,665		2,283,250

Israel — 1.28%
CyberArk Software Ltd.^(a)		3,178		760,337
Nova Ltd.^(a)		5,061		859,864
				1,620,201
United States — 90.86%
Align Technology, Inc.^(a)		6,524		1,842,246
Apollo Global Management, Inc.		7,396		801,578
Ares Management Corporation, CLASS A		24,230		3,224,772
Ashtead Group PLC		33,638		2,442,696
Atmus Filtration Tech^(a)		21,128		639,967
AtriCure, Inc.^(a)		41,317		996,566
BILL Holdings, Inc.^(a)		3,453		215,329
Bio-Techne Corporation		9,709		613,706
Blue Owl Capital, Inc.		24,174		456,647
Burlington Stores, Inc.^(a)		6,368		1,145,858
Cactus, Inc., Class A		26,676		1,324,197
Charles River Laboratories International, Inc.^(a)		9,415		2,156,036
Clearwater Analytics Holdings, Inc., CLASS A^(a)		51,556		813,554
Cloudflare, Inc., Class A^(a)		20,575		1,798,255
Core & Main, Inc.^(a)		25,708		1,451,731
Cross Creek Lucid LP/Partnership Interest(a)(b)		700,000		512,201
Crowdstrike Holdings, Inc., Class A^(a)		9,499		2,778,838
Datadog, Inc., Class A^(a)		2,204		276,602
DexCom, Inc.^(a)		8,481		1,080,395
Digital Realty Trust, Inc.		4,490		623,122
DigitalOcean Holdings, Inc.^(a)		75,376		2,476,855
Dorman Products, Inc.^(a)		5,692		497,765
Elastic N.V. ^(a)		32,077		3,278,910
Ensign Group, Inc. (The)		8,212		971,972
Etsy, Inc.^(a)		26,612		1,827,446
Evercore Partners, Inc., Class A		4,994		906,411
Fastenal Company		20,544		1,395,759

	Shares		Fair Value
COMMON STOCKS — 98.93% (continued)
United States — 90.86% (continued)
Five Below, Inc.^(a)		10,891	$	1,593,789
Floor & Decor Holdings, Inc., Class A^(a)		9,431		1,040,522
FormFactor, Inc.^(a)		25,949		1,157,066
Global Industrials, Co.		49,554		1,908,325
Goosehead Insurance, Inc., CLASS A^(a)		21,592		1,228,801
GQG Partners, Inc.		401,671		593,023
HealthEquity, Inc.^(a)		11,631		917,802
Herc Holdings, Inc.		13,150		1,880,845
HOULIHAN LOKEY, INC.		12,850		1,638,247
HubSpot, Inc.^(a)		1,455		880,086
IDEXX Laboratories, Inc.^(a)		3,218		1,585,702
Insulet Corporation^(a)		7,067		1,215,100
JFrog Ltd. ^(a)		62,406		2,488,751
KKR & Company, Inc.		6,787		631,666
Littelfuse, Inc.		22,253		5,132,432
Lululemon Athletica, Inc.^(a)		3,871		1,395,883
MarketAxess Holdings, Inc.		7,591		1,518,883
Marvell Technology, Inc.		33,744		2,224,067
Medpace Holdings, Inc.^(a)		2,417		938,642
Moelis & Company, Class A		23,725		1,164,423
Monolithic Power Systems, Inc.		4,157		2,782,405
MSCI, Inc.		1,147		534,261
Neogen Corporation^(a)		107,003		1,319,347
NV5 Global, Inc.^(a)		15,847		1,477,574
Ollie’s Bargain Outlet Holdings, Inc.^(a)		34,270		2,506,508
P10, Inc.		125,834		893,421
PACS Group Inc^(a)		19,873		496,229
PagerDuty, Inc.^(a)		64,748		1,292,370
Paylocity Holding Corporation^(a)		3,218		499,305
Pennant Group, Inc. (The)^(a)		55,208		1,154,399
Perella Weinberg Partners LP		113,800		1,697,896
PJT Partners, Inc., Class A		41,333		3,905,554
Pool Corporation		2,050		743,187
Power Integrations, Inc.		9,607		640,979
Primoris Services Corporation		14,613		680,966
QUALCOMM, Inc.		9,328		1,547,049
Qualys, Inc.^(a)		11,214		1,838,087
Rexford Industrial Realty, Inc.		41,911		1,794,210
Savers Value Village Inc^(a)		79,016		1,305,344
Shoals Technologies Group, Inc., Class A^(a)		143,961		1,216,470
Silicon Laboratories, Inc.^(a)		21,264		2,583,363
SiTime Corporation^(a)		17,933		1,598,189
Skechers U.S.A., Inc., Class A^(a)		26,927		1,778,528
Terreno Realty Corporation		11,233		610,514
Texas Roadhouse, Inc.		8,881		1,427,887
TPG, Inc.		28,377		1,223,049
Tradeweb Markets, Inc., CLASS A		18,905		1,922,828
UL Solutions Inc^(a)		5,184		181,958
United Rentals, Inc.		2,707		1,808,249
WillScott Mobile Mini Holding^(a)		36,000		1,330,560
WW Grainger, Inc.		2,666		2,456,318
YETI Holdings, Inc.^(a)		24,430		872,640

See accompanying notes to financial statements.

Grandeur Peak US Stalwarts Fund	Schedule of Investments
	April 30, 2024

	Shares		Fair Value
COMMON STOCKS — 98.93% (continued)
United States — 90.86% (continued)
Zscaler, Inc.^(a)		7,229	$	1,250,183
				115,053,296
Total Common Stocks (Cost $108,918,595)				125,270,429

PREFERRED STOCKS — 0.49%
United States — 0.49%
Gusto, Inc., Series E Preferred^(a)(b)		20,595		626,088

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

Total Investments — 99.42% (Cost $109,544,587)				125,896,517

Other Assets in Excess of Liabilities — 0.58%				733,983

NET ASSETS — 100.00%			$	126,630,500

^(a)

Non-income producing security.

^(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.

Sector Composition (April 30, 2024)
Technology	29.5%
Industrials	21.2%
Financials	16.0%
Health Care	13.9%
Consumer Discretionary	11.8%
Consumer Staples	3.2%
Real Estate	2.8%
Energy	1.0%
Other Assets in Excess of Liabilities	0.6%
Total	100%

Industry Composition (April 30, 2024)
Application Software	9.3%
Semiconductor Devices	7.7%
IT Services	5.0%
Mass Merchants	4.6%
Institutional Brokerage	4.4%
Electrical Components	4.4%
Electronics Components	4.0%
Industrial Wholesale & Rental	3.9%
Private Equity	3.4%
Banks	3.0%
Infrastructure Software	2.9%
Semiconductor Mfg	2.8%
Specialty & Generic Pharma	2.8%
Investment Management	2.7%
Health Care Services	2.6%
Medical Equipment	2.1%
Flow Control Equipment	1.9%
Food & Drug Stores	1.9%
Online Marketplace	1.6%
Measurement Instruments	1.6%
Industrial Owners & Developers	1.5%
Specialty Apparel Stores	1.5%
Health Care Facilities	1.5%
Wealth Management	1.3%
Semiconductor Manufacturing	1.3%
Other Machinery & Equipment	1.2%
Industrial Reit	1.0%
Other Industries (each less than 1%)	17.5%
Other Assets in Excess of Liabilities	0.6%
Total	100%

See accompanying notes to financial statements.

Grandeur Peak Funds^®	Statements of Assets and Liabilities
	April 30, 2024

	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	$	283,547,838	$	132,194,579	$	12,109,442		$	39,081,242	$	473,144,434
Investments, at value	$	335,436,851	$	140,603,079	$	11,852,824		$	43,918,576	$	551,922,366
Cash held at custodian		8,848,969		1,498,908		106,740			343,377		11,068,425
Foreign currency at fair value (Cost $189,176,
$177,764, $510, $10,869 and $87,028)		190,399		177,361		510			10,834		96,668
Receivable for investments sold		4,503,500		847,606		—			79,760		3,368,404
Receivable for Fund shares sold		6,807		311,470		—			25,290		1,731,346
Dividends and interest receivable		409,279		277,163		15,257			105,077		1,272,702
Prepaid distribution fees - investor class		1,648		—		—			—		—
Prepaid expenses and other assets		12,781		7,635		14,729			22,877		24,751
TOTAL ASSETS		349,410,234		143,723,222		11,990,060			44,503,376		569,484,662

LIABILITIES
Payable for investments purchased		1,792,074		1,558,252		—			17,778		1,842,480
Payable for Fund shares repurchased		334,034		98,803		—			16,973		326,139
Management fees payable		385,957		131,148		11,979			52,612		559,204
Distribution (12b-1) fees payable		—		—		—			—		11,977
Foreign Cap Gain Tax payable		161,261		208,982		2,115			74,392		21,855
Payable to related parties		25,793		23,333		14,704			9,961		70,965
Accrued expenses and other liabilities		129,746		39,447		67,039			27,344		69,727
TOTAL LIABILITIES		2,828,865		2,059,965		95,837			196,705		2,902,347
NET ASSETS	$	346,581,369	$	141,663,257	$	11,894,223		$	44,306,671	$	566,582,315

NET ASSETS CONSISTS OF
Paid in capital	$	294,058,064	$	134,532,815	$	14,201,376		$	41,910,747	$	490,422,748
Total distributable earnings (losses)		52,523,305		7,130,442		(2,307,153	)		2,395,924		76,159,567
NET ASSETS	$	346,581,369	$	141,663,257	$	11,894,223		$	44,306,671	$	566,582,315

PRICING OF SHARES:
Investor Class
Net Assets	$	7,253,014	$	—	$	—		$	—	$	43,679,514
Shares of beneficial interest outstanding (a)		584,993		—		—			—		12,971,765
Net Asset Value, offering and redemption price per share	$	12.40	$	—	$	—		$	—	$	3.37

Institutional Class
Net Assets	$	339,328,355	$	141,663,257	$	11,894,223		$	44,306,671	$	522,902,801
Shares of beneficial interest outstanding (a)		27,048,131		9,370,274		1,562,473			3,315,347		151,386,345
Net Asset Value, offering and redemption price per share	$	12.55	$	15.12	$	7.61		$	13.36	$	3.45

^(a)

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

See accompanying notes to financial statements.

Grandeur Peak Funds^®	Statements of Assets and Liabilities
	April 30, 2024

			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	$	172,519,099	$	112,091,131		$	452,217,516	$	1,316,883,768	$	109,544,587
Investments, at value	$	200,741,165	$	134,735,088		$	499,106,822	$	1,529,325,815	$	125,896,517
Cash held at custodian		5,884,697		—			7,411,829		48,734,236		444,828
Foreign currency at fair value (Cost $582,412,
$74,735, $109,723, $821,267 and $68)		584,109		77,293			110,222		833,281		68
Receivable for investments sold		1,901,093		2,758,424			3,967,920		18,098,093		578,147
Receivable for Fund shares sold		140,532		510,700			354,744		1,329,822		—
Dividends and interest receivable		323,718		209,187			1,391,648		3,173,721		12,817
Prepaid expenses and other assets		20,457		62,244			27,087		47,095		43,868
TOTAL ASSETS		209,595,771		138,352,936			512,370,272		1,601,542,063		126,976,245

LIABILITIES
Due to custodian		—		679,235			—		—		—
Payable for investments purchased		710,827		1,280,419			7,457,839		24,430,771		192,815
Payable for Fund shares repurchased		113,843		1,962,479			1,496,685		734,593		51,000
Management fees payable		205,824		85,519			514,230		780,602		79,727
Distribution (12b-1) fees payable		1,897		2,054			9,179		32,840		—
Payable to related parties		9,726		15,397			43,805		70,511		11,593
Foreign Cap Gain Tax payable		49,811		—			—		—		—
Accrued expenses and other liabilities		57,515		39,055			114,965		222,502		10,610
TOTAL LIABILITIES		1,149,443		4,064,158			9,636,703		26,271,819		345,745
NET ASSETS	$	208,446,328	$	134,288,778		$	502,733,569	$	1,575,270,244	$	126,630,500

Composition of Net Assets:
Paid in capital	$	177,308,252	$	147,032,421		$	452,764,840	$	1,498,190,307	$	143,705,032
Total distributable earnings (losses)		31,138,076		(12,743,643	)		49,968,729		77,079,937		(17,074,532	)
NET ASSETS	$	208,446,328	$	134,288,778		$	502,733,569	$	1,575,270,244	$	126,630,500

PRICING OF SHARES
Investor Class
Net Assets	$	20,747,470	$	19,194,221		$	20,176,708	$	20,406,784	$	—
Shares of beneficial interest outstanding (a)		1,366,361		1,263,787			6,316,592		1,232,011		—
Net Asset Value, offering and redemption price per share	$	15.18	$	15.19		$	3.19	$	16.56	$	—

Institutional Class
Net Assets	$	187,698,858	$	115,094,557		$	482,556,861	$	1,554,863,460	$	126,630,500
Shares of beneficial interest outstanding (a)		12,214,585		7,466,546			149,389,880		93,016,135		7,034,190
Net Asset Value, offering and redemption price per share	$	15.37	$	15.41		$	3.23	$	16.72	$	18.00

^(a)

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

See accompanying notes to financial statements.

Grandeur Peak Funds^®	Statements of Operations
	April 30, 2024

	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	$	9,743,307		$	5,062,942		$	215,478		$	1,087,148		$	12,492,402
Interest		708,860			191,505			10,273			19,071			514,538
Less: Foreign dividend withholding taxes		(1,059,965	)		(360,927	)		(21,600	)		(131,041	)		(1,059,144	)
TOTAL INVESTMENT INCOME		9,392,202			4,893,520			204,151			975,178			11,947,796

EXPENSES
Investment advisor fees		5,653,348			1,321,537			134,694			667,775			7,837,566
Distribution and service fees - Investor Class		20,563			—			—			—			144,054
Custodian fees		403,875			100,970			105,892			54,166			262,418
Administrative fees		143,976			53,380			30,504			28,035			208,488
Registration fees		42,926			22,721			20,527			15,344			19,554
Transfer agent fees		51,602			37,312			24,513			41,467			87,395
Audit fees		56,144			33,306			28,724			30,269			38,241
Trustees fees and expenses		25,304			9,784			7,840			9,758			35,125
Chief compliance officer fees		8,781			2,913			121			5,025			10,510
Printing fees		32,325			889			10,263			14,904			57,138
Insurance expense		6,260			3,032			8,222			803			8,228
Legal fees		15,644			1,510			2,195			455			17,907
Other expenses		35,155			20,707			9,552			14,959			37,180
TOTAL EXPENSES		6,495,903			1,608,061			383,047			882,960			8,763,804

Less: Fees waived/reimbursed by the
investment advisor		(90,980	)		—			(230,004	)		(3,837	)		(317,513	)
Plus: Recapture of fees previously waived		—			145,336			—			—			—
NET EXPENSES		6,404,923			1,753,397			153,043			879,123			8,446,291
NET INVESTMENT INCOME		2,987,279			3,140,123			51,108			96,055			3,501,505

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from:
Investments		6,031,328			10,552,491			(459,657	)		486,567			32,720,318
Foreign currency transactions		(347,493	)		(49,971	)		(1,685	)		(12,258	)		(58,430	)
Net realized gain (loss)		5,683,835			10,502,520			(461,342	)		474,309			32,661,888
Net change in unrealized appreciation (depreciation) on:
Investments		2,488,426			6,761,237			895,108			2,414,554			(40,868,923	)
Foreign currency translations		464,549			3,344			(863	)		12,494			(21,359	)
Net change in unrealized appreciation (depreciation)		2,952,975			6,764,581			894,245			2,427,048			(40,890,282	)

NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS		8,636,810			17,267,101			432,903			2,901,357			(8,228,394	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,624,089		$	20,407,224		$	484,011		$	2,997,412		$	(4,726,889	)

See accompanying notes to financial statements.

Grandeur Peak Funds^®	Statements of Operations
	April 30, 2024

				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
Dividends	$	4,218,499		$	2,302,636		$	12,593,501		$	28,117,717		$	860,348
Interest		115,413			16,471			476,246			924,066			117,159
Less: Foreign dividend withholding taxes		(349,562	)		(157,377	)		(1,140,750	)		(2,553,760	)		20,035
TOTAL INVESTMENT INCOME		3,984,350			2,161,730			11,928,997			26,488,023			997,542

EXPENSES
Investment advisor fees		2,560,503			1,327,545			7,239,173			12,922,764			896,571
Distribution and service fees - Investor Class		61,580			62,789			60,857			63,992			—
Custodian fees		173,081			114,427			328,388			681,918			25,150
Administrative fees		79,499			67,402			206,559			541,266			44,903
Transfer agent fees		43,206			56,736			53,637			202,352			40,760
Registration fees		35,400			13,452			16,064			44,983			573
Audit fees		29,904			37,368			45,132			60,776			23,290
Trustees fees and expenses		17,877			14,268			34,161			81,741			11,607
Printing fees		42,388			31,585			44,606			195,924			13,916
Legal fees		8,231			6,934			18,791			46,781			5,767
Chief compliance officer fees		6,735			5,929			3,829			20,040			5,670
Insurance expense		4,180			3,326			8,415			22,748			1,222
Other expenses		26,181			22,498			44,195			76,468			3,782
TOTAL EXPENSES		3,088,765			1,764,259			8,103,807			14,961,753			1,073,211

Less: Fees waived/reimbursed by the
investment advisor		(119,486	)		—			(197,835	)		—			—
NET EXPENSES		2,969,279			1,764,259			7,905,972			14,961,753			1,073,211

NET INVESTMENT INCOME		1,015,071			397,471			4,023,025			11,526,270			(75,669	)

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from:
Investments		14,884,813			4,751,565			23,516,872			(51,480,126	)		(1,635,974	)
Foreign currency transactions		(57,418	)		(55,370	)		(120,159	)		(813,648	)		(621	)
Net realized gain (loss) from:		14,827,395			4,696,195			23,396,713			(52,293,774	)		(1,636,595	)
Net change in unrealized appreciation (depreciation) on:
Investments		(6,942,397	)		4,121,679			(51,736,788	)		40,346,993			16,495,318
Foreign currency translations		1,664			(8,926	)		465,590			(98,611	)		97
Net change in unrealized appreciation (depreciation)		(6,940,733	)		4,112,753			(51,271,198	)		40,248,382			16,495,415

NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS		7,886,662			8,808,948			(27,874,485	)		(12,045,392	)		14,858,820

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,901,733		$	9,206,419		$	(23,851,460	)	$	(519,122	)	$	14,783,151

See accompanying notes to financial statements.

Grandeur Peak Emerging Markets Opportunities Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income	$	2,987,279		$	2,818,503
Net realized gain		5,683,835			17,342,803
Net change in unrealized appreciation (depreciation)		2,952,975			(44,342,979	)
Net increase (decrease) in net assets resulting from operations		11,624,089			(24,181,673	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(307,551	)		(14,330	)
Institutional Class		(15,936,503	)		(1,228,754	)
Net decrease in net assets from distributions		(16,244,054	)		(1,243,084	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Investor Class		130,592			613,572
Institutional Class		51,217,262			51,238,758

Distributions reinvested:
Investor Class		289,662			14,035
Institutional Class		15,045,772			1,153,392

Redemption fees:
Investor Class		55			20
Institutional Class		8,668			1,888

Cost of shares redeemed:
Investor Class		(1,836,182	)		(2,185,292	)
Institutional Class		(139,293,803	)		(95,848,913	)

Net decrease from capital shares transactions		(74,437,974	)		(45,012,540	)

NET DECREASE IN NET ASSETS		(79,057,939	)		(70,437,297	)

NET ASSETS
Beginning of Year		425,639,308			496,076,605
End of Year	$	346,581,369		$	425,639,308

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		10,282			49,029
Issued to shareholders in reinvestment of distributions		23,025			1,167
Redeemed		(144,968	)		(174,437	)
Net decrease in share transactions		(111,661	)		(124,241	)

Institutional Class
Issued		3,984,097			4,050,696
Issued to shareholders in reinvestment of distributions		1,182,844			94,851
Redeemed		(10,882,022	)		(7,718,184	)
Net decrease in share transactions		(5,715,081	)		(3,572,637	)

See accompanying notes to financial statements.

Grandeur Peak Global Contrarian Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income	$	3,140,123		$	2,325,042
Net realized gain (loss)		10,502,520			(12,166,283	)
Net change in unrealized appreciation		6,764,581			8,452,852
Net increase (decrease) in net assets resulting from operations		20,407,224			(1,388,389	)

DISTRIBUTIONS TO SHAREHOLDERS
Institutional Class		(2,725,193	)		(2,503,330	)
Total distributions to shareholders		(2,725,193	)		(2,503,330	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Institutional Class		38,932,301			52,743,021

Distributions reinvested:
Institutional Class		2,697,004			2,426,838

Redemption fees:
Institutional Class		7,235			7,491

Cost of shares redeemed:
Institutional Class		(35,060,959	)		(40,008,507	)

Net increase from capital shares transactions		6,575,581			15,168,843

NET INCREASE IN NET ASSETS		24,257,612			11,277,124

NET ASSETS
Beginning of Year		117,405,645			106,128,521
End of Year	$	141,663,257		$	117,405,645

OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		2,781,445			3,970,518
Issued to shareholders in reinvestment of distributions		184,980			192,912
Redeemed		(2,450,862	)		(3,111,613	)
Net increase in share transactions		515,563			1,051,817

See accompanying notes to financial statements.

Grandeur Peak Global Explorer Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income	$	51,108		$	28,927
Net realized loss		(461,342	)		(1,455,685	)
Net change in unrealized appreciation		894,245			1,073,911
Net increase (decrease) in net assets resulting from operations		484,011			(352,847	)

DISTRIBUTIONS TO SHAREHOLDERS
Institutional Class		(79,438	)		(24,043	)
Net decrease in net assets from distributions		(79,438	)		(24,043	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Institutional Class		473,086			4,855,871

Distributions reinvested:
Institutional Class		76,664			23,263

Redemption fees:
Institutional Class		41			1,033

Cost of shares redeemed:
Institutional Class		(1,504,003	)		(1,520,472	)

Net increase (decrease) from capital shares transactions		(954,212	)		3,359,695

NET INCREASE (DECREASE) IN NET ASSETS		(549,639	)		2,982,805

NET ASSETS
Beginning of Year		12,443,862			9,461,057
End of Year	$	11,894,223		$	12,443,862

OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		58,585			680,904
Issued to shareholders in reinvestment of distributions		9,741			3,272
Redeemed		(197,704	)		(205,464	)
Net increase (decrease) in share transactions		(129,378	)		478,712

See accompanying notes to financial statements.

Grandeur Peak Global Micro Cap Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income	$	96,055		$	60,577
Net realized gain (loss)		474,309			(858,745	)
Net change in unrealized appreciation (depreciation)		2,427,048			(3,472,808	)
Net increase (decrease) in net assets resulting from operations		2,997,412			(4,270,976	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Institutional Class		2,414,971			5,982,899

Redemption fees:
Institutional Class		148			2

Cost of shares redeemed:
Institutional Class		(6,337,562	)		(9,655,549	)

Net decrease from capital shares transactions		(3,922,443	)		(3,672,648	)

NET DECREASE IN NET ASSETS		(925,031	)		(7,943,624	)

NET ASSETS
Beginning of Year		45,231,702			53,175,326
End of Year	$	44,306,671		$	45,231,702

OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		217,591			490,504
Redeemed		(537,580	)		(795,840	)
Net decrease in share transactions		(319,989	)		(305,336	)

See accompanying notes to financial statements.

Grandeur Peak Global Opportunities Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income	$	3,501,505		$	2,798,218
Net realized gain (loss)		32,661,888			(28,625,725	)
Net change in unrealized depreciation		(40,890,282	)		(22,316,079	)
Net decrease in net assets resulting from operations		(4,726,889	)		(48,143,586	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(240,600	)		(1,234,811	)
Institutional Class		(4,110,106	)		(9,962,438	)
Net decrease in net assets from distributions		(4,350,706	)		(11,197,249	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Investor Class		3,775,154			6,815,397
Institutional Class		46,896,007			97,065,543

Distributions reinvested:
Investor Class		239,488			1,229,951
Institutional Class		3,696,674			9,217,749

Redemption fees:
Investor Class		3,216			590
Institutional Class		5,813			10,111

Cost of shares redeemed:
Investor Class		(31,883,146	)		(20,587,851	)
Institutional Class		(123,286,257	)		(130,357,753	)

Net decrease from capital shares transactions		(100,553,051	)		(36,606,263	)

NET DECREASE IN NET ASSETS		(109,630,646	)		(95,947,098	)

NET ASSETS
Beginning of Year		676,212,961			772,160,059
End of Year	$	566,582,315		$	676,212,961

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		1,103,292			2,037,656
Issued to shareholders in reinvestment of distributions		65,975			379,614
Redeemed		(9,369,243	)		(6,171,045	)
Net decrease in share transactions		(8,199,976	)		(3,753,775	)

Institutional Class
Issued		13,503,420			28,386,407
Issued to shareholders in reinvestment of distributions		993,730			2,768,093
Redeemed		(35,104,671	)		(38,623,807	)
Net decrease in share transactions		(20,607,521	)		(7,469,307	)

See accompanying notes to financial statements.

Grandeur Peak Global Reach Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income	$	1,015,071		$	961,436
Net realized gain (loss)		14,827,395			(7,305,144	)
Net change in depreciation		(6,940,733	)		(21,389,299	)
Net increase (decrease) in net assets resulting from operations		8,901,733			(27,733,007	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(34,521	)		—
Institutional Class		(802,719	)		(128,741	)
Net decrease in net assets from distributions		(837,240	)		(128,741	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares:
Investor Class		1,904,687			2,593,183
Institutional Class		27,488,195			34,183,813

Distributions reinvested:
Investor Class		24,470			—
Institutional Class		733,778			116,486

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

Cost of shares redeemed:
Investor Class		(9,275,472	)		(5,684,434	)
Institutional Class		(85,536,640	)		(59,269,232	)

Net decrease from capital shares transactions		(64,658,612	)		(28,058,595	)

NET DECREASE IN NET ASSETS		(56,594,119	)		(55,920,343	)

NET ASSETS
Beginning of Year		265,040,447			320,960,790
End of Year	$	208,446,328		$	265,040,447

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		127,748			177,920
Issued to shareholders in reinvestment of distributions		2,188			—
Redeemed		(635,922	)		(395,196	)
Net decrease in share transactions		(505,986	)		(217,276	)

Institutional Class
Issued		1,813,077			2,343,747
Issued to shareholders in reinvestment of distributions		46,092			8,146
Redeemed		(5,675,086	)		(4,098,540	)
Net decrease in share transactions		(3,815,917	)		(1,746,647	)

See accompanying notes to financial statements.

Grandeur Peak Global Stalwarts Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income	$	397,471		$	339,907
Net realized gain (loss)		4,696,195			(37,174,210	)
Net change in unrealized appreciation/(depreciation)		4,112,753			(782,805	)
Net decrease in net assets resulting from operations		9,206,419			(37,617,108	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(27,755	)		—
Institutional Class		(545,737	)		—
Return of Capital		—			(323,040	)
Net decrease in net assets from distributions		(573,492	)		(323,040	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from sales of shares:
Investor Class		1,524,246			4,381,138
Institutional Class		13,623,611			61,912,119

Distributions reinvested:
Investor Class		27,674			—
Institutional Class		507,153			304,452

Redemption fees:
Investor Class		599			3,549
Institutional Class		28,025			22,409

Cost of shares redeemed:
Investor Class		(14,477,178	)		(19,837,801	)
Institutional Class		(74,192,892	)		(147,754,620	)

Net decrease from capital shares transactions		(72,958,762	)		(100,968,754	)

NET DECREASE IN NET ASSETS		(64,325,835	)		(138,908,902	)

NET ASSETS
Beginning of Year		198,614,613			337,523,515
End of Year	$	134,288,778		$	198,614,613

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		102,854			294,329
Issued to shareholders in reinvestment of distributions		1,728			—
Redeemed		(961,228	)		(1,321,990	)
Net decrease in share transactions		(856,646	)		(1,027,661	)

Institutional Class
Issued		928,439			4,074,362
Issued to shareholders in reinvestment of distributions		31,228			21,084
Redeemed		(4,927,810	)		(9,713,154	)
Net decrease in share transactions		(3,968,143	)		(5,617,708	)

See accompanying notes to financial statements.

Grandeur Peak International Opportunities Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income	$	4,023,025		$	3,187,352
Net realized gain (loss)		23,396,713			(8,627,989	)
Net change in unrealized depreciation		(51,271,198	)		(35,924,300	)
Net decrease in net assets resulting from operations		(23,851,460	)		(41,364,937	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(150,979	)		(12,024	)
Institutional Class		(5,036,500	)		(1,283,282	)
Net decrease in net assets from distributions		(5,187,479	)		(1,295,306	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from sales of shares:
Investor Class		2,751,565			4,113,677
Institutional Class		36,177,464			125,533,553

Distributions reinvested:
Investor Class		147,062			11,774
Institutional Class		4,783,119			1,149,581

Redemption fees:
Investor Class		677			549
Institutional Class		1,836			513

Cost of shares redeemed:
Investor Class		(10,657,882	)		(12,851,897	)
Institutional Class		(134,556,586	)		(140,172,258	)

Net decrease from capital shares transactions		(101,352,745	)		(22,214,508	)

NET DECREASE IN NET ASSETS		(130,391,684	)		(64,874,751	)

NET ASSETS
Beginning of Year		633,125,253			698,000,004
End of Year	$	502,733,569		$	633,125,253

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		822,581			1,255,558
Issued to shareholders in reinvestment of distributions		43,127			3,703
Redeemed		(3,272,373	)		(3,983,035	)
Net decrease in share transactions		(2,406,665	)		(2,723,774	)

Institutional Class
Issued		10,997,776			38,471,407
Issued to shareholders in reinvestment of distributions		1,390,442			358,125
Redeemed		(40,857,316	)		(43,196,954	)
Net decrease in share transactions		(28,469,098	)		(4,367,422	)

See accompanying notes to financial statements.

Grandeur Peak International Stalwarts Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income	$	11,526,270		$	8,587,723
Net realized loss		(52,293,774	)		(67,741,816	)
Net change in unrealized appreciation (depreciation)		40,248,382			(53,374,756	)
Net decrease in net assets resulting from operations		(519,122	)		(112,528,849	)

DISTRIBUTIONS TO SHAREHOLDERS
Investor Class		(142,651	)		(28,865	)
Institutional Class		(13,208,019	)		(3,931,419	)
Net decrease in net assets from distributions		(13,350,670	)		(3,960,284	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from sales of shares:
Investor Class		1,264,021			2,633,104
Institutional Class		386,421,995			599,089,862

Distributions reinvested:
Investor Class		142,588			28,703
Institutional Class		12,538,889			3,830,117

Redemption fees:
Investor Class		394			2,441
Institutional Class		5,346			30,156

Cost of shares redeemed:
Investor Class		(11,974,978	)		(19,013,074	)
Institutional Class		(528,225,211	)		(375,516,743	)

Net increase (decrease) from capital shares transactions		(139,826,956	)		211,084,566

NET INCREASE (DECREASE) IN NET ASSETS		(153,696,748	)		94,595,433

NET ASSETS
Beginning of Year		1,728,966,992			1,634,371,559
End of Year	$	1,575,270,244		$	1,728,966,992

OTHER INFORMATION
Shares Transactions
Investor Class
Issued		76,655			159,819
Issued to shareholders in reinvestment of distributions		8,209			1,810
Redeemed		(734,508	)		(1,141,972	)
Net decrease in share transactions		(649,644	)		(980,343	)

Institutional Class
Issued		23,570,745			37,183,737
Issued to shareholders in reinvestment of distributions		715,690			239,383
Redeemed		(33,126,239	)		(23,214,152	)
Net increase (decrease) in share transactions		(8,839,804	)		14,208,968

See accompanying notes to financial statements.

Grandeur Peak US Stalwarts Fund

Statements of Changes in Net Assets

	For the			For the
	Year Ended			Year Ended
	April 30, 2024			April 30, 2023
OPERATIONS
Net investment income (loss)	$	(75,669	)	$	(146,277	)
Net realized loss		(1,636,595	)		(27,885,294	)
Net change in unrealized appreciation		16,495,415			12,726,238
Net increase (decrease) in net assets resulting from operations		14,783,151			(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		36,667,542			56,471,344

Distributions reinvested:
Institutional Class		—			11,569

Redemption fees:
Institutional Class		1,089			1,337

Cost of shares redeemed:
Institutional Class		(29,279,999	)		(68,240,742	)

Net increase (decrease) from capital shares transactions		7,388,632			(11,756,492	)

NET INCREASE (DECREASE) IN NET ASSETS		22,171,783			(27,075,328	)

NET ASSETS
Beginning of Year		104,458,717			131,534,045
End of Year	$	126,630,500		$	104,458,717

OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		2,118,398			3,367,288
Issued to shareholders in reinvestment of distributions		—			729
Redeemed		(1,724,276	)		(4,182,186	)
Net decrease in share transactions		394,122			(814,169	)

See accompanying notes to financial statements.

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	12.58		$	13.21		$	17.70		$	11.07		$	11.82
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.06			0.06			(0.01	)		(0.08	)		0.01
Net realized and unrealized gain/(loss) on investments		0.25			(0.67	)		(2.48	)		6.71			(0.75	)
Total income/(loss) from investment operations		0.31			(0.61	)		(2.49	)		6.63			(0.74	)
DISTRIBUTIONS
From net investment income		(0.02	)		(0.02	)		—			(0.00	) ^(b)		(0.01	)
From net realized gain on investments		(0.47	)		—			(2.00	)		—			—
Total distributions		(0.49	)		(0.02	)		(2.00	)		(0.00	) ^(b)		(0.01	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	^(b)		0.00	^(b)		—			0.00	^(b)		—
NET ASSET VALUE, END OF YEAR	$	12.40		$	12.58		$	13.21		$	17.70		$	11.07
TOTAL RETURN^(c)		2.38	% ^(d)		(4.62	)%		(16.01	)%		59.92	%		(6.29	)%
Net assets, at end of year (000s)	$	7,253		$	8,767		$	10,846		$	15,011		$	10,056
Expenses (excluding fees waived/reimbursed by investment advisor)		1.83	%		1.70	%		1.76	%		1.75	%		1.76	%
Expenses (including fees waived/reimbursed by investment advisor)		1.81	%		1.68	%		1.63	%		1.68	%		1.74	%
Net investment income/(loss)		0.48	%		0.45	%		(0.09	)%		(0.50	)%		0.09	%
PORTFOLIO TURNOVER RATE		38	%		32	%		31	%		35	%		24	%

^(a)

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

^(b)

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

^(c)

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

^(d)

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

See accompanying notes to financial statements.

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	12.72		$	13.35		$	17.83		$	11.14		$	11.88
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.09			0.08			0.03			(0.04	)		0.04
Net realized and unrealized gain/(loss) on investments		0.25			(0.67	)		(2.51	)		6.76			(0.75	)
Total income/(loss) from investment operations		0.34			(0.59	)		(2.48	)		6.72			(0.71	)
DISTRIBUTIONS
From net investment income		(0.04	)		(0.04	)		—			(0.01	)		(0.03	)
From net realized gain on investments		(0.47	)		—			(2.00	)		(0.02	)		—
Total distributions		(0.51	)		(0.04	)		(2.00	)		(0.03	)		(0.03	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	12.55		$	12.72		$	13.35		$	17.83		$	11.14
TOTAL RETURN^(c)		2.66	% ^(d)		(4.42	)%		(15.82	)%		60.30	%		(6.03	)%
Net assets, at end of year (000s)	$	339,328		$	416,872		$	485,230		$	623,538		$	389,373
Expenses (excluding fees waived/reimbursed by investment advisor)		1.58	%		1.51	%		1.52	%		1.52	%		1.53	%
Expenses (including fees waived/reimbursed by investment advisor)		1.56	%		1.48	%		1.39	%		1.45	%		1.51	%
Net investment income/(loss)		0.73	%		0.66	%		0.15	%		(0.27	)%		0.29	%
PORTFOLIO TURNOVER RATE		38	%		32	%		31	%		35	%		24	%

^(a)

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

^(b)

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

^(c)

^(d)

See accompanying notes to financial statements.

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

	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
Institutional Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020^(a)
NET ASSET VALUE, BEGINNING OF PERIOD/YEAR	$	13.26		$	13.60		$	15.41		$	8.78		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income^(b)		0.34			0.30			0.20			0.25			0.06
Net realized and unrealized gain/(loss) on investments		1.81			(0.26	)		(1.12	)		6.61			(1.25	)
Total income/(loss) from investment operations		2.15			0.04			(0.92	)		6.86			(1.19	)
DISTRIBUTIONS
From net investment income		(0.29	)		(0.29	)		(0.14	)		(0.23	)		(0.01	)
From net realized gain on investments		—			(0.09	)		(0.75	)		—			(0.02	)
Total distributions		(0.29	)		(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/YEAR	$	15.12		$	13.26		$	13.60		$	15.41		$	8.78
TOTAL RETURN^(d)		16.28	%		0.42	%		(6.51	)%		78.51	%		(11.96	)% ^(e)
Net assets, at end of period/year (000s)	$	141,663		$	117,406		$	106,129		$	49,403		$	8,861
Expenses (excluding fees waived/reimbursed/recaptured by investment advisor)		1.25	%		1.35	%		1.40	%		1.87	%		4.69	% ^(f)(g)
Expenses (including fees waived/reimbursed/recaptured by investment advisor)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	% ^(f)(g)
Net investment income		2.42	%		2.29	%		1.33	%		1.91	%		1.05	% ^(f)
PORTFOLIO TURNOVER RATE		51	%		81	%		50	%		54	%		34	% ^(e)

^(a)

Grandeur Peak Global Contrarian Fund commenced on September 17, 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

	Year Ended			Year Ended			Period Ended
Institutional Class	April 30, 2024			April 30, 2023			April 30, 2022^(a)
NET ASSET VALUE, BEGINNING OF PERIOD/YEAR	$	7.36		$	7.80		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(b)		0.03			0.02			(0.01	)
Net realized and unrealized loss on investments		0.27			(0.44	)		(2.19	)
Total loss from investment operations		0.30			(0.42	)		(2.20	)
DISTRIBUTIONS
From net investment income		(0.05	)		(0.02	)		—
Total distributions		(0.05	)		(0.02	)		—
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(c)		0.00			0.00			0.00
NET ASSET VALUE, END OF PERIOD/YEAR	$	7.61		$	7.36		$	7.80
TOTAL RETURN^(d)		4.05	%		(5.40	)%		(22.00	)% ^(e)
Net assets, at end of period/year (000s)	$	11,894		$	12,444		$	9,461
Expenses (excluding fees waived/reimbursed by investment advisor)		3.14	%		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)		0.42	%		0.29	%		(0.16	)% ^(f)
PORTFOLIO TURNOVER RATE		43	%		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 Presented

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	12.44		$	13.49		$	20.65		$	11.05		$	11.31
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.03			0.02			(0.09	)		(0.10	)		0.01
Net realized and unrealized gain/(loss) on investments		0.89			(1.07	)		(4.24	)		11.17			(0.19	)
Total income/(loss) from investment operations		0.92			(1.05	)		(4.33	)		11.07			(0.18	)
DISTRIBUTIONS
From net investment income		—			—			—			(0.14	)		(0.03	)
From net realized gain on investments		—			—			(2.83	)		(1.33	)		(0.05	)
Total distributions		—			—			(2.83	)		(1.47	)		(0.08	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	^(b)		0.00	^(b)		0.00	^(b)		—			0.00	^(b)
NET ASSET VALUE, END OF YEAR	$	13.36		$	12.44		$	13.49		$	20.65		$	11.05
TOTAL RETURN^(c)		7.40	%		(7.78	)%		(24.25	)%		102.43	%		(1.62	)%
Net assets, at end of year (000s)	$	44,307		$	45,232		$	53,175		$	70,375		$	29,634
Expenses (excluding fees waived/reimbursed by investment advisor)		2.01	%		1.85	%		1.94	%		2.02	%		2.06	%
Expenses (including fees waived/reimbursed by investment advisor)		2.00	%		1.85	%		1.94	%		2.00	%		2.00	%
Net investment income/(loss)		0.22	%		0.13	%		(0.50	)%		(0.62	)%		0.09	%
PORTFOLIO TURNOVER RATE		34	%		37	%		36	%		36	%		33	%

^(a)

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

^(b)

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

^(c)

See accompanying notes to financial statements.

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	3.42		$	3.70		$	5.51		$	3.24		$	3.48
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.05			0.01			(0.01	)		(0.02	)		(0.01	) ^(b)
Net realized and unrealized gain/(loss) on investments		(0.08	)		(0.23	)		(0.82	)		2.66			(0.03	)
Total income/(loss) from investment operations		(0.03	)		(0.22	)		(0.83	)		2.64			(0.04	)
DISTRIBUTIONS
From net investment income		(0.02	)		—			—			(0.00	) ^(c)		—
From net realized gain on investments		—			(0.06	)		(0.98	)		(0.37	)		(0.20	)
Total distributions		(0.02	)		(0.06	)		(0.98	)		(0.37	)		(0.20	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(c)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	3.37		$	3.42		$	3.70		$	5.51		$	3.24
TOTAL RETURN^(d)		(1.03	)%		(5.99	)%		(19.49	)%		82.94	%		(1.73	)%
Net assets, at end of year (000s)	$	43,680		$	72,420		$	92,173		$	131,739		$	92,843
Expenses (excluding fees waived/reimbursed by investment advisor)		1.63	%		1.60	%		1.57	%		1.60	%		1.61	%
Expenses (including fees waived/reimbursed by investment advisor)		1.58	%		1.54	%		1.45	%		1.51	%		1.57	%
Net investment income/(loss)		0.23	%		0.21	%		(0.14	)%		(0.34	)%		(0.17	)%
PORTFOLIO TURNOVER RATE		36	%		28	%		33	%		47	%		41	%

^(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)

See accompanying notes to financial statements.

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	3.51		$	3.79		$	5.61		$	3.29		$	3.52
INCOME FROM INVESTMENT OPERATIONS
Net investment income^(a)		0.02			0.02			0.00			0.00			0.00
Net realized and unrealized gain/(loss) on investments		(0.05	)		(0.24	)		(0.84	)		2.70			(0.03	)
Total income/(loss) from investment operations		(0.03	)		(0.22	)		(0.84	)		2.70			(0.03	)
DISTRIBUTIONS
From net investment income		(0.03	)		(0.00	)		(0.00	)		(0.01	)		—
From net realized gain on investments		—			(0.06	)		(0.98	)		(0.37	)		(0.20	)
Total distributions		(0.03	)		(0.06	)		(0.98	)		(0.37	)		(0.20	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	3.45		$	3.51		$	3.79		$	5.61		$	3.29
TOTAL RETURN^(c)		(1.01	)%		(5.74	)%		(19.30	)%		83.44	%		(1.42	)%
Net assets, at end of year (000s)	$	522,903		$	603,793		$	679,987		$	889,823		$	470,142
Expenses (excluding fees waived/reimbursed by investment advisor)		1.38	%		1.36	%		1.34	%		1.35	%		1.37	%
Expenses (including fees waived/reimbursed by investment advisor)		1.33	%		1.30	%		1.22	%		1.27	%		1.33	%
Net investment income/(loss)		0.48	%		0.44	%		0.09	%		(0.08	)%		0.05	%
PORTFOLIO TURNOVER RATE		36	%		28	%		33	%		47	%		41	%

^(a)

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

^(b)

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

^(c)

See accompanying notes to financial statements.

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	14.65		$	16.01		$	23.16		$	14.12		$	14.98
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.03			0.02			(0.07	)		(0.07	)		(0.01	) ^(b)
Net realized and unrealized gain/(loss) on investments		0.52			(1.38	)		(3.77	)		10.79			(0.44	)
Total income/(loss) from investment operations		0.55			(1.36	)		(3.84	)		10.72			(0.45	)
DISTRIBUTIONS
From net investment income		(0.02	)		—			—			(0.01	)		—
From net realized gain on investments		—			—			(3.31	)		(1.67	)		(0.41	)
Total distributions		(0.02	)		—			(3.31	)		(1.68	)		(0.41	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(c)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	15.18		$	14.65		$	16.01		$	23.16		$	14.12
TOTAL RETURN^(d)		3.77	%		(8.49	)%		(20.17	)%		77.38	%		(3.31	)%
Net assets, at end of year (000s)	$	20,747		$	27,427		$	33,459		$	59,164		$	40,307
Expenses (excluding fees waived/reimbursed by investment advisor)		1.55	%		1.49	%		1.49	%		1.52	%		1.52	%
Expenses (including fees waived/reimbursed by investment advisor)		1.50	%		1.49	%		1.48	%		1.52	%		1.52	%
Net investment income/(loss)		0.22	%		0.16	%		(0.32	)%		(0.38	)%		(0.04	)%
PORTFOLIO TURNOVER RATE		41	%		42	%		42	%		41	%		32	%

^(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)

See accompanying notes to financial statements.

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	14.82		$	16.17		$	23.31		$	14.19		$	15.04
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.07			0.06			(0.02	)		(0.03	)		0.03
Net realized and unrealized gain/(loss) on investments		0.54			(1.40	)		(3.81	)		10.86			(0.45	)
Total income/(loss) from investment operations		0.61			(1.34	)		(3.83	)		10.83			(0.42	)
DISTRIBUTIONS
From net investment income		(0.06	)		(0.01	)		—			(0.04	)		(0.02	)
From net realized gain on investments		—			—			(3.31	)		(1.67	)		(0.41	)
Total distributions		(0.06	)		(0.01	)		(3.31	)		(1.71	)		(0.43	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	15.37		$	14.82		$	16.17		$	23.31		$	14.19
TOTAL RETURN^(c)		4.11	%		(8.30	)%		(19.99	)%		77.81	%		(3.09	)%
Net assets, at end of year (000s)	$	187,699		$	237,614		$	287,502		$	317,828		$	200,988
Expenses (excluding fees waived/reimbursed by investment advisor)		1.30	%		1.26	%		1.25	%		1.27	%		1.27	%
Expenses (including fees waived/reimbursed by investment advisor)		1.25	%		1.25	%		1.24	%		1.27	%		1.27	%
Net investment income/(loss)		0.47	%		0.40	%		(0.09	)%		(0.14	)%		0.21	%
PORTFOLIO TURNOVER RATE		41	%		42	%		42	%		41	%		32	%

^(a)

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

^(b)

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

^(c)

See accompanying notes to financial statements.

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	14.47		$	16.51		$	23.26		$	14.26		$	14.83
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.01			(0.01	)		(0.06	)		(0.04	)		(0.01	) ^(b)
Net realized and unrealized gain/(loss) on investments		0.73			(2.03	)		(4.21	)		9.72			0.31
Total income/(loss) from investment operations		0.74			(2.04	)		(4.27	)		9.68			(0.32	)
DISTRIBUTIONS
From net investment income		(0.02	)		—			—			—			(0.00	) ^(c)
From net realized gain on investments		—			—			(2.48	)		(0.68	)		(0.25	)
Total distributions		(0.02	)		—			(2.48	)		(0.68	)		(0.25	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(c)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	15.19		$	14.47		$	16.51		$	23.26		$	14.26
TOTAL RETURN^(d)		5.09	%		(12.36	)%		(21.45	)%		68.36	%		(2.22	)%
Net assets, at end of year (000s)	$	19,194		$	30,682		$	51,984		$	103,891		$	85,310
Expenses (excluding fees waived/reimbursed by investment advisor)		1.27	%		1.21	%		1.17	%		1.21	%		1.24	%
Expenses (including fees waived/reimbursed by investment advisor)		1.27	%		1.21	%		1.17	%		1.21	%		1.24	%
Net investment income/(loss)		0.03	%		(0.06	)%		(0.24	)%		(0.23	)%		(0.10	)%
PORTFOLIO TURNOVER RATE		55	%		32	%		49	%		50	%		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)

See accompanying notes to financial statements.

100

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	14.69		$	16.74		$	23.50		$	14.37		$	14.93
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.04			0.03			(0.00	) ^(b)		0.01			0.03
Net realized and unrealized gain/(loss) on investments		0.74			(2.05	)		(4.28	)		9.80			(0.31	)
Total income/(loss) from investment operations		0.78			(2.02	)		(4.28	)		9.81			(0.28	)
DISTRIBUTIONS
From net investment income		(0.06	)		(0.03	)		—			—			(0.03	)
From net realized gain on investments		—			—			(2.48	)		(0.68	)		(0.25	)
Total distributions		(0.06	)		(0.03	)		(2.48	)		(0.68	)		(0.28	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	15.41		$	14.69		$	16.74		$	23.50		$	14.37
TOTAL RETURN^(c)		5.31	%		(12.09	)%		(21.26	)%		68.74	%		(2.05	)%
Net assets, at end of year (000s)	$	115,095		$	167,932		$	285,539		$	263,711		$	119,600
Expenses (excluding fees waived/reimbursed by investment advisor)		1.03	%		0.94	%		0.93	%		0.96	%		0.99	%
Expenses (including fees waived/reimbursed by investment advisor)		1.03	%		0.94	%		0.93	%		0.96	%		0.99	%
Net investment income/(loss)		0.28	%		0.21	%		(0.01	)%		0.06	%		0.17	%
PORTFOLIO TURNOVER RATE		55	%		32	%		49	%		50	%		50	%

^(a)

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

^(b)

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

^(c)

See accompanying notes to financial statements.

101

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	3.36		$	3.57		$	5.17		$	3.04		$	3.34
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.01			0.01			(0.01	)		(0.01	)		0.00	^(b)
Net realized and unrealized gain/(loss) on investments		(0.16	)		(0.22	)		(0.94	)		2.30			(0.18	)
Total income/(loss) from investment operations		(0.15	)		(0.21	)		(0.95	)		2.29			(0.18	)
DISTRIBUTIONS
From net investment income		(0.01	)		(0.00	) ^(b)		—			(0.01	)		(0.00	) ^(b)
From net realized gain on investments		(0.01	)		—			(0.65	)		(0.15	)		(0.12	)
Total distributions		(0.02	)		(0.00	) ^(b)		(0.65	)		(0.16	)		(0.12	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	3.19		$	3.36		$	3.57		$	5.17		$	3.04
TOTAL RETURN^(c)		(4.45	)%		(5.85	)%		(21.60	)%		75.87	%		(5.79	)%
Net assets, at end of year (000s)	$	20,177		$	29,277		$	40,835		$	69,041		$	41,351
Expenses (excluding fees waived/reimbursed by investment advisor)		1.64	%		1.60	%		1.60	%		1.60	%		1.61	%
Expenses (including fees waived/reimbursed by investment advisor)		1.61	%		1.55	%		1.48	%		1.53	%		1.58	%
Net investment income/(loss)		0.46	%		0.29	%		(0.24	)%		(0.27	)%		0.01	%
PORTFOLIO TURNOVER RATE		30	%		28	%		26	%		36	%		27	%

^(a)

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

^(b)

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

^(c)

See accompanying notes to financial statements.

102

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	3.40		$	3.61		$	5.21		$	3.06		$	3.36
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.03			0.02			(0.00	) ^(b)		(0.00	) ^(b)		0.01
Net realized and unrealized gain/(loss) on investments		(0.17	)		(0.22	)		(0.95	)		2.31			(0.18	)
Total income/(loss) from investment operations		(0.14	)		(0.20	)		(0.95	)		2.31			(0.17	)
DISTRIBUTIONS
From net investment income		(0.02	)		(0.01	)		(0.00	) ^(b)		(0.01	)		(0.01	)
From net realized gain on investments		(0.01	)		—			(0.65	)		(0.15	)		(0.12	)
Total distributions		(0.03	)		(0.01	)		(0.65	)		(0.16	)		(0.13	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	3.23		$	3.40		$	3.61		$	5.21		$	3.06
TOTAL RETURN^(c)		(4.14	)% ^(d)		(5.61	)%		(21.38	)%		76.29	%		(5.60	)%
Net assets, at end of year (000s)	$	482,557		$	603,848		$	657,165		$	904,059		$	473,820
Expenses (excluding fees waived/reimbursed by investment advisor)		1.39	%		1.36	%		1.35	%		1.36	%		1.37	%
Expenses (including fees waived/reimbursed by investment advisor)		1.36	%		1.31	%		1.23	%		1.28	%		1.34	%
Net investment income/(loss)		0.71	%		0.51	%		(0.01	)%		(0.02	)%		0.24	%
PORTFOLIO TURNOVER RATE		30	%		28	%		26	%		36	%		27	%

^(a)

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

^(b)

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

^(c)

^(d)

See accompanying notes to financial statements.

103

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Investor Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	16.51		$	17.91		$	24.05		$	14.40		$	14.70
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.08			0.05			(0.03	)		(0.00	) ^(b)		0.01
Net realized and unrealized gain/(loss) on investments		0.07			(1.44	)		(3.93	)		9.70			(0.29	)
Total income/(loss) from investment operations		0.15			(1.39	)		(3.96	)		9.70			(0.28	)
DISTRIBUTIONS
From net investment income		(0.10	)		(0.01	)		—			—			(0.02	)
From net realized gain on investments		—			—			(2.18	)		(0.05	)		—
Total distributions		(0.10	)		(0.01	)		(2.18	)		(0.05	)		(0.02	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	16.56		$	16.51		$	17.91		$	9.65		$	14.40
TOTAL RETURN^(c)		0.86	%		(7.73	)%		(19.07	)%		67.36	%		(1.91	)%
Net assets, at end of year (000s)	$	20,407		$	31,075		$	51,250		$	67,688		$	82,289
Expenses (excluding fees waived/reimbursed by investment advisor)		1.17	%		1.15	%		1.14	%		1.15	%		1.17	%
Expenses (including fees waived/reimbursed by investment advisor)		1.17	%		1.15	%		1.14	%		1.15	%		1.17	%
Net investment income/(loss)		0.51	%		0.32	%		(0.13	)%		(0.01	)%		0.04	%
PORTFOLIO TURNOVER RATE		54	%		32	%		43	%		33	%		32	%

^(a)

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

^(b)

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

^(c)

See accompanying notes to financial statements.

104

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

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Institutional Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
NET ASSET VALUE, BEGINNING OF YEAR	$	16.67		$	18.06		$	24.19		$	14.46		$	14.74
INCOME FROM INVESTMENT OPERATIONS
Net investment income^(a)		0.12			0.09			0.03			0.06			0.05
Net realized and unrealized gain/(loss) on investments		0.08			(1.44	)		(3.98	)		9.75			(0.29	)
Total income/(loss) from investment operations		0.20			(1.35	)		(3.95	)		9.81			(0.24	)
DISTRIBUTIONS
From net investment income		(0.15	)		(0.04	)		(0.00	) ^(b)		(0.03	)		(0.04	)
From net realized gain on investments		—			—			(2.18	)		(0.05	)		—
Total distributions		(0.15	)		(0.04	)		(2.18	)		(0.08	)		(0.04	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL^(b)		0.00			0.00			0.00			0.00			0.00
NET ASSET VALUE, END OF YEAR	$	16.72		$	16.67		$	18.06		$	9.73		$	14.46
TOTAL RETURN^(c)		1.13	%		(7.45	)%		(18.90	)%		67.84	%		(1.63	)%
Net assets, at end of year (000s)	$	1,554,863		$	1,697,892		$	1,583,122		$	1,966,043		$	870,916
Expenses (excluding fees waived/reimbursed by investment advisor)		0.92	%		0.90	%		0.89	%		0.90	%		0.92	%
Expenses (including fees waived/reimbursed by investment advisor)		0.92	%		0.90	%		0.89	%		0.90	%		0.92	%
Net investment income		0.72	%		0.55	%		0.13	%		0.31	%		0.32	%
PORTFOLIO TURNOVER RATE		54	%		32	%		43	%		33	%		32	%

^(a)

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

^(b)

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

^(c)

See accompanying notes to financial statements.

105

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

	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
Investor Class	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020^(a)
NET ASSET VALUE, BEGINNING OF PERIOD/YEAR	$	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		2.28			(1.91	)		(4.62	)		9.73			3.16
Total income/(loss) from investment operations		2.27			(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	)		—
Total distributions		—			(0.00	) ^(c)		(0.42	)		(0.11	)		—
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	^(c)		0.00	^(c)		0.01			0.00	^(c)		0.00	^(c)
NET ASSET VALUE, END OF PERIOD/YEAR	$	18.00		$	15.73		$	17.65		$	9.56		$	13.15
TOTAL RETURN^(d)		14.43	%		(10.87	)%		(20.93	)%		73.67	%		31.50	% ^(e)
Net assets, at end of period/year (000s)	$	126,631		$	104,459		$	131,534		$	126,106		$	9,421
Expenses (excluding fees waived/reimbursed by investment advisor)		0.90	%		0.90	%		0.91	%		1.11	%		6.23	% ^(f)(g)
Expenses (including fees waived/reimbursed by investment advisor)		0.90	%		0.90	%		0.91	%		1.00	%		1.00	% ^(f)(g)
Net investment income/(loss)		(0.06	)%		(0.07	)%		(0.14	)%		0.30	%		(0.53	)% ^(f)
PORTFOLIO TURNOVER RATE		60	%		56	%		31	%		24	%		2	% ^(e)

^(a)

Grandeur Peak US Stalwarts Fund commenced on March 19, 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.

106

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

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 a series if Financial Investors Trust (the “Predecessor Funds”) their predecessor fund to a series of Grandeur Peak Global Trust. Each Fund seeks long-term growth of capital. The Grandeur Peak Emerging Markets Opportunities Fund’s inception date is December 16, 2013. 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, 2021. 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.

The Board of Trustees of Financial Investors Trust held a Special Meeting of the Shareholders of 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 the Trust. The transfer (a) exchanged 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 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 Peak”) believes that they are unreliable, securities may be priced using the Trust’s fair value procedures.

107

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

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 designated the Advisor as its valuation designee (the “Valuation Designee”) for the execution of these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Fair Valuation Process – Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances) . If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of 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.

108

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used for the year ended as of April 30, 2024, 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*	$	102,461,854	$	232,974,997	$	—	$	335,436,851
Total	$	102,461,854	$	232,974,997	$	—	$	335,436,851

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Contrarian Fund
Common Stocks*	$	39,737,050	$	100,866,029	$	—	$	140,603,079
Total	$	39,737,050	$	100,866,029	$	—	$	140,603,079

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Explorer Fund
Common Stocks*	$	5,202,037	$	6,650,787	$	—	$	11,852,824
Total	$	5,202,037	$	6,650,787	$	—	$	11,852,824

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Micro Cap Fund
Common Stocks*	$	13,158,181	$	30,760,395	$	—	$	43,918,576
Total	$	13,158,181	$	30,760,395	$	—	$	43,918,576

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Opportunities Fund
Common Stocks*	$	211,142,399	$	340,779,967	$	—	$	551,922,366
Total	$	211,142,399	$	340,779,967	$	—	$	551,922,366

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Reach Fund
Common Stocks*	$	88,121,292	$	110,908,023	$	731,724	$	199,761,039
Preferred Stocks		—		—		980,126		980,126
Total	$	88,121,292	$	110,908,023	$	1,711,850	$	200,741,165

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak Global Stalwarts Fund
Common Stocks*	$	67,329,130	$	65,310,551	$	951,242	$	133,590,923
Preferred Stocks		—		—		1,144,165		1,144,165
Total	$	67,329,130	$	65,310,551	$	2,095,407	$	134,735,088

109

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak International Opportunities Fund
Common Stocks*	$	104,510,244	$	394,596,578	$	—	$	499,106,822
Total	$	104,510,244	$	394,596,578	$	—	$	499,106,822

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak International Stalwarts Fund
Common Stocks*	$	356,458,172	$	1,172,867,643	$	—	$	1,529,325,815
Total	$	356,458,172	$	1,172,867,643	$	—	$	1,529,325,815

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Grandeur Peak US Stalwarts Fund
Common Stocks*	$	118,946,225	$	5,812,003	$	512,201	$	125,270,429
Preferred Stocks		—		—		626,088		626,088
Total	$	118,946,225	$	5,812,003	$	1,138,289	$	125,896,517

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
Realized Gain (Loss)		—			(329,542	)		(329,542	)
Change in Unrealized Appreciation (Depreciation)		—			—			—
Purchases		—			—			—
Sales Proceeds		—			(1,593,594	)		(1,593,594	)
Transfer in/out Level 3		—			—			—
Balance as of April 30, 2024	$	—		$	—		$	—
Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2024	$	—		$	—		$	—

Grandeur Peak Global Reach Fund	Common Stocks			Preferred Stocks			Total
Balance as of April 30, 2023	$	786,666		$	1,892,203		$	2,678,869
Realized Gain (Loss)		—			(156,291	)		(156,291	)
Change in Unrealized Appreciation (Depreciation)		(54,942	)		—			(54,942	)
Purchases		—			—			—
Sales Proceeds		—			(755,786	)		(755,786	)
Transfer in/out Level 3		—			—			—
Balance as of April 30, 2024	$	731,724		$	980,126		$	1,711,850
Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2024	$	(54,942	)	$	—		$	—

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
Realized Gain (Loss)		—			(82,734	)		(82,734	)
Change in Unrealized Appreciation (Depreciation)		(71,424	)		—			(71,424	)
Purchases		—			—			—
Sales Proceeds		—			(400,080	)		(400,080	)
Transfer in/out Level 3		—			—			—
Balance as of April 30, 2024	$	951,242		$	1,144,165		$	2,095,407
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2024	$	(71,424	)	$	—		$	—

110

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

Grandeur Peak US Stalwarts Fund	Common Stocks			Preferred Stocks		Total
Balance as of April 30, 2023	$	550,666		$	626,088	$	1,176,754
Realized Gain (Loss)		—			—		—
Change in Unrealized Appreciation (Depreciation)		(38,465	)		—		(38,465	)
Purchases		—			—		—
Sales Proceeds		—			—		—
Transfer in/out Level 3		—			—		—
Balance as of April 30, 2024	$	512,201		$	626,088	$	1,138,289
Net change in unrealized appreciation (depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2024	$	(38,465	)	$	—	$	—

The table below provides additional information about the Level 3 Fair Value Measurements as of April 30, 2024:

Quantitative Information about Level 3 Fair Value Measurements

Grandeur Peak Global Reach Fund

	Fair Value (USD) at
Asset Class	4/30/24		Valuation Technique	Unobservable Inputs^(a)	Value/Range
Common Stocks	$	731,724	Discounted/Third-Party Valuation	Third Party Valuation	Discounted Partnership Interest/27.94%

Preferred Stocks	$	980,126	Market Approach	Enterprise Value-to-Sales Multiple	4.80x

Grandeur Peak Global Stalwarts Fund

	Fair Value (USD) at
Asset Class	4/30/24		Valuation Technique	Unobservable Inputs^(a)	Value/Range
Common Stocks	$	951,242	Discounted/Third-Party Valuation	Third Party Valuation	Discounted Partnership Interest/27.94%

Preferred Stocks	$	1,144,165	Market Approach	Enterprise Value-to-Sales Multiple	4.80x

Grandeur Peak US Stalwarts Fund

	Fair Value (USD) at
Asset Class	4/30/24		Valuation Technique	Unobservable Inputs^(a)	Value/Range
Common Stocks	$	512,201	Discounted/Third-Party Valuation	Third Party Valuation	Discounted Partnership Interest/27.94%

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.

111

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

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 April 30, 2024.

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 April 30, 2024, the Funds had the following cash balances participating in the BBH CMS:

Fund
Grandeur Peak Emerging Markets Opportunities Fund	$	8,818,716
Grandeur Peak Global Contrarian Fund		1,485,698
Grandeur Peak Global Explorer Fund		106,289
Grandeur Peak Global Micro Cap Fund		343,001
Grandeur Peak Global Opportunities Fund		11,050,697
Grandeur Peak Global Reach Fund		5,879,409
Grandeur Peak Global Stalwarts Fund		—
Grandeur Peak International Opportunities Fund		7,387,672
Grandeur Peak International Stalwarts Fund		48,560,219
Grandeur Peak US Stalwarts Fund		434,444

112

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

As of April 30, 2024, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

Fund
Grandeur Peak Emerging Markets Opportunities Fund	$	—
Grandeur Peak Global Contrarian Fund		144,103
Grandeur Peak Global Explorer Fund		29
Grandeur Peak Global Micro Cap Fund		10,860
Grandeur Peak Global Opportunities Fund		88,231
Grandeur Peak Global Reach Fund		57,215
Grandeur Peak Global Stalwarts Fund		4,453
Grandeur Peak International Opportunities Fund		50,098
Grandeur Peak International Stalwarts Fund		95,148
Grandeur Peak US Stalwarts Fund		68

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 year ended April 30, 2024, 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.

During the year ended April 30, 2024, Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Opportunities Fund and Grandeur Peak Global Reach Fund incurred a capital gain tax for securities held in India during the reorganization of the Funds as the reorganization is being considered a realized event for foreign institutional investors; such amounts are included in the Statements of Operations under Net Realized Gain (Loss) from Investments.

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.

113

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

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%

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.

114

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

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 has contractually agreed to waive, with respect to the Grandeur Peak Emerging Markets Opportunities Fund, annual management fees to the extent such fees exceed 1.00% on all assets above $400 million (the annual management fee rate with respect to the Fund will remain 1.35% on the first $400 million in assets). Previously, the Advisor had voluntarily agreed, effective January 1, 2018, to waive, with respect to the Grandeur Peak Emerging Markets Opportunities Fund, annual management fees to the extent such fees exceed 1.20% on all assets above $400 million (the annual management fee rate with respect to the Fund will remain 1.35% on the first $400 million in assets). These additional contractual waivers are not subject to recoupment by the Advisor. Additional fees waived by the Advisor for the year ended April 30, 2024 are disclosed in the Statements of Operations.

As of April 30, 2024, 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	$	90,980	$	—
Grandeur Peak Global Contrarian Fund		—		145,336
Grandeur Peak Global Explorer Fund		230,004		—
Grandeur Peak Global Micro Cap Fund		3,837		—
Grandeur Peak Global Opportunities Fund		317,513		—
Grandeur Peak Global Reach Fund		119,486		—
Grandeur Peak Global Stalwarts Fund		—		—
Grandeur Peak International Opportunities Fund		197,835		—
Grandeur Peak International Stalwarts Fund		—		—
Grandeur Peak US Stalwarts Fund		—		—

115

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

As of April 30, 2024, the Advisor has waived/reimbursed expenses that may be recovered no later than April 30 of the years indicated below:

Fund	Expires 2025		Expires 2026		Expires 2027		Total
Grandeur Peak Emerging Markets Opportunities Fund	$	—	$	—	$	—	$	—
Grandeur Peak Global Contrarian Fund		4,570		—		—		4,570
Grandeur Peak Global Explorer Fund		39,713		280,910		230,004		550,627
Grandeur Peak Global Micro Cap Fund		—		—		3,837		3,837
Grandeur Peak Global Opportunities Fund		—		—		—		—
Grandeur Peak Global Reach Fund		49,396		28,389		119,486		197,271
Grandeur Peak Global Stalwarts Fund		—		—		—		—
Grandeur Peak International Opportunities Fund		—		—		—		—
Grandeur Peak International Stalwarts Fund		—		—		—		—
Grandeur Peak US Stalwarts Fund		—		—		—		—

Each Fund was reorganized on October 20, 2023 from a series of Financial Investors Trust to a series of 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 registered as a broker-dealer with the U.S. Securities and Exchange Commission. The following table reflects the Funds incurred distribution fees for the year ended April 30, 2024.

Fund	Distribution Fees
Grandeur Peak Emerging Markets Opportunities Fund	$	20,563
Grandeur Peak Global Contrarian Fund		—
Grandeur Peak Global Explorer Fund		—
Grandeur Peak Global Micro Cap Fund		—
Grandeur Peak Global Opportunities Fund		144,054
Grandeur Peak Global Reach Fund		61,580
Grandeur Peak Global Stalwarts Fund		62,789
Grandeur Peak International Opportunities Fund		60,857
Grandeur Peak International Stalwarts Fund		63,992
Grandeur Peak US Stalwarts Fund		—

c. Administration, Fund Accounting and Transfer Agency Fees

Administrator Fees and Expenses

Ultimus Fund Solutions, LLC (“UFS”) – UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to a separate servicing agreement with UFS, the Funds pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities. 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 UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Funds.

116

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the year ended April 30, 2024 were as follows:

			Proceeds From Sales of
Fund	Purchases of Securities		Securities
Grandeur Peak Emerging Markets Opportunities Fund	$	151,106,024	$	239,173,938
Grandeur Peak Global Contrarian Fund		77,527,942		64,658,444
Grandeur Peak Global Explorer Fund		5,248,201		6,054,103
Grandeur Peak Global Micro Cap Fund		15,082,033		19,235,861
Grandeur Peak Global Opportunities Fund		221,033,464		317,104,112
Grandeur Peak Global Reach Fund		94,978,133		156,747,448
Grandeur Peak Global Stalwarts Fund		91,071,371		159,390,121
Grandeur Peak International Opportunities Fund		169,904,278		259,009,212
Grandeur Peak International Stalwarts Fund		859,080,387		1,001,259,076
Grandeur Peak US Stalwarts Fund		79,574,725		70,653,657

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 year ended April 30, 2024, the redemption fees charged by the Funds are presented in the Statement of Changes in Net Assets.

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:

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation/
Fund	Tax Cost		Appreciation		Depreciation			(Depreciation)
Grandeur Peak Emerging Markets Opportunities Fund	$	285,487,796	$	78,918,364	$	(28,969,309	)	$	49,949,055
Grandeur Peak Global Contrarian Fund		135,536,919		20,351,197		(15,285,037	)		5,066,160
Grandeur Peak Global Explorer Fund		12,223,222		1,418,369		(1,788,767	)		(370,398	)
Grandeur Peak Global Micro Cap Fund		39,870,884		8,766,379		(4,718,687	)		4,047,692
Grandeur Peak Global Opportunities Fund		476,543,604		120,711,158		(45,332,396	)		75,378,762
Grandeur Peak Global Reach Fund		174,437,262		44,348,807		(18,044,904	)		26,303,903
Grandeur Peak Global Stalwarts Fund		113,879,301		30,302,035		(9,446,248	)		20,855,787
Grandeur Peak International Opportunities Fund		456,593,509		98,870,852		(56,357,539	)		42,513,313
Grandeur Peak International Stalwarts Fund		1,333,603,985		314,662,704		(118,940,874	)		195,721,830
Grandeur Peak US Stalwarts Fund		110,992,127		23,650,098		(8,745,708	)		14,904,390

117

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

The tax character of fund distributions paid for the years ended April 30, 2024, and April 30, 2023, was as follows:

For fiscal year ended	Ordinary		Long-Term		Return of
4/30/2024	Income		Capital Gains		Capital		Total
Grandeur Peak Emerging Markets Opportunities Fund	$	5,695,054	$	10,549,000	$	—	$	16,244,054
Grandeur Peak Global Contrarian Fund		2,725,193		—		—		2,725,193
Grandeur Peak Global Explorer Fund		79,438		—		—		79,438
Grandeur Peak Global Micro Cap Fund		—		—		—		—
Grandeur Peak Global Opportunities Fund		4,350,706		—		—		4,350,706
Grandeur Peak Global Reach Fund		837,240		—		—		837,240
Grandeur Peak Global Stalwarts Fund		573,492		—		—		573,492
Grandeur Peak International Opportunities Fund		2,921,691		2,265,788		—		5,187,479
Grandeur Peak International Stalwarts Fund		13,350,670		—		—		13,350,670
Grandeur Peak US Stalwarts Fund		—		—		—		—

For fiscal year ended	Ordinary		Long-Term		Return of
4/30/2023	Income		Capital Gains		Capital		Total
Grandeur Peak Emerging Markets Opportunities Fund	$	926,920	$	316,164	$	—	$	1,243,084
Grandeur Peak Global Contrarian Fund		1,928,652		574,678		—		2,503,330
Grandeur Peak Global Explorer Fund		24,043		—		—		24,043
Grandeur Peak Global Micro Cap Fund		—		—		—		—
Grandeur Peak Global Opportunities Fund		691,880		10,505,369		—		11,197,249
Grandeur Peak Global Reach Fund		128,741		—		—		128,741
Grandeur Peak Global Stalwarts Fund		—		—		323,040		323,040
Grandeur Peak International Opportunities Fund		1,295,306		—		—		1,295,306
Grandeur Peak International Stalwarts Fund		3,960,284		—		—		3,960,284
Grandeur Peak US Stalwarts Fund		13,503		—		—		13,503

As of April 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

					Post October
	Undistributed		Undistributed		Loss			Capital Loss			Other		Unrealized			Total
	Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/			Distributable
	Income		Capital Gains		Late Year Loss			Forwards			Differences		(Depreciation)			Earnings/(Losses)
Grandeur Peak Emerging
Markets Opportunities Fund	$	13,209	$	2,573,671	$	—		$	—		$	—	$	49,936,425		$	52,523,305
Grandeur Peak Global Contrarian Fund		3,628,337		—		—			(1,559,770	)		—		5,061,875			7,130,442
Grandeur Peak Global Explorer Fund		50,487		—		—			(1,986,857	)		—		(370,783	)		(2,307,153	)
Grandeur Peak Global Micro Cap Fund		229,086		—		—			(1,878,080	)		—		4,044,918			2,395,924
Grandeur Peak Global Opportunities Fund		1,375,112		—		—			(562,116	)		—		75,346,571			76,159,567
Grandeur Peak Global Reach Fund		1,121,672		3,718,343		—			—			—		26,298,061			31,138,076
Grandeur Peak Global Stalwarts Fund		—		—		(86,769	)		(33,506,294	)		—		20,849,420			(12,743,643	)
Grandeur Peak International Opportunities Fund		3,889,071		3,613,624		—			—			—		42,466,034			49,968,729
Grandeur Peak International Stalwarts Fund		4,229,334		—		—			(122,762,705	)		—		195,613,308			77,079,937
Grandeur Peak US Stalwarts Fund		—		—		(119,176	)		(31,859,843	)		—		14,904,487			(17,074,532	)

118

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

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

	Unrealized
	Foreign Currency
	Gains/(Losses)

Grandeur Peak Emerging Markets Opportunities Fund	$	(12,630	)
Grandeur Peak Global Contrarian Fund		(4,285	)
Grandeur Peak Global Explorer Fund		(385	)
Grandeur Peak Global Micro Cap Fund		(2,774	)
Grandeur Peak Global Opportunities Fund		(32,191	)
Grandeur Peak Global Reach Fund		(5,842	)
Grandeur Peak Global Stalwarts Fund		(6,367	)
Grandeur Peak International Opportunities Fund		(47,279	)
Grandeur Peak International Stalwarts Fund		(108,522	)
Grandeur Peak US Stalwarts Fund		97

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. Grandeur Peak Global Stalwarts Fund and Grandeur Peak US Stalwarts Fund incurred and elected to defer such late year losses of $86,769 and $119,176, respectively.

At April 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, and capital loss carryforwards utilized as follows:

	Non-expiring		Non-expiring
	Short-Term		Long-Term		Total		CLCF Utilized
Grandeur Peak Emerging Markets Opportunities Fund	$	—	$	—	$	—	$	—
Grandeur Peak Global Contrarian Fund		114,832		1,444,938		1,559,770		7,889,267
Grandeur Peak Global Explorer Fund		865,803		1,121,054		1,986,857		—
Grandeur Peak Global Micro Cap Fund		1,878,080		—		1,878,080		810,812
Grandeur Peak Global Opportunities Fund		562,116		—		562,116		11,672,770
Grandeur Peak Global Reach Fund		—		—		—		7,965,843
Grandeur Peak Global Stalwarts Fund		33,506,294		—		33,506,294		—
Grandeur Peak International Opportunities Fund		—		—		—		10,966,568
Grandeur Peak International Stalwarts Fund		92,731,799		30,030,906		122,762,705		—
Grandeur Peak US Stalwarts Fund		20,339,004		11,520,839		31,859,843		—

During the fiscal period ended April 30, 2024, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, net operating losses, distributions in excess, and use of tax equalization credits, resulted in reclassifications for the Fund for the fiscal year ended April 30, 2024, as follows:

				Distributable
	Paid In Capital			Earnings/ (Losses)
Grandeur Peak Emerging Markets Opportunities Fund	$	1,624,304		$	(1,624,304	)
Grandeur Peak Global Contrarian Fund		—			—
Grandeur Peak Global Explorer Fund		(11,628	)		11,628
Grandeur Peak Global Micro Cap Fund		—			—
Grandeur Peak Global Opportunities Fund		—			—
Grandeur Peak Global Reach Fund		111,304			(111,304	)
Grandeur Peak Global Stalwarts Fund		(59,903	)		59,903
Grandeur Peak International Opportunities Fund		150,750			(150,750	)
Grandeur Peak International Stalwarts Fund		(6,485	)		6,485
Grandeur Peak US Stalwarts Fund		(35,667	)		35,667

119

Grandeur Peak Funds^®	Notes to Financial Statements
	April 30, 2024

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 25% or more of the outstanding shares of each class of the Fund as of April 30, 2024:

Fund	Shareholder Name	Percentage of Interest
Grandeur Peak Emerging Markets Opportunities Fund	N/A	N/A
Grandeur Peak Global Contrarian Fund	Charles Schwab & Co. Inc.	52.7%
	National Financial Services, LLC	25.8%
Grandeur Peak Global Explorer Fund	Grandeur Peak Global Advisors, LLC	32.8%
	Charles Schwab & Co. Inc.	31.6%
Grandeur Peak Global Micro Cap Fund	N/A	N/A
Grandeur Peak Global Opportunities Fund	Charles Schwab & Co. Inc.	42.5%
Grandeur Peak Global Reach Fund	Charles Schwab & Co. Inc.	31.0%
Grandeur Peak Global Stalwarts Fund	National Financial Services, LLC	35.9%
	Charles Schwab & Co. Inc.	31.0%
Grandeur Peak International Opportunities Fund	National Financial Services, LLC	30.8%
Grandeur Peak International Stalwarts Fund	N/A	N/A
Grandeur Peak US Stalwarts Fund	Charles Schwab & Co. Inc.	51.1%
	Saxon & Co. FBO Allerton Foundation	36.2%

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.

120

	Report of Independent Registered
Grandeur Peak Funds^®	Public Accounting Firm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Northern Lights Fund Trust III and the Shareholders of Rondure New World Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accomp EPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Grandeur Peak Global Trust (the “Trust”), comprising Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund, and Grandeur Peak US Stalwarts Fund (collectively, the “Funds”), including the portfolios of investments, as of April 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (except for Grandeur Peak Global Contrarian Fund, Grandeur Peak US Stalwarts Fund and Grandeur Peak Global Explorer Fund where the financial highlights for the periods included in the table below), and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Individual Fund Comprising the Grandeur Peak Global Trust	Financial Highlights
Grandeur Peak US Stalwarts Fund	For the years ended April 30, 2024, 2023, 2022, 2021, and for the period from March 19, 2020 (commencement of operations) through April 30, 2020
Grandeur Peak Global Contrarian Fund	For the years ended April 30, 2024, 2023, 2022, 2021, and for the period from September 17, 2019 (commencement of operations) through April 30, 2020
Grandeur Peak Global Explorer Fund	For the years ended April 30, 2024, 2023, and for the period from December 16, 2021 (Commencement of operations) through April 30, 2022

Basis for Opinion

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

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

121

	Report of Independent Registered
Grandeur Peak Funds^®	Public Accounting Firm

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

(SIGNATURE)

Costa Mesa, California
June 28, 2024

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

122

Grandeur Peak Funds^®	Additional Information
	April 30, 2024 (Unaudited)

FUND HOLDINGS

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (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. The Funds’ Form N-PORT reports are available on the SEC’s Web site at http://www.sec.gov. The Funds’ Form N-PORT reports are also available upon request by calling 1-877-314-9006.

FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

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

TAX DESIGNATIONS

The Funds designate the following amounts for federal income tax purposes for the fiscal year ended April 30, 2024:

			Foreign Source
	Foreign Taxes Paid		Income
Grandeur Peak Emerging Markets Opportunities Fund	$	3,724,519	$	1,623,748
Grandeur Peak Global Contrarian Fund		657,858		3,174,797
Grandeur Peak Global Explorer Fund		21,358		65,097
Grandeur Peak Global Micro Cap Fund		179,808		175,411
Grandeur Peak Global Opportunities Fund		975,246		3,480,574
Grandeur Peak Global Reach Fund		594,887		1,325,043
Grandeur Peak Global Stalwarts Fund		324,787		364,066
Grandeur Peak International Opportunities Fund		2,311,693		4,631,142
Grandeur Peak International Stalwarts Fund		4,163,378		11,749,923
Grandeur Peak US Stalwarts Fund		0		0

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2023, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

	Dividend Received Deduction			Qualified Dividend Income
Grandeur Peak Emerging Markets Opportunities Fund		10.69	%		78.90	%
Grandeur Peak Global Contrarian Fund		25.23	%		71.61	%
Grandeur Peak Global Explorer Fund		44.01	%		86.99	%
Grandeur Peak Global Micro Cap Fund		0.00	%		0.00	%
Grandeur Peak Global Opportunities Fund		44.03	%		89.54	%
Grandeur Peak Global Reach Fund		86.09	%		83.87	%
Grandeur Peak Global Stalwarts Fund		90.68	%		0.00	%
Grandeur Peak International Opportunities Fund		38.62	%		97.11	%
Grandeur Peak International Stalwarts Fund		23.94	%		99.39	%
Grandeur Peak US Stalwarts Fund		0.00	%		0.00	%

123

Grandeur Peak Funds^®	Additional Information
	April 30, 2024 (Unaudited)

In early 2024, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2023 via Form 1099. The Funds will notify shareholders in early 2025 of amounts paid to them by the Funds, if any, during the calendar year 2024.

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

Grandeur Peak Emerging Markets Opportunities Fund	$	10,549,000
Grandeur Peak Global Contrarian Fund		0
Grandeur Peak Global Explorer Fund		0
Grandeur Peak Global Micro Cap Fund		0
Grandeur Peak Global Opportunities Fund		0
Grandeur Peak Global Reach Fund		0
Grandeur Peak Global Stalwarts Fund		0
Grandeur Peak International Opportunities Fund		2,265,788
Grandeur Peak International Stalwarts Fund		0
Grandeur Peak US Stalwarts Fund		0

For the fiscal year ended April 30, 2024, the following long term amounts were utilized as earnings and profits distributed to shareholders on redemptions:

Grandeur Peak Emerging Markets Opportunities Fund	$	1,624,304
Grandeur Peak Global Contrarian Fund		0
Grandeur Peak Global Explorer Fund		0
Grandeur Peak Global Micro Cap Fund		0
Grandeur Peak Global Opportunities Fund		0
Grandeur Peak Global Reach Fund		111,304
Grandeur Peak Global Stalwarts Fund		0
Grandeur Peak International Opportunities Fund		153,487
Grandeur Peak International Stalwarts Fund		0
Grandeur Peak US Stalwarts Fund		0

LIQUIDITY RULE

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, the Funds’ investment strategies and the liquidity of their portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the year ended April 30, 2024, the Board and the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Funds’ investments and they determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Board and Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

124

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

125

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

126

Grandeur Peak Funds^®	Trustees and Officers
	April 30, 2024 (Unaudited)

The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and officer is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

Independent Trustees
Name, Address, Year of Birth	Position(s) Held with Registrant	Length of Service and Term	Principal Occupation(s) During Past 5 Years	Number of Funds In The Fund Complex*	Overseen Other Directorships Held During Past 5 Years**
Patricia Luscombe 1961	Trustee	Since January 2015, Indefinite	Managing Director of the Valuations and Opinions Group, Lincoln International LLC (since August 2007).	10	Northern Lights Fund Trust III (for series not affiliated with the Fund since 2015); Monetta Mutual Funds (since November 2015).
John V. Palancia 1954	Trustee, Chairman	Trustee, since February 2012, Indefinite; Chairman of the Board since May 2014.	Retired (since 2011); formerly, Director of Global Futures Operations Control, Merrill Lynch, Pierce, Fenner & Smith, Inc. (1975-2011).	10	Northern Lights Fund Trust III (for series not affiliated with the Fund since 2012); Northern Lights Fund Trust (since 2011); Northern Lights Variable Trust (since 2011); Alternative Strategies Fund (since 2012).
Mark H. Taylor 1964	Trustee, Chairman of the Audit Committee	Since February 2012, Indefinite	PhD (Accounting), CPA; Professor and Director, Lynn Pippenger School of Accountancy, Muma College of Business, University of South Florida (2019 – present); Professor and Department of Accountancy Chair, Case Western Reserve University (2009-2019); President, American Accounting Association (AAA) since August 2022 (President-Elect 2022- 2023, President 2023-2024; Past President 2024-2025). AAA Vice President-Finance (2017-2020); President, Auditing Section of the AAA; Member, AICPA Auditing Standards Board (2009-2012); Academic Fellow, Office of the Chief Accountant, United States Securities Exchange Commission (2005-2006); Center for Audit Quality research grants (2014, 2012).	10	Northern Lights Fund Trust III (for series not affiliated with the Fund since 2012); Northern Lights Fund Trust (since 2007); Northern Lights Variable Trust (since 2007); Alternative Strategies Fund (since June 2010).
Jeffery D. Young 1956	Trustee	Since January 2015, Indefinite	Co-owner and Vice President, Latin America Agriculture Development Corp. (since May 2015); President, Celeritas Rail Consulting (since June 2014); Asst. Vice President - Transportation Systems, Union Pacific Railroad Company (June 1976 to April 2014).	10	Northern Lights Fund Trust III (for series not affiliated with the Fund since 2015).

As of April 30, 2024, the Trust was comprised of 10 active portfolios managed by the Adviser.

Only includes directorships held within the past 5 years in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or subject to the requirements of Section 15(d) of the Securities Exchange Act of 1934, or any company registered as an investment company under the 1940 Act.

4/30/24-GP-v1

127

Grandeur Peak Funds^®	Trustees and Officers
	April 30, 2024 (Unaudited)

Officers of the Trust

Name, Address, Year of Birth	Position(s) Held with Registrant	Length of Service and Term	Principal Occupation(s) During Past 5 Years
Brian Curley 1970	President	Since May 2023, indefinite	Vice President, Ultimus Fund Solutions, LLC (since 2020); Vice President, Gemini Fund Services, LLC (2015-2020).
Timothy Burdick 1986	Vice President	Since May 2023, indefinite	Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (2023 – present); Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2022 – 2023); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019 – 2022).
Richard Gleason 1977	Treasurer	Since May 2023, indefinite	Assistant Vice President, Ultimus Fund Solutions, LLC (since 2020); Assistant Vice President, Gemini Fund Services, LLC (2012-2020).
Viktoriya Pallino 1995	Secretary	Since August 2022,indefinite	Senior Legal Administrator, Ultimus Fund Solutions, LLC (since 2023);Legal Administrator II, Ultimus Fund Solutions, LLC (2021-2023); Legal Administrator I, Ultimus Fund Solutions, LLC (2019-2021); Legal Administration Associate, Gemini Fund Services, LLC (2017-2019).
William Kimme 1962	Chief Compliance Officer	Since February 2012, indefinite	Senior Compliance Officer of Northern Lights Compliance Services, LLC (since 2011).

The Fund’s Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-877-314-9006.

4/30/24-GP-v1

128

(LOGO)

Contact Us

Mail:	Grandeur Peak Funds, P.O. Box 541150, Omaha, NE 68154	Web:	www.GrandeurPeakGlobal.com
Phone:	1.855.377.PEAK (7325)		GP-AR24

(b) Not applicable

Item 2. Code of Ethics.

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

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

(1)

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2)

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

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

(4)

The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5) Accountability for adherence to the code.

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

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

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

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

Item 3. Audit Committee Financial Expert.

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

(a)(2) Not applicable.

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

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

2024 - $195,000

(b)

Audit-Related Fees

2024- None

(c)

Tax Fees

2024 - $46,000

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

(d)

All Other Fees

2024 - None

(e)

(1) Audit Committee’s Pre-Approval Policies

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

(2)

Percentages of Services Approved by the Audit Committee

2024

Audit-Related Fees: 0.00%

Tax Fees: 0.00%

All Other Fees: 0.00%

(f)

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

(g)

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

2024 - $46,000

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

(i) Not applicable

(j) Not applicable

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

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 Fund is an open-end management investment company

Item 13. Exhibits.

(a)(1) Code of Ethics filed herewith.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 13(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 13(b) of Form N-CSR) 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 7/3/2024

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 7/3/2024

By (Signature and Title)

/s/ Richard Gleason

Richard Gleason, Principal Financial Officer/Treasurer

Date 7/3/2024

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