Grandeur Peak Global Trust NPORT-P Grandeur Peak Global Explorer Fund (Jan 2024 report)

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	January 31, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.65%
Argentina — 0.89%
Globant SA(a)		470	$	110,831
Australia — 3.52%
Atturra, Ltd.(a)		75,437		40,180
Bapcor LTD(a)		8,576		31,388
EQT Holdings Ltd.(a)		2,715		49,064
HUB24 Ltd.(a)		1,672		40,400
Imdex Ltd.(a)		16,571		18,281
Johns Lyng Group Ltd.(a)		8,843		39,025
Kogan.com Ltd.(a)		16,401		61,433
Netwealth Group Ltd.(a)		3,528		38,314
PeopleIN Ltd.(a)		62,357		49,563
Pinnacle Investment Management Group(a)		5,163		34,053
QANTM Intellectual Property Ltd.(a)		48,896		34,750
				436,451
Belgium — 1.39%
Melexis NV		921		78,900
Warehouses De Pauw CVA(a)		1,754		51,307
X-Fab Silicon Foundries SE(a)(b)(c)		4,483		43,076
				173,283
Brazil — 2.17%
Armac Locacao Logistica E Servicos SA(a)		6,700		19,352
CI&T, Inc.(a)		1,866		8,304
Grupo Mateus SA(a)		30,000		41,659
Hypera SA		4,200		26,932
Locaweb Servicos de Internet SA(a)(b)(c)		29,447		32,392
Patria Investments Ltd.(a)		6,651		94,909
Vinci Partners Invest Ltd.(a)		1,690		17,779
XP, Inc., Class A(a)		1,115		27,406
				268,733
Canada — 1.29%
Aritzia, Inc.(a)		1,334		32,460
Converge Technology Solutions Corporation(a)		13,002		43,911
Docebo, Inc.(a)		905		39,748
Enghouse Systems Limited(a)		900		25,039
Richelieu Hardware Ltd.(a)		578		18,669
				159,827
China — 4.64%
Adicon Holdings Ltd.(a)		37,000		43,872
Aier Eye Hospital Group Co., Ltd.(a)		6,700		12,035
Alibaba Group Holding Ltd.(a)		2,200		19,732
Angelalign Technology, Inc.(a)(b)(c)		2,500		17,016
ANTA Sports Products Ltd.		4,400		37,139
Beijing Huafeng Test & Control Technology Co., Ltd.(a)		842		9,031
Centre Testing International Group Company Ltd.(a)		20,000		32,909
Chaoju Eye Care Holdings Ltd.(a)		53,100		24,964
Chervon Holdings Ltd.(a)		8,300		17,008
China Yongda Automobiles Services Holdings Ltd.		23,400		6,011
CSPC Pharmaceutical Group Ltd.		18,000		13,242

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
China — 4.64% (continued)
Guangzhou Kingmed Diagnostics Group Co., Ltd.(a)		3,600	$	26,339
Hangzhou Robam Appliances Co., Ltd.(a)		8,831		26,920
Hangzhou Tigermed Consulting Co., Ltd.(a)		4,721		26,830
Li Ning Company Ltd.		9,400		20,081
Man Wah Holdings Ltd.(a)		56,900		35,468
Shanghai Hanbell Precise Machinery Co., Ltd.(a)		11,500		28,464
Shenzhen Mindray Bio-Medical Electronics Co.(a)		1,300		48,914
Silergy Corporation(a)		7,000		86,135
Suofeiya Home Collection Co., Ltd., CLASS A(a)		6,700		14,568
WuXi AppTec Co., Ltd.(a)(b)(c)		4,034		27,912
				574,590
Colombia — 0.73%
Parex Resources, Inc.		5,440		90,081
Finland — 0.40%
Revenio Group Oyj(a)		1,134		31,129
Vaisala Oyj(a)		469		18,547
				49,676
France — 3.46%
Alten SA(a)		438		67,711
Antin Infrastructure Partners(a)		3,050		56,072
Aubay SA(a)		398		17,669
BioMerieux(a)		302		32,498
Esker SA(a)		139		23,338
Neurones SA(a)		240		11,750
Thermador Groupe(a)		602		55,874
Virbac SA(a)		341		123,040
Wavestone(a)		624		41,330
				429,282
Germany — 3.64%
AIXTRON SE(a)		570		21,210
Atoss Software AG(a)		177		48,489
Dermapharm Holding SE(a)		1,987		84,502
Elmos Semiconductor AG		485		33,868
Friedrich Vorwerrk Group SE(a)		1,415		24,041
Hensoldt AG(a)		710		21,311
Mensch und Maschine Software SE(a)		783		43,063
Nagarro SE(a)		344		33,615
Nexus AG(a)		1,446		90,094
QIAGEN N.V.(a)		404		17,639
Stabilus SE(a)		474		33,209
				451,041
Greece — 0.37%
Sarantis SA(a)		4,776		45,309
Hong Kong — 0.65%
Plover Bay Technologies Ltd.(a)(c)		106,861		27,355
Techtronic Industries Co., Ltd.		5,000		53,105
				80,460

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	January 31, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
India — 3.05%
Ajanta Pharma Ltd.(a)		806	$	21,116
Bajaj Finance Ltd.(a)		380		31,442
Cera Sanitaryware Ltd.(a)		125		12,413
City Union Bank Ltd.(a)		11,167		19,496
Five-Star Business(a)		2,816		25,857
Gulf Oil Lubricants India Ltd.		9,077		87,072
IndiaMart InterMesh Ltd.(a)(b)(c)		1,421		43,121
Indigo Paints Ltd(a)		2,231		38,764
Kotak Mahindra Bank Ltd.(a)		2,019		44,358
Motherson Sumi Wiring India Ltd.(a)		25,701		20,134
SJS Enterprises Ltd.(a)		4,747		34,360
				378,133
Indonesia — 1.45%
Arwana Citramulia Tbk PT(a)		677,300		29,401
Avia Avian Tbk PT(a)		871,500		32,032
Bank BTPN Syariah Tbk PT(a)		298,800		30,079
Metrodata Electronics Tbk(a)		336,400		11,085
Selamat Sempurna Tbk PT(a)		445,500		57,029
Ultrajaya Milk Industry & Trading Co.(a)		188,000		20,253
				179,879
Ireland — 0.82%
ICON plc(a)		94		24,522
Keywords Studios plc(a)		2,261		47,282
Uniphar PLC(a)		9,638		29,263
				101,067
Israel — 0.53%
Monday.com Ltd.(a)		117		24,575
Wix.com Ltd.(a)		324		41,109
				65,684
Italy — 1.67%
Interpump Group SpA(a)		1,357		67,066
Recordati Industria Chimica e Farmaceutica SpA(a)		1,274		70,304
Sesa SpA(a)		515		69,866
				207,236
Japan — 12.60%
Amvis Holdings, Inc.(a)		1,300		23,951
AZOOM Co Ltd(a)		300		13,508
BayCurrent Consulting, Inc.		4,200		97,651
Beenos, Inc.(a)		6,673		67,657
Bengo4.com, Inc.(a)		1,100		29,700
Carenet, Inc. NPV(a)		1,200		6,568
Central Automotive Products Ltd.(a)		1,300		42,910
Charm Care Corporation KK(a)		5,500		44,387
Comture Corporation(a)		2,000		24,733
Creema Ltd.(a)		3,600		7,559
Cyber Security Cloud, Inc.(a)		3,500		58,449
Digital Arts, Inc.(a)		600		20,568
eGuarantee, Inc.(a)		2,400		31,283
eWeLL Co., Ltd.(a)		1,800		22,246
F&M Co., Ltd.(a)		2,700		35,198
FP Partner, Inc.(a)		700		29,120

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
Japan — 12.60% (continued)
Gakujo Co., Ltd.(a)		1,700	$	20,435
GENOVA, Inc.(a)		1,600		18,279
GMO Payment Gateway, Inc. NPV(a)		400		24,137
Hennge KK(a)		5,000		42,535
Insource Co Ltd(a)		5,600		31,657
Integral Corporation(a)		2,800		54,602
JMDC, Inc.(a)		900		23,818
M&A Capital Partners Company Ltd.(a)		2,900		44,666
M&A Research Institute, Inc.(a)		900		32,034
MarkLines Co., Ltd.		3,000		61,258
Meitec Corporation(a)		1,400		27,698
MonotaRO Co., Ltd.(a)		6,100		57,455
Open Door, Inc.(a)		1,400		8,142
Oro Co., Ltd.(a)		1,300		25,672
Plus Alpha Consulting(a)		1,300		22,658
Prestige International, Inc.(a)		5,300		21,764
SBI Global Asset Management Co.(a)		5,400		25,636
Seria Co., Ltd.(a)		3,000		54,979
Sun*, Inc.(a)		9,400		61,516
Synchro Food Co., Ltd.(a)		7,400		32,350
System Support, Inc.(a)		3,000		39,972
Syuppin Company, Ltd.(a)		6,100		43,000
ULS Group, Inc.(a)		3,500		97,197
User Local, Inc.(a)		1,300		17,919
Visional, Inc.(a)		1,100		68,851
WDB coco Co., Ltd.(a)		700		21,801
Yakuodo Holdings Co., Ltd.(a)		1,500		26,337
				1,561,856
Korea  (Republic Of) — 0.15%
SOLUM Co Ltd(a)		878		18,020
Luxembourg — 0.20%
Sword Group(a)		615		25,135
Mexico — 0.77%
Bolsa Mexicana de Valores SAB(a)		10,300		20,937
Regional SAB de CV(a)		5,750		53,224
Vesta Real Estate Corporation - ADR		550		20,856
				95,017
Netherlands — 0.59%
Alfen Beheer BV(a)(b)(c)		473		28,599
ASM International NV(a)		40		22,165
Redcare Pharmacy NV(a)		162		22,545
				73.309
Norway — 0.61%
Bouvet ASA(a)		7,352		43,135
SmartCraft ASA(a)		13,607		32,622
				75,757
Philippines — 0.79%
Century Pacific Food, Inc.(a)		56,600		33,173
Philippine Seven Corporation(a)		16,120		22,775

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	January 31, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
Philippines — 0.79% (continued)
Puregold Price Club, Inc.(a)		35,797	$	17,701
Wilcon Depot, Inc.(a)		63,033		24,554
				98,203
Poland — 1.11%
Auto Partner SA		5,436		34,854
Dino Polska SA(a)(b)(c)		654		70,590
Inter Cars SA(a)		233		31,833
				137,277
Singapore — 0.63%
iFast Corporation(a)		5,800		31,810
Keppel DC REIT(a)		12,000		15,070
Riverstone Holdings Ltd.		61,445		31,968
				78,848
South Africa — 0.20%
Italtile Ltd.(a)		37,806		24,233
South Korea — 1.72%
Coupang, Inc(a)		2,612		36,568
Douzone Bizon Co., Ltd(a)		810		28,997
Eo Technics Co., Ltd.(a)		173		22,133
Hyundai Ezwel Co., Ltd.(a)		6,797		28,958
LEENO Industrial, Inc.(a)		283		42,108
MegaStudyEdu Co., Ltd.(a)		484		21,759
SaraminHR Co., Ltd.(a)		1,500		19,784
Tokai Carbon Korea Co., Ltd.(a)		162		12,815
				213,122
Sweden — 4.15%
AddTech AB(a)		2,034		41,962
Beijer Alma AB(a)		1,700		29,955
BoneSupport Holding AB(a)		1,119		22,155
EQT AB(a)		1,172		31,472
Knowit AB		4,632		62,293
Lifco AB, Class B(a)		1,424		34,359
Nibe Industrier A.B.		4,733		28,282
OX2 AB(a)		6,219		29,591
Sagax AB(a)		1,707		41,485
Sdiptech AB(a)		2,773		68,827
Swedencare AB		4,836		28,732
Swedish Logistic(a)		8,383		25,129
Teqnion AB(a)		865		18,667
Vitec Software Group(a)		628		34,884
Vitrolife AB(a)		1,041		17,139
				514,932
Taiwan — 2.67%
Acer E-Enabling Service Business, Inc.(a)		2,000		18,338
FineTek Co. Ltd.(a)		14,392		43,311
Fuzetec Technology Co., Ltd.(a)(b)		11,000		15,825
M3 Technology, Inc.(a)		4,000		22,620
Sinbon Electronics Co., Ltd.(a)		7,000		57,623
Sporton International, Inc.(a)		17,700		131,027
Voltronic Power Technology Corporation(a)		1,000		42,757
				331,501

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
Thailand — 0.37%
Humanica PCL(a)		144,600	$	46,334
United Kingdom — 11.34%
AB Dynamics PLC(a)		2,848		64,065
Advanced Medical Solutions Group plc(a)		8,141		21,615
B&M European Value Retail SA		14,245		93,359
Big Technologies plc(a)		5,807		9,111
CVS Group plc		5,238		112,053
Darktrace plc(a)		11,389		49,383
Diploma plc(a)		1,003		41,346
dotdigital group plc(a)		16,041		19,882
Elixirr International PLC(a)		5,312		35,848
Endava plc, ADR - ADR(a)		1,467		103,820
Foresight Group Holdings Ltd.(a)		12,304		70,948
FRP Advisory Group PLC(a)		25,867		41,480
GlobalData PLC(a)		9,303		23,698
Halma PLC		1,555		43,042
Impax Asset Management Group plc(a)		15,905		109,351
Intermediate Capital Group PLC(a)		1,508		33,998
JTC plc(a)(b)(c)		11,287		113,458
Marlowe PLC(a)		10,291		48,907
Pensionbee Group PLC(a)		13,468		16,564
Petershill Partners PLC(a)(b)(c)		14,892		33,181
Pets at Home Group PLC(a)		14,481		51,422
SDI Group PLC(a)		15,401		12,570
Softcat PLC(a)		3,753		68,505
Tatton Asset Mgmt(a)		3,818		25,741
Volution Group PLC(a)		20,375		111,552
YouGov plc(a)		3,442		50,818
				1,405,717
United States — 29.65%
Alexandria Real Estate Equities, Inc.		304		36,754
Align Technology, Inc.(a)		120		32,078
Apollo Global Management, Inc.		271		27,208
Ares Management Corporation, CLASS A		587		71,309
Ashtead Group PLC		729		47,671
AtriCure, Inc.(a)		895		30,484
Barrett Business Services, Inc.		465		52,206
BILL Holdings, Inc.(a)		403		31,454
BizLink Holding, Inc.(a)		5,283		38,874
Blue Owl Capital, Inc.		2,575		40,016
Bowman Consulting Group Ltd.(a)		1,197		37,598
Cactus, Inc., Class A		374		15,873
Charles River Laboratories International, Inc.(a)		119		25,737
Chewy, Inc.(a)		919		16,377
Cloudflare, Inc., Class A(a)		231		18,261
Crowdstrike Holdings, Inc., Class A(a)		218		63,765
Datadog, Inc., Class A(a)		211		26,257
DexCom, Inc.(a)		208		25,241
Digital Realty Trust, Inc.		177		24,861
DigitalOcean Holdings, Inc.(a)		1,665		56,144

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	January 31, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
United States — 29.65% (continued)
Dollar General Corporation		285	$	37,640
Doximity, Inc.(a)		803		21,641
Elastic NV(a)		931		108,983
Envista Holdings Corporation(a)		1,056		24,816
Esquire Financial Holdings, Inc.(a)		896		44,675
Etsy, Inc.(a)		717		47,723
Evercore, Inc., Class A		335		57,530
Fastenal Company		371		25,313
Five Below, Inc.(a)		175		31,406
Freshpet, Inc.(a)		402		34,612
Frontage Holdings Corporation(a)(b)(c)		206,900		42,552
Gitlab, Inc.(a)		378		26,880
Global Industrial Co.(a)		678		28,835
Goosehead Insurance, Inc., CLASS A(a)		387		29,876
GQG Partners, Inc.(a)		64,344		78,824
Hackett Group, Inc. (The)		2,553		59,025
HealthEquity, Inc.(a)		545		41,191
Herc Holdings, Inc.		197		29,056
Houlihan Lokey, Inc.		549		65,758
HubSpot, Inc.(a)		47		28,717
I3 Verticals, Inc., Class A(a)		1,155		21,645
Insperity, Inc.		478		54,822
Insulet Corporation(a)		241		99,932
JFrog Ltd.(a)		3,072		26,791
Joint Corporation (The)(a)		2,745		26,791
Littelfuse, Inc.		327		79,101
Lululemon Athletica, Inc.(a)		54		24,506
MarketAxess Holdings, Inc.		182		41,043
Marvell Technology, Inc.		345		23,357
MaxCyte, Inc.(a)		3,649		18,573
Medpace Holdings, Inc.(a)		108		31,491
Microchip Technology, Inc.		769		65,504
Moelis & Co., Class A		482		26,496
Monolithic Power Systems, Inc.		71		42,793
MSCI, Inc.		47		28,135
Neogen Corporation(a)		1,391		21,561
NV5 Global, Inc.(a)		572		59,997
Ollie’s Bargain Outlet Holdings, Inc.(a)		1,226		88,185
P10, Inc.(a)		9,190		84,547
PagerDuty, Inc.(a)		2,814		66,635
Paycom Software, Inc.		380		72,291
Paylocity Holding Corporation(a)		193		30,573
Perella Weinberg Partners LP		7,201		84,611
PJT Partners, Inc., Class A		956		91,938
Planet Fitness, Inc., A(a)		619		41,943
Pool Corporation		124		46,035
Qualys, Inc.(a)		511		96,665
Rexford Industrial Realty, Inc.		781		41,073
Ross Stores, Inc.		254		35,632
Savers Value Village Inc(a)		1,838		34,352
Shoals Technologies Group, Inc., Class A(a)		3,793		49,954
Silicon Laboratories, Inc.(a)		268		33,060
SiTime Corporation(a)		148		15,772
Skechers USA, Inc., Class A(a)		425		26,537
Smartsheet, Inc., Class A(a)		1,291		58,056

	Shares		Fair Value
COMMON STOCKS — 99.65% (continued)
United States — 29.65% (continued)
Sprouts Farmers Market, Inc.(a)		897	$	45,182
Squarespace, Inc.(a)		1,896		58,776
Terreno Realty Corporation		526		31,418
Texas Roadhouse, Inc.		377		47,397
TPG, Inc.(a)		1,346		56,034
Tradeweb Markets, Inc., CLASS A		322		30,716
TriMas Corporation		742		18,313
United Rentals, Inc.		56		35,023
WW Grainger, Inc.		30		26,869
Zscaler, Inc.(a)		129		30,401
				3,672,955
Vietnam — 1.43%
FPT Corporation(a)		27,600		107,903
Vietnam Technological & Commercial Joint Stock Bank(a)		49,000		69,168
				177,071
Total Common Stocks (Cost $12,464,278)				12,350,850
Total Investments — 99.65%
(Cost $12,464,278)				12,350,850
Other Assets in Excess of Liabilities — 0.35%				44,529
NET ASSETS — 100.00%			$	12,395,379

(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 January 31, 2024, these securities had a total aggregate market value of $467,722, 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 January 31, 2024, the aggregate market value of these securities was $479,252, representing 3.87% of net assets.

Sector Composition (January 31, 2024)
Technology	30.6%
Industrials	16.3%
Financials	16.3%
Consumer Discretionary	12.0%
Health Care	11.0%
Consumer Staples	5.3%
Communications	2.7%
Real Estate	2.3%
Materials	1.6%
Energy	1.6%
Other Assets in Excess of Liabilities	0.3%
Total	100%

Grandeur Peak Global Explorer Fund	Portfolio of Investments
	January 31, 2024 (Unaudited)

Industry Composition (January 31, 2024)
Application Software	9.1%
It Services	8.8%
Investment Management	5.1%
Professional Services	3.9%
Infrastructure Software	3.6%
Institutional Brokerage	3.1%
Private Equity	3.0%
Specialty & Generic Pharma	2.9%
Semiconductor Devices	2.7%
Health Care Services	2.7%
Mass Merchants	2.5%
Online Marketplace	2.3%
Banks	2.1%
Other Commercial Support Services	2.1%
Industrial Wholesale & Rental	2.0%
Food & Drug Stores	2.0%
Internet Media & Services	1.8%
Medical Equipment	1.8%
Auto Parts	1.7%
Engineering Services	1.6%
Specialty Chemicals	1.3%
Wealth Management	1.3%
Other Spec Retail - Discr	1.2%
Specialty Apparel Stores	1.2%
Electrical Components	1.1%
Home Products Stores	1.1%
Technology Distributors	1.0%
Electronics Components	1.0%
Industrial Reit	1.0%
Information Services	1.0%
Other Industries (each less than 1%)	23.7%
Other Assets in Excess of Liabilities	0.3%
Total	100%