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

Grandeur Peak International Stalwarts Fund	Portfolio of Investments
	January 31, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.90%
Argentina — 3.15%
Globant SA(a)		209,245	$	49,342,063
Australia — 1.06%
Netwealth Group Ltd.(a)		601,138		6,528,381
WiseTech Global Ltd.(a)		213,431		10,047,083
				16,575,464
Belgium — 3.68%
Azelis Group N.V.(a)		256,141		5,273,169
Melexis NV		423,405		36,271,927
Warehouses De Pauw CVA(a)		550,589		16,105,648
				57,650,744
Brazil — 2.61%
CI&T, Inc.(a)		408,313		1,816,993
Hypera SA		1,624,385		10,416,129
Patria Investments Ltd.(a)		1,115,952		15,924,635
Raia Drogasil SA(a)		2,502,556		12,779,224
				40,936,981
Canada — 1.09%
Aritzia, Inc.(a)		473,327		11,517,337
Descartes Systems Group, Inc. (The)(a)		63,400		5,552,004
				17,069,341
China — 4.48%
Centre Testing International Group Company Ltd.(a)		3,403,700		5,600,601
Hangzhou Tigermed Consulting Co., Ltd.(a)		702,613		3,992,952
Shanghai Hanbell Precise Machinery Co., Ltd.(a)		3,284,671		8,130,005
Shenzhen Mindray Bio-Medical Electronics Co.(a)		248,800		9,361,415
Silergy Corporation(a)		3,511,805		43,212,683
				70,297,656
France — 4.55%
Alten SA(a)		106,248		16,425,002
Antin Infrastructure Partners(a)		567,089		10,425,533
BioMerieux(a)		193,037		20,772,335
Virbac SA(a)		65,813		23,746,705
				71,369,575
Germany — 4.00%
AIXTRON SE(a)		287,857		10,711,513
Atoss Software AG(a)		42,140		11,544,257
Dermapharm Holding SE(a)		445,593		18,950,011
Hensoldt AG(a)		318,236		9,551,933
QIAGEN N.V.		273,013		11,919,748
				62,677,462
Hong Kong — 1.92%
Techtronic Industries Co., Ltd.		2,828,900		30,046,126
India — 2.94%
Avenue Supermarts Ltd.(a)(b)(c)		139,852		6,387,681
Bajaj Finance Ltd.(a)		77,074		6,377,080
Five-Star Business(a)		530,475		4,871,003
IndiaMart InterMesh Ltd.(a)(b)(c)		425,702		12,918,139
Kotak Mahindra Bank Ltd.(a)		418,049		9,184,693

	Shares		Fair Value
COMMON STOCKS — 97.90% (continued)
India — 2.94% (continued)
Motherson Sumi Wiring India Ltd.(a)		8,150,287	$	6,384,738
				46,123,334
Ireland — 1.46%
ICON plc(a)		87,511		22,828,995
Israel — 0.19%
Nova Ltd.(a)		21,719		3,145,128
Italy — 3.15%
Interpump Group SpA(a)		365,754		18,076,358
Recordati Industria Chimica e Farmaceutica SpA(a)		282,663		15,598,451
Sesa SpA(a)		116,271		15,773,604
				49,448,413
Japan — 10.14%
Amvis Holdings, Inc.(a)		313,100		5,768,608
BayCurrent Consulting, Inc.		1,802,123		41,900,122
GMO Payment Gateway, Inc. NPV(a)		159,700		9,636,620
Japan Elevator Service Holdings Company Ltd.		198,200		2,995,283
Lasertec Corporation		42,400		11,042,875
M&A Capital Partners Company Ltd.(a)		652,800		10,054,474
M&A Research Institute, Inc.(a)		341,700		12,162,398
MonotaRO Co., Ltd.(a)		2,817,914		26,541,356
Systena Corporation(a)		6,826,500		13,799,157
TechnoPro Holdings, Inc.(a)		263,300		6,070,709
Tokyo Seimitsu Company Ltd.		140,700		9,114,217
Visional, Inc.(a)		161,200		10,089,601
				159,175,420
Luxembourg — 0.61%
Eurofins Scientific S.E.		159,442		9,599,280
Mexico — 4.49%
Corp Inmobiliaria Vesta SAB de CV(a)		5,794,400		22,021,057
Grupo Financiero Banorte SAB de CV		1,254,800		12,761,135
Regional SAB de CV(a)		2,491,700		23,064,083
Wal-Mart de Mexico SAB de CV		3,059,900		12,640,600
				70,486,875
Netherlands — 1.99%
ASM International NV(a)		22,474		12,453,512
BE Semiconductor Industries N.V.		48,972		7,358,047
IMCD N.V.		74,452		11,362,271
				31,173,830
Philippines — 0.40%
Wilcon Depot, Inc.(a)		16,185,100		6,304,761
Poland — 1.88%
Dino Polska SA(a)(b)(c)		272,682		29,432,491

Grandeur Peak International Stalwarts Fund	Portfolio of Investments
	January 31, 2024 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.90% (continued)
Singapore — 0.25%
Keppel DC REIT(a)		3,164,737	$	3,974,361
South Korea — 2.31%
Eo Technics Co., Ltd.(a)		95,283		12,190,189
LEENO Industrial, Inc.(a)		161,568		24,040,140
				36,230,329
Sweden — 8.91%
AddTech AB(a)		853,769		17,613,895
Epiroc AB		484,265		7,550,993
EQT AB(a)		1,086,169		29,167,421
HMS Networks AB(a)		147,045		6,469,576
Lagercrantz Group AB(a)		493,641		6,454,052
Lifco AB, Class B(a)		739,503		17,842,816
Nibe Industrier A.B.		2,972,469		17,761,929
OX2 AB(a)		1,896,001		9,021,588
Sagax AB(a)		519,907		12,635,065
Swedencare AB		1,244,829		7,395,939
Vitrolife AB(a)		473,357		7,793,449
				139,706,723
Switzerland — 0.60%
VAT Group AG(a)		20,182		9,397,379
Taiwan — 4.49%
Asia Vital Components Co., Ltd.(a)		1,092,000		14,828,678
ASPEED Technology, Inc.(a)		211,145		20,735,624
Chroma Ate Inc(a)		1,953,000		12,480,402
Sinbon Electronics Co., Ltd.(a)		1,730,000		14,241,147
Voltronic Power Technology Corporation(a)		191,490		8,187,477
				70,473,328
United Kingdom — 18.02%
B&M European Value Retail SA		9,756,817		63,944,203
CVS Group plc(a)		1,321,086		28,261,031
Darktrace plc(a)		4,851,288		21,035,507
Diploma plc(a)		674,481		27,803,596
Endava plc, ADR - ADR(a)		501,928		35,521,445
Halma PLC		1,011,483		27,997,264
Impax Asset Management Group plc(a)		2,230,760		15,337,088
Intermediate Capital Group PLC(a)		498,588		11,240,853
JTC plc(a)(b)(c)		1,877,367		18,871,510
London Stock Exchange Group PLC		122,756		13,885,591
Softcat PLC(a)		1,041,016		19,002,060
				282,900,148
United States — 8.25%
Ashtead Group PLC		392,329		25,655,448
Cloudflare, Inc., Class A(a)		199,644		15,781,858
Elastic NV(a)		81,716		9,565,675
JFrog Ltd.(a)		888,579		28,905,475
Lululemon Athletica, Inc.(a)		42,089		19,100,830
Monolithic Power Systems, Inc.		50,224		30,271,009
				129,280,295

	Shares		Fair Value
COMMON STOCKS — 97.90% (continued)
Vietnam — 1.28%
Asia Commercial Bank JSC(a)		7,767,000	$	8,179,708
Vietnam Technological & Commercial Joint Stock Bank(a)		8,443,926		11,919,395
				20,099,103
Total Common Stocks (Cost $1,330,574,339)				1,535,745,605
Total Investments — 97.90%
(Cost $1,330,574,339)				1,535,745,605
Other Assets in Excess of Liabilities — 2.10%				32,957,914
NET ASSETS — 100.00%			$	1,568,703,519

(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 $67,609,821, representing 4.31% 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 $67,609,821, representing 4.31% of net assets.

Sector Composition (January 31, 2024)
Technology	33.4%
Industrials	18.6%
Financials	13.4%
Health Care	12.6%
Consumer Staples	8.0%
Consumer Discretionary	6.7%
Real Estate	3.5%
Materials	1.1%
Energy	0.6%
Other Assets in Excess of Liabilities	2.1%
Total	100%

Grandeur Peak International Stalwarts Fund	Portfolio of Investments
	January 31, 2024 (Unaudited)

Industry Composition (January 31, 2024)
IT Services	10.6%
Semiconductor Devices	6.2%
Application Software	5.8%
Mass Merchants	4.9%
Specialty & Generic Pharma	4.4%
Electronics Components	4.3%
Private Equity	4.3%
Banks	4.2%
Health Care Services	3.5%
Food & Drug Stores	3.1%
Semiconductor Mfg	3.0%
Industrial Wholesale & Rental	2.8%
Measurement Instruments	2.6%
Industrial Owners & Developers	2.2%
Life Science & Diagnostics	2.1%
Specialty Apparel Stores	2.0%
Other Machinery & Equipment	1.9%
Technology Distributors	1.9%
Rubber & Plastic	1.8%
Medical Equipment	1.7%
Specialty Online Retailers	1.7%
Flow Control Equipment	1.7%
Investment Management	1.4%
Professional Services	1.3%
Wealth Management	1.2%
Commercial & Residential Building Equipment & Systems	1.1%
Electrical Components	1.1%
Engineering Services	1.1%
Industrial Reit	1.0%
Other Commercial Support Services	1.0%
Other Industries (each less than 1%)	12.0%
Other Assets in Excess of Liabilities	2.1%
Total	100%