| Grandeur Peak Global Contrarian Fund | Portfolio of Investments |
| July 31, 2025 (Unaudited) |
| Shares | Fair Value | |
| COMMON STOCKS — 98.56% | ||
| Australia — 5.71% | ||
| Fiducian Group Ltd | 304,458 | $ 2,197,200 |
| IPD Group Ltd/Australia(a) | 307,066 | 696,577 |
| Kogan.com Ltd(a) | 592,435 | 1,473,378 |
| MA Financial Group Ltd | 473,917 | 2,488,209 |
| Navigator Global Investments Limited(a) | 1,051,030 | 1,293,440 |
| PeopleIN Ltd | 206,847 | 93,049 |
| 8,241,853 | ||
| Belgium — 2.61% | ||
| Melexis NV | 20,155 | 1,553,394 |
| X-Fab Silicon Foundries S.E. 144A(a)(b)(c) | 303,719 | 2,217,724 |
| 3,771,118 | ||
| Brazil — 3.24% | ||
| Armac Locacao Logistica | 932,300 | 587,703 |
| Grupo Mateus SA(a) | 732,400 | 953,462 |
| Patria Investments Limited(a) | 153,869 | 2,146,473 |
| Track & Field Co. SA | 380,400 | 987,037 |
| 4,674,675 | ||
| Canada — 1.36% | ||
| BioSyent Inc | 113,187 | 923,892 |
| Winpak Ltd.(a) | 35,083 | 1,036,589 |
| 1,960,481 | ||
| China — 4.21% | ||
| Alibaba.Com Limited | 94,100 | 1,386,929 |
| Bosideng International Holdings, Ltd.(a) | 2,056,300 | 1,173,535 |
| Chaoju Eye Care Holdings Ltd 144A(b)(c) | 4,264,000 | 1,613,262 |
| Li Ning Company Limited | 431,000 | 914,711 |
| TK Group Holdings Ltd | 3,188,883 | 991,197 |
| 6,079,634 | ||
| France — 1.47% | ||
| Virbac S.A.CA | 5,334 | 2,116,425 |
| Germany — 1.27% | ||
| Elmos Semiconductor AG(a) | 18,222 | 1,830,939 |
| Hong Kong — 1.33% | ||
| Plover Bay Tech(b) | 2,255,539 | 1,913,621 |
| India — 0.83% | ||
| City Union Bank Ltd | 487,001 | 1,192,723 |
| Indonesia — 1.58% | ||
| Aspirasi Hidup Ind | 40,397,400 | 1,153,580 |
| Hartadinata Abadi Tbk PT(a) | 29,666,800 | 1,126,542 |
| 2,280,122 | ||
| Ireland — 0.90% | ||
| ICON plc(a) | 7,679 | 1,299,210 |
| Italy — 1.90% | ||
| Interpump Group SpA | 50,237 | 2,062,711 |
| Sanlorenzo SpA/Ameglia | 20,289 | 685,721 |
| 2,748,432 | ||
| Japan — 14.54% | ||
| Central Automotive NPV(a) | 146,700 | 1,877,601 |
| gremz Inc | 46,900 | 783,149 |
| Halows Company Ltd. | 53,400 | 1,754,692 |
| Integral Corp(a) | 65,000 | 1,506,525 |
| Shares | Fair Value | |
| COMMON STOCKS — 98.56% (continued) | ||
| Japan — 14.54% (continued) | ||
| Jeol Ltd. | 49,300 | $ 1,431,980 |
| Kitz Corp(a) | 113,500 | 957,412 |
| Plus Alpha Consulting | 128,000 | 1,956,577 |
| Rise Consulting Group Inc(a) | 259,400 | 2,184,689 |
| Sun*, Inc.(a) | 273,300 | 967,825 |
| System Support, Inc. | 141,700 | 2,531,532 |
| Syuppin Company, Ltd. | 189,200 | 1,595,968 |
| ULS Group Inc | 52,800 | 2,559,572 |
| User Local, Inc. | 70,000 | 887,568 |
| 20,995,090 | ||
| Luxembourg — 1.39% | ||
| Eurofins Scientific S.E. | 26,025 | 2,000,460 |
| Mexico — 2.92% | ||
| GCC S.A.B. de C.V. 144A(a)(b)(c) | 191,500 | 1,790,560 |
| Regional SAB de CV(a) | 131,600 | 1,017,567 |
| Wal-Mart de Mexico SAB de CV | 479,800 | 1,414,184 |
| 4,222,311 | ||
| Netherlands — 0.91% | ||
| Flow Traders Ltd. 144A(b)(c) | 43,956 | 1,314,966 |
| Philippines — 0.83% | ||
| Pryce Corp | 1,772,400 | 389,264 |
| Puregold Price Club, Inc. | 1,173,200 | 806,462 |
| 1,195,726 | ||
| Poland — 1.82% | ||
| Auto Partner SA | 268,283 | 1,431,874 |
| Inter Cars SA | 7,794 | 1,191,781 |
| 2,623,655 | ||
| Singapore — 1.53% | ||
| Riverstone Holdings Ltd.(a) | 4,079,375 | 2,215,037 |
| South Korea — 1.23% | ||
| iFamilySC Co Ltd(a) | 84,367 | 974,596 |
| SOLUM Co Ltd(a) | 67,539 | 800,542 |
| 1,775,138 | ||
| Sweden — 1.41% | ||
| RVRC Holding AB | 183,225 | 834,164 |
| Sdiptech AB(a) | 59,527 | 1,199,341 |
| 2,033,505 | ||
| Taiwan — 1.47% | ||
| Acer E-Enabling Service Business | 270,000 | 2,116,002 |
| United Kingdom — 14.49% | ||
| Ashtead Technology Holdings plc | 238,143 | 1,056,736 |
| B & M European Value Retail SA | 970,695 | 2,876,703 |
| CVS Group plc | 194,694 | 3,157,478 |
| Endava plc - ADR(a) | 34,085 | 436,288 |
| Foresight Group Holdings Ltd | 136,991 | 837,650 |
| FRP Advisory Group PLC | 755,041 | 1,276,350 |
| Hill & Smith Holdings plc | 46,708 | 1,261,461 |
| Kitwave Group Plc(a) | 255,608 | 827,046 |
| Marex Group PLC(a) | 71,899 | 2,773,863 |
| Petershill Partners PLC 144A(a)(b)(c) | 1,074,025 | 3,333,280 |
| Pollen Street Group Ltd | 134,203 | 1,495,871 |
| Grandeur Peak Global Contrarian Fund | Portfolio of Investments |
| July 31, 2025 (Unaudited) (Continued) | |
| Shares | Fair Value | |
| COMMON STOCKS — 98.56% (continued) | ||
| United Kingdom — 14.49% (continued) | ||
| Renew Holdings PLC(a) | 142,216 | $ 1,583,308 |
| 20,916,034 | ||
| United States — 26.14% | ||
| 4imprint Group PLC | 28,100 | 1,334,119 |
| Abacus Life Inc(a) | 240,402 | 1,300,575 |
| Amkor Technology, Inc. | 71,000 | 1,601,760 |
| Arizona Sonoran Copper Company, Inc.(a) | 1,594,389 | 2,554,520 |
| Ashtead Group PLC | 23,898 | 1,602,668 |
| Bruker Corporation | 32,037 | 1,231,182 |
| Burford Capital Ltd(a) | 142,966 | 1,837,113 |
| Crocs, Inc.(a) | 7,913 | 789,163 |
| Deckers Outdoor Corporation(a) | 7,045 | 747,968 |
| Dollar General Corporation | 28,500 | 2,989,649 |
| Five Below, Inc.(a) | 14,343 | 1,958,106 |
| Gentex Corporation | 46,754 | 1,235,241 |
| GQG Partners Inc | 742,902 | 978,696 |
| Grocery Outlet Holding Corporation(a) | 159,393 | 2,099,206 |
| Hackett Group, Inc. (The) | 50,865 | 1,189,732 |
| Installed Building Products, Inc. | 10,275 | 2,078,530 |
| Littelfuse, Inc. | 6,827 | 1,756,792 |
| Lululemon Athletica, Inc.(a) | 2,145 | 430,137 |
| Neogen Corporation(a) | 183,237 | 852,052 |
| P10 Inc | 268,931 | 3,307,851 |
| Perella Weinberg Partners | 93,275 | 1,859,904 |
| RxSight, Inc.(a) | 92,282 | 717,954 |
| Upwork, Inc.(a) | 79,806 | 954,480 |
| YETI Holdings, Inc.(a) | 63,781 | 2,343,314 |
| 37,750,712 | ||
| Vietnam — 3.47% | ||
| Asia Commercial Bank JSC | 1,605,250 | 1,409,081 |
| FPT Corp | 183,185 | 727,091 |
| Hoa Phat Group JSC(a) | 943,920 | 898,817 |
| Vietnam Technological & Comm Joint-stock Bank(a) | 1,523,100 | 1,976,392 |
| 5,011,381 | ||
| Total Common Stocks (Cost $122,005,096) |
142,279,250 | |
| Total Common Stocks/ Investments — 98.56% | ||
| (Cost $122,005,096) |
142,279,250 | |
| Other Assets in Excess of Liabilities — 1.44% |
2,076,283 | |
| NET ASSETS — 100.00% |
$ 144,355,533 | |
| (a) | Non-income producing security. |
| (b) | 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 July 31, 2025, these securities had a total aggregate market value of $12,183,413, representing 8.44% 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 1934, or pursuant to an exemption from registration. As of January 31, 2025, these securities had a total aggregate market value of $21,508,540, representing 12.71% of net assets. |