| Grandeur Peak Global Stalwarts Fund | Portfolio of Investments |
| July 31, 2025 (Unaudited) | |
| Shares | Fair Value | |
| COMMON STOCKS — 96.87% | ||
| Australia — 1.56% | ||
| Pinnacle Investment Management Group | 69,722 | $ 1,002,749 |
| Technology One Ltd(a) | 15,185 | 400,874 |
| 1,403,623 | ||
| Belgium — 2.00% | ||
| Azelis Group N.V. | 34,204 | 534,267 |
| Melexis NV | 16,435 | 1,266,684 |
| 1,800,951 | ||
| Canada — 1.88% | ||
| Descartes Systems Group, Inc. (The)(a) | 8,281 | 874,896 |
| TerraVest Industries Inc(a) | 6,600 | 813,187 |
| 1,688,083 | ||
| China — 2.50% | ||
| Silergy Corp | 207,000 | 2,248,346 |
| France — 1.39% | ||
| Virbac S.A.CA | 3,152 | 1,250,651 |
| Germany — 3.76% | ||
| Atoss Software AG | 5,597 | 752,828 |
| Dermapharm Holding SE | 26,580 | 1,016,705 |
| Schott Pharma AG & Co | 41,207 | 1,119,806 |
| Scout24 A.G. 144A(b)(c) | 3,614 | 484,453 |
| 3,373,792 | ||
| India — 2.77% | ||
| Cartrade Tech Ltd(a) | 30,547 | 763,389 |
| Jubilant Foodworks Ltd(a) | 79,196 | 593,340 |
| Motherson Sumi Wiring India Ltd. | 540,329 | 229,119 |
| PB Fintech Ltd(a) | 23,386 | 484,358 |
| Rainbow Children's Medicare Ltd(a) | 24,013 | 418,383 |
| 2,488,589 | ||
| Israel — 1.80% | ||
| CyberArk Software Ltd.(a) | 3,929 | 1,616,666 |
| Italy — 2.31% | ||
| Interpump Group SpA | 14,773 | 606,574 |
| Recordati SpA(a) | 25,582 | 1,472,177 |
| 2,078,751 | ||
| Japan — 9.85% | ||
| BayCurrent Consulting, Inc. | 30,400 | 1,749,078 |
| Japan Elevator Service Holdings Company Ltd. | 80,900 | 2,180,846 |
| Maruwa Co Ltd/Aichi(a) | 2,200 | 670,239 |
| Rakus Co Ltd(a) | 71,300 | 1,106,423 |
| Timee Inc(a) | 35,300 | 476,850 |
| Tokyo Seimitsu Company Limited | 7,200 | 455,986 |
| Visional Inc(a) | 28,000 | 2,204,995 |
| 8,844,417 | ||
| Lithuania — 0.73% | ||
| Baltic Classifieds Group | 138,933 | 656,868 |
| Mexico — 2.59% | ||
| BBB Foods Inc(a) | 30,349 | 774,506 |
| Corp Inmobiliaria Vesta S.A.B. de C.V. – ADR(a) | 236,465 | 666,506 |
| GCC S.A.B. de C.V. 144A(a)(b)(c) | 95,100 | 889,203 |
| 2,330,215 | ||
| Shares | Fair Value | |
| COMMON STOCKS — 96.87% (continued) | ||
| Netherlands — 5.33% | ||
| ASM International NV(a) | 1,103 | $ 538,403 |
| BE Semiconductor Industries N.V. | 3,735 | 507,922 |
| IMCD N.V.(a) | 10,403 | 1,144,116 |
| Redcare Pharmacy N.V. 144A(a)(b)(c) | 5,307 | 591,720 |
| Topicus.com, Inc.(a) | 14,600 | 2,002,021 |
| 4,784,182 | ||
| Norway — 0.51% | ||
| Vend Marketplaces ASA(a) | 12,122 | 456,802 |
| Poland — 1.41% | ||
| Dino Polska SA 144A(a)(b)(c) | 95,820 | 1,268,548 |
| South Korea — 2.67% | ||
| HD Hyundai Marine Solution Co | 4,626 | 678,353 |
| HPSP Company Ltd. | 30,411 | 585,506 |
| LEENO Industrial Inc.(a) | 24,213 | 828,177 |
| Park Systems Corp(a) | 1,533 | 303,395 |
| 2,395,431 | ||
| Sweden — 5.51% | ||
| AddTech A.B. | 32,653 | 1,100,927 |
| Asker Healthcare Group AB(a) | 22,210 | 227,554 |
| Lagercrantz Group A.B. | 40,630 | 945,632 |
| Lifco AB, Class B | 16,140 | 576,496 |
| Roko AB(a) | 2,377 | 642,357 |
| Vimian Group AB(a) | 183,499 | 626,559 |
| Vitec Software Group | 21,281 | 827,527 |
| 4,947,052 | ||
| Switzerland — 1.19% | ||
| VAT Group A.G. 144A(b)(c) | 1,509 | 534,112 |
| Ypsomed Holding A.G.(a) | 1,102 | 532,508 |
| 1,066,620 | ||
| Taiwan — 3.26% | ||
| Asia Vital Components Co., Ltd. | 22,000 | 678,631 |
| ASPEED Technology, Inc. | 6,000 | 914,377 |
| Voltronic Power Technology(a) | 33,833 | 1,334,234 |
| 2,927,242 | ||
| United Kingdom — 9.34% | ||
| B & M European Value Retail SA | 331,630 | 982,802 |
| Diploma plc | 34,843 | 2,475,638 |
| Halma plc(a) | 21,500 | 923,376 |
| Hill & Smith Holdings plc | 20,308 | 548,466 |
| JTC plc 144A(b)(c) | 158,863 | 1,970,052 |
| Marex Group PLC(a) | 38,570 | 1,488,031 |
| 8,388,365 | ||
| United States — 33.95% | ||
| 4imprint Group PLC | 8,879 | 421,553 |
| Accelerant Holdings(a) | 14,386 | 396,190 |
| Ares Management Corporation, Class A | 2,406 | 446,385 |
| Bio-Techne Corporation | 12,129 | 663,820 |
| Bruker Corporation | 14,729 | 566,035 |
| Burlington Stores, Inc.(a) | 5,296 | 1,445,596 |
|
Clearwater Analytics Holdings, Inc., Class A(a) |
43,217 | 875,576 |
| Core & Main, Inc., Class A(a) | 27,542 | 1,752,773 |
| Cross Creek LP(a)(d) | 1,300,000 | 743,651 |
| DexCom, Inc.(a) | 6,315 | 510,063 |
| Grandeur Peak Global Stalwarts Fund | Portfolio of Investments |
| July 31, 2025 (Unaudited) (Continued) | |
| Shares | Fair Value | |
| COMMON STOCKS — 96.87% (continued) | ||
| United States — 33.95% (continued) | ||
| Dynatrace, Inc.(a) | 9,069 | $ 477,120 |
| Enerpac Tool Group Corporation | 15,874 | 611,308 |
| Ensign Group, Inc. (The) | 7,077 | 1,061,550 |
| Goosehead Insurance, Inc., Class A(a) | 6,116 | 556,006 |
| HealthEquity, Inc.(a) | 7,981 | 774,157 |
| Installed Building Products, Inc. | 4,778 | 966,542 |
| JFrog Ltd.(a) | 20,856 | 905,359 |
| Kadant, Inc. | 3,326 | 1,106,793 |
| LeMaitre Vascular, Inc. | 9,895 | 803,870 |
| Littelfuse, Inc. | 6,924 | 1,781,753 |
| Manhattan Associates, Inc.(a) | 4,906 | 1,077,652 |
| Medpace Holdings, Inc.(a) | 728 | 311,002 |
| Monolithic Power Systems, Inc. | 2,110 | 1,500,717 |
| nVent Electric PLC | 5,935 | 465,423 |
| Perella Weinberg Partners | 42,015 | 837,779 |
| Pjt Partners, Inc., Class A | 5,892 | 1,052,429 |
| Primoris Services Corporation | 20,996 | 1,977,192 |
| Ryan Specialty Holdings, Inc.(a) | 12,840 | 785,679 |
| Silicon Laboratories, Inc.(a) | 5,282 | 696,009 |
| SPS Commerce, Inc.(a) | 10,781 | 1,173,674 |
| Tradeweb Markets Inc. Class A | 4,396 | 609,066 |
| Trex Company, Inc.(a) | 10,191 | 654,670 |
| TWFG Inc(a) | 15,238 | 470,397 |
| Yeti Holdings, Inc.(a) | 21,333 | 783,774 |
| Zscaler, Inc.(a) | 4,326 | 1,235,332 |
| 30,496,895 | ||
| Vietnam — 0.56% | ||
| Asia Commercial Bank JSC | 577,200 | 506,664 |
| Total Common Stocks (Cost $69,516,272) |
87,018,753 | |
| PREFERRED STOCKS — 1.27% | ||
| United States — 1.27% | ||
| Gusto Inc. Preferred Series E(a) | 37,637 | 1,144,165 |
| Total Preferred Stocks | ||
| (Cost $1,143,989) |
1,144,165 | |
| Total Investments — 98.14% | ||
| (Cost $70,660,261) |
88,162,918 | |
| Other Assets in Excess of Liabilities — 1.86% |
1,667,433 | |
| NET ASSETS — 100.00% |
$ 89,830,351 | |
| (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 $5,738,088, representing 6.39% of net assets. |
| (c) | 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 July 31, 2025, these securities had a total aggregate market value of $5,738,088, representing 6.39% of net assets. |
| (d) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. |