Grandeur Peak Emerging Markets Opportunities Fund
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
			Value
	Shares		(Note 2)
COMMON STOCKS (98.35%)
Argentina (0.85%)
Globant SA^(a)		24,017	$	5,743,906

Bangladesh (0.68%)
Square Pharmaceuticals, Ltd.		1,759,296		4,605,161

Brazil (8.95%)
Arco Platform, Ltd., Class A^(a)		110,316		3,210,196
Blau Farmaceutica SA^(a)		410,000		4,070,676
Fleury SA		1,035,600		4,668,725
Hypera SA		680,200		4,658,519
Instituto Hermes Pardini SA		1,092,400		4,142,447
Locaweb Servicos de Internet SA^(b)(c)		1,665,100		7,995,805
Magazine Luiza SA		668,600		2,644,489
Neogrid Participacoes SA		2,019,000		2,364,691
Pagseguro Digital, Ltd., Class A^(a)		205,306		11,382,165
Patria Investments, Ltd.		321,140		5,025,841
Raia Drogasil SA		507,000		2,461,869
TOTVS SA		607,700		4,110,646
Vasta Platform^(a)		192,634		1,356,143
Westwing Comercio Varejista Ltda^(a)		1,323,500		2,241,304
				60,333,516

China (18.13%)
Alibaba Group Holding, Ltd.^(a)		101,800		2,475,850
ANTA Sports Products, Ltd.		232,000		5,054,284
Baozun, Inc.^(a)		440,500		3,741,145
Chaoju Eye Care Holdings, Ltd.^(a)		1,649,500		3,056,536
CSPC Pharmaceutical Group, Ltd.		4,336,720		5,848,404
Fu Shou Yuan International Group, Ltd.		4,638,000		4,422,457
Guangzhou KDT Machinery Co., Ltd.		728,171		3,426,395
Hangzhou Robam Appliances Co., Ltd., Class A		1,123,400		6,777,323
Hangzhou Tigermed Consulting Co., Ltd., Class A		125,050		3,052,504
JD.com, Inc., Class A^(a)		91,900		3,271,014
Jiangsu Hengrui Medicine Co., Ltd., Class A		210,096		1,769,593
Li Ning Co., Ltd.		599,700		6,320,227
Man Wah Holdings, Ltd.		2,750,000		5,513,341
ManpowerGroup Greater China, Ltd.^(c)		2,266,500		2,712,398
O2Micro International, Ltd., ADR^(a)		492,890		3,829,755
Silergy Corp.		179,422		24,156,046
Suofeiya Home Collection Co., Ltd., Class A		2,584,559		7,650,035

			Value
	Shares		(Note 2)
China (continued)
Tencent Holdings, Ltd.		58,900	$	3,630,492
TK Group Holdings, Ltd.		9,808,400		3,546,657
Trip.com Group, Ltd., ADR^(a)		187,869		4,871,443
WuXi AppTec Co., Ltd., Class H^(b)(c)		287,500		6,355,880
Wuxi Biologics Cayman, Inc.^(a)(b)(c)		373,500		5,695,393
Yum China Holdings, Inc.		83,200		5,089,759
				122,266,931

Colombia (0.77%)
Parex Resources, Inc.		315,631		5,186,306

Egypt (0.47%)
African Export-Import Bank, GDR		500,000		1,450,000
Integrated Diagnostics Holdings PLC^(b)(c)		1,484,400		1,736,748
				3,186,748

Georgia (1.18%)
Bank of Georgia Group PLC^(a)		185,712		3,872,119
TBC Bank Group PLC^(a)		240,293		4,054,874
				7,926,993

Greece (1.59%)
JUMBO SA		277,659		4,413,612
Sarantis SA		603,670		6,301,730
				10,715,342

Hong Kong (1.90%)
Jacobson Pharma Corp., Ltd.^(c)		4,715,800		382,305
Plover Bay Technologies, Ltd.^(c)		8,956,000		2,915,743
Techtronic Industries Co., Ltd.		351,000		6,273,705
Vitasoy International Holdings, Ltd.		1,156,383		3,243,941
				12,815,694

India (18.38%)
Avenue Supermarts, Ltd.^(a)(b)(c)		62,000		2,916,745
Castrol India, Ltd.		2,727,212		5,072,178
Cera Sanitaryware, Ltd.		59,200		3,542,533
City Union Bank, Ltd.		1,756,435		3,546,387
Computer Age Management Services, Ltd.		203,629		9,141,619
EPL, Ltd.		1,135,862		3,763,311
Gulf Oil Lubricants India, Ltd.		264,757		2,309,931
Happiest Minds Technologies, Ltd.		292,030		5,343,386
HCL Technologies, Ltd.		372,289		5,127,698
HDFC Asset Management Co., Ltd.^(b)(c)		74,500		2,857,410
HDFC Bank, Ltd.		342,947		6,573,900
Home First Finance Co. India, Ltd.^(a)(b)(c)		502,237		4,050,494
IndiaMart InterMesh, Ltd.^(b)(c)		115,705		11,109,872

			Value
	Shares		(Note 2)
India (continued)
L&T Technology Services, Ltd.^(b)(c)		110,252	$	5,491,043
Larsen & Toubro Infotech, Ltd.^(b)(c)		64,573		4,064,806
Marico, Ltd.		345,835		2,540,724
Metropolis Healthcare, Ltd.^(b)(c)		372,701		14,247,681
Nippon Life India Asset Management, Ltd.^(b)(c)		781,684		4,192,301
Polycab India, Ltd.		201,825		5,019,249
Vaibhav Global, Ltd.		451,851		5,038,277
WNS Holdings, Ltd., ADR^(a)		219,195		18,048,516
				123,998,061

Indonesia (2.81%)
Ace Hardware Indonesia Tbk PT		26,020,300		2,374,887
Arwana Citramulia Tbk PT		45,188,500		2,359,019
Bank Central Asia Tbk PT		1,820,100		3,756,611
Bank Tabungan Pensiunan Nasional Syariah		14,450,300		2,368,001
Selamat Sempurna Tbk PT		52,028,900		4,874,618
Ultrajaya Milk Industry & Trading Co. Tbk PT		30,552,300		3,232,153
				18,965,289

Kenya (0.64%)
Safaricom PLC		11,096,600		4,286,394

Malaysia (0.14%)
Scicom MSC Bhd		3,545,500		924,182

Mexico (0.96%)
Regional SAB de CV		1,048,200		6,502,592

Philippines (3.74%)
AllHome Corp.^(a)		20,298,765		2,964,509
Concepcion Industrial Corp.		1,861,792		776,600
Philippine Seven Corp.		1,023,000		1,882,885
Puregold Price Club, Inc.		8,060,000		6,498,310
Robinsons Land Corp.		11,011,600		3,546,799
Wilcon Depot, Inc.		21,691,900		9,547,300
				25,216,403

Poland (4.17%)
Allegro.eu SA^(a)(b)(c)		191,735		3,289,730
Dino Polska SA^(a)(b)(c)		181,551		14,528,792
LiveChat Software SA		221,945		7,408,729
Mo-BRUK SA		11,329		985,130
PGS Software SA		491,023		1,911,835
				28,124,216

Russia (2.41%)
HeadHunter Group PLC, ADR		141,100		6,015,093
TCS Group Holding PLC, GDR^(c)		64,357		5,323,611

			Value
	Shares		(Note 2)
Russia (continued)
Yandex NV, Class A^(a)		72,377	$	4,916,570
				16,255,274

Singapore (0.51%)
Riverstone Holdings, Ltd./Singapore		3,882,400		3,467,068

South Africa (2.56%)
Capitec Bank Holdings, Ltd.		23,200		2,575,930
Clicks Group, Ltd.		216,900		3,924,297
Italtile, Ltd.		3,636,472		3,971,235
Transaction Capital, Ltd.		2,762,895		6,788,787
				17,260,249

South Korea (5.94%)
Douzone Bizon Co., Ltd.		93,149		6,778,154
Hyundai Ezwel Co., Ltd.		363,272		3,853,005
LEENO Industrial, Inc.		19,622		3,050,131
LG Household & Health Care, Ltd.		5,701		7,231,262
NAVER Corp.		13,560		5,110,419
Orion Corp./Republic of Korea		39,289		4,013,438
Suprema, Inc.^(a)		80,278		1,957,660
Tokai Carbon Korea Co., Ltd.		47,654		8,066,276
				40,060,345

Taiwan (11.41%)
ASPEED Technology, Inc.		54,000		4,335,062
Bioteque Corp.		1,036,000		4,038,048
Brighten Optix Corp.		268,000		2,510,853
eMemory Technology, Inc.		74,000		3,466,476
FineTek Co., Ltd.		564,500		1,766,270
GEM Services, Inc./Tw		1,064,000		4,527,660
M3 Technology, Inc.		352,000		1,667,799
M31 Technology Corp.		164,000		2,307,670
momo.com, Inc.		172,400		9,617,164
Pacific Hospital Supply Co., Ltd.		500,384		1,270,419
Poya International Co., Ltd.		591,000		12,616,735
Realtek Semiconductor Corp.		259,000		5,445,807
Sinbon Electronics Co., Ltd.		290,000		2,488,825
Sporton International, Inc.		827,760		7,163,166
Voltronic Power Technology Corp.		185,608		9,026,529
Wistron Information Technology & Services Corp.		1,321,000		4,700,143
				76,948,626

Thailand (2.14%)
Humanica PCL		9,664,000		2,793,276
Muangthai Capital PCL		1,779,000		3,234,053
Netbay PCL		2,654,200		1,986,562
TOA Paint Thailand PCL		2,776,000		3,040,572
TQM Corp. PCL		990,000		3,373,545
				14,428,008

			Value
	Shares		(Note 2)
Turkey (0.25%)
DP Eurasia NV^(a)(b)(c)		1,646,300	$	1,693,395

United States (3.20%)
Bizlink Holding, Inc.		403,000		3,703,594
Frontage Holdings Corp.^(a)(b)(c)		9,174,000		7,142,148
Genpact, Ltd.		216,146		10,766,232
				21,611,974

Vietnam (4.57%)
FPT Corp.		1,917,857		7,853,564
Lix Detergent JSC		437,310		1,118,279
Orient Commercial Joint Stock Bank^(a)		3,213,400		4,199,608
Vietnam Dairy Products JSC		1,899,622		7,125,134
Vietnam Technological & Commercial Joint Stock Bank^(a)		3,440,269		7,658,364
Vincom Retail JSC^(a)		2,386,220		2,874,275
				30,829,224
TOTAL COMMON STOCKS
(Cost $433,298,324)				663,351,897

TOTAL INVESTMENTS (98.35%)
(Cost $433,298,324)			$	663,351,897

Other Assets In Excess Of Liabilities (1.65%)				11,116,345

NET ASSETS (100.00%)			$	674,468,242

^(a)	Non-Income Producing Security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021, these securities had a total aggregate market value of $97,368,243, representing 14.44% of net assets.
^(c)	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2021, the aggregate market value of these securities was $108,702,300, representing 16.12% of net assets.

For Fund compliance purposes, the Fund's geographical classifications refer to any one or more of the country sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.

See Notes to Quarterly Portfolio of Investments.

Sector Composition (July 31, 2021) (Unaudited)
Technology		30.8%
Consumer		28.8%
Financials		12.9%
Health Care		12.4%
Industrials		10.6%
Energy & Materials		2.9%
Cash, Cash Equivalents, & Other Net Assets		1.6%
Total		100%

Industry Composition (July 31, 2021) (Unaudited)
IT Services		13.5%
Semiconductors & Semiconductor Equipment		8.8%
Banks		7.5%
Food & Staples Retailing		4.8%
Software		4.6%
Internet & Direct Marketing Retail		4.4%
Health Care Providers & Services		4.1%
Specialty Retail		3.5%
Life Sciences Tools & Services		3.3%
Professional Services		3.2%
Household Durables		3.0%
Electrical Equipment		2.9%
Food Products		2.6%
Pharmaceuticals		2.6%
Textiles, Apparel & Luxury Goods		2.4%
Personal Products		2.4%
Multiline Retail		2.3%
Interactive Media & Services		2.0%
Machinery		2.0%
Capital Markets		1.8%
Health Care Equipment & Supplies		1.7%
Trading Companies & Distributors		1.7%
Chemicals		1.5%
Consumer Finance		1.5%
Diversified Consumer Services		1.3%
Hotels, Restaurants & Leisure		1.0%
Building Products		1.0%
Other Industries (each less than 1%)		7.0%
Cash and Other Assets, Less Liabilities		1.6%
Total		100%

Grandeur Peak Global Contrarian Fund
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
			Value
	Shares		(Note 2)
COMMON STOCKS (97.33%)
Australia (4.91%)
Fiducian Group, Ltd.		322,731	$	1,681,532
Kogan.com, Ltd.		69,200		527,628
QANTM Intellectual Property, Ltd.		1,625,801		1,348,193
				3,557,353

Austria (0.47%)
Schoeller-Bleckmann Oilfield Equipment AG^(a)		9,402		342,960

Bangladesh (0.71%)
Square Pharmaceuticals, Ltd.		197,390		516,691

Belgium (0.47%)
X-Fab Silicon Foundries SE^(a)(b)(c)		35,756		338,053

Brazil (0.97%)
Patria Investments, Ltd.		44,821		701,449

Britain (10.41%)
B&M European Value Retail SA		132,835		1,021,069
City of London Investment Group PLC		89,084		631,520
Clinigen Group PLC		42,443		353,682
De La Rue PLC^(a)		380,987		953,235
K3 Capital Group PLC		132,654		625,083
Manolete Partners PLC		156,724		555,512
On the Beach Group PLC^(a)(b)(c)		210,299		950,032
Premier Miton Group PLC		423,726		1,030,720
Ultra Electronics Holdings PLC		32,251		1,421,085
				7,541,938

Canada (3.70%)
BioSyent, Inc.^(a)		137,887		856,544
Guardian Capital Group, Ltd.		51,292		1,356,714
Kirkland Lake Gold, Ltd.		10,828		463,028
				2,676,286

China (5.31%)
ManpowerGroup Greater China, Ltd.^(c)		866,500		1,036,970
O2Micro International, Ltd., ADR^(a)		99,080		769,852
TK Group Holdings, Ltd.		2,144,000		775,257
Xin Point Holdings, Ltd.^(c)		3,001,000		1,266,644
				3,848,723

Colombia (1.00%)
Parex Resources, Inc.		44,114		724,861

			Value
	Shares		(Note 2)
France (1.76%)
Neurones		16,588	$	592,295
Rothschild & Co.		11,143		417,041
Thermador Groupe		2,347		261,709
				1,271,045

Georgia (0.99%)
Bank of Georgia Group PLC^(a)		18,357		382,746
TBC Bank Group PLC^(a)		19,644		331,487
				714,233

Germany (1.29%)
Deutsche Industrie REIT AG		33,991		685,473
Norma Group SE		4,641		245,431
				930,904

Greece (1.96%)
Kri-Kri Milk Industry SA		85,527		892,820
Sarantis SA		50,487		527,035
				1,419,855

Hong Kong (3.69%)
Jacobson Pharma Corp., Ltd.^(c)		2,980,000		241,586
Plover Bay Technologies, Ltd.^(c)		7,457,000		2,427,724
				2,669,310

India (2.90%)
Gulf Oil Lubricants India, Ltd.		46,213		403,195
Mahanagar Gas, Ltd.^(c)		39,737		623,355
Time Technoplast, Ltd.		969,146		1,071,186
				2,097,736

Indonesia (1.17%)
Map Aktif Adiperkasa PT^(a)		4,543,100		513,602
Selamat Sempurna Tbk PT		3,587,700		336,134
				849,736

Ireland (0.47%)
Irish Residential Properties REIT PLC		186,406		340,532

Italy (1.25%)
Banca Sistema SpA^(a)(b)(c)		177,583		448,703
Piovan SpA^(b)(c)		50,000		456,707
				905,410

Japan (13.20%)
Amuse, Inc.		29,300		596,924
Beenos, Inc.		28,400		843,936
Copro-Holdings Co., Ltd.		44,400		524,519
Japan Lifeline Co., Ltd.		110,800		1,387,713
Medikit Co., Ltd.		23,100		675,913
Naigai Trans Line, Ltd.		48,600		841,712
Nikkon Holdings Co., Ltd.		30,500		667,522
Seria Co., Ltd.		49,300		1,772,831
Synchro Food Co., Ltd.^(a)		125,900		401,668
Trancom Co., Ltd.		10,600		824,192

			Value
	Shares		(Note 2)
Japan (continued)
YAMADA Consulting Group Co., Ltd.		95,900	$	1,022,771
				9,559,701

Mexico (0.74%)
Regional SAB de CV		86,900		539,091

New Zealand (0.79%)
a2 Milk Co., Ltd.^(a)		132,584		574,549

Oman (0.74%)
Tethys Oil AB		80,922		538,640

Philippines (2.26%)
AllHome Corp.^(a)		2,300,000		335,901
Concepcion Industrial Corp.		726,400		303,000
Pryce Corp.		4,013,600		429,584
Robinsons Land Corp.		1,756,400		565,730
				1,634,215

Poland (0.43%)
Mo-BRUK SA		3,570		310,435

Singapore (0.71%)
Riverstone Holdings, Ltd./Singapore		577,300		515,542

South Africa (0.42%)
Italtile, Ltd.		278,471		304,106

South Korea (0.68%)
HCT Co., Ltd.		32,644		493,811

Sweden (0.35%)
Beijer Alma AB		10,407		253,876

Taiwan (8.50%)
Bioteque Corp.		356,000		1,387,591
FineTek Co., Ltd.		161,000		503,755
Fuzetec Technology Co., Ltd.		130,000		396,996
GEM Services, Inc./Tw		173,000		736,170
Pacific Hospital Supply Co., Ltd.		271,000		688,038
Tehmag Foods Corp.		90,000		1,099,052
Tofu Restaurant Co., Ltd.		124,000		685,071
Wistron Information Technology & Services Corp.		186,000		661,792
				6,158,465

United Arab Emirates (0.77%)
Aramex PJSC		575,000		555,722

United States (20.97%)
Bank of NT Butterfield & Son, Ltd.		50,781		1,682,882
Barrett Business Services, Inc.		24,076		1,762,603

			Value
	Shares		(Note 2)
United States (continued)
Bizlink Holding, Inc.		77,000	$	707,635
Esquire Financial Holdings, Inc.^(a)		43,907		1,059,476
Evolution Petroleum Corp.		254,508		1,074,024
First Hawaiian, Inc.		24,750		681,368
Global Industrial Co.		13,946		551,146
Hackett Group, Inc.		98,173		1,759,260
Healthcare Services Group, Inc.		26,922		702,664
Hingham Institution For Savings The		1,631		487,669
Kimball International, Inc., Class B		81,550		1,009,589
LGI Homes, Inc.^(a)		4,225		722,053
Plumas Bancorp		54,040		1,687,668
Samsonite International SA^(a)(b)(c)		288,000		535,149
TriMas Corp.^(a)		23,031		753,574
				15,176,760

Vietnam (3.34%)
FPT Corp.		167,489		685,862
Lix Detergent JSC		200,000		511,435
Orient Commercial Joint Stock Bank^(a)		537,500		702,462
Vietnam Technological & Commercial Joint Stock Bank^(a)		233,000		518,680
				2,418,439

TOTAL COMMON STOCKS
(Cost $64,048,489)				70,480,427

TOTAL INVESTMENTS (97.33%)
(Cost $64,048,489)			$	70,480,427

Other Assets In Excess Of Liabilities (2.67%)				1,933,906

NET ASSETS (100.00%)			$	72,414,333

^(a)	Non-Income Producing Security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021, these securities had a total aggregate market value of $2,728,644, representing 3.77% of net assets.
^(c)	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2021, the aggregate market value of these securities was $8,324,923, representing 11.50% of net assets.

See Notes to Quarterly Portfolio of Investments.

Sector Composition (July 31, 2021) (Unaudited)
Industrials		26.4%
Financials		22.8%
Consumer		18.4%
Technology		12.9%
Health Care		9.0%
Energy & Materials		6.9%
Utilities		0.9%
Cash, Cash Equivalents, & Other Net Assets		2.7%
Total		100%

Industry Composition (July 31, 2021) (Unaudited)
Banks		11.1%
Professional Services		9.4%
Capital Markets		8.8%
Health Care Equipment & Supplies		6.4%
IT Services		5.1%
Commercial Services & Supplies		4.1%
Multiline Retail		3.9%
Oil, Gas & Consumable Fuels		3.8%
Food Products		3.5%
Machinery		3.4%
Communications Equipment		3.4%
Semiconductors & Semiconductor Equipment		2.5%
Hotels, Restaurants & Leisure		2.3%
Pharmaceuticals		2.2%
Auto Components		2.2%
Road & Rail		2.1%
Aerospace & Defense		2.0%
Internet & Direct Marketing Retail		1.9%
Electrical Equipment		1.7%
Specialty Retail		1.6%
Containers & Packaging		1.5%
Equity Real Estate Investment Trusts (REITs)		1.4%
Marine		1.2%
Trading Companies & Distributors		1.1%
Household Durables		1.0%
Other Industries (each less than 1%)		9.7%
Cash and Other Assets, Less Liabilities		2.7%
Total		100%

Grandeur Peak Global Micro Cap Fund
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
			Value
	Shares		(Note 2)
COMMON STOCKS (99.23%)
Australia (4.45%)
Australian Ethical Investment, Ltd.		57,454	$	345,733
Fiducian Group, Ltd.		172,647		899,546
Kogan.com, Ltd.		154,497		1,177,990
People Infrastructure, Ltd.		76,774		242,264
Redbubble, Ltd.^(a)		38,500		91,540
Temple & Webster Group, Ltd.^(a)		27,368		240,003
Whispir, Ltd.^(a)		111,800		205,111
				3,202,187

Belgium (0.46%)
X-Fab Silicon Foundries SE^(a)(b)(c)		34,819		329,194

Brazil (0.36%)
Neogrid Participacoes SA		220,300		258,020

Britain (12.85%)
AB Dynamics PLC		13,514		351,272
Acacia Pharma Group PLC^(a)		82,311		216,276
Bytes Technology Group PLC^(a)		15,079		101,111
City of London Investment Group PLC		46,732		331,285
Curtis Banks Group PLC		11,837		43,931
CVS Group PLC^(a)		14,441		481,755
dotdigital group PLC		117,100		403,670
Foresight Group Holdings, Ltd.		54,168		293,647
Impax Asset Management Group PLC		59,855		1,003,379
JTC PLC^(b)(c)		60,251		537,671
K3 Capital Group PLC		277,632		1,308,238
Keystone Law Group PLC		56,636		588,072
On the Beach Group PLC^(a)(b)(c)		163,775		739,858
Pensionbee Group PLC^(a)		306,740		728,668
Premier Miton Group PLC		385,142		936,864
Tracsis PLC^(a)		19,300		262,906
Tristel PLC		12,810		107,370
Volution Group PLC		69,601		457,125
XPS Pensions Group PLC^(c)		173,192		355,089
				9,248,187

Canada (1.00%)
Guardian Capital Group, Ltd.		22,300		589,852
Pivotree, Inc.^(a)		26,400		126,964
				716,816

China (2.07%)
O2Micro International, Ltd., ADR^(a)		80,126		622,579

			Value
	Shares		(Note 2)
China (continued)
TK Group Holdings, Ltd.		2,392,600	$	865,149
				1,487,728

Denmark (0.06%)
Trifork AS^(a)		1,500		43,773

Finland (2.30%)
Musti Group Oyj		40,126		1,658,371

France (3.08%)
Esker SA		2,222		703,773
Neurones		9,400		335,639
Sidetrade^(a)		1,250		238,734
Thermador Groupe		5,874		654,997
Wavestone		5,647		281,348
				2,214,491

Georgia (0.26%)
TBC Bank Group PLC^(a)		11,050		186,465

Germany (5.67%)
Bike24 Holding AG^(a)		19,625		412,060
Deutsche Industrie REIT AG		9,460		190,773
Exasol AG^(a)		32,465		725,946
Fashionette AG^(a)		10,926		386,238
hGears AG^(a)		7,851		211,411
Home24 SE^(a)		47,125		839,651
Nexus AG		3,900		310,431
Westwing Group AG^(a)		21,139		1,003,049
				4,079,559

Greece (2.91%)
Kri-Kri Milk Industry SA		83,721		873,966
Sarantis SA		116,542		1,216,586
				2,090,552

Hong Kong (0.82%)
Plover Bay Technologies, Ltd.^(c)		1,816,000		591,223

India (4.57%)
Amrutanjan Health Care, Ltd.		48,853		448,320
Cera Sanitaryware, Ltd.		4,721		282,505
EPL, Ltd.		72,500		240,205
Gufic Biosciences, Ltd.^(a)		99,395		245,900
Gulf Oil Lubricants India, Ltd.		63,717		555,913
Metropolis Healthcare, Ltd.^(b)(c)		18,316		700,187
Vaibhav Global, Ltd.		29,230		325,924
Westlife Development, Ltd.^(a)		65,021		489,525
				3,288,479

Indonesia (1.06%)
Arwana Citramulia Tbk PT		7,920,100		413,460
Selamat Sempurna Tbk PT		3,749,200		351,265
				764,725

			Value
	Shares		(Note 2)
Ireland (0.91%)
Irish Residential Properties REIT PLC		137,000	$	250,276
Uniphar PLC		90,411		403,261
				653,537

Israel (0.24%)
Max Stock, Ltd.		41,382		169,625

Italy (0.60%)
Piovan SpA^(b)(c)		47,181		430,959

Japan (15.03%)
AIT Corp.		35,400		359,469
Beenos, Inc.		41,600		1,236,188
Central Automotive Products, Ltd.		10,900		331,854
Charm Care Corp.		58,400		586,103
Creema, Ltd.^(a)		15,200		443,371
eGuarantee, Inc.		26,000		554,341
ENECHANGE, Ltd.^(a)		15,200		250,782
geechs, Inc.		19,700		281,929
gremz, Inc.		21,300		425,592
Kinjiro Co., Ltd.		12,200		219,634
M&A Capital Partners Co., Ltd.^(a)		18,700		900,014
MarkLines Co., Ltd.		9,100		226,785
Medikit Co., Ltd.		5,000		146,301
Meinan M&A Co., Ltd.		14,500		189,007
Naigai Trans Line, Ltd.		15,700		271,911
Open Door, Inc.^(a)		21,600		387,877
Strike Co., Ltd.		11,000		367,485
Sun*, Inc.^(a)		19,100		350,122
Synchro Food Co., Ltd.^(a)		83,800		267,353
System Information Co., Ltd.		22,000		184,294
Syuppin Co., Ltd.		101,500		1,036,234
TeamSpirit, Inc.^(a)		17,800		148,137
Trancom Co., Ltd.		2,700		209,936
User Local, Inc.		6,600		107,568
Vega Corp. Co., Ltd.		63,000		629,397
YAKUODO Holdings Co., Ltd.		33,600		706,272
				10,817,956

Luxembourg (0.53%)
Sword Group		7,123		383,193

New Zealand (0.30%)
CBL Corp., Ltd.^(a)(d)		159,993		0
NZX, Ltd.		162,500		217,370
				217,370

Norway (4.10%)
24SevenOffice Group AB^(a)		99,164		299,506
Medistim ASA		7,989		285,297
Nordhealth AS^(a)		282,797		1,280,385
Self Storage Group ASA^(a)		268,416		853,730

			Value
	Shares		(Note 2)
Norway (continued)
SmartCraft ASA^(a)		81,573	$	233,692
				2,952,610

Oman (0.28%)
Tethys Oil AB		30,300		201,686

Philippines (1.56%)
AllHome Corp.^(a)		2,839,998		414,764
Concepcion Industrial Corp.		334,770		139,641
Pryce Corp.		3,937,000		421,386
Wilcon Depot, Inc.		335,000		147,444
				1,123,235

Poland (1.21%)
Answear.com SA^(a)		30,300		264,658
LiveChat Software SA		6,400		213,638
Mo-BRUK SA		1,717		149,304
PGS Software SA		62,595		243,719
				871,319

Singapore (0.43%)
Riverstone Holdings, Ltd./Singapore		343,600		306,842

South Korea (0.95%)
Hyundai Ezwel Co., Ltd.		25,910		274,812
MegaStudyEdu Co., Ltd.		2,818		195,012
Suprema, Inc.^(a)		8,703		212,231
				682,055

Sweden (8.13%)
KNOW IT AB		18,289		641,615
Lyko Group AB^(a)(c)		11,292		366,632
OEM International AB, Class B		40,455		652,288
SwedenCare AB		201,925		3,213,573
Teqnion AB^(a)		53,700		505,286
Vitec Software Group AB, Class B		9,515		472,522
				5,851,916

Taiwan (6.06%)
Bioteque Corp.		130,000		506,705
Brighten Optix Corp.		81,000		758,877
FineTek Co., Ltd.		96,150		300,845
Fuzetec Technology Co., Ltd.		216,000		659,625
GEM Services, Inc./Tw		182,000		774,468
Poya International Co., Ltd.		12,000		256,177
Sporton International, Inc.		60,725		525,494
Tehmag Foods Corp.		13,300		162,416
Tofu Restaurant Co., Ltd.		36,050		199,168
Wistron Information Technology & Services Corp.		61,000		217,039
				4,360,814

Thailand (0.51%)
Humanica PCL		935,000		270,252

			Value
	Shares		(Note 2)
Thailand (continued)
Netbay PCL		125,000	$	93,557
				363,809

United States (15.89%)
4imprint Group PLC^(a)		21,364		832,977
Alpha Teknova, Inc.^(a)		56,287		1,250,697
Barrett Business Services, Inc.		9,305		681,219
Better Choice Co., Inc.^(a)		84,612		296,142
Castle Biosciences, Inc.^(a)		3,300		230,505
Coastal Financial Corp.^(a)		12,400		362,328
Esquire Financial Holdings, Inc.^(a)		25,349		611,671
Evolution Petroleum Corp.		84,120		354,986
Global Industrial Co.		14,075		556,244
Hackett Group, Inc.		19,165		343,437
Heska Corp.^(a)		2,387		574,551
Intersect ENT, Inc.^(a)		17,275		403,371
Joint Corp.^(a)		28,544		2,254,691
LeMaitre Vascular, Inc.		10,200		555,492
Limeade, Inc.^(a)		605,105		337,482
MaxCyte, Inc.^(a)		74,400		1,137,583
Plumas Bancorp		8,300		259,209
ProntoForms Corp.^(a)		432,000		394,742
				11,437,327

Vietnam (0.58%)
Lix Detergent JSC		163,520		418,150

TOTAL COMMON STOCKS
(Cost $48,593,207)				71,402,173

TOTAL INVESTMENTS (99.23%)
(Cost $48,593,207)			$	71,402,173

Other Assets In Excess Of Liabilities (0.77%)				553,268

NET ASSETS (100.00%)			$	71,955,441

^(a)	Non-Income Producing Security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021, these securities had a total aggregate market value of $2,737,869, representing 3.80% of net assets.
^(c)	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2021, the aggregate market value of these securities was $4,050,813, representing 11.50% of net assets.

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

See Notes to Quarterly Portfolio of Investments.

Sector Composition (July 31, 2021) (Unaudited)
Consumer		25.0%
Health Care		22.8%
Technology		19.7%
Industrials		15.0%
Financials		14.2%
Energy & Materials		2.5%
Cash, Cash Equivalents, & Other Net Assets		0.8%
Total		100%

Industry Composition (July 31, 2021) (Unaudited)
Internet & Direct Marketing Retail		10.8%
Capital Markets		10.7%
Software		8.7%
Health Care Providers & Services		6.5%
Pharmaceuticals		5.7%
Health Care Equipment & Supplies		5.1%
Professional Services		4.7%
IT Services		4.3%
Specialty Retail		3.6%
Trading Companies & Distributors		3.3%
Hotels, Restaurants & Leisure		2.5%
Semiconductors & Semiconductor Equipment		2.4%
Health Care Technology		2.2%
Personal Products		2.1%
Commercial Services & Supplies		2.0%
Banks		2.0%
Machinery		1.8%
Building Products		1.8%
Life Sciences Tools & Services		1.7%
Biotechnology		1.6%
Food Products		1.4%
Oil, Gas & Consumable Fuels		1.4%
Auto Components		1.3%
Electronic Equipment, Instruments & Components		1.2%
Media		1.2%
Food & Staples Retailing		1.0%
Other Industries (each less than 1%)		8.2%
Cash and Other Assets, Less Liabilities		0.8%
Total		100%

Grandeur Peak Global Opportunities Fund
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
			Value
	Shares		(Note 2)
COMMON STOCKS (99.69%)
Argentina (0.54%)
Globant SA^(a)		24,775	$	5,925,189

Australia (0.49%)
Fiducian Group, Ltd.		182,850		952,707
Kogan.com, Ltd.		581,275		4,432,036
				5,384,743

Bangladesh (0.25%)
Square Pharmaceuticals, Ltd.		1,038,829		2,719,255

Belgium (1.16%)
Melexis NV		62,854		7,004,986
X-Fab Silicon Foundries SE^(a)(b)(c)		592,237		5,599,271
				12,604,257

Brazil (2.25%)
Fleury SA		1,000,200		4,509,134
Instituto Hermes Pardini SA		708,600		2,687,054
Locaweb Servicos de Internet SA^(b)(c)		642,900		3,087,204
Neogrid Participacoes SA		2,355,500		2,758,806
Pagseguro Digital, Ltd., Class A^(a)		149,438		8,284,843
Patria Investments, Ltd.		200,658		3,140,297
				24,467,338

Britain (18.83%)
AB Dynamics PLC		67,600		1,757,138
Ascential PLC^(a)		1,826,939		10,975,550
B&M European Value Retail SA		2,841,817		21,844,330
Bytes Technology Group PLC^(a)		256,480		1,719,801
City of London Investment Group PLC		393,420		2,788,972
Curtis Banks Group PLC		126,890		470,930
CVS Group PLC^(a)		568,598		18,968,547
Dechra Pharmaceuticals PLC		431,873		29,835,267
Diploma PLC		129,290		5,315,946
Endava PLC, ADR^(a)		222,293		28,591,326
Gamma Communications PLC		206,400		5,953,129
Impax Asset Management Group PLC		324,362		5,437,444
JTC PLC^(b)(c)		491,838		4,389,091
K3 Capital Group PLC		1,023,251		4,821,691
Made.com Group PLC^(a)(b)(c)		384,457		833,662
On the Beach Group PLC^(a)(b)(c)		1,126,330		5,088,227
Pensionbee Group PLC^(a)		888,523		2,110,708
Premier Miton Group PLC		1,939,173		4,717,068
Sabre Insurance Group PLC^(b)(c)		974,131		3,148,167
Sanne Group PLC		592,417		6,950,042

			Value
	Shares		(Note 2)
Britain (continued)
Softcat PLC		191,756	$	5,152,266
St. James's Place PLC		445,740		9,832,773
Team17 Group PLC^(a)		431,396		5,216,904
Tristel PLC		95,917		803,953
Ultra Electronics Holdings PLC		260,863		11,494,478
Victorian Plumbing Group PLC^(a)		310,995		1,167,172
Volution Group PLC		885,051		5,812,830
				205,197,412

Canada (1.69%)
Gildan Activewear, Inc.		240,200		8,280,701
Guardian Capital Group, Ltd.		115,200		3,047,130
Pivotree, Inc.^(a)		186,700		897,884
Richelieu Hardware, Ltd.		175,965		6,136,772
				18,362,487

China (5.04%)
CSPC Pharmaceutical Group, Ltd.		3,090,320		4,167,537
Hangzhou Robam Appliances Co., Ltd., Class A		1,028,800		6,206,614
Man Wah Holdings, Ltd.		3,380,900		6,778,202
O2Micro International, Ltd., ADR^(a)		494,894		3,845,326
Silergy Corp.		181,552		24,442,813
Suofeiya Home Collection Co., Ltd., Class A		2,000,100		5,920,095
Trip.com Group, Ltd., ADR^(a)		138,534		3,592,187
				54,952,774

Denmark (0.06%)
Trifork AS^(a)		22,415		654,113

Egypt (0.12%)
Integrated Diagnostics Holdings PLC^(b)(c)		1,127,045		1,318,643

Finland (1.05%)
Musti Group Oyj		276,174		11,414,017

France (5.18%)
Alten SA		60,082		9,550,514
BioMerieux		27,694		3,303,280
Esker SA		35,947		11,385,484
Neurones		110,960		3,961,964
Rothschild & Co.		85,510		3,200,323
Thermador Groupe		73,248		8,167,727
Virbac SA		34,652		13,996,614
Wavestone		58,543		2,916,768
				56,482,674

Georgia (0.58%)
Bank of Georgia Group PLC^(a)		92,641		1,931,577
Georgia Capital PLC^(a)		286,857		2,508,035

			Value
	Shares		(Note 2)
Georgia (continued)
TBC Bank Group PLC^(a)		110,932	$	1,871,945
				6,311,557

Germany (6.11%)
Atoss Software AG		12,700		2,585,227
Bike24 Holding AG^(a)		40,400		848,266
Dermapharm Holding SE		113,975		9,119,460
Exasol AG^(a)		208,200		4,655,536
Fashionette AG^(a)		157,013		5,550,466
Friedrich Vorwerk Group SE^(a)		60,903		3,175,952
Home24 SE^(a)		129,187		2,301,793
Nagarro SE^(a)		27,170		4,141,621
Nexus AG		82,624		6,576,674
Norma Group SE		199,040		10,525,870
QIAGEN NV^(a)		225,370		11,897,282
Westwing Group AG^(a)		108,845		5,164,712
				66,542,859

Hong Kong (0.15%)
Vitasoy International Holdings, Ltd.		584,000		1,638,265

India (4.64%)
Computer Age Management Services, Ltd.		164,350		7,378,247
EPL, Ltd.		481,054		1,593,817
Gulf Oil Lubricants India, Ltd.		200,637		1,750,502
IndiaMart InterMesh, Ltd.^(b)(c)		49,575		4,760,139
L&T Technology Services, Ltd.^(b)(c)		54,447		2,711,704
Metropolis Healthcare, Ltd.^(b)(c)		431,609		16,499,627
Nippon Life India Asset Management, Ltd.^(b)(c)		255,000		1,367,607
WNS Holdings, Ltd., ADR^(a)		176,401		14,524,858
				50,586,501

Indonesia (0.94%)
Arwana Citramulia Tbk PT		58,214,800		3,039,044
Selamat Sempurna Tbk PT		56,561,200		5,299,252
Ultrajaya Milk Industry & Trading Co. Tbk PT		18,240,200		1,929,646
				10,267,942

Ireland (1.48%)
Irish Residential Properties REIT PLC		4,325,741		7,902,397
Keywords Studios PLC^(a)		201,271		8,202,810
				16,105,207

Israel (0.71%)
Wix.com, Ltd.^(a)		25,847		7,718,948

Italy (1.49%)
DiaSorin SpA		15,959		3,240,113
GVS SpA^(b)(c)		179,465		2,746,294
Interpump Group SpA		143,595		8,968,406

			Value
	Shares		(Note 2)
Italy (continued)
Piovan SpA^(b)(c)		144,291	$	1,317,976
				16,272,789

Japan (8.96%)
AIT Corp.		351,200		3,566,262
BayCurrent Consulting, Inc.		20,700		8,207,921
Charm Care Corp.		252,000		2,529,073
Create SD Holdings Co., Ltd.		182,700		6,111,928
geechs, Inc.		51,600		738,453
IR Japan Holdings, Ltd.		27,900		3,446,014
Japan Lifeline Co., Ltd.		566,600		7,096,380
Kinjiro Co., Ltd.		88,600		1,595,050
M&A Capital Partners Co., Ltd.^(a)		182,300		8,773,930
MarkLines Co., Ltd.		45,200		1,126,446
Medikit Co., Ltd.		83,700		2,449,086
MonotaRO Co., Ltd.		136,200		3,123,643
Naigai Trans Line, Ltd.		118,700		2,055,786
Open Door, Inc.^(a)		328,700		5,902,548
Seria Co., Ltd.		397,500		14,294,130
Strike Co., Ltd.		129,300		4,319,625
Synchro Food Co., Ltd.^(a)		449,300		1,433,435
Systena Corp.		153,200		2,826,460
Syuppin Co., Ltd.		164,600		1,680,434
Trancom Co., Ltd.		75,370		5,860,317
User Local, Inc.		212,200		3,458,490
Visional, Inc.^(a)		12,100		611,039
YAKUODO Holdings Co., Ltd.		305,700		6,425,817
				97,632,267

Luxembourg (0.21%)
Sword Group		41,691		2,242,834

Mexico (0.87%)
Grupo Herdez SAB de CV		2,211,780		4,633,280
Regional SAB de CV		781,527		4,848,264
				9,481,544

Netherlands (1.37%)
Aalberts NV		143,153		8,714,945
Shop Apotheke Europe NV^(a)(b)(c)		41,456		6,220,933
				14,935,878

New Zealand (0.00%)^(d)
CBL Corp., Ltd.^(a)(e)		1,107,672		1

Norway (0.76%)
Nordhealth AS^(a)		1,049,587		4,752,084
SmartCraft ASA^(a)		1,231,082		3,526,833
				8,278,917

Philippines (0.93%)
AllHome Corp.^(a)		3,534,674		516,217
Concepcion Industrial Corp.		1,035,152		431,788
Puregold Price Club, Inc.		8,009,700		6,457,756

			Value
	Shares		(Note 2)
Philippines (continued)
Wilcon Depot, Inc.		6,158,500	$	2,710,553
				10,116,314

Poland (0.79%)
Dino Polska SA^(a)(b)(c)		100,797		8,066,377
PGS Software SA		138,443		539,038
				8,605,415

Singapore (0.40%)
Riverstone Holdings, Ltd./Singapore		4,938,000		4,409,742

South Africa (0.22%)
Italtile, Ltd.		2,148,741		2,346,548

South Korea (0.96%)
LEENO Industrial, Inc.		21,162		3,289,516
Tokai Carbon Korea Co., Ltd.		42,280		7,156,632
				10,446,148

Sweden (3.31%)
Beijer Alma AB		321,810		7,850,483
Boozt AB^(a)(b)(c)		127,463		2,743,703
Cint Group AB^(a)		204,468		2,731,497
Hexpol AB		325,814		4,435,830
KNOW IT AB		183,715		6,445,092
Lyko Group AB^(a)(c)		43,831		1,423,118
OEM International AB, Class B		187,218		3,018,663
Sdiptech AB^(a)		42,300		2,012,203
SwedenCare AB		339,748		5,406,984
				36,067,573

Taiwan (2.39%)
ASPEED Technology, Inc.		17,500		1,404,881
Bioteque Corp.		1,193,000		4,649,991
Brighten Optix Corp.		289,000		2,707,599
FineTek Co., Ltd.		165,000		516,270
Fuzetec Technology Co., Ltd.		212,000		647,409
M3 Technology, Inc.		237,000		1,122,922
Poya International Co., Ltd.		281,000		5,998,820
Sporton International, Inc.		705,671		6,106,647
Tofu Restaurant Co., Ltd.		205,000		1,132,577
Voltronic Power Technology Corp.		37,100		1,804,255
				26,091,371

United States (24.23%)
4imprint Group PLC^(a)		177,146		6,906,877
Bank of NT Butterfield & Son, Ltd.		209,104		6,929,707
Barrett Business Services, Inc.		47,990		3,513,348
Bizlink Holding, Inc.		313,000		2,876,488
Cardiovascular Systems, Inc.^(a)		190,812		7,687,815
Castle Biosciences, Inc.^(a)		91,161		6,367,596
EPAM Systems, Inc.^(a)		34,597		19,367,401
Esquire Financial Holdings, Inc.^(a)		25,886		624,629

			Value
	Shares		(Note 2)
United States (continued)
Etsy, Inc.^(a)		17,631	$	3,235,465
ExlService Holdings, Inc.^(a)		66,543		7,533,998
First Republic Bank		67,631		13,189,398
Five Below, Inc.^(a)		22,052		4,287,350
Frontage Holdings Corp.^(a)(b)(c)		2,564,100		1,996,205
FTI Consulting, Inc.^(a)		38,104		5,551,753
Genpact, Ltd.		191,300		9,528,653
Glacier Bancorp, Inc.		207,254		10,686,016
Global Industrial Co.		143,866		5,685,584
Heska Corp.^(a)		68,460		16,478,322
Honest Co., Inc.^(a)		233,224		3,351,429
Houlihan Lokey, Inc.		42,250		3,764,475
Insperity, Inc.		40,139		3,975,768
LeMaitre Vascular, Inc.		169,968		9,256,457
LGI Homes, Inc.^(a)		51,733		8,841,170
Littelfuse, Inc.		66,492		17,686,207
Marcus & Millichap, Inc.^(a)		209,905		8,352,120
MaxCyte, Inc.^(a)		286,500		4,380,612
NV5 Global, Inc.^(a)		54,534		5,180,730
Ollie's Bargain Outlet Holdings, Inc.^(a)		62,135		5,784,768
Paylocity Holding Corp.^(a)		12,170		2,524,788
PJT Partners, Inc., Class A		103,160		8,064,017
Plumas Bancorp		16,901		527,818
Poshmark, Inc.^(a)		53,650		2,105,226
Power Integrations, Inc.		37,854		3,671,459
Qualys, Inc.^(a)		95,894		9,738,995
Rapid7, Inc.^(a)		76,739		8,729,061
Silicon Laboratories, Inc.^(a)		21,139		3,149,500
Squarespace, Inc.^(a)		37,409		1,894,018
Traeger, Inc.^(a)		431,900		9,592,499
TriMas Corp.^(a)		213,052		6,971,061
Ulta Beauty, Inc.^(a)		11,927		4,005,087
				263,993,870

Vietnam (1.53%)
Vietnam Dairy Products JSC		914,196		3,428,982
Vietnam Technological & Commercial Joint Stock Bank^(a)		5,964,004		13,276,436
				16,705,418

TOTAL COMMON STOCKS
(Cost $656,241,241)				1,086,280,810

PREFERRED STOCKS (0.39%)
United States (0.39%)
Dataminr Inc - Private Placement^(a)(e)		96,640		4,252,160

TOTAL PREFERRED STOCKS
(Cost $1,923,136)				4,252,160

		Value
	Shares	(Note 2)
TOTAL INVESTMENTS (100.08%)
(Cost $658,164,377)		$	1,090,532,970

Liabilities In Excess Of Other Assets (-0.08%)			(908,614	)

NET ASSETS (100.00%)		$	1,089,624,356

^(a)	Non-Income Producing Security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021, these securities had a total aggregate market value of $71,894,829, representing 6.60% of net assets.
^(c)	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2021, the aggregate market value of these securities was $73,317,947, representing 6.73% of net assets.
^(d)	Less than 0.005%.
^(e)	As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also footnote 2 to the financial statements for additional information.

See Notes to Quarterly Portfolio of Investments.

Sector Composition (July 31, 2021) (Unaudited)
Technology		30.6%
Consumer		20.3%
Health Care		19.5%
Industrials		15.1%
Financials		13.6%
Energy & Materials		1.0%
Cash, Cash Equivalents, & Other Net Assets		-0.1%
Total		100%

Industry Composition (July 31, 2021) (Unaudited)
IT Services		14.8%
Capital Markets		6.9%
Pharmaceuticals		6.0%
Health Care Equipment & Supplies		5.9%
Semiconductors & Semiconductor Equipment		5.5%
Software		5.5%
Banks		5.0%
Health Care Providers & Services		4.9%
Multiline Retail		4.4%
Machinery		4.1%
Internet & Direct Marketing Retail		3.7%
Professional Services		3.6%
Household Durables		3.4%
Trading Companies & Distributors		3.3%
Food & Staples Retailing		2.5%
Specialty Retail		2.5%
Electronic Equipment, Instruments & Components		1.8%
Media		1.6%
Life Sciences Tools & Services		1.3%
Hotels, Restaurants & Leisure		1.1%
Food Products		1.1%
Aerospace & Defense		1.1%
Health Care Technology		1.0%
Other Industries (each less than 1%)		9.0%
Cash and Other Assets, Less Liabilities		-0.1%
Total		100%

Grandeur Peak Global Reach Fund
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
			Value
	Shares		(Note 2)
COMMON STOCKS (99.46%)
Argentina (0.36%)
Globant SA^(a)		6,105	$	1,460,072

Australia (2.13%)
Appen, Ltd.		54,722		456,191
Australian Ethical Investment, Ltd.		373,810		2,249,422
Bravura Solutions, Ltd.		122,268		304,172
EQT Holdings, Ltd.		45,188		899,661
Kogan.com, Ltd.		163,531		1,246,872
Netwealth Group, Ltd.		89,313		1,025,079
People Infrastructure, Ltd.		231,997		732,077
Redbubble, Ltd.^(a)		227,593		541,140
Whispir, Ltd.^(a)		648,231		1,189,258
				8,643,872

Austria (0.21%)
Schoeller-Bleckmann Oilfield Equipment AG^(a)		23,700		864,512

Bangladesh (0.13%)
Square Pharmaceuticals, Ltd.		202,545		530,185

Belgium (0.71%)
Melexis NV		10,126		1,128,528
Warehouses De Pauw CVA		30,732		1,322,622
X-Fab Silicon Foundries SE^(a)(b)(c)		44,047		416,439
				2,867,589

Brazil (2.41%)
Arco Platform, Ltd., Class A^(a)		11,542		335,872
Diagnosticos da America SA^(a)		52,000		553,622
Fleury SA		339,800		1,531,897
Hypera SA		81,800		560,228
Instituto Hermes Pardini SA		198,300		751,966
Locaweb Servicos de Internet SA^(b)(c)		300,268		1,441,886
Neogrid Participacoes SA		702,600		822,898
Pagseguro Digital, Ltd., Class A^(a)		46,529		2,579,568
Patria Investments, Ltd.		77,699		1,215,989
				9,793,926

Britain (14.43%)
AB Dynamics PLC		46,291		1,203,250
Abcam PLC^(a)		65,482		1,236,059
Ascential PLC^(a)		67,756		407,052
ASOS PLC^(a)		11,500		608,393
B&M European Value Retail SA		510,900		3,927,159
Bytes Technology Group PLC^(a)		77,553		520,024
Clinigen Group PLC		91,173		759,754

			Value
	Shares		(Note 2)
Britain (continued)
Curtis Banks Group PLC		34,564	$	128,278
CVS Group PLC^(a)		71,472		2,384,321
Dechra Pharmaceuticals PLC		51,360		3,548,125
Diploma PLC		18,786		772,414
dotdigital group PLC		595,084		2,051,386
Endava PLC, ADR^(a)		49,247		6,334,149
Foresight Group Holdings, Ltd.		216,892		1,175,779
Gamma Communications PLC		74,969		2,162,307
GlobalData PLC		34,697		798,192
Impax Asset Management Group PLC		416,513		6,982,217
Intertek Group PLC		20,231		1,449,932
JTC PLC^(b)(c)		369,856		3,300,542
K3 Capital Group PLC		595,428		2,805,734
Keystone Law Group PLC		119,151		1,237,188
Made.com Group PLC^(a)(b)(c)		188,500		408,746
Ocado Group PLC^(a)		18,958		488,826
On the Beach Group PLC^(a)(b)(c)		600,673		2,713,557
Pensionbee Group PLC^(a)		815,693		1,937,699
Rotork PLC		140,010		701,782
Sanne Group PLC		277,087		3,250,694
Softcat PLC		15,408		413,996
St. James's Place PLC		19,000		419,129
Team17 Group PLC^(a)		58,966		713,080
Tristel PLC		47,600		398,971
Ultra Electronics Holdings PLC		40,770		1,796,460
Victorian Plumbing Group PLC^(a)		77,975		292,642
Volution Group PLC		121,147		795,668
XPS Pensions Group PLC^(c)		214,043		438,844
				58,562,349

Canada (0.93%)
Gildan Activewear, Inc.		36,300		1,251,413
Guardian Capital Group, Ltd.		16,000		423,213
Pivotree, Inc.^(a)		50,200		241,423
Richelieu Hardware, Ltd.		17,100		596,362
Ritchie Bros Auctioneers, Inc.		21,401		1,278,282
				3,790,693

China (4.24%)
Chaoju Eye Care Holdings, Ltd.^(a)		506,000		937,622
CSPC Pharmaceutical Group, Ltd.		769,520		1,037,758
Guangzhou KDT Machinery Co., Ltd.		130,340		613,312
Hangzhou Robam Appliances Co., Ltd., Class A		102,700		619,575
Li Ning Co., Ltd.		73,800		777,777
Man Wah Holdings, Ltd.		890,800		1,785,921
ManpowerGroup Greater China, Ltd.^(c)		578,000		691,712
O2Micro International, Ltd., ADR^(a)		129,028		1,002,548
Silergy Corp.		39,925		5,375,206

			Value
	Shares		(Note 2)
China (continued)
Suofeiya Home Collection Co., Ltd., Class A		134,100	$	396,923
TK Group Holdings, Ltd.		1,830,000		661,717
Trip.com Group, Ltd., ADR^(a)		13,250		343,572
WuXi AppTec Co., Ltd., Class H^(b)(c)		109,112		2,412,184
Yum China Holdings, Inc.		8,943		556,165
				17,211,992

Colombia (0.78%)
Parex Resources, Inc.		192,661		3,165,719

Denmark (0.16%)
Ringkjoebing Landbobank A/S		3,693		419,297
Trifork AS^(a)		8,210		239,584
				658,881

Egypt (0.23%)
African Export-Import Bank, GDR		200,000		580,000
Integrated Diagnostics Holdings PLC^(b)(c)		291,972		341,607
				921,607

Finland (0.70%)
Musti Group Oyj		68,931		2,848,855

France (3.23%)
Alten SA		10,400		1,653,163
BioMerieux		3,595		428,804
Bureau Veritas SA		30,650		1,012,225
Esker SA		17,406		5,512,998
Neurones		17,282		617,075
Sidetrade^(a)		2,745		524,259
Thermador Groupe		17,757		1,980,045
Virbac SA		3,383		1,366,459
				13,095,028

Germany (4.17%)
Atoss Software AG		1,800		366,410
Bike24 Holding AG^(a)		32,976		692,387
Dermapharm Holding SE		17,100		1,368,219
Exasol AG^(a)		58,735		1,313,366
Fashionette AG^(a)		41,523		1,467,853
Friedrich Vorwerk Group SE^(a)		21,968		1,145,581
hGears AG^(a)		42,149		1,134,986
Home24 SE^(a)		80,760		1,438,944
Nagarro SE^(a)		10,311		1,571,743
Nexus AG		11,031		878,041
Norma Group SE		13,460		711,808
PATRIZIA AG		13,604		346,963
Puma SE		5,149		632,180
QIAGEN NV^(a)		36,953		1,950,749
Westwing Group AG^(a)		40,115		1,903,463
				16,922,693

			Value
	Shares		(Note 2)
Greece (0.67%)
Kri-Kri Milk Industry SA		61,300	$	639,913
Sarantis SA		199,040		2,077,785
				2,717,698

Hong Kong (1.12%)
Jacobson Pharma Corp., Ltd.^(c)		2,583,300		209,426
Plover Bay Technologies, Ltd.^(c)		3,254,000		1,059,382
Techtronic Industries Co., Ltd.		94,500		1,689,074
Vitasoy International Holdings, Ltd.		564,000		1,582,160
				4,540,042

India (4.76%)
Avenue Supermarts, Ltd.^(a)(b)(c)		15,385		723,776
Cera Sanitaryware, Ltd.		13,769		823,938
Computer Age Management Services, Ltd.		28,000		1,257,018
EPL, Ltd.		307,821		1,019,865
Gufic Biosciences, Ltd.^(a)		163,315		404,035
Gulf Oil Lubricants India, Ltd.		100,176		874,008
HCL Technologies, Ltd.		43,536		599,640
HDFC Bank, Ltd.		32,137		616,029
IndiaMart InterMesh, Ltd.^(b)(c)		15,491		1,487,430
L&T Technology Services, Ltd.^(b)(c)		28,748		1,431,779
Metropolis Healthcare, Ltd.^(b)(c)		83,581		3,195,150
Poly Medicure, Ltd.^(a)		33,085		436,421
Polycab India, Ltd.		41,000		1,019,642
Time Technoplast, Ltd.		990,247		1,094,508
Westlife Development, Ltd.^(a)		75,255		566,574
WNS Holdings, Ltd., ADR^(a)		46,019		3,789,204
				19,339,017

Indonesia (0.98%)
Arwana Citramulia Tbk PT		26,137,200		1,364,466
Bank Central Asia Tbk PT		292,800		604,327
Selamat Sempurna Tbk PT		14,707,600		1,377,963
Ultrajaya Milk Industry & Trading Co. Tbk PT		6,163,200		652,010
				3,998,766

Ireland (0.97%)
Keywords Studios PLC^(a)		39,519		1,610,599
Uniphar PLC		523,697		2,335,853
				3,946,452

Israel (1.00%)
Max Stock, Ltd.		85,618		350,948
Wix.com, Ltd.^(a)		12,427		3,711,199
				4,062,147

Italy (0.64%)
GVS SpA^(b)(c)		17,537		268,363
Interpump Group SpA		16,832		1,051,263

			Value
	Shares		(Note 2)
Italy (continued)
Piovan SpA^(b)(c)		138,608	$	1,266,067
				2,585,693

Japan (7.72%)
AIT Corp.		78,800		800,175
Appier Group, Inc.^(a)		12,100		152,208
BASE, Inc.^(a)		29,000		301,354
BayCurrent Consulting, Inc.		10,500		4,163,438
Beenos, Inc.		40,700		1,209,444
Charm Care Corp.		68,600		688,470
Coconala, Inc.^(a)		19,100		298,761
Creema, Ltd.^(a)		17,400		507,543
eGuarantee, Inc.		6,400		136,453
ENECHANGE, Ltd.^(a)		16,600		273,880
Funai Soken Holdings, Inc.		51,600		1,179,644
geechs, Inc.		52,900		757,058
gremz, Inc.		116,200		2,321,776
Industrial & Infrastructure Fund Investment Corp.		409		790,001
Japan Lifeline Co., Ltd.		79,700		998,202
Kinjiro Co., Ltd.		29,100		523,882
M&A Capital Partners Co., Ltd.^(a)		8,200		394,658
MarkLines Co., Ltd.		24,800		618,050
Medikit Co., Ltd.		20,700		605,688
MonotaRO Co., Ltd.		36,200		830,219
Naigai Trans Line, Ltd.		68,150		1,180,302
Nihon M&A Center, Inc.		50,400		1,396,618
Open Door, Inc.^(a)		54,900		985,853
Seria Co., Ltd.		26,800		963,730
Strike Co., Ltd.		10,600		354,122
Synchro Food Co., Ltd.^(a)		113,400		361,788
System Information Co., Ltd.		43,600		365,238
Systena Corp.		29,700		547,950
Syuppin Co., Ltd.		119,100		1,215,915
TeamSpirit, Inc.^(a)		22,800		189,749
Trancom Co., Ltd.		16,000		1,244,064
User Local, Inc.		28,000		456,351
Vega Corp. Co., Ltd.		81,000		809,225
Visional, Inc.^(a)		4,500		227,246
WDB coco Co., Ltd.		11,900		409,485
WealthNavi, Inc.^(a)		42,300		1,634,857
YAKUODO Holdings Co., Ltd.		36,200		760,924
YAMADA Consulting Group Co., Ltd.		66,000		703,888
				31,358,209

Luxembourg (0.07%)
Sword Group		5,128		275,869

Netherlands (0.69%)
Aalberts NV		25,244		1,536,818
Shop Apotheke Europe NV^(a)(b)(c)		8,316		1,247,908
				2,784,726

New Zealand (0.35%)
CBL Corp., Ltd.^(a)(d)		819,006		0

			Value
	Shares		(Note 2)
New Zealand (continued)
NZX, Ltd.		1,059,037	$	1,416,634
				1,416,634

Norway (1.59%)
24SevenOffice Group AB^(a)		222,199		671,109
CSAM Health Group AS^(a)		91,191		950,643
Medistim ASA		12,841		458,568
Nordhealth AS^(a)		190,069		860,552
Self Storage Group ASA^(a)		694,169		2,207,889
SmartCraft ASA^(a)		455,526		1,305,001
				6,453,762

Oman (0.38%)
Tethys Oil AB		230,724		1,535,766

Philippines (1.28%)
AllHome Corp.^(a)		3,899,617		569,515
Concepcion Industrial Corp.		1,793,920		748,289
Pryce Corp.		6,894,800		737,965
Puregold Price Club, Inc.		490,700		395,623
Wilcon Depot, Inc.		6,270,400		2,759,804
				5,211,196

Poland (1.16%)
Dino Polska SA^(a)(b)(c)		47,357		3,789,789
LiveChat Software SA		27,929		932,296
				4,722,085

Singapore (0.12%)
Riverstone Holdings, Ltd./Singapore		532,300		475,356

South Africa (0.51%)
Clicks Group, Ltd.		73,588		1,331,402
Italtile, Ltd.		665,000		726,218
				2,057,620

South Korea (0.76%)
Douzone Bizon Co., Ltd.		4,900		356,557
Hyundai Ezwel Co., Ltd.		33,500		355,314
LEENO Industrial, Inc.		3,790		589,135
Suprema, Inc.^(a)		8,000		195,088
Tokai Carbon Korea Co., Ltd.		9,297		1,573,680
				3,069,774

Spain (0.00%)(e)
Let's GOWEX SA^(a)(d)		10,700		0

Sweden (5.71%)
Beijer Alma AB		62,706		1,529,699
Boozt AB^(a)(b)(c)		28,618		616,016
Cint Group AB^(a)		37,581		502,046
EQT AB		126,813		6,113,493
KNOW IT AB		63,114		2,214,166
Lyko Group AB^(a)(c)		16,800		545,467
Nordnet AB publ		34,622		558,640
OEM International AB, Class B		75,349		1,214,911

			Value
	Shares		(Note 2)
Sweden (continued)
Paradox Interactive AB		14,841	$	298,772
Sagax AB, Class A		46,209		1,664,048
Sagax AB B		24,922		875,472
Sdiptech AB^(a)		15,789		751,080
SwedenCare AB		237,704		3,782,985
Teqnion AB^(a)		163,624		1,539,606
Vitec Software Group AB, Class B		19,425		964,661
				23,171,062

Switzerland (0.41%)
Partners Group Holding AG		986		1,685,512

Taiwan (2.69%)
Bioteque Corp.		284,000		1,106,955
Brighten Optix Corp.		125,000		1,171,107
FineTek Co., Ltd.		155,400		486,233
Fuzetec Technology Co., Ltd.		199,000		607,710
GEM Services, Inc./Tw		122,000		519,149
M3 Technology, Inc.		79,000		374,307
momo.com, Inc.		14,100		786,554
Pacific Hospital Supply Co., Ltd.		356,317		904,649
Poya International Co., Ltd.		46,000		982,013
Sporton International, Inc.		249,859		2,162,198
Voltronic Power Technology Corp.		23,047		1,120,827
Wistron Information Technology & Services Corp.		194,000		690,256
				10,911,958

United Arab Emirates (0.13%)
Aramex PJSC		550,033		531,592

United States (29.30%)
4imprint Group PLC^(a)		25,771		1,004,805
Align Technology, Inc.^(a)		986		686,059
Alpha Teknova, Inc.^(a)		100,501		2,233,132
Apollo Global Management, Inc.		14,082		828,867
Array Technologies, Inc.^(a)		105,246		1,425,031
Bank of Hawaii Corp.		16,705		1,398,376
Bank of NT Butterfield & Son, Ltd.		73,047		2,420,778
Barrett Business Services, Inc.		26,037		1,906,169
Blackline, Inc.^(a)		14,301		1,635,891
Blackstone Group, Inc., Class A		22,489		2,592,307
Bright Health Group, Inc.^(a)		32,039		354,992
Cactus, Inc., Class A		22,821		822,469
Cardiovascular Systems, Inc.^(a)		29,880		1,203,865
Castle Biosciences, Inc.^(a)		19,844		1,386,103
Chewy, Inc.^(a)		8,263		691,613
Cross Creek Lucid LP/Partnership Interest^(a)(d)		1,000,000		1,000,000
Digital Realty Trust, Inc.		4,875		751,530

			Value
	Shares		(Note 2)
United States (continued)
EPAM Systems, Inc.^(a)		8,798	$	4,925,120
Equinix, Inc.		2,375		1,948,474
Esquire Financial Holdings, Inc.^(a)		21,687		523,307
Etsy, Inc.^(a)		6,265		1,149,690
Evolution Petroleum Corp.		236,554		998,258
Exact Sciences Corp.^(a)		13,475		1,453,144
ExlService Holdings, Inc.^(a)		14,541		1,646,332
Fastenal Co.		21,882		1,198,477
Figs, Inc.^(a)		18,745		682,318
First Hawaiian, Inc.		43,436		1,195,793
First Republic Bank		29,265		5,707,260
Five Below, Inc.^(a)		2,945		572,567
Freshpet, Inc.^(a)		3,361		492,218
Frontage Holdings Corp.^(a)(b)(c)		2,507,800		1,952,374
FTI Consulting, Inc.^(a)		8,680		1,264,676
Genpact, Ltd.		50,816		2,531,145
Glacier Bancorp, Inc.		28,526		1,470,801
Global Industrial Co.		41,395		1,635,930
Goosehead Insurance, Inc., Class A		11,088		1,332,667
Healthcare Services Group, Inc.		36,567		954,399
Heska Corp.^(a)		9,418		2,266,913
Honest Co., Inc.^(a)		94,447		1,357,203
Houlihan Lokey, Inc.		18,111		1,613,690
HubSpot, Inc.^(a)		725		432,114
I3 Verticals, Inc., Class A^(a)		22,900		730,968
IDEXX Laboratories, Inc.^(a)		704		477,685
Insperity, Inc.		18,697		1,851,938
Intersect ENT, Inc.^(a)		58,123		1,357,172
Joint Corp.^(a)		4,664		368,409
Kinsale Capital Group, Inc.		2,339		417,851
LeMaitre Vascular, Inc.		23,085		1,257,209
LGI Homes, Inc.^(a)		10,319		1,763,517
Littelfuse, Inc.		5,299		1,409,481
Lululemon Athletica, Inc.^(a)		2,592		1,037,241
MaxCyte, Inc.^(a)		120,600		1,843,985
Medallia, Inc.^(a)		22,134		749,679
Medpace Holdings, Inc.^(a)		7,942		1,397,315
Microchip Technology, Inc.		4,713		674,525
Mimecast, Ltd.^(a)		21,695		1,205,157
Monolithic Power Systems, Inc.		1,100		494,186
Morningstar, Inc.		2,550		644,207
MSCI, Inc.		1,145		682,374
New Relic, Inc.^(a)		21,925		1,514,579
NV5 Global, Inc.^(a)		6,730		639,350
NVIDIA Corp.		3,900		760,461
Ollie's Bargain Outlet Holdings, Inc.^(a)		14,321		1,333,285
PagerDuty, Inc.^(a)		27,702		1,124,424
Paycom Software, Inc.^(a)		1,867		746,800
Paylocity Holding Corp.^(a)		8,950		1,856,767
PJT Partners, Inc., Class A		38,783		3,031,667
Plumas Bancorp		12,600		393,498
Poshmark, Inc.^(a)		37,512		1,471,971
Power Integrations, Inc.		8,289		803,950
ProntoForms Corp.^(a)		365,500		333,977

			Value
	Shares		(Note 2)
United States (continued)
Qualtrics International, Inc.^(a)		10,725	$	447,554
Qualys, Inc.^(a)		15,492		1,573,368
Rapid7, Inc.^(a)		21,039		2,393,186
Revolve Group, Inc.^(a)		28,814		2,005,743
Rexford Industrial Realty, Inc.		19,272		1,185,613
Samsonite International SA^(a)(b)(c)		1,208,700		2,245,952
ServiceNow, Inc.^(a)		675		396,826
Shoals Technologies Group, Inc.^(a)		40,406		1,175,411
Silicon Laboratories, Inc.^(a)		4,725		703,978
Squarespace, Inc.^(a)		18,357		929,415
SVB Financial Group^(a)		3,326		1,829,167
Tabula Rasa HealthCare, Inc.^(a)		22,698		975,106
Teladoc Health, Inc.^(a)		3,775		560,399
Terreno Realty Corp.		20,508		1,401,927
Traeger, Inc.^(a)		161,300		3,582,473
TriMas Corp.^(a)		22,010		720,167
Ulta Beauty, Inc.^(a)		1,825		612,835
Unity Software, Inc.^(a)		2,378		254,731
YETI Holdings, Inc.^(a)		14,721		1,418,074
Zendesk, Inc.^(a)		3,825		499,277
				118,931,687

Vietnam (1.63%)
FPT Corp.		167,900		687,545
Vietnam Dairy Products JSC		308,062		1,155,484
Vietnam Technological & Commercial Joint Stock Bank^(a)		2,138,281		4,760,016
				6,603,045

TOTAL COMMON STOCKS
(Cost $239,045,871)				403,723,641

PREFERRED STOCKS (0.74%)
United States (0.74%)
Dataminr Inc - Private Placement^(a)(d)		45,833		2,016,652
Gusto Inc Series E Preferred^(a)(d)		32,241		980,127
				2,996,779

TOTAL PREFERRED STOCKS
(Cost $1,892,052)				2,996,779

TOTAL INVESTMENTS (100.20%)
(Cost $240,937,923)			$	406,720,420

Liabilities In Excess Of Other Assets (-0.20%)				(824,548	)

NET ASSETS (100.00%)			$	405,895,872

^(a)	Non-Income Producing Security.

^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021, these securities had a total aggregate market value of $29,259,565, representing 7.21% of net assets.
^(c)	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2021, the aggregate market value of these securities was $32,204,396, representing 7.93% of net assets.
^(d)	As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also footnote 2 to the financial statements for additional information.
^(e)	Less than 0.005%.

See Notes to Quarterly Portfolio of Investments.

Sector Composition (July 31, 2021) (Unaudited)
Technology		26.2%
Financials		19.6%
Consumer		18.9%
Industrials		16.8%
Health Care		15.2%
Energy & Materials		3.5%
Cash, Cash Equivalents, & Other Net Assets		-0.2%
Total		100%

Industry Composition (July 31, 2021) (Unaudited)
Capital Markets		11.3%
IT Services		10.8%
Software		9.3%
Professional Services		5.9%
Banks		5.3%
Internet & Direct Marketing Retail		5.2%
Health Care Equipment & Supplies		3.7%
Health Care Providers & Services		3.6%
Semiconductors & Semiconductor Equipment		3.5%
Pharmaceuticals		3.2%
Trading Companies & Distributors		2.8%
Life Sciences Tools & Services		2.7%
Machinery		2.6%
Specialty Retail		2.1%
Household Durables		2.0%
Oil, Gas & Consumable Fuels		1.9%
Multiline Retail		1.9%
Equity Real Estate Investment Trusts (REITs)		1.8%
Commercial Services & Supplies		1.8%
Food & Staples Retailing		1.7%
Textiles, Apparel & Luxury Goods		1.5%
Hotels, Restaurants & Leisure		1.2%
Food Products		1.1%
Biotechnology		1.1%
Health Care Technology		1.0%
Other Industries (each less than 1%)		11.3%
Cash and Other Assets, Less Liabilities		-0.2%
Total		100%

Grandeur Peak Global Stalwarts Fund
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
			Value
	Shares		(Note 2)
COMMON STOCKS (99.68%)
Argentina (0.68%)
Globant SA^(a)		11,589	$	2,771,625

Australia (0.77%)
Kogan.com, Ltd.		67,127		511,822
Netwealth Group, Ltd.		230,269		2,642,885
				3,154,707

Belgium (1.51%)
Melexis NV		33,611		3,745,897
Warehouses De Pauw CVA		56,942		2,450,629
				6,196,526

Brazil (0.91%)
Locaweb Servicos de Internet SA^(b)(c)		346,400		1,663,412
Patria Investments, Ltd.		130,708		2,045,580
				3,708,992

Britain (14.16%)
Abcam PLC^(a)		58,678		1,107,624
B&M European Value Retail SA		1,155,489		8,881,952
CVS Group PLC^(a)		21,137		705,135
Dechra Pharmaceuticals PLC		172,134		11,891,607
Diploma PLC		47,364		1,947,440
Endava PLC, ADR^(a)		74,997		9,646,114
Gamma Communications PLC		78,403		2,261,353
Impax Asset Management Group PLC		166,158		2,785,390
Intertek Group PLC		64,194		4,600,710
Sanne Group PLC		475,956		5,583,760
Softcat PLC		76,924		2,066,861
St. James's Place PLC		292,696		6,456,709
				57,934,655

Canada (0.84%)
Gildan Activewear, Inc.		43,199		1,489,251
Ritchie Bros Auctioneers, Inc.		32,850		1,962,130
				3,451,381

China (7.75%)
CSPC Pharmaceutical Group, Ltd.		1,258,580		1,697,293
Hangzhou Robam Appliances Co., Ltd., Class A		231,300		1,395,402
Hangzhou Tigermed Consulting Co., Ltd., Class A		61,200		1,493,908
Li Ning Co., Ltd.		168,000		1,770,549
Silergy Corp.		119,000		16,021,277
Suofeiya Home Collection Co., Ltd., Class A		512,700		1,517,541

			Value
	Shares		(Note 2)
China (continued)
Trip.com Group, Ltd., ADR^(a)		49,075	$	1,272,515
WuXi AppTec Co., Ltd., Class H^(b)(c)		143,492		3,172,236
Wuxi Biologics Cayman, Inc.^(a)(b)(c)		124,000		1,890,840
Yum China Holdings, Inc.		23,875		1,484,786
				31,716,347

France (2.46%)
Alten SA		23,736		3,773,027
BioMerieux		14,037		1,674,302
Bureau Veritas SA		70,887		2,341,065
Esker SA		2,827		895,395
Virbac SA		3,426		1,383,828
				10,067,617

Germany (1.72%)
Dermapharm Holding SE		40,600		3,248,520
Puma SE		12,248		1,503,776
QIAGEN NV^(a)		43,490		2,295,837
				7,048,133

Hong Kong (0.81%)
Techtronic Industries Co., Ltd.		156,000		2,788,313
Vitasoy International Holdings, Ltd.		180,300		505,786
				3,294,099

India (6.73%)
Avenue Supermarts, Ltd.^(a)(b)(c)		44,500		2,093,470
Bajaj Finance, Ltd.		14,321		1,198,584
Computer Age Management Services, Ltd.		12,799		574,592
HCL Technologies, Ltd.		124,010		1,708,043
HDFC Asset Management Co., Ltd.^(b)(c)		37,951		1,455,592
HDFC Bank, Ltd.		88,069		1,688,182
IndiaMart InterMesh, Ltd.^(b)(c)		20,488		1,967,236
Marico, Ltd.		192,487		1,414,132
Metropolis Healthcare, Ltd.^(b)(c)		101,966		3,897,975
Nippon Life India Asset Management, Ltd.^(b)(c)		278,192		1,491,990
WNS Holdings, Ltd., ADR^(a)		122,127		10,055,937
				27,545,733

Indonesia (0.27%)
Bank Tabungan Pensiunan Nasional Syariah		6,659,400		1,091,290

Ireland (1.09%)
Keywords Studios PLC^(a)		109,607		4,467,039

Israel (1.10%)
Wix.com, Ltd.^(a)		15,025		4,487,066

			Value
	Shares		(Note 2)
Japan (7.32%)
BASE, Inc.^(a)		86,800	$	901,983
BayCurrent Consulting, Inc.		11,300		4,480,653
Freee KK^(a)		18,600		1,593,729
GMO Payment Gateway, Inc.		7,700		986,846
IR Japan Holdings, Ltd.		27,800		3,433,663
M&A Capital Partners Co., Ltd.^(a)		76,400		3,677,061
M3, Inc.		23,900		1,553,320
MonotaRO Co., Ltd.		120,500		2,763,575
Nihon M&A Center, Inc.		138,600		3,840,700
Seria Co., Ltd.		77,100		2,772,522
Systena Corp.		135,200		2,494,369
Visional, Inc.^(a)		6,500		328,244
WealthNavi, Inc.^(a)		28,600		1,105,364
				29,932,029

Netherlands (1.01%)
Aalberts NV		30,284		1,843,646
Shop Apotheke Europe NV^(a)(b)(c)		15,115		2,268,173
				4,111,819

Philippines (0.31%)
Wilcon Depot, Inc.		2,924,400		1,287,122

Poland (1.08%)
Dino Polska SA^(a)(b)(c)		55,353		4,429,677

South Korea (0.35%)
LEENO Industrial, Inc.		9,328		1,449,986

Sweden (2.08%)
AddTech AB, Class B		62,100		1,291,285
EQT AB		105,181		5,070,642
Sagax AB B		61,668		2,166,303
				8,528,230

Switzerland (0.66%)
Partners Group Holding AG		1,569		2,682,118

Taiwan (1.85%)
ASPEED Technology, Inc.		18,000		1,445,020
momo.com, Inc.		57,200		3,190,846
Voltronic Power Technology Corp.		59,875		2,911,854
				7,547,720

United States (43.61%)
Align Technology, Inc.^(a)		2,925		2,035,215
Apollo Global Management, Inc.		42,138		2,480,243
Array Technologies, Inc.^(a)		67,333		911,689
Ashtead Group PLC		25,584		1,915,368
Bank of Hawaii Corp.		28,620		2,395,780
Bank of NT Butterfield & Son, Ltd.		95,131		3,152,641
Blackline, Inc.^(a)		25,769		2,947,716

			Value
	Shares		(Note 2)
United States (continued)
Blackstone Group, Inc., Class A		31,000	$	3,573,370
Cardiovascular Systems, Inc.^(a)		54,439		2,193,347
Castle Biosciences, Inc.^(a)		40,610		2,836,608
Chewy, Inc.^(a)		34,342		2,874,425
Cross Creek Lucid LP/Partnership Interest^(a)(d)		1,300,000		1,300,000
Elastic NV^(a)		8,781		1,300,115
EPAM Systems, Inc.^(a)		18,588		10,405,562
Equinix, Inc.		2,500		2,051,025
Etsy, Inc.^(a)		14,685		2,694,844
Exact Sciences Corp.^(a)		20,808		2,243,935
ExlService Holdings, Inc.^(a)		15,558		1,761,477
Fastenal Co.		75,375		4,128,289
Figs, Inc.^(a)		27,157		988,515
First Hawaiian, Inc.		64,768		1,783,063
First Republic Bank		62,450		12,178,999
Five Below, Inc.^(a)		14,877		2,892,386
Freshpet, Inc.^(a)		7,125		1,043,456
Genpact, Ltd.		82,402		4,104,444
Glacier Bancorp, Inc.		44,550		2,296,998
Global Industrial Co.		64,335		2,542,519
Goosehead Insurance, Inc., Class A		30,200		3,629,738
Heska Corp.^(a)		16,973		4,085,401
Honest Co., Inc.^(a)		131,017		1,882,714
Houlihan Lokey, Inc.		24,325		2,167,357
HubSpot, Inc.^(a)		3,242		1,932,297
IDEXX Laboratories, Inc.^(a)		2,950		2,001,664
Kinsale Capital Group, Inc.		11,576		2,067,995
LGI Homes, Inc.^(a)		26,305		4,495,525
Littelfuse, Inc.		24,052		6,397,591
Lululemon Athletica, Inc.^(a)		10,237		4,096,540
MaxCyte Inc^(a)		72,900		1,239,300
Medpace Holdings, Inc.^(a)		17,125		3,012,973
Microchip Technology, Inc.		15,275		2,186,158
Monolithic Power Systems, Inc.		5,700		2,560,782
MSCI, Inc.		3,100		1,847,476
Ollie's Bargain Outlet Holdings, Inc.^(a)		27,977		2,604,659
PagerDuty, Inc.^(a)		25,400		1,030,986
Paycom Software, Inc.^(a)		11,116		4,446,400
Paylocity Holding Corp.^(a)		10,800		2,240,568
PJT Partners, Inc., Class A		57,475		4,492,821
Pool Corp.		8,600		4,109,252
Poshmark, Inc.^(a)		46,890		1,839,964
Power Integrations, Inc.		32,625		3,164,299
Qualtrics International, Inc.^(a)		80,537		3,360,809
Qualys, Inc.^(a)		26,434		2,684,637
Rapid7, Inc.^(a)		33,200		3,776,500
Shoals Technologies Group, Inc.^(a)		61,216		1,780,773
Silicon Laboratories, Inc.^(a)		11,143		1,660,196
Squarespace, Inc.^(a)		23,881		1,209,095
SVB Financial Group^(a)		5,514		3,032,479
Teladoc Health, Inc.^(a)		12,605		1,871,212
Terreno Realty Corp.		30,271		2,069,326

			Value
	Shares		(Note 2)
United States (continued)
Traeger, Inc.^(a)		163,400	$	3,629,114
Ulta Beauty, Inc.^(a)		4,837		1,624,265
YETI Holdings, Inc.^(a)		20,375		1,962,724
Zendesk, Inc.^(a)		9,221		1,203,617
				178,429,236

Vietnam (0.61%)
Vietnam Technological & Commercial Joint Stock Bank^(a)		1,129,305		2,513,940

TOTAL COMMON STOCKS
(Cost $250,538,541)				407,847,087

PREFERRED STOCKS (0.54%)
United States (0.54%)
Dataminr Inc - Private Placement^(a)(d)		24,262		1,067,528
Gusto Inc Series E Preferred^(a)(d)		37,637		1,144,165
				2,211,693

TOTAL PREFERRED STOCKS
(Cost $1,626,803)				2,211,693

TOTAL INVESTMENTS (100.22%)
(Cost $252,165,344)			$	410,058,780

Liabilities In Excess Of Other Assets (-0.22%)				(899,977	)

NET ASSETS (100.00%)			$	409,158,803

^(a)	Non-Income Producing Security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021, these securities had a total aggregate market value of $24,330,601, representing 5.95% of net assets.
^(c)	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2021, the aggregate market value of these securities was $24,330,601, representing 5.95% of net assets.
^(d)	As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also footnote 2 to the financial statements for additional information.

See Notes to Quarterly Portfolio of Investments.

Sector Composition (July 31, 2021) (Unaudited)
Technology		32.3%
Financials		24.0%
Consumer		18.1%
Health Care		14.2%
Industrials		11.4%
Energy & Materials		0.2%
Cash, Cash Equivalents, & Other Net Assets		-0.2%
Total		100%

Industry Composition (July 31, 2021) (Unaudited)
IT Services		14.8%
Capital Markets		12.4%
Semiconductors & Semiconductor Equipment		7.9%
Software		7.9%
Banks		7.4%
Professional Services		4.6%
Pharmaceuticals		4.5%
Trading Companies & Distributors		4.1%
Internet & Direct Marketing Retail		3.6%
Multiline Retail		3.5%
Health Care Equipment & Supplies		3.2%
Life Sciences Tools & Services		2.9%
Household Durables		2.7%
Textiles, Apparel & Luxury Goods		2.2%
Health Care Providers & Services		1.8%
Equity Real Estate Investment Trusts (REITs)		1.6%
Food & Staples Retailing		1.6%
Electronic Equipment, Instruments & Components		1.6%
Specialty Retail		1.4%
Insurance		1.4%
Electrical Equipment		1.1%
Machinery		1.1%
Biotechnology		1.1%
Distributors		1.0%
Other Industries (each less than 1%)		4.8%
Cash and Other Assets, Less Liabilities		-0.2%
Total		100%

Grandeur Peak International Opportunities Fund
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
			Value
	Shares		(Note 2)
COMMON STOCKS (97.93%)
Argentina (0.47%)
Globant SA^(a)		20,248	$	4,842,512

Australia (1.64%)
Fiducian Group, Ltd.		215,640		1,123,554
HUB24, Ltd.		225,392		3,979,607
Kogan.com, Ltd.		662,167		5,048,812
MNF Group, Ltd.		110,385		445,532
Netwealth Group, Ltd.		199,554		2,290,358
People Infrastructure, Ltd.		1,232,348		3,888,731
				16,776,594

Bangladesh (0.41%)
Square Pharmaceuticals, Ltd.		1,579,730		4,135,126

Belgium (1.31%)
Melexis NV		49,162		5,479,033
Warehouses De Pauw CVA		126,310		5,436,039
X-Fab Silicon Foundries SE^(a)(b)(c)		261,964		2,476,724
				13,391,796

Brazil (2.36%)
Fleury SA		826,000		3,723,800
Locaweb Servicos de Internet SA^(b)(c)		1,260,400		6,052,437
Neogrid Participacoes SA		3,003,700		3,517,990
Pagseguro Digital, Ltd., Class A^(a)		138,675		7,688,142
Patria Investments, Ltd.		199,407		3,120,719
				24,103,088

Britain (20.40%)
Ascential PLC^(a)		1,004,600		6,035,252
B&M European Value Retail SA		2,016,893		15,503,347
boohoo Group PLC^(a)		1,363,518		4,946,738
Bytes Technology Group PLC^(a)		339,088		2,273,721
Clinigen Group PLC		442,273		3,685,506
CVS Group PLC^(a)		595,836		19,877,212
Dechra Pharmaceuticals PLC		360,270		24,888,687
Diploma PLC		140,774		5,788,128
Endava PLC, ADR^(a)		163,670		21,051,235
Foresight Group Holdings, Ltd.		1,109,119		6,012,571
Gamma Communications PLC		254,024		7,326,733
GlobalData PLC		61,120		1,406,044
Impax Asset Management Group PLC		845,989		14,181,740
JTC PLC^(b)(c)		663,047		5,916,935
K3 Capital Group PLC		1,011,260		4,765,188
Made.com Group PLC^(a)(b)(c)		1,687,228		3,658,608
On the Beach Group PLC^(a)(b)(c)		1,628,381		7,356,257

			Value
	Shares		(Note 2)
Britain (continued)
Pensionbee Group PLC^(a)		1,259,004	$	2,990,795
Sabre Insurance Group PLC^(b)(c)		880,201		2,844,607
Sanne Group PLC		728,208		8,543,098
Softcat PLC		272,484		7,321,336
St. James's Place PLC		283,296		6,249,350
Team17 Group PLC^(a)		506,179		6,121,261
Ultra Electronics Holdings PLC		248,157		10,934,610
Victorian Plumbing Group PLC^(a)		405,578		1,522,144
Volution Group PLC		1,082,860		7,111,998
				208,313,101

Canada (1.66%)
Gildan Activewear, Inc.		197,000		6,791,415
Pivotree, Inc.^(a)		218,800		1,052,260
Richelieu Hardware, Ltd.		159,350		5,557,325
Ritchie Bros Auctioneers, Inc.		31,900		1,905,387
StorageVault Canada, Inc.		414,600		1,611,743
				16,918,130

China (6.07%)
Baozun, Inc.^(a)		775,200		6,583,736
CSPC Pharmaceutical Group, Ltd.		3,247,480		4,379,479
Hangzhou Robam Appliances Co., Ltd., Class A		1,297,700		7,828,852
Man Wah Holdings, Ltd.		2,625,600		5,263,938
O2Micro International, Ltd., ADR^(a)		198,569		1,542,881
Silergy Corp.		152,199		20,490,943
Suofeiya Home Collection Co., Ltd., Class A		2,251,000		6,662,734
TK Group Holdings, Ltd.		7,310,000		2,643,251
Trip.com Group, Ltd., ADR^(a)		130,768		3,390,814
WuXi AppTec Co., Ltd., Class H^(b)(c)		146,016		3,228,036
				62,014,664

Colombia (0.44%)
Parex Resources, Inc.		273,275		4,490,331

Denmark (0.06%)
Trifork AS^(a)		21,106		615,914

Finland (1.15%)
Musti Group Oyj		283,265		11,707,081

France (5.44%)
Alten SA		47,500		7,550,505
Bureau Veritas SA		185,383		6,122,330
Esker SA		47,970		15,193,525
Neurones		77,697		2,774,267
Thermador Groupe		83,436		9,303,769
Virbac SA		36,192		14,618,650
				55,563,046

			Value
	Shares		(Note 2)
Georgia (0.44%)
Bank of Georgia Group PLC^(a)		65,283	$	1,361,159
TBC Bank Group PLC^(a)		183,446		3,095,597
				4,456,756

Germany (7.32%)
Atoss Software AG		24,867		5,061,955
Dermapharm Holding SE		126,476		10,119,700
Exasol AG^(a)		294,269		6,580,114
Fashionette AG^(a)		132,020		4,666,954
Friedrich Vorwerk Group SE^(a)		94,554		4,930,775
Grand City Properties SA		176,652		4,694,012
Home24 SE^(a)		194,560		3,466,579
Nagarro SE^(a)		55,164		8,408,847
Nexus AG		63,706		5,070,846
Norma Group SE		108,390		5,732,009
PATRIZIA AG		300,526		7,664,752
QIAGEN NV^(a)		157,148		8,295,843
				74,692,386

Greece (0.10%)
Sarantis SA		100,600		1,050,167

Hong Kong (0.22%)
Vitasoy International Holdings, Ltd.		804,338		2,256,367

India (7.18%)
Castrol India, Ltd.		3,506,788		6,522,065
Computer Age Management Services, Ltd.		201,157		9,030,642
EPL, Ltd.		1,115,229		3,694,950
Gulf Oil Lubricants India, Ltd.		203,478		1,775,288
IndiaMart InterMesh, Ltd.^(b)(c)		58,144		5,582,926
L&T Technology Services, Ltd.^(b)(c)		90,564		4,510,493
Metropolis Healthcare, Ltd.^(b)(c)		367,832		14,061,548
Nippon Life India Asset Management, Ltd.^(b)(c)		695,602		3,730,629
Polycab India, Ltd.		144,073		3,582,997
Time Technoplast, Ltd.		2,560,734		2,830,348
WNS Holdings, Ltd., ADR^(a)		218,100		17,958,354
				73,280,240

Indonesia (1.24%)
Arwana Citramulia Tbk PT		63,783,500		3,329,753
Bank Tabungan Pensiunan Nasional Syariah		13,982,700		2,291,374
Selamat Sempurna Tbk PT		48,677,500		4,560,623
Ultrajaya Milk Industry & Trading Co. Tbk PT		22,958,000		2,428,746
				12,610,496

Ireland (2.95%)
Irish Residential Properties REIT PLC		4,766,689		8,707,934
Keywords Studios PLC^(a)		198,679		8,097,173

			Value
	Shares		(Note 2)
Ireland (continued)
Uniphar PLC		2,993,109	$	13,350,205
				30,155,312

Israel (0.88%)
Wix.com, Ltd.^(a)		30,251		9,034,159

Italy (1.77%)
DiaSorin SpA		15,943		3,236,865
GVS SpA^(b)(c)		174,294		2,667,164
Interpump Group SpA		130,321		8,139,362
Piovan SpA^(b)(c)		437,003		3,991,652
				18,035,043

Japan (12.17%)
AIT Corp.		392,300		3,983,613
Appier Group, Inc.^(a)		31,900		401,276
BayCurrent Consulting, Inc.		29,900		11,855,886
Charm Care Corp.		480,900		4,826,315
Create SD Holdings Co., Ltd.		133,700		4,472,713
eGuarantee, Inc.		200,900		4,283,352
Funai Soken Holdings, Inc.		151,100		3,454,344
gremz, Inc.		307,700		6,148,110
Japan Lifeline Co., Ltd.		533,500		6,681,820
Kinjiro Co., Ltd.		119,300		2,147,737
M&A Capital Partners Co., Ltd.^(a)		162,000		7,796,910
MonotaRO Co., Ltd.		129,400		2,967,690
Naigai Trans Line, Ltd.		111,800		1,936,284
Nihon M&A Center, Inc.		180,200		4,993,464
Open Door, Inc.^(a)		282,700		5,076,514
Seria Co., Ltd.		286,500		10,302,561
SMS Co., Ltd.		129,200		3,609,662
Strike Co., Ltd.		178,300		5,956,606
Synchro Food Co., Ltd.^(a)		644,400		2,055,877
System Information Co., Ltd.		410,500		3,438,763
Systena Corp.		205,600		3,793,213
Syuppin Co., Ltd.		316,400		3,230,190
Trancom Co., Ltd.		88,990		6,919,326
Tsuruha Holdings, Inc.		37,200		4,377,667
User Local, Inc.		209,900		3,421,004
Visional, Inc.^(a)		17,200		868,584
YAKUODO Holdings Co., Ltd.		250,200		5,259,206
				124,258,687

Luxembourg (0.34%)
Sword Group		64,997		3,496,618

Malaysia (0.09%)
Scicom MSC Bhd		3,549,500		925,225

Netherlands (1.69%)
Aalberts NV		204,043		12,421,840
Shop Apotheke Europe NV^(a)(b)(c)		31,964		4,796,553
				17,218,393

			Value
	Shares		(Note 2)
New Zealand (0.00%)(d)
CBL Corp., Ltd.^(a)(e)		1,542,256	$	1

Norway (1.51%)
24SevenOffice Group AB^(a)		285,193		861,370
Nordhealth AS^(a)		985,229		4,460,699
Nordic Semiconductor ASA^(a)		92,334		3,026,676
Self Storage Group ASA^(a)		1,016,072		3,231,741
SmartCraft ASA^(a)		1,335,830		3,826,917
				15,407,403

Philippines (1.37%)
Puregold Price Club, Inc.		9,710,100		7,828,689
Robinsons Land Corp.		11,279,400		3,633,057
Wilcon Depot, Inc.		5,738,600		2,525,742
				13,987,488

Poland (1.11%)
Dino Polska SA^(a)(b)(c)		105,634		8,453,462
LiveChat Software SA		85,000		2,837,378
				11,290,840

Singapore (0.60%)
Riverstone Holdings, Ltd./Singapore		6,884,800		6,148,277

South Africa (0.45%)
Italtile, Ltd.		4,209,423		4,596,930

South Korea (2.35%)
Douzone Bizon Co., Ltd.		82,416		5,997,148
Hyundai Ezwel Co., Ltd.		317,661		3,369,236
LEENO Industrial, Inc.		23,508		3,654,189
Suprema, Inc.^(a)		111,542		2,720,063
Tokai Carbon Korea Co., Ltd.		48,555		8,218,786
				23,959,422

Sweden (4.38%)
AddTech AB, Class B		195,436		4,063,826
Beijer Alma AB		282,509		6,891,744
Boozt AB^(a)(b)(c)		121,538		2,616,165
Cint Group AB^(a)		458,406		6,123,866
KNOW IT AB		240,208		8,426,980
Lyko Group AB^(a)(c)		79,553		2,582,950
OEM International AB, Class B		147,234		2,373,970
Sagax AB B		117,372		4,123,100
Sdiptech AB^(a)		51,588		2,454,032
SwedenCare AB		316,445		5,036,123
				44,692,756

Taiwan (2.23%)
Bioteque Corp.		932,000		3,632,684
Poya International Co., Ltd.		125,800		2,685,593
Sporton International, Inc.		1,034,003		8,947,925
Voltronic Power Technology Corp.		85,650		4,165,349

			Value
	Shares		(Note 2)
Taiwan (continued)
Wistron Information Technology & Services Corp.		929,000	$	3,305,400
				22,736,951

United States (4.86%)
Bank of NT Butterfield & Son, Ltd.		258,643		8,571,429
EPAM Systems, Inc.^(a)		33,820		18,932,436
Frontage Holdings Corp.^(a)(b)(c)		11,082,900		8,628,265
Genpact, Ltd.		202,618		10,092,403
Lululemon Athletica, Inc.^(a)		8,517		3,408,248
				49,632,781

Vietnam (1.27%)
Vietnam Dairy Products JSC		1,224,917		4,594,439
Vietnam Technological & Commercial Joint Stock Bank^(a)		3,772,473		8,397,882
				12,992,321

TOTAL COMMON STOCKS
(Cost $603,666,370)				999,786,402

TOTAL INVESTMENTS (97.93%)
(Cost $603,666,370)			$	999,786,402

Other Assets In Excess Of Liabilities (2.07%)				21,113,326

NET ASSETS (100.00%)			$	1,020,899,728

^(a)	Non-Income Producing Security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021, these securities had a total aggregate market value of $90,572,461, representing 8.87% of net assets.
^(c)	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2021, the aggregate market value of these securities was $93,155,411, representing 9.12% of net assets.
^(d)	Less than 0.005%.
^(e)	As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also footnote 2 to the financial statements for additional information.

See Notes to Quarterly Portfolio of Investments.

Sector Composition (July 31, 2021) (Unaudited)
Technology		28.9%
Industrials		18.2%
Consumer		17.7%
Health Care		17.1%
Financials		13.6%
Energy & Materials		2.4%
Cash, Cash Equivalents, & Other Net Assets		2.1%
Total		100%

Industry Composition (July 31, 2021) (Unaudited)
IT Services		15.7%
Capital Markets		7.0%
Software		6.4%
Pharmaceuticals		6.2%
Health Care Providers & Services		5.5%
Professional Services		5.3%
Semiconductors & Semiconductor Equipment		4.4%
Internet & Direct Marketing Retail		4.3%
Machinery		3.9%
Trading Companies & Distributors		3.5%
Food & Staples Retailing		3.0%
Multiline Retail		2.8%
Life Sciences Tools & Services		2.3%
Banks		2.3%
Health Care Equipment & Supplies		2.2%
Real Estate Management & Development		2.1%
Specialty Retail		2.1%
Household Durables		1.9%
Equity Real Estate Investment Trusts (REITs)		1.4%
Commercial Services & Supplies		1.4%
Hotels, Restaurants & Leisure		1.2%
Aerospace & Defense		1.1%
Building Products		1.0%
Textiles, Apparel & Luxury Goods		1.0%
Other Industries (each less than 1%)		9.9%
Cash and Other Assets, Less Liabilities		2.1%
Total		100%

Grandeur Peak International Stalwarts Fund
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
			Value
	Shares		(Note 2)
COMMON STOCKS (98.56%)
Argentina (1.28%)
Globant SA^(a)		119,750	$	28,639,410

Australia (1.12%)
Kogan.com, Ltd.		667,699		5,090,992
Netwealth Group, Ltd.		1,728,376		19,837,233
				24,928,225

Belgium (2.31%)
Melexis NV		280,417		31,252,063
Warehouses De Pauw CVA		472,796		20,347,856
				51,599,919

Brazil (1.27%)
Locaweb Servicos de Internet SA^(b)(c)		2,905,400		13,951,722
Patria Investments, Ltd.		916,953		14,350,314
				28,302,036

Britain (21.26%)
Abcam PLC^(a)		996,235		18,805,248
B&M European Value Retail SA		9,706,891		74,614,422
boohoo Group PLC^(a)		2,033,853		7,378,661
CVS Group PLC^(a)		159,028		5,305,207
Dechra Pharmaceuticals PLC		1,356,085		93,683,001
Diploma PLC		393,793		16,191,372
Endava PLC, ADR^(a)		501,973		64,563,767
Gamma Communications PLC		645,556		18,619,564
Impax Asset Management Group PLC		1,161,935		19,478,102
Intertek Group PLC		520,475		37,301,842
Sanne Group PLC		3,730,600		43,766,178
Softcat PLC		857,408		23,037,581
St. James's Place PLC		2,367,814		52,232,643
				474,977,588

Canada (1.60%)
Gildan Activewear, Inc.		461,684		15,916,182
Ritchie Bros Auctioneers, Inc.		333,224		19,903,470
				35,819,652

China (11.09%)
CSPC Pharmaceutical Group, Ltd.		8,999,900		12,137,065
Hangzhou Robam Appliances Co., Ltd., Class A		1,685,400		10,167,794
Hangzhou Tigermed Consulting Co., Ltd., Class A		458,750		11,198,209
Li Ning Co., Ltd.		1,361,000		14,343,553
Silergy Corp.		868,200		116,888,003

			Value
	Shares		(Note 2)
China (continued)
Suofeiya Home Collection Co., Ltd., Class A		3,957,659	$	11,714,273
Trip.com Group, Ltd., ADR^(a)		375,575		9,738,660
WuXi AppTec Co., Ltd., Class H^(b)(c)		1,340,312		29,630,827
Wuxi Biologics Cayman, Inc.^(a)(b)(c)		892,000		13,601,848
Yum China Holdings, Inc.		296,464		18,437,096
				247,857,328

France (4.15%)
Alten SA		237,264		37,715,010
BioMerieux		126,258		15,059,777
Bureau Veritas SA		659,012		21,764,071
Esker SA		23,321		7,386,454
Virbac SA		26,980		10,897,745
				92,823,057

Germany (3.37%)
Dermapharm Holding SE		316,564		25,329,176
PATRIZIA AG		640,237		16,328,895
Puma SE		123,122		15,116,582
QIAGEN NV^(a)		349,656		18,458,340
				75,232,993

Hong Kong (1.36%)
Techtronic Industries Co., Ltd.		1,368,500		24,460,299
Vitasoy International Holdings, Ltd.		2,101,600		5,895,508
				30,355,807

India (9.29%)
Avenue Supermarts, Ltd.^(a)(b)(c)		324,500		15,265,868
Bajaj Finance, Ltd.		122,529		10,254,960
Computer Age Management Services, Ltd.		79,357		3,562,614
HCL Technologies, Ltd.		912,061		12,562,211
HDFC Asset Management Co., Ltd.^(b)(c)		306,419		11,752,547
HDFC Bank, Ltd.		789,291		15,129,801
IndiaMart InterMesh, Ltd.^(b)(c)		167,101		16,044,862
Marico, Ltd.		1,372,658		10,084,420
Metropolis Healthcare, Ltd.^(b)(c)		703,405		26,889,893
Nippon Life India Asset Management, Ltd.^(b)(c)		1,779,720		9,544,934
WNS Holdings, Ltd., ADR^(a)		927,620		76,380,231
				207,472,341

Indonesia (0.33%)
Bank Tabungan Pensiunan Nasional Syariah		45,640,900		7,479,269

Ireland (1.43%)
Keywords Studios PLC^(a)		786,040		32,035,102

			Value
	Shares		(Note 2)
Israel (1.67%)
Wix.com, Ltd.^(a)		124,979	$	37,323,729

Italy (0.65%)
Interpump Group SpA		231,829		14,479,172

Japan (11.07%)
BASE, Inc.^(a)		673,700		7,000,757
BayCurrent Consulting, Inc.		88,300		35,012,534
Freee KK^(a)		135,100		11,575,954
GMO Payment Gateway, Inc.		58,400		7,484,654
IR Japan Holdings, Ltd.		207,800		25,666,013
M&A Capital Partners Co., Ltd.^(a)		540,300		26,004,138
M3, Inc.		198,100		12,875,010
MonotaRO Co., Ltd.		1,180,200		27,066,981
Nihon M&A Center, Inc.		1,157,400		32,072,339
Seria Co., Ltd.		730,800		26,279,623
Systena Corp.		1,397,300		25,779,456
Visional, Inc.^(a)		35,800		1,807,867
WealthNavi, Inc.^(a)		224,800		8,688,319
				247,313,645

Netherlands (1.99%)
Aalberts NV		433,158		26,370,026
Shop Apotheke Europe NV^(a)(b)(c)		120,539		18,088,214
				44,458,240

Norway (1.02%)
Nordic Semiconductor ASA^(a)		696,792		22,840,597

Philippines (0.45%)
Wilcon Depot, Inc.		23,051,800		10,145,836

Poland (2.06%)
Allegro.eu SA^(a)(b)(c)		542,568		9,309,213
Dino Polska SA^(a)(b)(c)		457,472		36,609,635
				45,918,848

Singapore (0.12%)
Riverstone Holdings, Ltd./Singapore		3,019,900		2,696,837

South Korea (0.85%)
Douzone Bizon Co., Ltd.		104,500		7,604,130
LEENO Industrial, Inc.		73,428		11,413,976
				19,018,106

Sweden (3.60%)
AddTech AB, Class B		621,500		12,923,249
EQT AB		1,035,713		49,930,405
Sagax AB B		500,496		17,581,663
				80,435,317

Switzerland (1.56%)
Partners Group Holding AG		20,334		34,759,838

			Value
	Shares		(Note 2)
Taiwan (2.94%)
ASPEED Technology, Inc.		157,000	$	12,603,790
momo.com, Inc.		443,700		24,751,368
Voltronic Power Technology Corp.		580,190		28,215,927
				65,571,085

United States (9.96%)
Ashtead Group PLC		232,501		17,406,388
Bank of NT Butterfield & Son, Ltd.		821,853		27,236,209
EPAM Systems, Inc.^(a)		152,414		85,321,357
Genpact, Ltd.		714,850		35,606,679
Lululemon Athletica, Inc.^(a)		90,814		36,341,038
Monolithic Power Systems, Inc.		45,700		20,531,182
				222,442,853

Vietnam (0.76%)
Vietnam Technological & Commercial Joint Stock Bank^(a)		7,584,926		16,884,762

TOTAL COMMON STOCKS
(Cost $1,351,667,747)				2,201,811,592

TOTAL INVESTMENTS (98.56%)
(Cost $1,351,667,747)			$	2,201,811,592

Other Assets In Excess Of Liabilities (1.44%)				32,251,270

NET ASSETS (100.00%)			$	2,234,062,862

^(a)	Non-Income Producing Security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021, these securities had a total aggregate market value of $200,689,563, representing 8.98% of net assets.
^(c)	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2021, the aggregate market value of these securities was $200,689,563, representing 8.98% of net assets.

See Notes to Quarterly Portfolio of Investments.

Sector Composition (July 31, 2021) (Unaudited)
Technology		33.5%
Financials		19.0%
Consumer		16.9%
Industrials		15.9%
Health Care		13.3%
Cash, Cash Equivalents, & Other Net Assets		1.4%
Total		100%

Industry Composition (July 31, 2021) (Unaudited)
IT Services		20.8%
Capital Markets		13.0%
Semiconductors & Semiconductor Equipment		9.7%
Professional Services		6.9%
Pharmaceuticals		6.4%
Multiline Retail		4.5%
Trading Companies & Distributors		4.0%
Textiles, Apparel & Luxury Goods		3.7%
Internet & Direct Marketing Retail		3.3%
Life Sciences Tools & Services		3.3%
Banks		3.0%
Machinery		2.9%
Software		2.3%
Food & Staples Retailing		2.3%
Real Estate Management & Development		1.5%
Health Care Providers & Services		1.4%
Electrical Equipment		1.3%
Household Durables		1.0%
Other Industries (each less than 1%)		7.3%
Cash and Other Assets, Less Liabilities		1.4%
Total		100%

Grandeur Peak US Stalwarts Fund
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
			Value
	Shares		(Note 2)
COMMON STOCKS (99.09%)
Argentina (1.36%)
Globant SA^(a)		8,750	$	2,092,650

Britain (2.81%)
Endava PLC, ADR^(a)		33,629		4,325,362

Canada (1.19%)
Gildan Activewear, Inc.		20,644		711,685
Ritchie Bros Auctioneers, Inc.		18,800		1,122,924
				1,834,609

Germany (0.79%)
QIAGEN NV^(a)		22,908		1,209,313

Hong Kong (0.90%)
Techtronic Industries Co., Ltd.		77,000		1,376,283

India (1.90%)
WNS Holdings, Ltd., ADR^(a)		35,450		2,918,953

Israel (1.92%)
Wix.com, Ltd.^(a)		9,887		2,952,654

United States (88.22%)
4imprint Group PLC^(a)		19,600		764,199
Align Technology, Inc.^(a)		2,775		1,930,845
Alpha Teknova, Inc.^(a)		40,030		889,467
Apollo Global Management, Inc.		29,719		1,749,260
Array Technologies, Inc.^(a)		59,903		811,087
Ashtead Group PLC		8,425		630,745
Bank of Hawaii Corp.		21,491		1,799,012
Bank of NT Butterfield & Son, Ltd.		63,936		2,118,839
Blackline, Inc.^(a)		23,875		2,731,061
Blackstone Group, Inc., Class A		23,425		2,700,200
Cardiovascular Systems, Inc.^(a)		40,198		1,619,577
Castle Biosciences, Inc.^(a)		27,685		1,933,797
Chewy, Inc.^(a)		22,693		1,899,404
Cross Creek Lucid LP/Partnership Interest^(a)(b)		700,000		700,000
Dexcom, Inc.^(a)		1,925		992,357
Elastic NV^(a)		5,708		845,126
EPAM Systems, Inc.^(a)		8,975		5,024,204
Equinix, Inc.		3,125		2,563,781
Etsy, Inc.^(a)		12,293		2,255,889
Exact Sciences Corp.^(a)		21,750		2,345,520
ExlService Holdings, Inc.^(a)		14,275		1,616,216
Fastenal Co.		39,525		2,164,784
Figs, Inc.^(a)		19,007		691,855
First Hawaiian, Inc.		40,134		1,104,889
First Republic Bank		26,200		5,109,523

			Value
	Shares		(Note 2)
United States (continued)
Five Below, Inc.^(a)		6,625	$	1,288,033
Freshpet, Inc.^(a)		4,950		724,928
Frontage Holdings Corp.^(a)(c)(d)		1,656,200		1,289,386
Genpact, Ltd.		57,700		2,874,037
Glacier Bancorp, Inc.		22,850		1,178,146
Global Industrial Co.		62,575		2,472,964
Goosehead Insurance, Inc., Class A		27,050		3,251,139
Hamilton Lane, Inc., Class A		400		37,200
Heska Corp.^(a)		17,500		4,212,250
Honest Co., Inc.^(a)		79,015		1,135,445
Houlihan Lokey, Inc.		25,175		2,243,093
HubSpot, Inc.^(a)		2,136		1,273,099
IDEXX Laboratories, Inc.^(a)		1,335		905,838
Joint Corp.^(a)		16,383		1,294,093
Kinsale Capital Group, Inc.		12,663		2,262,182
LeMaitre Vascular, Inc.		36,050		1,963,283
LGI Homes, Inc.^(a)		18,326		3,131,913
Littelfuse, Inc.		11,902		3,165,813
Lululemon Athletica, Inc.^(a)		6,103		2,442,238
MaxCyte Inc^(a)		27,100		460,700
Medpace Holdings, Inc.^(a)		11,700		2,058,498
Microchip Technology, Inc.		6,700		958,904
Monolithic Power Systems, Inc.		4,550		2,044,133
Morningstar, Inc.		1,450		366,314
MSCI, Inc.		1,650		983,334
NV5 Global, Inc.^(a)		6,901		655,595
Old Dominion Freight Line, Inc.		1,900		511,385
Ollie's Bargain Outlet Holdings, Inc.^(a)		24,522		2,282,998
PagerDuty, Inc.^(a)		17,595		714,181
Paycom Software, Inc.^(a)		10,816		4,326,401
Paylocity Holding Corp.^(a)		10,200		2,116,092
PJT Partners, Inc., Class A		48,900		3,822,512
Pool Corp.		7,750		3,703,105
Poshmark, Inc.^(a)		35,585		1,396,355
Power Integrations, Inc.		21,025		2,039,215
Qualtrics International, Inc.^(a)		57,163		2,385,412
Qualys, Inc.^(a)		20,913		2,123,924
Rapid7, Inc.^(a)		15,975		1,817,156
Rexford Industrial Realty, Inc.		17,500		1,076,600
Shoals Technologies Group, Inc.^(a)		41,647		1,211,511
Silicon Laboratories, Inc.^(a)		6,753		1,006,129
Squarespace, Inc.^(a)		16,540		837,420
SVB Financial Group^(a)		3,955		2,175,092
Teladoc Health, Inc.^(a)		7,354		1,091,701
Terreno Realty Corp.		24,999		1,708,932
Traeger, Inc.^(a)		60,800		1,350,368
TriMas Corp.^(a)		24,050		786,916
Ulta Beauty, Inc.^(a)		6,575		2,207,885
WW Grainger, Inc.		3,625		1,611,603
YETI Holdings, Inc.^(a)		12,100		1,165,593

			Value
	Shares		(Note 2)
United States (continued)
Zendesk, Inc.^(a)		4,966	$	648,212
				135,780,893

TOTAL COMMON STOCKS
(Cost $122,201,880)				152,490,717

PREFERRED STOCKS (0.41%)
United States (0.41%)
Gusto Inc Series E Preferred^(a)(b)		20,595		626,088

TOTAL PREFERRED STOCKS
(Cost $625,992)				626,088

TOTAL INVESTMENTS (99.50%)
(Cost $122,827,872)			$	153,116,805

Other Assets In Excess Of Liabilities (0.50%)				767,035

NET ASSETS (100.00%)			$	153,883,840

^(a)	Non-Income Producing Security.
^(b)	As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also footnote 2 to the financial statements for additional information.
^(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021, these securities had a total aggregate market value of $1,289,386, representing 0.84% of net assets.
^(d)	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2021, the aggregate market value of these securities was $1,289,386, representing 0.84% of net assets.

Sector Composition (July 31, 2021) (Unaudited)
Technology		33.9%
Financials		24.0%
Consumer		16.7%
Health Care		16.2%
Industrials		8.2%
Energy & Materials		0.5%
Cash, Cash Equivalents, & Other Net Assets		0.5%
Total		100%

Industry Composition (July 31, 2021) (Unaudited)
IT Services		14.7%
Software		12.7%
Banks		8.8%
Capital Markets		8.2%
Health Care Equipment & Supplies		8.0%
Trading Companies & Distributors		4.5%
Semiconductors & Semiconductor Equipment		3.9%
Internet & Direct Marketing Retail		3.6%
Insurance		3.6%
Life Sciences Tools & Services		3.5%
Equity Real Estate Investment Trusts (REITs)		3.5%
Household Durables		2.9%
Distributors		2.4%
Specialty Retail		2.3%
Health Care Providers & Services		2.1%
Electronic Equipment, Instruments & Components		2.1%
Textiles, Apparel & Luxury Goods		2.0%
Biotechnology		1.8%
Multiline Retail		1.5%
Machinery		1.4%
Other Industries (each less than 1%)		6.0%
Cash and Other Assets, Less Liabilities		0.5%
Total		100%

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of July 31, 2021, the Trust consists of multiple separate portfolios or series. This quarterly report describes the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund (individually a “Fund” and collectively, the “Funds”). The Funds seek long-term growth of capital. The Funds offer Investor Class (except the Grandeur Peak Global Contrarian Fund, Grandeur Peak Global Micro Cap Fund and Grandeur Peak US Stalwarts Fund) and Institutional Class shares.

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements.

Investment Valuation: The Funds generally value their securities, including short positions, based on market prices determined at the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading.

For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day. Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value, with the exception of exchange-traded open-end investment companies, which are priced as equity securities.

Equity securities that are primarily traded on foreign securities exchanges are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value. In such an event, the fair value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board of Trustees of the Trust (the “Board” or the “Trustees”). The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of each Fund’s portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. The Funds’ valuation procedures set forth certain triggers which instruct when to use the fair valuation model.

Corporate Bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Forward currency exchange contracts have a fair value determined by the prevailing foreign currency exchange daily rates and current foreign currency exchange forward rates. The foreign currency exchange forward rates are calculated using an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing service.

When such prices or quotations are not available, or when Grandeur Peak Global Advisors, LLC (the “Adviser”) believes that they are unreliable,

Fair Value Measurements: The Funds disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Funds’ investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Funds’ own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of each Fund’s investments in the fair value hierarchy as of July 31, 2021:

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 July 31, 2021:

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost which is the same basis the Fund uses for federal income tax purposes. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Funds. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

Short Sales: The Funds may make short sales of securities consistent with their strategies. A short sale is a transaction in which a Fund sells a security it does not own in anticipation that the market price of that security will decline.

When a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time that a Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent that a Fund engages in short sales, it will provide collateral to the broker-dealer and (except in the case of short sales “against the box”) will maintain additional asset coverage in the form of segregated or “earmarked” assets determined to be liquid in accordance with procedures established by the Board and that is equal to the current market value of the securities sold short, or will ensure that such positions are covered by “offsetting” positions, until the Fund replaces the borrowed security. A short sale is “against the box” to the extent that the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The Fund may engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder. To the extent a Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction.

Foreign Securities: The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern Time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Foreign Currency Spot Contracts: The Funds may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of the contracts is determined using current currency exchange rates supplied by a pricing service.

The contract is marked-to-market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value on the open and close date. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract’s terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

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

Epidemic and Pandemic Risk: Certain countries have been susceptible to epidemics, most recently COVID-19, which has been designated as a pandemic by world health authorities. The outbreak of such epidemics, together with any resulting restrictions on travel or quarantines imposed, could have a negative impact on the economy and business activity globally (including in the countries in which we invest), and thereby could adversely affect the performance of our investments. Furthermore, the rapid development of epidemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, present material uncertainty and risk with respect to us and the performance of our investments.

Grandeur Peak Funds^®	Notes to Quarterly Portfolio of Investments
	July 31, 2021 (Unaudited)

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Emerging Markets Opportunities Fund
Common Stocks^*		663,351,897		–		–		663,351,897
Total	$	663,351,897	$	–	$	–	$	663,351,897

Grandeur Peak Global Opportunities Fund	Common Stock		Preferred Stocks		Total
Balance as of April 30, 2021	$	1	$	4,252,160	$	4,252,161
Accrued discount/ premium		-		-		-
Realized Gain/(Loss)		-		-		-
Change in Unrealized Appreciation/(Depreciation)		-		-		-
Purchases		-		-		-
Sales Proceeds		-		-		-
Transfer into Level 3		-		-		-
Transfer out of Level 3		-		-		-
Balance as of July 31, 2021	$	1	$	4,252,160	$	4,252,161
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at July 31, 2021	$	-	$	-	$	-

Grandeur Peak Global Reach Fund	Foreign Common Stock			Common Stock		Preferred Stocks		Total
Balance as of April 30, 2021	$	1		$	1,000,000	$	2,016,652	$	3,016,653
Accrued discount/ premium		-			-		-		-
Realized Gain/(Loss)		-			-		-		-
Change in Unrealized Appreciation/(Depreciation)		-			-		151		151
Purchases		-			-		979,976		979,976
Sales Proceeds		(1	)		-		-		(1	)
Transfer into Level 3		-			-		-		-
Transfer out of Level 3		-			-		-		-
Balance as of July 31, 2021	$	-		$	1,000,000	$	2,996,779	$	3,996,779
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at July 31, 2021	$	-		$	-	$	150	$	150

Asset Class	Fair Value (USD) at 07/31/2021	Valuation Technique	Unobservable Inputs^(a)	Value/Range
Preferred Stock	$2,016,652	Market Approach	Enterprise Value-to-Sales Multiple	19.0x
Preferred Stock	980,127	Cost	Cost	Cost
Private Investment Fund	1,000,000	Cost/Third-Party Valuation	Third-Party Valuation	Cost

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Enterprise Value-to-Sales Multiple	Increase	Decrease
Third-Party Valuation	Increase	Decrease
Cost	Increase	Decrease