Grandeur Peak Emerging Markets Opportunities Fund

Institutional Class (GPEIX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak Emerging Markets Opportunities Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK). This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$189	1.62%

How did the Fund perform during the reporting period?

The Fund's Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +32.75% return. The Fund underperformed the MSCI Emerging Markets SMID Cap Index, which posted a +40.65% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor-related stocks in Taiwan and South Korea. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to an underweight in the materials sector and poor stock performance in consumer discretionary investments.

Fund Statistics

Table Summary
Net Assets	$35,971,381
Number of Portfolio Holdings	61
Advisory Fee (net of waivers)	$978,067
Portfolio Turnover	30%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Emerging Markets - Institutional	MSCI Emerging Markets IMI Index	MSCI Emerging Markets SMID Cap Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$11,842	$11,842	$11,367
Apr-2018	$13,410	$14,341	$13,442
Apr-2019	$12,294	$13,503	$12,144
Apr-2020	$11,552	$11,777	$9,863
Apr-2021	$18,518	$17,806	$16,025
Apr-2022	$15,587	$14,805	$14,612
Apr-2023	$14,910	$13,858	$13,999
Apr-2024	$15,294	$15,452	$16,142
Apr-2025	$14,356	$16,609	$16,750
Apr-2026	$19,057	$24,153	$23,559

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak Emerging Markets - Institutional	32.75%	0.58%	6.66%
MSCI Emerging Markets IMI Index	45.42%	6.29%	9.22%
MSCI Emerging Markets SMID Cap Index	40.65%	8.01%	8.95%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1.855.377.7325.

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.4%
Other Industries	16.9%
Household Products	1.8%
Transportation & Logistics	2.0%
Apparel & Textile Products	2.4%
Electrical Equipment	3.1%
Automotive	3.5%
Retail - Discretionary	3.7%
Software	3.7%
Real Estate Owners & Developers	3.8%
Banking	4.0%
Engineering & Construction	5.0%
Machinery	5.6%
Retail - Consumer Staples	5.7%
Commercial Support Services	6.9%
Semiconductors	9.2%
Technology Hardware	19.3%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Technology	33.5%
Industrials	22.6%
Consumer Staples	10.8%
Consumer Discretionary	9.6%
Financials	6.3%
Real Estate	4.7%
Health Care	4.2%
Materials	3.1%
Communications	1.1%
Information Technology	0.7%
Other Assets in Excess of Liabilities	3.4%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.4%
Other Countries	5.6%
Indonesia	1.7%
Vietnam	2.2%
Saudi Arabia	2.3%
Brazil	2.7%
Philippines	5.7%
Mexico	6.1%
China	11.7%
India	17.1%
South Korea	18.9%
Taiwan	22.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silergy Corp	5.6%
Airtac International Group	3.9%
Jentech Precision Industrial Co., Ltd.	3.9%
Asia Vital Components Co., Ltd.	3.8%
HD Hyundai Marine Solution Co	3.3%
FNS Tech Company Ltd.	3.2%
Hon Precision, Inc.	3.0%
Sporton International, Inc.	2.5%
Rasan Information Technology Company	2.3%
Beijing Huafeng Test & Control	2.1%

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

Material Fund Changes

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2026 or upon request at 1.855.377.7325. Effective December 31, 2025, the Adviser ended its voluntary waiver of 0.10% of its management fee on the Fund’s first $400 million in assets.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GPEIX

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

Annual Shareholder Report - April 30, 2026

Grandeur Peak Emerging Markets Opportunities Fund

Investor Class (GPEOX)

Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$217	1.87%

How did the Fund perform during the reporting period?

The Fund's Investor Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +32.36% return. The Fund underperformed the MSCI Emerging Markets SMID Cap Index, which posted a +40.65% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor-related stocks in Taiwan and South Korea. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to an underweight in the materials sector and poor stock performance in consumer discretionary investments.

Fund Statistics

Table Summary
Net Assets	$35,971,381
Number of Portfolio Holdings	61
Advisory Fee (net of waivers)	$978,067
Portfolio Turnover	30%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Emerging Markets - Investor	MSCI Emerging Markets IMI Index	MSCI Emerging Markets SMID Cap Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$11,808	$11,842	$11,367
Apr-2018	$13,342	$14,341	$13,442
Apr-2019	$12,211	$13,503	$12,144
Apr-2020	$11,443	$11,777	$9,863
Apr-2021	$18,300	$17,806	$16,025
Apr-2022	$15,370	$14,805	$14,612
Apr-2023	$14,672	$13,858	$13,999
Apr-2024	$15,009	$15,452	$16,142
Apr-2025	$14,056	$16,609	$16,750
Apr-2026	$18,606	$24,153	$23,559

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak Emerging Markets - Investor	32.36%	0.33%	6.41%
MSCI Emerging Markets IMI Index	45.42%	6.29%	9.22%
MSCI Emerging Markets SMID Cap Index	40.65%	8.01%	8.95%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.4%
Other Industries	16.9%
Household Products	1.8%
Transportation & Logistics	2.0%
Apparel & Textile Products	2.4%
Electrical Equipment	3.1%
Automotive	3.5%
Retail - Discretionary	3.7%
Software	3.7%
Real Estate Owners & Developers	3.8%
Banking	4.0%
Engineering & Construction	5.0%
Machinery	5.6%
Retail - Consumer Staples	5.7%
Commercial Support Services	6.9%
Semiconductors	9.2%
Technology Hardware	19.3%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Technology	33.5%
Industrials	22.6%
Consumer Staples	10.8%
Consumer Discretionary	9.6%
Financials	6.3%
Real Estate	4.7%
Health Care	4.2%
Materials	3.1%
Communications	1.1%
Information Technology	0.7%
Other Assets in Excess of Liabilities	3.4%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.4%
Other Countries	5.6%
Indonesia	1.7%
Vietnam	2.2%
Saudi Arabia	2.3%
Brazil	2.7%
Philippines	5.7%
Mexico	6.1%
China	11.7%
India	17.1%
South Korea	18.9%
Taiwan	22.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silergy Corp	5.6%
Airtac International Group	3.9%
Jentech Precision Industrial Co., Ltd.	3.9%
Asia Vital Components Co., Ltd.	3.8%
HD Hyundai Marine Solution Co	3.3%
FNS Tech Company Ltd.	3.2%
Hon Precision, Inc.	3.0%
Sporton International, Inc.	2.5%
Rasan Information Technology Company	2.3%
Beijing Huafeng Test & Control	2.1%

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GPEOX

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

Annual Shareholder Report - April 30, 2026

Grandeur Peak Global Contrarian Fund

Institutional Class (GPGCX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak Global Contrarian Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK). This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$136	1.21%

How did the Fund perform during the reporting period?

The Fund's Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +23.98% return. The Fund underperformed the MSCI ACWI Small Cap Index, which posted a +36.85% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor-related stocks across the globe. Investments in the consumer discretionary and industrials sectors were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments.

Fund Statistics

Table Summary
Net Assets	$144,114,205
Number of Portfolio Holdings	91
Advisory Fee	$1,451,300
Portfolio Turnover	67%

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Global Contrarian - Institutional	MSCI ACWI IMI Index	MSCI ACWI Small Cap Index
Sep-2019	$10,000	$10,000	$10,000
Apr-2020	$8,804	$9,291	$8,554
Apr-2021	$15,716	$13,761	$14,285
Apr-2022	$14,693	$12,906	$12,651
Apr-2023	$14,755	$13,106	$12,363
Apr-2024	$17,156	$15,310	$13,799
Apr-2025	$19,951	$17,004	$14,467
Apr-2026	$24,735	$22,381	$19,797

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (September 17, 2019)
Grandeur Peak Global Contrarian - Institutional	23.98%	9.49%	14.66%
MSCI ACWI IMI Index	31.63%	10.21%	12.94%
MSCI ACWI Small Cap Index	36.85%	6.74%	10.87%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.7%
Other Industries	17.5%
Retail - Discretionary	2.8%
Electrical Equipment	2.9%
Institutional Financial Services	3.2%
Banking	3.3%
Chemicals	3.4%
Commercial Support Services	3.5%
Wholesale - Discretionary	3.8%
Asset Management	6.0%
Technology Hardware	6.2%
Semiconductors	6.3%
Health Care Facilities & Services	6.6%
Machinery	6.7%
Medical Equipment & Devices	8.0%
Biotech & Pharma	9.2%
Retail - Consumer Staples	9.9%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Health Care	23.8%
Industrials	17.2%
Financials	13.8%
Technology	13.6%
Consumer Discretionary	12.4%
Consumer Staples	10.9%
Materials	4.8%
Communications	1.6%
Information Technology	1.2%
Other Assets in Excess of Liabilities	0.7%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.7%
Other Countries	26.9%
Germany	3.1%
France	3.4%
Indonesia	4.0%
China	4.5%
Australia	4.6%
Belgium	5.3%
Japan	7.4%
Italy	9.4%
United Kingdom	13.8%
United States	16.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Recordati Industria Chimica e Farmaceutica SpA	4.0%
Interpump Group SpA	3.5%
Dollar General Corporation	3.0%
Silergy Corporation	3.0%
CVS Group plc	2.7%
Hartadinata Abadi Tbk PT	2.7%
Melexis NV	2.3%
Virbac S.A.	2.2%
X-Fab Silicon Foundries S.E. 144A	2.1%
B&M European Value Retail plc	2.0%

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

Material Fund Changes

This report describes changes to the Fund that occurred during the reporting period.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GPGCX

Grandeur Peak Global Contrarian Fund - Institutional Class (GPGCX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak Global Explorer Fund

Institutional Class (GPGEX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak Global Explorer Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK). This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$126	1.12%

How did the Fund perform during the reporting period?

The Fund's Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +25.66% return. The Fund underperformed the MSCI ACWI Small Cap Index, which posted a +36.85% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. Investments in the health care and industrials sectors were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$15,303,165
Number of Portfolio Holdings	43
Advisory Fee (net of waivers)	$21,837
Portfolio Turnover	153%

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Global Explorer - Institutional	MSCI ACWI IMI Index	MSCI ACWI Mid Cap Index	MSCI ACWI Small Cap Index
Dec-2021	$10,000	$10,000	$10,000	$10,000
Apr-2022	$7,800	$8,887	$8,871	$8,983
Apr-2023	$7,379	$9,025	$8,740	$8,779
Apr-2024	$7,678	$10,543	$9,786	$9,799
Apr-2025	$8,021	$11,710	$10,689	$10,273
Apr-2026	$10,079	$15,412	$13,576	$14,059

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (December 16, 2021)
Grandeur Peak Global Explorer - Institutional	25.66%	0.18%
MSCI ACWI IMI Index	31.63%	10.41%
MSCI ACWI Mid Cap Index	27.00%	7.25%
MSCI ACWI Small Cap Index	36.85%	8.11%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Industries	10.3%
Beverages	2.5%
Engineering & Construction	2.5%
Retail - Discretionary	2.8%
Diversified Industrials	3.1%
Automotive	3.7%
Medical Equipment & Devices	4.2%
Health Care Facilities & Services	4.3%
Machinery	4.8%
Electrical Equipment	4.9%
Biotech & Pharma	6.0%
Industrial Support Services	6.2%
Institutional Financial Services	6.5%
Software	7.1%
Asset Management	8.1%
Semiconductors	8.3%
Technology Hardware	14.7%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Technology	30.2%
Industrials	25.9%
Financials	14.6%
Health Care	14.5%
Consumer Discretionary	10.4%
Consumer Staples	3.5%
Communications	0.9%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.1%
Other Countries	9.9%
Belgium	3.0%
Taiwan	3.6%
China	4.5%
Australia	5.0%
India	5.3%
Japan	6.7%
Italy	9.1%
Sweden	9.1%
United Kingdom	14.7%
United States	29.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silergy Corp	4.5%
Asia Vital Components Co., Ltd.	3.6%
Marex Group PLC	3.5%
Diploma plc	3.5%
Pattern Group, Inc.	3.4%
Pinnacle Investment Management Group	3.2%
ITT, Inc.	3.1%
Rosebank Industries plc	3.1%
Recordati SpA	3.0%
Melexis NV	3.0%

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

Material Fund Changes

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available September 1, 2026 or upon request at 1.855.377.7325. Effective August 31, 2025, the Adviser ended its voluntary waiver of 0.10% of its management fee.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GPGEX

Grandeur Peak Global Explorer Fund - Institutional Class (GPGEX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak Global Micro Cap Fund

Institutional Class (GPMCX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak Global Micro Cap Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK).

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$208	2.00%

How did the Fund perform during the reporting period?

The Fund's Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +7.70% return. The Fund underperformed the MSCI World Micro Cap Index, which posted a +37.97% return. The Fund's underperformance compared to the benchmark is mainly attributed to an overweight and underperformance in software and IT services companies. Other less meaningful detractors included an underweight and underperformance in biotechnology and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$45,080,688
Number of Portfolio Holdings	101
Advisory Fee	$693,790
Portfolio Turnover	51%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Global MicroCap - Institutional	MSCI ACWI IMI Index	MSCI ACWI Small Cap Index	MSCI World Micro Cap Index
Oct-2015	$10,000	$10,000	$10,000	$10,000
Apr-2016	$10,380	$10,055	$10,146	$10,327
Apr-2017	$12,125	$11,603	$11,882	$12,118
Apr-2018	$14,268	$13,259	$13,657	$14,397
Apr-2019	$13,173	$13,827	$13,554	$13,078
Apr-2020	$12,960	$12,967	$11,508	$11,234
Apr-2021	$26,234	$19,205	$19,218	$20,268
Apr-2022	$19,887	$18,012	$17,019	$17,231
Apr-2023	$18,326	$18,292	$16,632	$15,740
Apr-2024	$19,681	$21,367	$18,563	$16,273
Apr-2025	$21,680	$23,732	$19,462	$17,896
Apr-2026	$23,350	$31,236	$26,633	$24,692

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak Global MicroCap - Institutional	7.70%	-2.30%	8.44%
MSCI ACWI IMI Index	31.63%	10.21%	12.00%
MSCI ACWI Small Cap Index	36.85%	6.74%	10.13%
MSCI World Micro Cap Index	37.97%	4.03%	9.11%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	0.7%
Other Industries	16.5%
Wholesale - Discretionary	2.1%
Internet Media & Services	2.5%
Industrial Support Services	3.1%
Food	3.1%
Electrical Equipment	3.4%
Retail - Discretionary	3.5%
Semiconductors	3.6%
Automotive	3.6%
E-Commerce Discretionary	4.7%
Biotech & Pharma	5.4%
Medical Equipment & Devices	6.1%
Technology Hardware	7.1%
Asset Management	8.1%
Commercial Support Services	8.4%
Health Care Facilities & Services	8.9%
Software	9.2%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Technology	21.7%
Health Care	20.5%
Industrials	18.5%
Consumer Discretionary	16.7%
Financials	9.4%
Consumer Staples	5.5%
Communications	2.9%
Real Estate	2.3%
Materials	1.1%
Energy	0.7%
Liabilities in Excess of Other Assets	0.7%

Country Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	0.7%
Other Countries	11.8%
Indonesia	2.6%
South Korea	3.8%
Taiwan	4.1%
Canada	5.1%
India	5.9%
Australia	9.5%
Sweden	9.6%
United Kingdom	11.8%
United States	15.2%
Japan	19.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Pennant Group, Inc. (The)	3.5%
IPD Group Ltd/Australia	2.9%
AZOOM Co Ltd	2.5%
Kogan.com Ltd	2.4%
CVS Group plc	2.3%
Vitec Software Group	2.1%
Hartadinata Abadi Tbk PT	2.1%
Charm Care Corp KK	2.1%
BioSyent Inc	2.0%
FNS Tech Company Ltd.	2.0%

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

Material Fund Changes

No material changes occurred during the year ended April 30, 2026.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GPMCX

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

Annual Shareholder Report - April 30, 2026

Grandeur Peak Global Opportunities Fund

Institutional Class (GPGIX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak Global Opportunities Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK). This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$146	1.33%

How did the Fund perform during the reporting period?

The Fund's Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +20.04% return. The Fund underperformed the MSCI ACWI Small Cap Index, which posted a +36.85% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to software, health care, and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$348,786,468
Number of Portfolio Holdings	95
Advisory Fee (net of waivers)	$4,834,447
Portfolio Turnover	60%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Global Opportunities - Institutional	MSCI ACWI IMI Index	MSCI ACWI Small Cap Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$11,781	$11,540	$11,710
Apr-2018	$13,974	$13,187	$13,460
Apr-2019	$13,718	$13,752	$13,358
Apr-2020	$13,523	$12,897	$11,342
Apr-2021	$24,807	$19,101	$18,940
Apr-2022	$20,020	$17,915	$16,773
Apr-2023	$18,872	$18,193	$16,392
Apr-2024	$18,682	$21,251	$18,295
Apr-2025	$18,421	$23,603	$19,181
Apr-2026	$22,113	$31,066	$26,249

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak Global Opportunities - Institutional	20.04%	-2.27%	8.26%
MSCI ACWI IMI Index	31.63%	10.21%	12.00%
MSCI ACWI Small Cap Index	36.85%	6.74%	10.13%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Industries	10.4%
Retail - Consumer Staples	1.6%
Banking	1.7%
Technology Services	2.0%
Retail - Discretionary	2.1%
Institutional Financial Services	3.3%
Commercial Support Services	4.0%
Industrial Support Services	4.5%
Engineering & Construction	5.4%
Semiconductors	6.8%
Biotech & Pharma	6.9%
Asset Management	7.0%
Medical Equipment & Devices	7.6%
Health Care Facilities & Services	8.0%
Machinery	8.2%
Technology Hardware	8.9%
Electrical Equipment	11.6%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	35.4%
Health Care	22.5%
Technology	19.0%
Financials	12.1%
Consumer Discretionary	5.2%
Consumer Staples	2.2%
Real Estate	1.9%
Materials	1.1%
Communications	0.6%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.0%
Other Countries	17.4%
South Korea	3.6%
France	3.7%
Australia	3.9%
Belgium	4.2%
China	4.4%
Italy	7.2%
Sweden	7.3%
Japan	11.0%
United Kingdom	17.2%
United States	20.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silergy Corp	4.4%
Diploma plc	3.6%
Interpump Group SpA	3.6%
Melexis NV	3.2%
Littelfuse, Inc.	3.0%
Virbac S.A.	2.8%
Kadant, Inc.	2.7%
Asker Healthcare Group AB	2.7%
Recordati SpA	2.4%
Volution Group PLC	2.4%

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 043026-GPGIX

Grandeur Peak Global Opportunities Fund - Institutional Class (GPGIX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak Global Opportunities Fund

Investor Class (GPGOX)

Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$174	1.58%

How did the Fund perform during the reporting period?

The Fund's Investor Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +19.97% return. The Fund underperformed the MSCI ACWI Small Cap Index, which posted a +36.85% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to software, health care, and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$348,786,468
Number of Portfolio Holdings	95
Advisory Fee (net of waivers)	$4,834,447
Portfolio Turnover	60%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Global Opportunities - Investor	MSCI ACWI IMI Index	MSCI ACWI Small Cap Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$11,709	$11,540	$11,710
Apr-2018	$13,865	$13,187	$13,460
Apr-2019	$13,610	$13,752	$13,358
Apr-2020	$13,375	$12,897	$11,342
Apr-2021	$24,468	$19,101	$18,940
Apr-2022	$19,698	$17,915	$16,773
Apr-2023	$18,518	$18,193	$16,392
Apr-2024	$18,328	$21,251	$18,295
Apr-2025	$17,947	$23,603	$19,181
Apr-2026	$21,530	$31,066	$26,249

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak Global Opportunities - Investor	19.97%	-2.53%	7.97%
MSCI ACWI IMI Index	31.63%	10.21%	12.00%
MSCI ACWI Small Cap Index	36.85%	6.74%	10.13%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Industries	10.4%
Retail - Consumer Staples	1.6%
Banking	1.7%
Technology Services	2.0%
Retail - Discretionary	2.1%
Institutional Financial Services	3.3%
Commercial Support Services	4.0%
Industrial Support Services	4.5%
Engineering & Construction	5.4%
Semiconductors	6.8%
Biotech & Pharma	6.9%
Asset Management	7.0%
Medical Equipment & Devices	7.6%
Health Care Facilities & Services	8.0%
Machinery	8.2%
Technology Hardware	8.9%
Electrical Equipment	11.6%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	35.4%
Health Care	22.5%
Technology	19.0%
Financials	12.1%
Consumer Discretionary	5.2%
Consumer Staples	2.2%
Real Estate	1.9%
Materials	1.1%
Communications	0.6%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.0%
Other Countries	17.4%
South Korea	3.6%
France	3.7%
Australia	3.9%
Belgium	4.2%
China	4.4%
Italy	7.2%
Sweden	7.3%
Japan	11.0%
United Kingdom	17.2%
United States	20.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silergy Corp	4.4%
Diploma plc	3.6%
Interpump Group SpA	3.6%
Melexis NV	3.2%
Littelfuse, Inc.	3.0%
Virbac S.A.	2.8%
Kadant, Inc.	2.7%
Asker Healthcare Group AB	2.7%
Recordati SpA	2.4%
Volution Group PLC	2.4%

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 043026-GPGOX

Grandeur Peak Global Opportunities Fund - Investor Class (GPGOX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak Global Reach Fund

Institutional Class (GPRIX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak Global Reach Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK). This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$128	1.18%

How did the Fund perform during the reporting period?

The Fund's Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +17.10% return. The Fund underperformed the MSCI ACWI Small Cap Index, which posted a +36.85% return. The Fund's positive performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. The Fund's underperformance compared to the benchmark is mainly attributed to financials stock picking and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$83,628,702
Number of Portfolio Holdings	198
Advisory Fee (net of waivers)	$915,113
Portfolio Turnover	65%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Global Reach - Institutional	MSCI ACWI IMI Index	MSCI ACWI Small Cap Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$11,836	$11,540	$11,710
Apr-2018	$14,047	$13,187	$13,460
Apr-2019	$13,860	$13,752	$13,358
Apr-2020	$13,431	$12,897	$11,342
Apr-2021	$23,882	$19,101	$18,940
Apr-2022	$19,107	$17,915	$16,773
Apr-2023	$17,522	$18,193	$16,392
Apr-2024	$18,241	$21,251	$18,295
Apr-2025	$19,021	$23,603	$19,181
Apr-2026	$22,274	$31,066	$26,249

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak Global Reach - Institutional	17.10%	-1.38%	8.34%
MSCI ACWI IMI Index	31.63%	10.21%	12.00%
MSCI ACWI Small Cap Index	36.85%	6.74%	10.13%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.2%
Other Industries	23.9%
E-Commerce Discretionary	1.7%
Retail - Consumer Staples	2.5%
Retail - Discretionary	2.7%
Engineering & Construction	3.1%
Industrial Support Services	3.1%
Institutional Financial Services	3.3%
Commercial Support Services	3.5%
Software	3.9%
Health Care Facilities & Services	4.0%
Biotech & Pharma	4.8%
Machinery	5.2%
Semiconductors	5.8%
Asset Management	6.6%
Medical Equipment & Devices	7.8%
Technology Hardware	8.6%
Electrical Equipment	9.7%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	28.5%
Technology	19.6%
Health Care	16.6%
Financials	13.3%
Consumer Discretionary	8.9%
Consumer Staples	5.3%
Materials	2.9%
Real Estate	2.5%
Communications	1.2%
Information Technology	0.6%
Energy	0.5%
Listed Private Equity Investments	0.4%
Liabilities in Excess of Other Assets	-0.2%

Country Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-%
Other Countries	20.0%
Italy	2.8%
Canada	3.1%
South Korea	5.1%
Australia	5.2%
India	5.3%
Sweden	5.8%
Taiwan	6.9%
Japan	9.8%
United Kingdom	11.0%
United States	25.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silergy Corp	1.4%
Virbac S.A.	1.3%
Asia Vital Components Co., Ltd.	1.2%
Bel Fuse, Inc., Class B	1.1%
Rosebank Industries plc	1.1%
M-Tron Industries, Inc.	1.1%
Pinnacle Investment Management Group	1.1%
Marex Group PLC	1.1%
Advanced Medical Solutions Group	1.0%
Littelfuse, Inc.	1.0%

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GPRIX

Grandeur Peak Global Reach Fund - Institutional Class (GPRIX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak Global Reach Fund

Investor Class (GPROX)

Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$155	1.43%

How did the Fund perform during the reporting period?

The Fund's Investor Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +16.88% return. The Fund underperformed the MSCI ACWI Small Cap Index, which posted a +36.85% return. The Fund's positive performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. The Fund's underperformance compared to the benchmark is mainly attributed to financials stock picking and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artifical intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$83,628,702
Number of Portfolio Holdings	198
Advisory Fee (net of waivers)	$915,113
Portfolio Turnover	65%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Global Reach - Investor	MSCI ACWI IMI Index	MSCI ACWI Small Cap Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$11,811	$11,540	$11,710
Apr-2018	$13,989	$13,187	$13,460
Apr-2019	$13,764	$13,752	$13,358
Apr-2020	$13,308	$12,897	$11,342
Apr-2021	$23,606	$19,101	$18,940
Apr-2022	$18,844	$17,915	$16,773
Apr-2023	$17,243	$18,193	$16,392
Apr-2024	$17,893	$21,251	$18,295
Apr-2025	$18,619	$23,603	$19,181
Apr-2026	$21,763	$31,066	$26,249

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak Global Reach - Investor	16.88%	-1.61%	8.09%
MSCI ACWI IMI Index	31.63%	10.21%	12.00%
MSCI ACWI Small Cap Index	36.85%	6.74%	10.13%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.2%
Other Industries	23.9%
E-Commerce Discretionary	1.7%
Retail - Consumer Staples	2.5%
Retail - Discretionary	2.7%
Engineering & Construction	3.1%
Industrial Support Services	3.1%
Institutional Financial Services	3.3%
Commercial Support Services	3.5%
Software	3.9%
Health Care Facilities & Services	4.0%
Biotech & Pharma	4.8%
Machinery	5.2%
Semiconductors	5.8%
Asset Management	6.6%
Medical Equipment & Devices	7.8%
Technology Hardware	8.6%
Electrical Equipment	9.7%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	28.5%
Technology	19.6%
Health Care	16.6%
Financials	13.3%
Consumer Discretionary	8.9%
Consumer Staples	5.3%
Materials	2.9%
Real Estate	2.5%
Communications	1.2%
Information Technology	0.6%
Energy	0.5%
Listed Private Equity Investments	0.4%
Liabilities in Excess of Other Assets	-0.2%

Country Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-%
Other Countries	20.0%
Italy	2.8%
Canada	3.1%
South Korea	5.1%
Australia	5.2%
India	5.3%
Sweden	5.8%
Taiwan	6.9%
Japan	9.8%
United Kingdom	11.0%
United States	25.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Silergy Corp	1.4%
Virbac S.A.	1.3%
Asia Vital Components Co., Ltd.	1.2%
Bel Fuse, Inc., Class B	1.1%
Rosebank Industries plc	1.1%
M-Tron Industries, Inc.	1.1%
Pinnacle Investment Management Group	1.1%
Marex Group PLC	1.1%
Advanced Medical Solutions Group	1.0%
Littelfuse, Inc.	1.0%

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GPROX

Grandeur Peak Global Reach Fund - Investor Class (GPROX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak Global Stalwarts Fund

Institutional Class (GGSYX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak Global Stalwarts Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK). This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$118	1.06%

How did the Fund perform during the reporting period?

The Fund's Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +21.95% return. The Fund underperformed the MSCI ACWI Mid Cap Index, which posted a +27.00% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to insurance, banks, and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$86,168,566
Number of Portfolio Holdings	79
Advisory Fee (net of waivers)	$582,530
Portfolio Turnover	74%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Global Stalwarts - Institutional	MSCI ACWI IMI Index	MSCI ACWI Mid Cap Index	MSCI ACWI Small Cap Index
Sep-2015	$10,000	$10,000	$10,000	$10,000
Apr-2016	$10,876	$10,574	$10,605	$10,556
Apr-2017	$12,835	$12,203	$12,018	$12,361
Apr-2018	$15,408	$13,944	$13,752	$14,208
Apr-2019	$15,729	$14,541	$13,862	$14,101
Apr-2020	$15,416	$13,637	$12,316	$11,972
Apr-2021	$25,996	$20,197	$19,009	$19,993
Apr-2022	$20,468	$18,942	$17,355	$17,705
Apr-2023	$17,993	$19,237	$17,097	$17,303
Apr-2024	$18,949	$22,471	$19,143	$19,312
Apr-2025	$19,134	$24,958	$20,911	$20,247
Apr-2026	$23,333	$32,849	$26,558	$27,708

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak Global Stalwarts - Institutional	21.95%	-2.14%	7.93%
MSCI ACWI IMI Index	31.63%	10.21%	12.00%
MSCI ACWI Mid Cap Index	27.00%	6.92%	9.61%
MSCI ACWI Small Cap Index	36.85%	6.74%	10.13%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.6%
Other Industries	8.9%
Retail - Discretionary	1.7%
Commercial Support Services	2.6%
Aerospace & Defense	3.3%
Biotech & Pharma	3.3%
Industrial Intermediate Prod	3.6%
Health Care Facilities & Services	3.6%
Institutional Financial Services	4.8%
Asset Management	6.2%
Industrial Support Services	6.4%
Medical Equipment & Devices	6.6%
Machinery	6.6%
Semiconductors	8.7%
Technology Hardware	9.5%
Engineering & Construction	10.9%
Electrical Equipment	12.7%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	47.5%
Technology	19.5%
Health Care	13.5%
Financials	11.0%
Consumer Discretionary	4.0%
Materials	1.9%
Real Estate	1.0%
Listed Private Equity Investments	0.5%
Communications	0.5%
Other Assets in Excess of Liabilities	0.6%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.6%
Other Countries	11.4%
Australia	2.3%
China	2.5%
Canada	3.8%
Italy	4.0%
Taiwan	5.8%
South Korea	7.5%
United Kingdom	9.7%
Sweden	10.3%
Japan	11.1%
United States	31.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Primoris Services Corporation	4.0%
Rosebank Industries plc	3.4%
Diploma plc	2.9%
Japan Elevator Service Holdings Company Ltd.	2.8%
Monolithic Power Systems, Inc.	2.6%
Silergy Corp	2.5%
HD Hyundai Marine Solution Co	2.5%
Lagercrantz Group A.B.	2.3%
Kadant, Inc.	2.0%
Littelfuse, Inc.	2.0%

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GGSYX

Grandeur Peak Global Stalwarts Fund - Institutional Class (GGSYX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak Global Stalwarts Fund

Investor Class (GGSOX)

Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$145	1.31%

How did the Fund perform during the reporting period?

The Fund's Investor Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +21.65% return. The Fund underperformed the MSCI ACWI Mid Cap Index, which posted a +27.00% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to insurance, banks, and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$86,168,566
Number of Portfolio Holdings	79
Advisory Fee (net of waivers)	$582,530
Portfolio Turnover	74%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak Global Stalwarts - Investor	MSCI ACWI IMI Index	MSCI ACWI Mid Cap Index	MSCI ACWI Small Cap Index
Sep-2015	$10,000	$10,000	$10,000	$10,000
Apr-2016	$10,855	$10,574	$10,605	$10,556
Apr-2017	$12,777	$12,203	$12,018	$12,361
Apr-2018	$15,306	$13,944	$13,752	$14,208
Apr-2019	$15,578	$14,541	$13,862	$14,101
Apr-2020	$15,233	$13,637	$12,316	$11,972
Apr-2021	$25,627	$20,197	$19,009	$19,993
Apr-2022	$20,131	$18,942	$17,355	$17,705
Apr-2023	$17,644	$19,237	$17,097	$17,303
Apr-2024	$18,542	$22,471	$19,143	$19,312
Apr-2025	$18,664	$24,958	$20,911	$20,247
Apr-2026	$22,704	$32,849	$26,558	$27,708

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak Global Stalwarts - Investor	21.65%	-2.39%	7.66%
MSCI ACWI IMI Index	31.63%	10.21%	12.00%
MSCI ACWI Mid Cap Index	27.00%	6.92%	9.61%
MSCI ACWI Small Cap Index	36.85%	6.74%	10.13%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.6%
Other Industries	8.9%
Retail - Discretionary	1.7%
Commercial Support Services	2.6%
Aerospace & Defense	3.3%
Biotech & Pharma	3.3%
Industrial Intermediate Prod	3.6%
Health Care Facilities & Services	3.6%
Institutional Financial Services	4.8%
Asset Management	6.2%
Industrial Support Services	6.4%
Medical Equipment & Devices	6.6%
Machinery	6.6%
Semiconductors	8.7%
Technology Hardware	9.5%
Engineering & Construction	10.9%
Electrical Equipment	12.7%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	47.5%
Technology	19.5%
Health Care	13.5%
Financials	11.0%
Consumer Discretionary	4.0%
Materials	1.9%
Real Estate	1.0%
Listed Private Equity Investments	0.5%
Communications	0.5%
Other Assets in Excess of Liabilities	0.6%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.6%
Other Countries	11.4%
Australia	2.3%
China	2.5%
Canada	3.8%
Italy	4.0%
Taiwan	5.8%
South Korea	7.5%
United Kingdom	9.7%
Sweden	10.3%
Japan	11.1%
United States	31.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Primoris Services Corporation	4.0%
Rosebank Industries plc	3.4%
Diploma plc	2.9%
Japan Elevator Service Holdings Company Ltd.	2.8%
Monolithic Power Systems, Inc.	2.6%
Silergy Corp	2.5%
HD Hyundai Marine Solution Co	2.5%
Lagercrantz Group A.B.	2.3%
Kadant, Inc.	2.0%
Littelfuse, Inc.	2.0%

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GGSOX

Grandeur Peak Global Stalwarts Fund - Investor Class (GGSOX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak International Opportunities Fund

Institutional Class (GPIIX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak International Opportunities Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK). This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$150	1.38%

How did the Fund perform during the reporting period?

The Fund's Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +16.90% return. The Fund underperformed the MSCI ACWI ex USA Small Cap Index, which posted a +34.14% return. The Fund's positive performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to health care and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$191,660,659
Number of Portfolio Holdings	88
Advisory Fee (net of waivers)	$2,909,936
Portfolio Turnover	41%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak International Opportunities - Institutional	MSCI ACWI ex US Small Cap Index	MSCI ACWI ex-USA IMI Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$11,759	$11,248	$11,257
Apr-2018	$14,038	$13,322	$13,089
Apr-2019	$13,029	$12,184	$12,568
Apr-2020	$12,299	$10,538	$11,088
Apr-2021	$21,681	$16,689	$16,071
Apr-2022	$17,045	$14,931	$14,410
Apr-2023	$16,041	$14,517	$14,728
Apr-2024	$15,423	$15,902	$16,106
Apr-2025	$15,579	$17,211	$17,945
Apr-2026	$18,212	$23,087	$23,771

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak International Opportunities - Institutional	16.90%	-3.43%	6.18%
MSCI ACWI ex US Small Cap Index	34.14%	6.70%	8.73%
MSCI ACWI ex-USA IMI Index	32.47%	8.14%	9.04%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	4.4%
Other Industries	14.6%
Household Products	1.6%
Retail - Discretionary	1.7%
Automotive	2.2%
Banking	2.5%
Medical Equipment & Devices	2.7%
Industrial Intermediate Prod	2.8%
Engineering & Construction	4.4%
Health Care Facilities & Services	4.6%
Industrial Support Services	5.0%
Commercial Support Services	5.9%
Machinery	6.2%
Biotech & Pharma	6.3%
Semiconductors	7.4%
Asset Management	7.5%
Electrical Equipment	8.8%
Technology Hardware	11.4%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	34.5%
Technology	20.8%
Health Care	13.6%
Financials	11.6%
Consumer Discretionary	4.9%
Consumer Staples	4.7%
Materials	2.7%
Real Estate	2.6%
Information Technology	0.3%
Other Assets in Excess of Liabilities	4.4%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	4.4%
Other Countries	17.9%
Canada	4.1%
Australia	4.4%
China	4.5%
India	4.8%
Italy	4.9%
South Korea	6.5%
Sweden	6.5%
Taiwan	8.8%
Japan	13.9%
United Kingdom	19.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Volution Group PLC	3.7%
Silergy Corp	3.7%
Diploma plc	3.2%
Rosebank Industries plc	2.7%
Interpump Group SpA	2.6%
Melexis NV	2.5%
Recordati SpA	2.3%
Pinnacle Investment Management Group	2.3%
Virbac S.A.	2.1%
Hill & Smith Holdings plc	1.8%

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GPIIX

Grandeur Peak International Opportunities Fund - Institutional Class (GPIIX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak International Opportunities Fund

Investor Class (GPIOX)

Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$177	1.63%

How did the Fund perform during the reporting period?

The Fund's Investor Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +16.80% return. The Fund underperformed the MSCI ACWI ex USA Small Cap Index, which posted a +34.14% return. The Fund's positive performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to health care and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefitted from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$191,660,659
Number of Portfolio Holdings	88
Advisory Fee (net of waivers)	$2,909,936
Portfolio Turnover	41%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak International Opportunities - Investor	MSCI ACWI ex US Small Cap Index	MSCI ACWI ex-USA IMI Index
Apr-2016	$10,000	$10,000	$10,000
Apr-2017	$11,750	$11,248	$11,257
Apr-2018	$14,018	$13,322	$13,089
Apr-2019	$12,981	$12,184	$12,568
Apr-2020	$12,229	$10,538	$11,088
Apr-2021	$21,507	$16,689	$16,071
Apr-2022	$16,861	$14,931	$14,410
Apr-2023	$15,875	$14,517	$14,728
Apr-2024	$15,168	$15,902	$16,106
Apr-2025	$15,269	$17,211	$17,945
Apr-2026	$17,835	$23,087	$23,771

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak International Opportunities - Investor	16.80%	-3.68%	5.96%
MSCI ACWI ex US Small Cap Index	34.14%	6.70%	8.73%
MSCI ACWI ex-USA IMI Index	32.47%	8.14%	9.04%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	4.4%
Other Industries	14.6%
Household Products	1.6%
Retail - Discretionary	1.7%
Automotive	2.2%
Banking	2.5%
Medical Equipment & Devices	2.7%
Industrial Intermediate Prod	2.8%
Engineering & Construction	4.4%
Health Care Facilities & Services	4.6%
Industrial Support Services	5.0%
Commercial Support Services	5.9%
Machinery	6.2%
Biotech & Pharma	6.3%
Semiconductors	7.4%
Asset Management	7.5%
Electrical Equipment	8.8%
Technology Hardware	11.4%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	34.5%
Technology	20.8%
Health Care	13.6%
Financials	11.6%
Consumer Discretionary	4.9%
Consumer Staples	4.7%
Materials	2.7%
Real Estate	2.6%
Information Technology	0.3%
Other Assets in Excess of Liabilities	4.4%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	4.4%
Other Countries	17.9%
Canada	4.1%
Australia	4.4%
China	4.5%
India	4.8%
Italy	4.9%
South Korea	6.5%
Sweden	6.5%
Taiwan	8.8%
Japan	13.9%
United Kingdom	19.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Volution Group PLC	3.7%
Silergy Corp	3.7%
Diploma plc	3.2%
Rosebank Industries plc	2.7%
Interpump Group SpA	2.6%
Melexis NV	2.5%
Recordati SpA	2.3%
Pinnacle Investment Management Group	2.3%
Virbac S.A.	2.1%
Hill & Smith Holdings plc	1.8%

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

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GPIOX

Grandeur Peak International Opportunities Fund - Investor Class (GPIOX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak International Stalwarts Fund

Institutional Class (GISYX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak International Stalwarts Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK). This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$101	0.89%

How did the Fund perform during the reporting period?

The Fund's Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +26.94% return. The Fund underperformed the MSCI ACWI ex USA Mid Cap Index, which posted a +32.78% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to insurance, banks, biotechnology and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefited from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$1,323,967,683
Number of Portfolio Holdings	77
Advisory Fee (net of waivers)	$10,250,186
Portfolio Turnover	71%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak International Stalwarts - Institutional	MSCI ACWI ex US Small Cap Index	MSCI ACWI ex USA Mid Cap Index	MSCI ACWI ex-USA IMI Index
Sep-2015	$10,000	$10,000	$10,000	$10,000
Apr-2016	$11,034	$10,786	$10,659	$10,372
Apr-2017	$13,126	$12,132	$11,790	$11,677
Apr-2018	$15,854	$14,369	$13,750	$13,576
Apr-2019	$15,458	$13,142	$12,967	$13,036
Apr-2020	$15,227	$11,366	$11,276	$11,501
Apr-2021	$25,523	$18,001	$16,570	$16,670
Apr-2022	$20,710	$16,105	$14,514	$14,947
Apr-2023	$19,157	$15,657	$14,690	$15,277
Apr-2024	$19,374	$17,152	$15,755	$16,706
Apr-2025	$19,409	$18,563	$17,792	$18,613
Apr-2026	$24,637	$24,901	$23,625	$24,657

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak International Stalwarts - Institutional	26.94%	-0.70%	8.36%
MSCI ACWI ex US Small Cap Index	34.14%	6.70%	8.73%
MSCI ACWI ex USA Mid Cap Index	32.78%	7.35%	8.28%
MSCI ACWI ex-USA IMI Index	32.47%	8.14%	9.04%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.4%
Other Industries	10.3%
Institutional Financial Services	1.8%
Aerospace & Defense	1.9%
Real Estate Owners & Developers	2.0%
Retail - Discretionary	2.6%
Medical Equipment & Devices	2.8%
Commercial Support Services	3.0%
Health Care Facilities & Services	3.3%
Industrial Intermediate Prod	4.0%
Biotech & Pharma	4.9%
Industrial Support Services	5.4%
Machinery	6.1%
Engineering & Construction	6.8%
Asset Management	7.3%
Technology Hardware	10.5%
Semiconductors	11.8%
Electrical Equipment	15.1%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	43.3%
Technology	23.8%
Health Care	11.0%
Financials	9.1%
Consumer Discretionary	5.7%
Materials	2.8%
Real Estate	2.0%
Consumer Staples	1.3%
Communications	0.6%
Other Assets in Excess of Liabilities	0.4%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.4%
Other Countries	18.3%
Germany	3.1%
Switzerland	4.3%
Italy	4.7%
United States	5.7%
Canada	5.7%
Taiwan	9.6%
South Korea	9.9%
Sweden	11.3%
Japan	13.4%
United Kingdom	13.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Rosebank Industries plc	3.8%
Diploma plc	3.5%
Japan Elevator Service Holdings Company Ltd.	3.3%
HD Hyundai Marine Solution Co	2.8%
Monolithic Power Systems, Inc.	2.8%
Lagercrantz Group AB	2.6%
Silergy Corp	2.5%
Sanil Electric Company Ltd.	2.5%
Recordati SpA	2.2%
Aritzia Inc	2.1%

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

Material Fund Changes

This report describes changes to the Fund that occurred during the reporting period.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GISYX

Grandeur Peak International Stalwarts Fund - Institutional Class (GISYX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak International Stalwarts Fund

Investor Class (GISOX)

Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$129	1.14%

How did the Fund perform during the reporting period?

The Fund's Investor Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +26.68% return. The Fund underperformed the MSCI ACWI ex USA Mid Cap Index, which posted a +32.78% return. The Fund's strong performance was mainly attributed to investments in technology companies, particularly semiconductor and hardware-related stocks across the globe. Investments in the industrials sector were also strong contributors to performance. The Fund's underperformance compared to the benchmark is mainly attributed to insurance, banks, biotechnology and a lack of exposure to a subset of companies across energy, materials, and industrials which greatly benefited from artificial intelligence and data center capital investments. Relatedly, the Fund faced the headwind of low return on capital companies outperforming high return on capital companies.

Fund Statistics

Table Summary
Net Assets	$1,323,967,683
Number of Portfolio Holdings	77
Advisory Fee (net of waivers)	$10,250,186
Portfolio Turnover	71%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak International Stalwarts - Investor	MSCI ACWI ex US Small Cap Index	MSCI ACWI ex USA Mid Cap Index	MSCI ACWI ex-USA IMI Index
Sep-2015	$10,000	$10,000	$10,000	$10,000
Apr-2016	$11,020	$10,786	$10,659	$10,372
Apr-2017	$13,078	$12,132	$11,790	$11,677
Apr-2018	$15,759	$14,369	$13,750	$13,576
Apr-2019	$15,335	$13,142	$12,967	$13,036
Apr-2020	$15,064	$11,366	$11,276	$11,501
Apr-2021	$25,177	$18,001	$16,570	$16,670
Apr-2022	$20,376	$16,105	$14,514	$14,947
Apr-2023	$18,800	$15,657	$14,690	$15,277
Apr-2024	$18,962	$17,152	$15,755	$16,706
Apr-2025	$18,956	$18,563	$17,792	$18,613
Apr-2026	$24,013	$24,901	$23,625	$24,657

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Grandeur Peak International Stalwarts - Investor	26.68%	-0.94%	8.10%
MSCI ACWI ex US Small Cap Index	34.14%	6.70%	8.73%
MSCI ACWI ex USA Mid Cap Index	32.78%	7.35%	8.28%
MSCI ACWI ex-USA IMI Index	32.47%	8.14%	9.04%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.4%
Other Industries	10.3%
Institutional Financial Services	1.8%
Aerospace & Defense	1.9%
Real Estate Owners & Developers	2.0%
Retail - Discretionary	2.6%
Medical Equipment & Devices	2.8%
Commercial Support Services	3.0%
Health Care Facilities & Services	3.3%
Industrial Intermediate Prod	4.0%
Biotech & Pharma	4.9%
Industrial Support Services	5.4%
Machinery	6.1%
Engineering & Construction	6.8%
Asset Management	7.3%
Technology Hardware	10.5%
Semiconductors	11.8%
Electrical Equipment	15.1%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	43.3%
Technology	23.8%
Health Care	11.0%
Financials	9.1%
Consumer Discretionary	5.7%
Materials	2.8%
Real Estate	2.0%
Consumer Staples	1.3%
Communications	0.6%
Other Assets in Excess of Liabilities	0.4%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.4%
Other Countries	18.3%
Germany	3.1%
Switzerland	4.3%
Italy	4.7%
United States	5.7%
Canada	5.7%
Taiwan	9.6%
South Korea	9.9%
Sweden	11.3%
Japan	13.4%
United Kingdom	13.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Rosebank Industries plc	3.8%
Diploma plc	3.5%
Japan Elevator Service Holdings Company Ltd.	3.3%
HD Hyundai Marine Solution Co	2.8%
Monolithic Power Systems, Inc.	2.8%
Lagercrantz Group AB	2.6%
Silergy Corp	2.5%
Sanil Electric Company Ltd.	2.5%
Recordati SpA	2.2%
Aritzia Inc	2.1%

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

Material Fund Changes

This report describes changes to the Fund that occurred during the reporting period.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GISOX

Grandeur Peak International Stalwarts Fund - Investor Class (GISOX)

Annual Shareholder Report - April 30, 2026

Grandeur Peak US Stalwarts Fund

Institutional Class (GUSYX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Grandeur Peak US Stalwarts Fund for the period from May 1, 2025 to April 30, 2026. You can find additional information about the Fund at grandeurpeakglobal.com/literature. You may also request this information by contacting us at 1-855-377-7325 (PEAK). This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$90	0.88%

How did the Fund perform during the reporting period?

The Institutional Class ended the twelve-month period from 5/1/25 to 4/30/26 with a +28.31% return. The Fund outperformed the MSCI USA Mid Cap Index, which posted a +21.67% return. The Fund's strong return and outperformance is mainly attributed to investment in technology, particularly semiconductors. Consumer discretionary and industrials were also positive contributors over the time period. Detractions came from weakness in insurance investments and a lack of exposure to energy stocks.

Fund Statistics

Table Summary
Net Assets	$17,588,370
Number of Portfolio Holdings	49
Advisory Fee (net of waivers)	$812,476
Portfolio Turnover	172%

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Grandeur Peak US Stalwarts - Institutional	MSCI U.S. Small Cap Index	MSCI USA IMI Index	MSCI USA Mid Cap Index
Mar-2020	$10,000	$10,000	$10,000	$10,000
Apr-2020	$13,150	$12,582	$12,203	$12,463
Apr-2021	$22,838	$22,080	$18,365	$20,203
Apr-2022	$18,057	$19,369	$17,777	$19,164
Apr-2023	$16,095	$18,972	$17,973	$18,359
Apr-2024	$18,418	$21,547	$21,908	$21,413
Apr-2025	$18,326	$21,925	$24,291	$22,660
Apr-2026	$23,514	$30,562	$31,848	$27,571

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (March 19, 2020)
Grandeur Peak US Stalwarts - Institutional	28.31%	0.58%	15.01%
MSCI U.S. Small Cap Index	39.39%	6.72%	20.04%
MSCI USA IMI Index	31.11%	11.64%	20.86%
MSCI USA Mid Cap Index	21.67%	6.42%	18.04%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Other Industries	6.7%
Metals & Mining	1.5%
Technology Services	1.7%
Software	1.7%
Chemicals	1.8%
Diversified Industrials	3.1%
Health Care Facilities & Services	3.2%
Industrial Support Services	3.6%
Retail - Discretionary	3.8%
Aerospace & Defense	4.4%
Asset Management	7.1%
Semiconductors	7.4%
Machinery	9.1%
Engineering & Construction	9.1%
Institutional Financial Services	9.9%
Medical Equipment & Devices	11.1%
Electrical Equipment	14.9%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Industrials	45.6%
Financials	18.2%
Health Care	14.2%
Technology	10.9%
Consumer Discretionary	5.3%
Materials	3.4%
Listed Private Equity Investments	1.4%
Consumer Staples	1.1%
Liabilities in Excess of Other Assets	-0.1%

Country Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-%
Mexico	1.7%
Canada	4.6%
United Kingdom	10.0%
United States	83.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Rosebank Industries plc	7.1%
Primoris Services Corporation	5.3%
Monolithic Power Systems, Inc.	4.4%
Kadant, Inc.	3.7%
LeMaitre Vascular, Inc.	3.6%
Littelfuse, Inc.	3.1%
ITT, Inc.	3.1%
Marex Group PLC	2.9%
M-Tron Industries, Inc.	2.9%
Bel Fuse, Inc., Class B	2.7%

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Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (grandeurpeakglobal.com/literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

TSR-AR 043026-GUSYX

Grandeur Peak US Stalwarts Fund - Institutional Class (GUSYX)

Annual Shareholder Report - April 30, 2026

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.

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.

The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund are diversified series of shares of beneficial interest (each a “Fund” and collectively the “Funds”) of Grandeur Peak Global Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on October 6, 2023, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Fund reorganized on October 20, 2023 from a series of Financial Investors Trust (the “Predecessor Funds”) their predecessor fund to a series of the Trust. Each Fund seeks long-term growth of capital. The inception date of each Fund is listed in the table below.

The Funds offer Institutional Class shares. The Grandeur Peak Emerging Markets Opportunities 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.

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year then ended. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services Investment Companies,” including Accounting Standards Update 2013-08.

Segment Reporting – An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund’s CODM is comprised of its portfolio managers and Chief Financial Officer of the Trust. The Funds operate as a single operating segment. The Funds’ income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

a. Investment Valuation – The Funds record their investments at fair value. In determining each Fund’s Net Asset Value (“NAV”) per share as of the close of the New York Stock Exchange (“NYSE”), currently 4:00 pm Eastern Time (“ET”) (the “Valuation Time”), securities traded on one or more securities exchanges for which market quotations are readily available are valued at current market value using the last reported sales price. NASDAQ traded securities are valued using the NASDAQ Official Closing Price (“NOCP”). If no sale price is reported, the mean between the current bid and ask is used. Securities not traded or dealt in on any securities exchange and for which over-the-counter market (whether domestic or foreign) quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the current mean price on such over-the-counter market (and if there is only a bid or only an ask price on such date, valuation will be at such bid or ask price for long or short positions, respectively).

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

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

When such prices or quotations are not available, or when the Advisor believes that they are unreliable, securities may be priced using the Trust’s fair value procedures.

Money market-type instruments that have a remaining maturity of 60 days or less are valued at bid prices from a pricing vendor, unless the Advisor believes another valuation is more appropriate.

Forward currency contracts shall be valued at the forward currency contract rates, determined at 4:00 pm ET or the nearest time prior to the Valuation Time, provided by a bank or dealer that the pricing agent or, if applicable, the Advisor believes to be reliable.

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the “fair value” procedures approved by the Trust’s Board of Trustees (the “Board”). The Board has designated the Advisor as its valuation designee (the “Valuation Designee”) for the execution of these procedures. The Board may also enlist third party consultants such as valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

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

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the

security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used for the year ended as of April 30, 2026, for the Funds’ assets and liabilities measured at fair value:

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

The table below provides additional information about the Level 3 Fair Value Measurements as of April 30, 2026. Increases in the discount to partnership changes would cause a decrease to the fair value of the securities. Increase in the Sales to Enterprise value to Sales multiple would cause an increase to the fair value of the securities.

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.

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, 2026.

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

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

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

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

An eligible Fund will not engage in short sales of securities when these transactions would cause the market value of all of its securities sold short to exceed 15% of its net assets subject to the following. The value of the securities of any one issuer that may be shorted by a Fund is limited to the lesser of 5% of the value of the Fund’s net assets or 5% of the securities of any class of the issuer. All short sales must be fully collateralized. The

Funds maintain the collateral in a segregated account with their custodian. The collateral consists of cash, U.S. government securities or any other liquid securities equal to the market value of the securities at the time of the short sale. The Funds will thereafter maintain, on a daily basis, the collateral to ensure that it is equal to the current market value of the securities sold short. Short sales against the box are not subject to the 15% limitation. A capital gain or loss is recognized immediately upon the sale of a short against the box. A Fund may only engage in short sale transactions in securities listed on one or more U.S. or foreign securities exchanges or on Nasdaq.

h. 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. A SPV is a distinct company with its own assets and liabilities, as well as its own legal status. Usually, a SPV is created for a specific objective, often to isolate financial risk. As it is a separate legal entity, if the parent company goes bankrupt, the SPV can carry on.

i. Cash Management Transactions – The Funds subscribe to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of April 30, 2026, the Funds had the following cash balances participating in the BBH CMS:

As of April 30, 2026, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

j. Federal Income Taxes – The Funds qualify and intend to continue to qualify each year as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Funds tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing). The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Funds did not incur any interest or penalties. The Funds typically intend to quarterly distribute sufficient net investment company taxable income and annually distribute net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

k. Distributions to Shareholders – It is each Funds policy to distribute its respective net investment income and net capital gains, if any, annually. Distributions of net investment income and net capital gains are determined in accordance with income tax regulations which may differ from GAAP.

Differences in dividends from net investment income per share between the classes are due to service and distribution related expenses. Dividends and distributions to shareholders are recorded on the ex-date.

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

m. Foreign Taxes – Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, a Fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

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

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

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on a Fund and its investments and could result in decreases to the Fund’s net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, tariffs and trade wars, natural and environmental disasters, climate change and climate-related events, epidemics, pandemics and other public health crises and related events and governments’ reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on a Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other preexisting political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

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.

Pursuant to an operating expense limitation agreement between the Advisor and the Trust, the Advisor has agreed to waive its fees and/or expenses for each Fund to the extent necessary to maintain each Fund’s Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may increase indemnification of the Funds’ officers and trustees, contractual indemnification of the Funds’ service providers (other than the Advisor))) at a certain level through September 1, 2026. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board. The Advisor is permitted to receive reimbursement from a Fund for fees it waived and Fund expenses it paid, subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or paid; and (2) the reimbursement may not be made if it would cause the expense limitation currently in effect or in effect at the time of the waiver or payment, whichever is lower, to be exceeded. The following table reflects each Fund’s expense cap.

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 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.

From January 1 to December 31, 2025, the Advisor had voluntarily agreed to waive an additional 0.10% of the management fees on the first $400 million in assets for the Grandeur Peak Emerging Markets Opportunities Fund, and an additional 0.10% of the management fees on the first $500 million in assets for Grandeur Peak Global Opportunities Fund and Grandeur Peak International Opportunities Fund. From January 1 to December 31, 2025, the Advisor had also voluntarily agreed to waive an additional 0.10% of the management fees for the Grandeur Peak Global Explorer Fund and Grandeur Peak Global Reach Fund and 0.05% of the management fees for the Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund. Grandeur Peak Global Explorer Fund’s waiver ended on August 31, 2025.

Additional fees waived by the Advisor for the year ended April 30, 2026 are disclosed in the Statements of Operations.

As of April 30, 2026 the fee waivers/reimbursements and/or recoupments were as follows:

As of April 30, 2026, the Advisor has waived/reimbursed expenses that may be recovered no later than April 30 of the years indicated below:

Each Fund was reorganized on October 20, 2023 from a series of Financial Investors Trust to a series of the Trust (the “Reorganizations”). Prior to the Reorganizations, the Funds had advisory and expense limitation agreements with Financial Investors Trust. The fees charged to the Funds did not change as a result of the Reorganizations and the amounts waived by the Predecessor Funds are still subject to recapture by the Advisor.

b. Distributor – The Distributor of the Funds is Northern Lights Distributors, LLC (the “Distributor”). The Trust has adopted, with respect to the Funds, the Trust’s Master Distribution and Shareholder Servicing Plan for the Funds’ Investor Class shares (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. The Plan provides a monthly service and/or distribution fee that is calculated at an annual rate of 0.25% per year of the average daily net assets of each Fund’s Investor Class shares and paid to the Distributor to be used to pay for distribution and shareholder servicing activities. The following table reflects the Funds incurred distribution fees for the year ended April 30, 2026.

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.

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.

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.

For the year ended April 30, 2026, the Grandeur Peak Reach Fund and the Grandeur Peak Global Stalwart Fund were reimbursed $7,538 and $6,722, respectively, from the Adviser as a result of an accounting error that occurred from February 2026 through March 2026, relating to the valuation of a holding among the Fund’s portfolio. The Funds have determined that the accounting error and related impacts on the Funds’ share classes resulted in immaterial NAV errors for the Investor Class and Institutional Class and that these NAV errors did not exceed the established threshold for reprocessing shareholder accounts under the Funds’ NAV error policy. The reimbursement is included in the realized gain (loss) from investments on the Fund’s Statements of Operations.

For the year ended April 30, 2026, the Grandeur Peak US Stalwarts Fund was reimbursed $97,362 from the Adviser as a result of an accounting error that occurred from February 2026 through March 2026, relating to the valuation of a holding among the Fund’s portfolio. The Fund has determined that the accounting error and related impacts on the Fund’s share classes resulted in a material NAV error for the shareholders and that these NAV errors did exceed the established threshold for reprocessing shareholder accounts under the Fund’s NAV error policy. The reimbursement is included in the realized gain (loss) from investments on the Fund’s Statements of Operations and in the Fund share transactions on the Fund’s Statements of Changes in Net Assets.

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the year ended April 30, 2026 were as follows:

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Funds have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the share do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

For the period ended August 31, 2025, shares redeemed within 60 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. As of September 1, 2025, shares redeemed within 30 days of purchase may incur a 2% short-term redemption fee deducted

from the redemption amount. For the year ended April 30, 2026, the redemption fees charged by a Fund is presented in the Statements of Changes in Net Assets.

The Statements 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:

The tax character of fund distributions paid for the years ended April 30, 2026, and April 30, 2025, was as follows:

As of April 30, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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

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. The Funds below incurred and elected to defer such late year losses as follows:

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. Grandeur Peak Global Reach Fund incurred and elected to defer such capital losses of $1,612,432.

At April 30, 2026, 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:

During the fiscal period ended April 30, 2026, 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, 2026, as follows:

The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund’s financial position or the results of its operations. The following Funds paid significant income taxes in foreign jurisdictions during the fiscal year ended April 30, 2026. Cash paid for income taxes, net of refunds received, were as follows:

The beneficial ownership, either directly or indirectly, of 25% or more of the outstanding shares of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. Such control may affect the voting rights of other shareholders. The following table provides the name of any person who owns of record or beneficially 25% or more of the outstanding shares of each class of a Fund as of April 30, 2026:

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.

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:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, 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 (the “Funds”), each a fund of Grandeur Peak Global Trust (the “Trust”), as of April 30, 2026, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended (except for Grandeur Peak Global Explorer Fund, for which the financial highlights audited are for the periods as noted in the table below), and the related notes (collectively referred to as the “financial Statements and financial Highlights”). 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, 2026, 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.

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.

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, 2026, 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.

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

The Funds designate the following amounts for federal income tax purposes for the fiscal year ended April 30, 2026:

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2025, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

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

For the fiscal year ended April 30, 2026, the following equalization credits were utilized as earnings and profits distributed to shareholders on redemptions:

There were no changes in or disagreements with accountants during the period covered by this report.

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

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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.

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.

Registrant’s telephone number, including area code:	631-490-4300

Date of fiscal year end:	4/30

Date of reporting period:	4/30/26

	2026			2025
Audit-Related Fees:		0.00	%		0.00	%
Tax Fees:		0.00	%		0.00	%
All Other Fees:		0.00	%		0.00	%

Schedule of Investments
Grandeur Peak Emerging Markets Opportunities Fund		1
Grandeur Peak Global Contrarian Fund		3
Grandeur Peak Global Explorer Fund		5
Grandeur Peak Global Micro Cap Fund		6
Grandeur Peak Global Opportunities Fund		8
Grandeur Peak Global Reach Fund		10
Grandeur Peak Global Stalwarts Fund		13
Grandeur Peak International Opportunities Fund		15
Grandeur Peak International Stalwarts Fund		17
Grandeur Peak US Stalwarts Fund		19
Statements of Assets and Liabilities		20
Statements of Operations		22
Statements of Changes in Net Assets
Grandeur Peak Emerging Markets Opportunities Fund		24
Grandeur Peak Global Contrarian Fund		25
Grandeur Peak Global Explorer Fund		26
Grandeur Peak Global Micro Cap Fund		27
Grandeur Peak Global Opportunities Fund		28
Grandeur Peak Global Reach Fund		29
Grandeur Peak Global Stalwarts Fund		30
Grandeur Peak International Opportunities Fund		31
Grandeur Peak International Stalwarts Fund		32
Grandeur Peak US Stalwarts Fund		33
Financial Highlights
Grandeur Peak Emerging Markets Opportunities Fund		34
Grandeur Peak Global Contrarian Fund		36
Grandeur Peak Global Explorer Fund		37
Grandeur Peak Global Micro Cap Fund		38
Grandeur Peak Global Opportunities Fund		39
Grandeur Peak Global Reach Fund		41
Grandeur Peak Global Stalwarts Fund		43
Grandeur Peak International Opportunities Fund		45
Grandeur Peak International Stalwarts Fund		47
Grandeur Peak US Stalwarts Fund		49

Notes to Financial Statements		50
Report of Independent Registered Public Accounting Firm		65
Additional Information		67

Grandeur Peak Emerging Markets Opportunities Fund	Portfolio of Investments
	April 30, 2026 (Continued)

		Fair Value
COMMON STOCKS — 96.61%
Brazil — 2.74%
Track & Field Co SA	195,400	$	609,036
Vivara Participacoes S.A.	72,000		375,622
			984,658
China — 11.74%
ANTA Sports Products Ltd.	42,900		449,416
Beijing Huafeng Test & Control^(a)	14,839		764,284
Bosideng International Holdings, Ltd.	494,000		270,332
Centre Testing Int	149,500		364,204
Shenzhen New Industries Biomed^(a)	50,080		354,560
Silergy Corp	147,288		2,021,595
			4,224,391
Hong Kong — 1.40%
Plover Bay Tech^(b)	256,800		248,223
Techtronic Industries Co Limited	17,613		255,380
			503,603
India — 17.09%
360 ONE WAM Ltd.	23,095		253,135
Action Construction Equipment Ltd.^(a)	36,993		348,765
Aditya Vision Ltd^(a)	49,790		276,673
Anant Raj Ltd.^(a)	124,477		644,635
Gulf Oil Lubricants India Ltd.	52,823		551,107
Home First Finance Co India Lt 144A^(b)(c)	47,448		584,672
Jupiter Life Line Hospitals Lt	19,145		247,706
Motherson Sumi Wiring India Ltd.	1,712,804		737,913
PB Fintech Ltd^(a)	28,662		506,663
Rainbow Children’s Medicare Ltd.	21,048		280,117
SJS Enterprises Ltd	26,950		518,072
Supriya Lifescience Ltd	84,721		625,812
Varun Beverages Ltd.	105,219		574,126
			6,149,396
Indonesia — 1.75%
Cisarua Mountain Dairy PT TBK	2,577,300		627,894

Malaysia — 1.67%
Frontken Corporation Bhd.	562,500		600,540

Mexico — 6.13%
BBB Foods, Inc.^(a)	12,387		452,126
Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR	20,227		720,081
Corporativo Fragua SAB de CV	14,387		405,110
Regional S.A.B. de C.V.	74,700		627,003
			2,204,320
Philippines — 5.69%
International Container Terminal Services, Inc.	61,100		709,803
Philippine Seven Corp	1,180,200		653,315
Puregold Price Club, Inc.	507,700		356,064
Robinsons Land Corporation^(a)	1,154,800		327,193
			2,046,375
Saudi Arabia — 2.29%
Rasan Information Technology Company^(a)	21,817		822,766

		Fair Value
COMMON STOCKS — 96.61% (continued)
Singapore — 0.77%
iFAST Corp Ltd.	40,400	$	278,074

South Korea — 18.87%
D’Alba Global Company Ltd.	4,245		654,948
Eo Technics Company Ltd.	426		138,484
FNS Tech Company Ltd.	85,803		1,136,225
Global Tax Free Company Ltd.^(a)	150,538		614,250
HD Hyundai Marine Solution Co	6,608		1,202,959
HPSP Company Ltd.	17,491		637,763
iFamilySC Co Ltd	69,076		510,125
Jahwa Electronics Company Ltd.^(a)	10,560		353,549
Kinx Inc.	1,697		121,085
LEENO Industrial Inc.	1,479		121,602
Pumtech Korea Company Ltd.	19,617		553,930
S&S Tech Corp	1,961		136,839
Sanil Electric Company Ltd.^(a)	3,293		605,249
			6,787,008
Taiwan — 22.55%
Airtac International Group^(a)	30,000		1,404,754
Asia Vital Components Co., Ltd.	15,000		1,377,277
ASPEED Technology, Inc.	1,000		539,130
Hon Precision, Inc.^(a)	7,000		1,101,749
Jentech Precision Industrial Co., Ltd.^(a)	8,000		1,396,802
Materials Analysis Technology, Inc.^(a)	59,118		626,136
P-Duke Technology Company Ltd.	99,000		373,950
Radbon Electronics Co., Ltd.^(a)	20,720		149,478
Sinbon Electronics Co., Limited	29,000		261,864
Sporton International, Inc.	124,918		881,245
			8,112,385
United Arab Emirates — 1.73%
Spinneys 1961 Holding PLC	1,933,250		622,765

Vietnam — 2.19%
Asia Commercial Bank JSC	366,359		327,623
Vietnam Technological & Comm Joint-stock Bank	358,938		460,928
			788,551
Total Common Stocks (Cost $24,752,127)			34,752,726

Total Common Stocks/Investments — 96.61% (Cost $24,752,127)			34,752,726

Other Assets in Excess of Liabilities — 3.39%			1,218,655

NET ASSETS — 100.00%		$	35,971,381

Grandeur Peak Global Contrarian Fund	Portfolio of Investments
	April 30, 2026

		Fair Value
COMMON STOCKS — 99.33%
Australia — 4.60%
Fiducian Group Ltd	234,703	$	1,506,784
IPD Group Ltd/Australia	383,719		1,552,668
Kogan.com Ltd	404,248		1,079,206
MA Financial Group Ltd	260,124		1,318,506
Navigator Global Investments Limited	649,440		1,166,765
			6,623,929
Belgium — 5.30%
Azelis Group N.V.^(a)	99,165		1,314,107
Melexis NV	39,454		3,320,790
X-Fab Silicon Foundries S.E. 144A^(a)(b)(c)	404,411		3,003,489
			7,638,386
Brazil — 2.46%
Armac Locacao Logistica	558,800		543,367
Grupo Mateus S.A.^(a)	1,074,300		942,768
Patria Investments Limited, Class A	71,759		926,409
Track & Field Co. SA	363,600		1,133,292
			3,545,836
Canada — 1.04%
BioSyent Inc	138,757		1,491,374

China — 4.51%
Chaoju Eye Care Holdings Ltd 144A^(b)(c)	3,994,000		1,534,657
Silergy Corporation	312,000		4,282,342
TK Group Holdings Ltd	2,262,883		684,187
			6,501,186
France — 3.36%
Thermador Groupe	12,430		1,009,691
Virbac S.A.	7,221		3,154,630
Wavestone^(a)	12,617		680,999
			4,845,320
Germany — 3.13%
Dermapharm Holding SE^(a)	53,177		2,893,243
Elmos Semiconductor AG	7,458		1,613,434
			4,506,677
India — 0.69%
Gulf Oil Lubricants India Ltd.	94,779		988,838

Indonesia — 3.97%
Arwana Citramulia Tbk PT	15,840,000		451,011
Aspirasi Hidup Ind	42,869,900		883,203
Hartadinata Abadi Tbk PT	24,507,800		3,872,748
Selamat Sempurna Tbk PT^(a)	5,029,600		520,992
			5,727,954
Ireland — 1.15%
ICON plc^(a)	13,967		1,652,715

Italy — 9.43%
DiaSorin SpA^(a)	19,228		1,312,054
Interpump Group SpA	120,656		5,087,480
Recordati Industria Chimica e Farmaceutica SpA^(a)	97,948		5,719,920
Sanlorenzo SpA/Ameglia^(a)	37,474		1,465,159
			13,584,613
Japan — 7.37%
Charm Care Corp KK	292,500		2,401,461
Halows Company Ltd.	39,200		985,410

		Fair Value
COMMON STOCKS — 99.33% (continued)
Japan — 7.37% (continued)
Integral Corp	43,900	$	1,035,802
Kitz Corp	86,400		1,163,111
Mani, Inc.	91,800		1,002,167
PILLAR Corp	19,600		1,152,317
Syuppin Company, Ltd.	87,300		612,240
Totech Corp	52,200		1,274,849
ULS Group Inc	312,400		997,138
			10,624,495
Luxembourg — 1.96%
Eurofins Scientific S.E.	40,665		2,827,195

Mexico — 2.45%
Corporativo Fragua SAB de CV	35,150		989,756
GCC S.A.B. de C.V. 144A^(b)(c)	92,600		1,091,890
Regional S.A.B. de C.V.	172,200		1,445,381
			3,527,027
Netherlands — 2.33%
IMCD N.V.^(a)	21,906		2,576,245
Redcare Pharmacy NV 144A^(a)(b)(c)	13,751		778,700
			3,354,945
Philippines — 1.33%
Philippine Seven Corp^(a)	1,279,000		708,007
Puregold Price Club, Inc.	1,730,200		1,213,435
			1,921,442
Poland — 2.03%
Auto Partner SA	226,699		1,343,230
Inter Cars SA	7,794		1,588,507
			2,931,737
Singapore — 0.64%
Riverstone Holdings Ltd.	1,580,375		926,019

South Korea — 1.24%
iFamilySC Co Ltd	112,828		833,233
Pumtech Korea Company Ltd.^(a)	33,948		958,598
			1,791,831
Sweden — 1.72%
Sdiptech AB^(a)	67,319		1,649,379
Swedencare AB	283,200		828,982
			2,478,361
Switzerland — 1.16%
R&S Group Holding A.G. 144A^(a)(b)(c)	49,728		1,669,934

Taiwan — 2.93%
Gem Services, Inc.^(a)	372,000		1,094,893
Sinbon Electronics Co., Ltd.^(a)	183,000		1,652,454
Sporton International, Inc.^(a)	201,000		1,417,973
Voltronic Power Technology Corporation^(a)	2,000		49,842
			4,215,162
Thailand — 0.99%
Thaifoods Group PCL^(a)	4,655,900		1,431,255

United Arab Emirates — 0.99%
Spinneys 1961 Holding PLC	4,408,169		1,420,020

		Fair Value
COMMON STOCKS — 99.33% (continued)
United Kingdom — 13.79%
Advanced Medical Solutions Group plc^(a)	397,131	$	1,322,140
B&M European Value Retail plc^(a)	1,284,895		2,935,237
CVS Group plc	249,594		3,953,801
discoverIE Group plc^(a)	165,318		1,468,231
FRP Advisory Group PLC	816,244		1,321,394
Hill & Smith Holdings plc	46,708		1,642,027
Marex Group PLC	46,572		2,484,616
Pollen Street Group Ltd	122,069		1,413,189
Renew Holdings PLC	144,344		1,777,103
Shawbrook Group plc^(a)	142,328		627,222
Volution Group PLC	111,600		932,176
			19,877,136
United States — 16.90%
4imprint Group PLC	36,860		1,826,881
Abacus Life Inc.	101,919		968,231
Alamo Group, Inc.	13,375		2,319,760
AtriCure, Inc.^(a)	79,715		2,240,788
Burford Capital Ltd	175,780		864,838
Crocs, Inc.^(a)	9,664		985,535
Dollar General Corporation	37,010		4,288,719
Gentex Corporation	56,554		1,306,963
Haemonetics Corporation^(a)	18,606		1,118,035
Littelfuse, Inc.	3,644		1,472,795
Neogen Corporation^(a)	148,256		1,393,606
OrthoPediatrics Corporation^(a)	56,620		852,697
Perella Weinberg Partners	93,275		2,121,074
Robert Half International, Inc.	29,404		782,440
RxSight, Inc.^(a)	183,583		1,297,932
Upwork, Inc.^(a)	50,134		518,887
			24,359,181
Vietnam — 1.86%
Asia Commercial Bank JSC	1,521,550		1,360,673
Vietnam Technological & Comm Joint-stock Bank	1,033,600		1,327,290
			2,687,963
Total Common Stocks (Cost $123,061,038)			143,150,531

Total Common Stocks/Investments — 99.33% (Cost $123,061,038)			143,150,531

Other Assets in Excess of Liabilities — 0.67%			963,674

NET ASSETS — 100.00%		$	144,114,205

		Fair Value
COMMON STOCKS — 99.89%
Australia — 4.99%
MA Financial Group Ltd	54,970	$	278,630
Pinnacle Investment Management Group	44,448		485,404
			764,034
Belgium — 3.02%
Melexis NV	5,482		461,413

China — 4.48%
Silergy Corp	50,000		686,273

France — 2.96%
Virbac S.A.CA	1,035		452,159

India — 5.30%
Cartrade Tech Ltd.^(a)	8,278		142,555
PB Fintech Ltd^(a)	16,357		289,145
Varun Beverages Ltd.	69,481		379,122
			810,822
Italy — 9.10%
Ferrari N.V.	948		328,111
Interpump Group SpA	9,040		381,173
Moncler S.p.A.	3,666		221,360
Recordati SpA	7,919		462,450
			1,393,094
Japan — 6.73%
Japan Elevator Service Holdings Company Ltd.	41,100		415,782
Maruwa Co Ltd/Aichi	800		377,899
Monotaro Company, Ltd.^(a)	19,900		236,608
			1,030,289
Luxembourg — 2.28%
Eurofins Scientific S.E.	5,017		348,802

Philippines — 2.18%
International Container Terminal Services, Inc.	28,700		333,410

South Korea — 2.52%
HPSP Company Ltd.	10,586		385,991

Sweden — 9.12%
AddTech AB^(a)	11,375		417,778
Asker Healthcare Group AB^(a)	39,606		324,105
Lagercrantz Group AB^(a)	12,167		321,754
Vimian Group AB^(a)	102,026		332,635
			1,396,272
Taiwan — 3.60%
Asia Vital Components Co., Ltd.	6,000		550,911

United Kingdom — 14.66%
Diploma plc	5,671		536,560
Games Workshop Group plc	1,359		360,349
Marex Group PLC	10,215		544,970
Rosebank Industries plc^(a)	93,240		469,320
Volution Group PLC	39,699		331,599
			2,242,798

		Fair Value
COMMON STOCKS — 99.89% (continued)
United States — 28.95%
Crowdstrike Holdings, Inc., Class A^(a)	305	$	135,954
Dexcom, Inc.^(a)	5,412		322,285
Freshpet, Inc.^(a)	3,093		208,406
ITT, Inc.	2,194		470,262
JFrog Ltd.^(a)	6,807		316,117
Kadant, Inc.	1,181		346,187
LeMaitre Vascular, Inc.	2,961		324,970
Monolithic Power Systems, Inc.	264		426,204
Ollie’s Bargain Outlet Holdings, Inc.^(a)	1,696		146,721
Pattern Group, Inc.^(a)	39,011		525,478
Pjt Partners, Inc., Class A	2,984		455,776
Primoris Services Corporation	2,114		382,951
Rubrik, Inc., Class A^(a)	2,505		133,216
XPEL, Inc.^(a)	4,955		235,957
			4,430,484
Total Common Stocks (Cost $13,246,729)			15,286,752

Total Common Stocks/Investments — 99.89% (Cost $13,246,729)			15,286,752

Other Assets in Excess of Liabilities — 0.11%			16,413

NET ASSETS — 100.00%		$	15,303,165

Grandeur Peak Global MicroCap Fund	Portfolio of Investments
	April 30, 2026

		Fair Value
COMMON STOCKS — 99.26%
Australia — 9.46%
Fiducian Group Ltd	80,199	$	514,874
IPD Group Ltd/Australia	320,074		1,295,137
Kogan.com Ltd	398,596		1,064,117
MA Financial Group Ltd	87,671		444,383
Navigator Global Investments Limited	263,038		472,566
PWR Holdings Ltd.^(a)	33,442		210,365
Qualitas Ltd^(b)	150,202		261,253
			4,262,695
Belgium — 1.84%
X-Fab Silicon Foundries S.E. 144A^(a)(b)(c)	111,977		831,633

Brazil — 1.01%
Armac Locacao Logistica	101,300		98,502
Track & Field Co SA	114,100		355,635
			454,137
Canada — 5.05%
BioSyent Inc	83,895		901,712
KITS Eyecare Ltd.^(a)	19,200		198,872
Mainstreet Equity Corporation	2,646		353,721
NameSilo Technologies Corporation^(a)	480,481		643,763
Vitalhub Corporation^(a)	30,600		180,665
			2,278,733
China — 0.30%
DPC Dash Ltd. 144A^(a)(b)(c)	21,000		135,128

France — 0.83%
Thermador Groupe	4,607		374,228

Germany — 0.99%
ARENIT Industrie GmbH^(a)	33,727		277,640
Gabler Group A.G.^(a)	3,835		169,264
			446,904
Greece — 2.55%
Kri-Kri Milk Industry SA	21,493		622,220
Sarantis SA	31,522		529,129
			1,151,349
India — 5.94%
Aditya Vision Ltd^(a)	43,300		240,609
Dr Agarwal’s Eye Hospital Ltd	3,024		159,068
Gulf Oil Lubricants India Ltd.	34,095		355,716
Indigo Paints Ltd	14,958		136,727
SJS Enterprises Ltd	24,759		475,954
Supriya Lifescience Ltd	55,570		410,481
Vaibhav Global Ltd	80,463		185,634
Vimta Labs Ltd	84,754		411,116
Yatharth Hospital^(a)	34,960		304,240
			2,679,545
Indonesia — 2.65%
Hartadinata Abadi Tbk PT	6,034,700		953,610
Selamat Sempurna Tbk PT	2,309,700		239,251
			1,192,861
Italy — 1.24%
Pharmanutra SpA	6,049		560,489

Japan — 19.87%
AZOOM Co Ltd	43,700		1,138,083

		Fair Value
COMMON STOCKS — 99.26% (continued)
Japan — 19.87% (continued)
Bengo4.com Inc^(a)	29,700	$	468,884
BuySell Technologies Company Ltd.	21,100		452,190
Charm Care Corp KK	113,400		931,028
Hennge KK	96,300		588,753
Integral Corp	12,900		304,370
Japan System Techniques	42,600		519,634
Lifedrink Co., Inc.^(a)	25,700		226,685
Mani, Inc.	37,600		410,473
Oro Co Ltd	33,700		431,694
PILLAR Corp	8,900		523,246
Sanki Service Corporation^(a)	30,400		326,874
Seiwa Holdings Company Ltd.^(a)	22,200		285,997
Shin Maint Holdings Company Ltd.	43,300		285,225
Syuppin Company, Ltd.	40,200		281,925
Timee Inc^(a)	58,800		477,691
ULS Group Inc	260,500		831,480
Visional, Inc.^(a)	10,000		472,185
			8,956,417
Norway — 0.56%
Medistim ASA	10,500		254,917

Philippines — 0.51%
Wilcon Depot, Inc.^(a)	2,273,000		229,783

Poland — 0.87%
Auto Partner SA	65,876		390,326

South Korea — 3.78%
D’Alba Global Company Ltd.	1,995		307,803
FNS Tech Company Ltd.	67,330		891,601
Global Tax Free Company Ltd.^(a)	45,306		184,865
iFamilySC Co Ltd	18,985		140,204
Kinx Inc.	2,500		178,380
			1,702,853
Sweden — 9.65%
BoneSupport Holding AB^(a)(b)(c)	23,974		578,817
Idun Industrier AB	19,629		663,350
Momentum Group AB	30,340		352,449
RVRC Holding AB	45,828		275,495
Sdiptech AB^(a)	17,632		432,001
Swedencare AB	218,921		640,825
Swedish Logistic^(a)	105,935		434,306
Vitec Software Group	35,043		971,577
			4,348,820
Taiwan — 4.15%
Gem Services Inc	145,000		426,773
M3 Technology Inc^(a)	127,000		359,434
P-Duke Technology Company Ltd.	136,000		513,709
Sporton International, Inc.	80,699		569,298
			1,869,214
Thailand — 1.09%
Thaifoods Group PCL^(a)	1,600,000		491,851

United Kingdom — 11.77%
AB Dynamics PLC	6,015		79,619
Advanced Medical Solutions Group	228,588		761,022

		Fair Value
COMMON STOCKS — 99.26% (continued)
United Kingdom — 11.77% (continued)
Ashtead Technology Holdings plc	47,686	$	308,503
Cohort plc^(a)	19,145		318,225
CVS Group plc	64,524		1,022,120
discoverIE Group plc^(a)	38,291		340,072
Elixirr International PLC	67,186		675,896
Franchise Brands PLC	180,242		343,281
FRP Advisory Group PLC	130,314		210,962
Pollen Street Group Ltd	39,339		455,426
Victorian Plumbing Group PLC	271,436		306,486
Volution Group PLC	57,773		482,568
			5,304,180
United States — 15.15%
AtriCure, Inc.^(a)	16,752		470,899
Bowman Consulting Group Limited^(a)	14,214		448,594
Coda Octopus Group, Inc.^(a)	16,351		184,930
Esquire Financial Holdings, Inc.	5,866		616,634
Fatpipe Inc/UT^(a)	24,470		74,389
Global Industrial Company	10,112		334,808
Kura Sushi USA, Inc.^(a)	4,981		274,304
Mama’s Creations Incorporated^(a)	21,006		298,075
M-Tron Industries, Inc.^(a)	7,932		529,699
OrthoPediatrics Corporation^(a)	17,659		265,945
Pattern Group, Inc.^(a)	65,822		886,622
Pennant Group, Inc. (The)^(a)	50,875		1,593,405
RxSight, Inc.^(a)	56,793		401,527
The Lovesac Company^(a)	14,140		223,553
XPEL, Inc.^(a)	4,800		228,576
			6,831,960
Total Common Stocks (Cost $37,933,742)			44,748,023

Total Common Stocks/Investments — 99.26% (Cost $37,933,742)			44,748,023

Other Assets in Excess of Liabilities — 0.74%			332,665

NET ASSETS — 100.00%		$	45,080,688

^(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 April 30, 2026, these securities had a total aggregate market value of $1,806,831, representing 4.01% 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 April 30, 2026, these securities had a total aggregate market value of $1,545,578, representing 3.43% of net assets.

	Shares		Fair Value
COMMON STOCKS — 99.95%
Australia — 3.92%
IPD Group Ltd/Australia		656,536	$	2,656,586
MA Financial Group Ltd		662,026		3,355,651
Pinnacle Investment Management Group		432,628		4,724,605
Qualitas Ltd^(b)		1,692,600		2,944,010
				13,680,852
Belgium — 4.25%
Melexis NV		129,759		10,921,644
X-Fab Silicon Foundries S.E. 144A^(a)(b)(c)		524,233		3,893,385
				14,815,029
Brazil — 0.35%
Grupo Mateus S.A.^(a)		1,389,500		1,219,376

Canada — 2.20%
Aritzia Inc^(a)		52,461		5,536,988
Richelieu Hardware, Ltd.		72,688		2,125,449
				7,662,437
China — 4.45%
Silergy Corp		1,130,008		15,509,875

Denmark — 0.19%
Chemometec A/S^(a)		13,064		658,517

France — 3.71%
Thermador Groupe		22,600		1,835,802
Virbac S.A.		22,247		9,719,021
Wavestone		25,506		1,376,679
				12,931,502
Germany — 2.85%
Dermapharm Holding SE		74,066		4,029,768
Elmos Semiconductor AG		27,345		5,915,709
				9,945,477
India — 2.88%
Anant Raj Ltd.^(a)		339,000		1,755,596
Gulf Oil Lubricants India Ltd.		206,082		2,150,072
SJS Enterprises Ltd		224,418		4,314,090
Supriya Lifescience Ltd^(a)		246,500		1,820,831
				10,040,589
Italy — 7.15%
Diasorin SPA		34,546		2,357,303
FinecoBank Banca Fineco SpA^(a)		67,501		1,676,035
Interpump Group SpA		293,188		12,362,320
Recordati SpA		146,443		8,551,907
				24,947,565
Japan — 10.96%
AZOOM Co Ltd		106,500		2,773,588
Charm Care Corp KK		262,600		2,155,979
Hennge KK		196,402		1,200,750
Integral Corp		165,536		3,905,753
Japan Elevator Service Holdings Company Ltd.		419,080		4,239,563
Kandenko Company Ltd.		61,600		2,686,897
Kinden Corp		39,900		2,137,732
Kitz Corp		201,484		2,712,365
Mani, Inc.		280,200		3,058,901
Maruwa Company Ltd.		9,300		4,393,076
Monotaro Company, Ltd.		215,500		2,562,263

	Shares		Fair Value
COMMON STOCKS — 99.95% (continued)
Japan — 10.96% (continued)
Tokyo Seimitsu Company Ltd.		17,000	$	1,878,294
ULS Group Inc		385,150		1,229,346
Visional Inc^(a)		69,823		3,296,940
				38,231,447
Luxembourg — 1.65%
Eurofins Scientific S.E.		82,896		5,763,266

Mexico — 1.20%
Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR		51,821		1,844,828
Regional SAB de CV		278,202		2,335,121
				4,179,949
Netherlands — 1.03%
IMCD N.V.^(a)		13,800		1,622,943
Redcare Pharmacy N.V. 144A^(a)(b)(c)		34,470		1,951,987
				3,574,930
South Korea — 3.57%
D’Alba Global Company Ltd.		15,672		2,417,985
HD Hyundai Marine Solution Co		21,600		3,932,191
HPSP Company Ltd.^(a)		77,800		2,836,771
Sanil Electric Company Ltd.^(a)		17,800		3,271,615
				12,458,562
Sweden — 7.25%
AddLife A.B.^(a)		60,900		949,617
AddTech AB		70,007		2,571,201
Asker Healthcare Group AB^(a)		1,145,927		9,377,380
Bergman & Beving A.B.^(a)		17,205		585,619
Lagercrantz Group AB^(a)		112,216		2,967,526
Roko AB^(a)		13,500		2,533,892
Vimian Group AB^(a)		1,940,075		6,325,212
				25,310,447
Switzerland — 0.60%
R&S Group Holding A.G. 144A^(a)(b)(c)		62,000		2,082,045

Taiwan — 3.25%
Airtac International Group^(a)		89,000		4,167,438
Jentech Precision Industrial Co., Ltd.^(a)		23,000		4,015,806
P-Duke Technology Company Ltd.		179,944		679,697
Voltronic Power Technology Corporation		100,000		2,492,112
				11,355,053
United Arab Emirates — 0.59%
Spinneys 1961 Holding PLC		6,381,375		2,055,657

United Kingdom — 17.25%
Advanced Medical Solutions Group		1,095,221		3,646,241
Cohort plc^(a)		171,596		2,852,241
CVS Group plc		453,489		7,183,685
Diploma plc		132,438		12,530,590
Elixirr International PLC		217,602		2,189,090
Games Workshop Group plc		6,748		1,789,285
Hill & Smith Holdings plc		80,975		2,846,688
Marex Group PLC		66,861		3,567,034
Pollen Street Group Ltd		140,648		1,628,278
Renew Holdings PLC		251,182		3,092,449
Rosebank Industries plc^(a)		1,136,562		5,720,846
Softcat PLC		113,667		2,133,677

	Shares		Fair Value
COMMON STOCKS — 99.45%
Australia — 5.23%
Imdex Ltd^(a)		108,648	$	319,616
IPD Group Ltd/Australia		179,198		725,101
MA Financial Group Ltd		148,255		751,469
Mader Group Ltd		58,948		319,166
Navigator Global Investments Limited		210,414		378,024
Pinnacle Investment Management Group		81,159		886,314
PWR Holdings Ltd.		50,879		320,052
Qualitas Ltd^(b)		387,733		674,400
				4,374,142
Belgium — 1.48%
Azelis Group N.V.		18,523		245,462
Lotus Bakeries N.V.^(a)		17		204,687
Melexis NV		5,783		486,747
X-Fab Silicon Foundries S.E. 144A^(a)(b)(c)		40,870		303,534
				1,240,430
Brazil — 1.50%
Track & Field Co SA		228,900		713,451
Vivara Participacoes S.A.		38,400		200,332
WEG S.A.		37,500		341,191
				1,254,974
Canada — 3.12%
5N Plus, Inc.^(a)		22,000		530,735
Aritzia Inc^(a)		2,630		277,583
BioSyent, Inc.		36,300		390,156
Groupe Dynamite, Inc.		6,600		431,212
Kraken Robotics, Inc.^(a)		68,400		393,266
Richelieu Hardware, Ltd.		6,449		188,573
TerraVest Industries, Inc.		3,895		397,305
				2,608,830
China — 2.65%
Beijing Huafeng Test & Control^(a)		12,200		628,362
DPC Dash Ltd. 144A^(a)(b)(c)		31,800		204,622
Shenzhen New Industries Biomed^(a)		34,609		245,027
Silergy Corp		82,700		1,135,095
				2,213,106
Denmark — 0.32%
Chemometec A/S^(a)		5,257		264,990

Finland — 0.47%
Harvia Oyj		9,440		393,380

France — 1.83%
Antin Infrastructure Partners^(a)		18,775		233,259
Thermador Groupe		2,386		193,815
Virbac S.A.		2,519		1,100,473
				1,527,547
Germany — 1.95%
Dermapharm Holding SE		6,715		365,348
Elmos Semiconductor AG		1,930		417,529
Gabler Group A.G.^(a)		7,277		321,182
Pfisterer Holding S.E.^(a)		4,288		522,142
				1,626,201
Hong Kong — 0.38%
Plover Bay Tech^(b)		332,700		321,588

	Shares		Fair Value
COMMON STOCKS — 99.45% (continued)
India — 5.25%
360 ONE WAM Ltd.		21,822	$	239,182
Action Construction Equipment Ltd.^(a)		39,749		374,748
Aditya Vision Ltd		81,852		454,834
Anant Raj Ltd.^(a)		72,734		376,671
Cartrade Tech Ltd.^(a)		8,273		142,469
Gulf Oil Lubricants India Ltd.		25,707		268,203
Indigo Paints Ltd		22,561		206,224
PB Fintech Ltd^(a)		48,221		852,410
Rainbow Children’s Medicare Ltd.^(a)		19,482		259,276
SJS Enterprises Ltd		34,902		670,937
Supriya Lifescience Ltd		46,045		340,122
Varun Beverages Ltd.		37,705		205,737
				4,390,813
Indonesia — 0.64%
Cisarua Mountain Dairy PT TBK		1,420,000		345,947
Hartadinata Abadi Tbk PT		1,213,400		191,743
				537,690
Israel — 0.27%
Next Vision Stabilized Systems		2,005		229,790

Italy — 2.81%
Interpump Group SpA		16,020		675,486
Moncler S.p.A.		7,121		429,979
Pharmanutra SpA		4,405		408,159
Recordati SpA		14,381		839,815
				2,353,439
Japan — 9.77%
AZOOM Co Ltd		13,500		351,582
BuySell Technologies Company Ltd.		14,600		312,890
Charm Care Corp KK		62,300		511,491
Integral Corp		27,600		651,211
Istyle, Inc.^(a)		67,600		201,189
Japan Elevator Service Holdings Company Ltd.		45,600		461,306
Kandenko Company Ltd.		9,600		418,737
Kinden Corp		8,300		444,691
Kitz Corp		23,000		309,625
Kotobuki Spirits Co Ltd		16,000		205,664
Lifedrink Co., Inc.^(a)		21,300		187,875
Mani, Inc.		46,600		508,725
Maruwa Co Ltd/Aichi		1,600		755,798
Monotaro Company, Ltd.		40,000		475,594
PR Times Corp		16,300		218,533
Seiwa Holdings Company Ltd.^(a)		28,800		371,023
Shin Maint Holdings Company Ltd.		35,000		230,551
Tokyo Ohka Kogyo Co Ltd		7,400		435,014
Tokyo Seimitsu Company Limited		4,200		464,049
Totech Corp		13,700		334,587
Visional Inc^(a)		6,800		321,086
				8,171,221
Luxembourg — 0.92%
Eurofins Scientific S.E.		11,014		765,738

Mexico — 2.02%
BBB Foods Inc^(a)		5,980		218,270

	Shares		Fair Value
COMMON STOCKS — 98.78%
Australia — 2.29%
ALS Ltd.^(a)		28,592	$	446,487
Pinnacle Investment Management Group		139,432		1,522,696
				1,969,183
Belgium — 1.28%
Melexis NV		13,113		1,103,704

Canada — 3.79%
5N Plus, Inc.^(a)		29,100		702,018
Aritzia Inc^(a)		10,700		1,129,330
TerraVest Industries Inc		14,100		1,438,254
				3,269,602
China — 2.52%
Silergy Corp		158,000		2,168,622

France — 1.46%
Virbac S.A.CA		2,873		1,255,124

Germany — 1.05%
Pfisterer Holding S.E.^(a)		7,401		901,207

India — 0.80%
Motherson Sumi Wiring India Ltd.^(a)		1,596,429		687,777

Italy — 4.01%
Interpump Group SpA		24,390		1,028,408
Moncler SpA^(a)		6,271		378,654
Recordati SpA		27,184		1,587,478
Technoprobe SpA^(a)		21,220		460,624
				3,455,164
Japan — 11.14%
Asahi Intecc Company Ltd.^(a)		30,400		639,650
Japan Elevator Service Holdings Company Ltd.		234,000		2,367,227
Kandenko Company Ltd.		30,400		1,326,001
Kinden Corp		23,200		1,242,992
Maruwa Co Ltd/Aichi		1,600		755,798
Monotaro Company, Ltd.		108,500		1,290,049
Next Generation Technology Group, Inc.^(a)		7,500		650,368
Sinfonia Technology Company Ltd.		5,700		523,929
Tokyo Seimitsu Company Limited		7,300		806,562
				9,602,576
Luxembourg — 1.32%
Eurofins Scientific S.E.		16,352		1,136,857

Mexico — 1.70%
BBB Foods Inc^(a)		17,194		627,581
Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR		235,365		839,743
				1,467,324
Netherlands — 1.91%
BE Semiconductor Industries N.V.		2,572		752,474
IMCD N.V.^(a)		7,622		896,382
				1,648,856
South Korea — 7.45%
Hanwha Aerospace Company Ltd.^(a)		784		758,235
HD Hyundai Marine Solution Co		11,721		2,133,760

	Shares		Fair Value
COMMON STOCKS — 98.78% (continued)
South Korea — 7.45% (continued)
HPSP Company Ltd.		35,696	$	1,301,560
Park Systems Corp		3,281		650,329
Sanil Electric Company Ltd.^(a)		8,581		1,577,176
				6,421,060
Sweden — 10.26%
AddLife A.B.^(a)		59,879		933,696
AddTech A.B.		42,827		1,572,940
Asker Healthcare Group AB^(a)		171,383		1,402,466
INVISIO A.B.^(a)		15,782		457,143
Lagercrantz Group A.B.		74,527		1,970,849
Lifco AB, Class B		26,090		820,968
Roko AB^(a)		4,560		855,892
Vimian Group AB^(a)		252,384		822,846
				8,836,800
Switzerland — 2.01%
Belimo Holding AG		702		642,814
VAT Group A.G. 144A^(b)(c)		1,446		1,086,225
				1,729,039
Taiwan — 5.75%
Acter Company LTD^(a)		20,000		536,179
Airtac International Group^(a)		14,000		655,552
Asia Vital Components Co., Ltd.		12,000		1,101,821
ASPEED Technology, Inc.		3,000		1,617,389
Jentech Precision Industrial Co., Ltd.^(a)		6,000		1,047,601
				4,958,542
United Kingdom — 9.74%
Diploma plc		26,382		2,496,127
Halma plc		15,891		956,035
Marex Group PLC		28,551		1,523,196
Rosebank Industries plc^(a)		589,534		2,967,399
Zegona Communications plc^(a)		19,039		454,397
				8,397,154
United States — 30.30%
Arxis, Inc.^(a)		9,607		336,245
Bio-Techne Corporation		14,701		813,259
Core & Main, Inc., Class A^(a)		17,579		885,454
Cross Creek LP^(a)(d)		1,300,000		463,830
CSW Industrials, Inc.		2,252		655,782
Dexcom, Inc.^(a)		13,912		828,460
Ensign Group, Inc. (The)		4,584		855,787
Federal Signal Corporation		8,846		1,089,208
Installed Building Products, Inc.		2,363		681,844
ITT, Inc.		5,640		1,208,878
Kadant, Inc.		5,976		1,751,744
Karman Holdings, Inc.^(a)		8,903		605,226
LeMaitre Vascular, Inc.		14,910		1,636,372
Littelfuse, Inc.		4,260		1,721,764
Loar Holdings, Inc.^(a)		19,885		1,115,946
Modine Manufacturing Company^(a)		3,191		812,524
Monolithic Power Systems, Inc.		1,415		2,284,390
nVent Electric PLC		4,845		692,350
Perella Weinberg Partners		40,898		930,021
Pjt Partners, Inc., Class A		8,406		1,283,932
Primoris Services Corporation		19,016		3,444,749
RBC Bearings, Inc.^(a)		918		549,965
SPX Technologies, Inc.^(a)		2,213		484,448

	Shares		Fair Value
COMMON STOCKS SOLD SHORT
Canada
Docebo Inc.^(a)		13,843	$	264,955

Isreal
Monday.com Ltd.^(a)		3,556		234,234

United States
Appian Corporation^(a)		10,414		216,507
C3.ai, Inc.^(a)		18,942		167,258
Sprinklr, Inc.^(a)		41,423		203,801
Uipath Inc., Class^(a)		22,559		232,358
				819,924
Total Common Stocks Sold Short (Proceeds $1,309,902)				1,319,113

	Shares		Fair Value
COMMON STOCKS — 95.56%
Australia — 4.42%
IPD Group Ltd/Australia		446,884	$	1,808,257
MA Financial Group Ltd		442,352		2,242,176
Pinnacle Investment Management Group		404,423		4,416,586
				8,467,019
Belgium — 3.13%
Melexis NV		56,910		4,790,039
X-Fab Silicon Foundries S.E. 144A^(a)(b)(c)		161,619		1,200,316
				5,990,355
Canada — 4.10%
5N Plus, Inc.^(a)		85,300		2,057,805
Aritzia Inc^(a)		31,401		3,314,214
Richelieu Hardware, Ltd.		27,336		799,324
TerraVest Industries, Inc.		16,500		1,683,064
				7,854,407
China — 4.45%
Centre Testing Int		606,400		1,477,279
Silergy Corp		513,996		7,054,829
				8,532,108
Denmark — 0.12%
Chemometec A/S^(a)		4,729		238,375

France — 2.03%
Virbac S.A.		8,930		3,901,239

Germany — 4.05%
ARENIT Industrie GmbH^(a)		137,806		1,134,415
Atoss Software AG		16,223		1,508,231
Dermapharm Holding SE		17,564		955,619
Elmos Semiconductor AG		15,475		3,347,800
Gabler Group A.G.^(a)		18,638		822,619
				7,768,684
India — 4.85%
Action Construction Equipment Ltd.^(a)		78,684		741,822
Anant Raj Ltd.^(a)		256,653		1,329,142
Gulf Oil Lubricants India Ltd.		161,771		1,687,772
Motherson Sumi Wiring India Lt		3,129,719		1,348,352
SJS Enterprises Ltd		145,214		2,791,515
Supriya Lifescience Ltd^(a)		188,647		1,393,486
				9,292,089
Indonesia — 0.45%
Cisarua Mountain Dairy PT TBK		3,509,700		855,049

Italy — 4.91%
Interpump Group SpA		117,210		4,942,179
Recordati SpA		76,514		4,468,227
				9,410,406
Japan — 13.92%
AZOOM Co Ltd		41,000		1,067,766
Charm Care Corp KK		77,000		632,180
Integral Corp		63,700		1,502,975
Japan Elevator Service Holdings Company Ltd.		309,400		3,130,001
Kandenko Company Ltd.		45,200		1,971,554
Kinden Corp		21,800		1,167,984
Kitz Corp		146,700		1,974,866
Kotobuki Spirits Co Ltd		113,600		1,460,215

	Shares		Fair Value
COMMON STOCKS — 95.56% (continued)
Japan — 13.92% (continued)
Lifedrink Co., Inc.^(a)		89,200	$	786,783
Mani, Inc.		191,600		2,091,668
Maruwa Company Ltd.		6,700		3,164,904
Monotaro Company, Ltd.^(a)		96,100		1,142,615
Next Generation Technology Group, Inc.^(a)		22,900		1,985,790
Tokyo Seimitsu Company Limited		24,200		2,673,807
Totech Corp		57,800		1,411,614
ULS Group Inc		162,400		518,358
				26,683,080
Luxembourg — 1.19%
Eurofins Scientific S.E.		32,891		2,286,716

Mexico — 1.83%
Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR		51,442		1,831,335
Regional SAB de CV		199,500		1,674,527
				3,505,862
Philippines — 0.77%
Philippine Seven Corp		1,669,600		924,228
Puregold Price Club, Inc.		793,000		556,152
				1,480,380
Saudi Arabia — 0.94%
Rasan Information Technology Company^(a)		47,860		1,804,904

South Korea — 6.46%
D’Alba Global Company Ltd.		20,388		3,145,603
Global Tax Free Company Ltd.^(a)		383,855		1,566,269
HD Hyundai Marine Solution Co		13,613		2,478,191
HPSP Company Ltd.		57,748		2,105,628
Pumtech Korea Company Ltd.		49,567		1,399,635
Sanil Electric Company Ltd.^(a)		9,211		1,692,969
				12,388,295
Sweden — 6.54%
AddLife A.B.^(a)		31,698		494,268
AddTech A.B.		42,085		1,545,688
Asker Healthcare Group AB^(a)		290,048		2,373,528
Bergman & Beving A.B.^(a)		10,341		351,984
BoneSupport Holding AB^(a)(b)(c)		56,854		1,372,656
Lagercrantz Group AB^(a)		66,703		1,763,945
Swedish Logistic^(a)		406,609		1,666,990
Vimian Group AB^(a)		907,794		2,959,674
				12,528,733
Switzerland — 0.70%
R&S Group Holding A.G. 144A^(a)(b)(c)		39,794		1,336,337

Taiwan — 8.76%
Airtac International Group^(a)		74,000		3,465,061
Asia Vital Components Co., Ltd.		35,000		3,213,646
ASPEED Technology, Inc.		5,000		2,695,648
Jentech Precision Industrial Co., Ltd.^(a)		16,000		2,793,604
P-Duke Technology Company Ltd.		264,000		997,199
Sinbon Electronics Co., Limited		72,000		650,146
Sporton International, Inc.		420,338		2,965,313
				16,780,617

	Shares		Fair Value
COMMON STOCKS — 99.62%
Australia — 2.93%
ALS Ltd.^(a)		449,988	$	7,026,923
Imdex Ltd.^(a)		1,755,702		5,164,852
Pinnacle Investment Management Group		2,440,994		26,657,387
				38,849,162
Belgium — 1.45%
Melexis NV		228,345		19,219,497

Canada — 5.69%
5N Plus, Inc.^(a)		570,500		13,762,927
Aritzia Inc^(a)		259,319		27,369,782
Kraken Robotics, Inc.^(a)		1,239,900		7,128,800
TerraVest Industries Inc		265,100		27,041,223
				75,302,732
China — 2.50%
Silergy Corp		2,408,805		33,061,946

France — 2.47%
Exosens S.A.S^(a)		155,305		11,861,904
Virbac S.A.CA		47,661		20,821,605
				32,683,509
Germany — 3.11%
AIXTRON SE		272,902		15,081,431
Dermapharm Holding SE		171,577		9,335,126
Pfisterer Holding S.E.^(a)		137,311		16,720,122
				41,136,679
India — 2.11%
Anant Raj Ltd.^(a)		1,877,365		9,722,404
Motherson Sumi Wiring India Ltd.^(a)		25,160,809		10,839,832
Rainbow Children’s Medicare Ltd.		551,925		7,345,296
				27,907,532
Italy — 4.73%
Interpump Group SpA		470,706		19,847,396
Moncler SpA^(a)		110,475		6,670,676
Recordati SpA		492,397		28,754,760
Technoprobe SpA^(a)		341,534		7,413,699
				62,686,531
Japan — 13.38%
Asahi Intecc Company Ltd.^(a)		604,000		12,708,830
Japan Elevator Service Holdings Company Ltd.		4,348,332		43,989,277
Kandenko Company Ltd.		483,700		21,098,248
Kinden Corp		378,800		20,295,060
Kotobuki Spirits Co Ltd		500,400		6,432,144
Maruwa Co Ltd/Aichi		29,500		13,935,026
Monotaro Company, Ltd.		2,005,600		23,846,289
Next Generation Technology Group, Inc.^(a)		122,200		10,596,660
Sinfonia Technology Company Ltd.		99,100		9,109,003
Tokyo Seimitsu Company Limited		136,362		15,066,349
				177,076,886
Luxembourg — 1.66%
Eurofins Scientific S.E.		316,667		22,015,972

Mexico — 2.69%
BBB Foods Inc^(a)		527,407		19,250,356

	Shares		Fair Value
COMMON STOCKS — 99.62% (continued)
Mexico — 2.69% (continued)
Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR		4,600,229	$	16,412,840
				35,663,196
Netherlands — 2.48%
BE Semiconductor Industries N.V.		48,339		14,142,234
IMCD N.V.^(a)		159,311		18,735,697
				32,877,931
South Korea — 9.92%
D’Alba Global Company Ltd.		71,169		10,980,449
Hanwha Aerospace Company Ltd.^(a)		13,423		12,981,866
HD Hyundai Marine Solution Co		203,555		37,056,352
HPSP Company Ltd.		570,296		20,794,337
LEENO Industrial Inc.		82,792		6,807,069
Park Systems Corp		50,651		10,039,572
Sanil Electric Company Ltd.^(a)		177,474		32,619,472
				131,279,117
Sweden — 11.35%
AddLife A.B.^(a)		706,302		11,013,400
AddTech A.B.		688,872		25,300,736
Asker Healthcare Group AB^(a)		2,692,269		22,031,447
INVISIO A.B.^(a)		354,969		10,282,067
Lagercrantz Group AB		1,292,775		34,187,136
Lifco AB, Class B		433,115		13,628,730
Roko AB^(a)		105,386		19,780,499
Vimian Group AB^(a)		4,313,646		14,063,748
				150,287,763
Switzerland — 4.33%
Accelleron Industries A.G.^(a)		94,798		10,155,863
Belimo Holding AG		13,283		12,163,097
Huber + Suhner A.G.		37,538		10,901,290
VAT Group A.G. 144A^(a)(b)(c)		24,953		18,744,511
Ypsomed Holding AG		15,511		5,418,642
				57,383,403
Taiwan — 9.58%
Acter Company LTD^(a)		436,000		11,688,705
Airtac International Group^(a)		468,000		21,914,170
Asia Vital Components Co., Ltd.		168,000		15,425,499
ASPEED Technology, Inc.		48,145		25,956,397
Chroma ATE, Inc.		272,000		18,639,681
Hon Precision, Inc.^(a)		111,000		17,470,590
Jentech Precision Industrial Co., Ltd.^(a)		90,000		15,714,023
				126,809,065
United Kingdom — 13.58%
Diploma plc		489,959		46,357,353
Games Workshop Group plc		22,983		6,094,121
Halma plc		373,514		22,471,370
Hill & Smith Holdings plc		194,766		6,847,028
Marex Group PLC		451,786		24,102,783
Rosebank Industries plc^(a)		10,039,622		50,534,094
Volution Group PLC		1,867,278		15,597,060
Zegona Communications plc^(a)		324,480		7,744,240
				179,748,049
United States — 5.66%
ITT, Inc.		64,481		13,820,858
Kadant, Inc.		40,632		11,910,458
Monolithic Power Systems, Inc.		22,867		36,916,713