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

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

	Shares		Fair Value
COMMON STOCKS — 97.96%
Argentina — 2.44%
Globant SA(a)		16,182	$	3,815,877
Australia — 0.51%
WiseTech Global Ltd.(a)		16,924		796,683
Belgium — 2.26%
Azelis Group N.V.(a)		20,867		429,588
Melexis NV		27,094		2,321,068
Warehouses De Pauw CVA(a)		26,718		781,546
				3,532,202
Brazil — 1.51%
Hypera SA		79,300		508,500
Patria Investments Ltd.(a)		95,819		1,367,337
Raia Drogasil SA(a)		94,292		481,499
				2,357,336
Canada — 0.74%
Aritzia, Inc.(a)		31,644		769,985
Descartes Systems Group, Inc. (The)(a)		4,481		392,406
				1,162,391
China — 3.76%
Centre Testing International Group Company Ltd.(a)		342,600		563,729
Shanghai Hanbell Precise Machinery Co., Ltd.(a)		249,400		617,299
Shenzhen Mindray Bio-Medical Electronics Co.(a)		15,000		564,394
Silergy Corporation(a)		336,000		4,134,473
				5,879,895
France — 3.04%
Alten SA(a)		5,805		897,402
Antin Infrastructure Partners(a)		37,437		688,253
BioMerieux(a)		8,638		929,518
Virbac SA(a)		6,218		2,243,584
				4,758,757
Germany — 2.23%
AIXTRON SE(a)		22,680		843,951
Atoss Software AG(a)		1,958		536,394
Dermapharm Holding SE(a)		33,429		1,421,656
Hensoldt AG(a)		22,932		688,310
				3,490,311
Hong Kong — 1.29%
Techtronic Industries Co., Ltd.		190,100		2,019,078
India — 1.51%
Avenue Supermarts Ltd.(a)(b)(c)		9,665		441,445
Bajaj Finance Ltd.(a)		5,321		440,258
Five-Star Business(a)		64,972		596,595
IndiaMart InterMesh Ltd.(a)(b)(c)		29,261		887,940
				2,366,238
Ireland — 0.67%
ICON plc(a)		4,037		1,053,132

	Shares		Fair Value
COMMON STOCKS — 97.96% (continued)
Israel — 0.17%
Nova Ltd.(a)		1,678	$	242,991
Italy — 1.02%
Interpump Group SpA(a)		16,387		809,881
Recordati Industria Chimica e Farmaceutica SpA(a)		14,230		785,267
				1,595,148
Japan — 5.92%
Amvis Holdings, Inc.(a)		2,500		46,060
BayCurrent Consulting, Inc.		151,200		3,515,465
Japan Elevator Service Holdings Company Ltd.		19,200		290,159
Lasertec Corporation		4,000		1,041,781
M&A Capital Partners Company Ltd.(a)		54,300		836,332
M&A Research Institute, Inc.(a)		23,500		836,454
MonotaRO Co., Ltd.(a)		122,500		1,153,802
TechnoPro Holdings, Inc.(a)		16,500		380,428
Tokyo Seimitsu Company Ltd.		8,500		550,610
Visional, Inc.(a)		9,800		613,388
				9,264,479
Luxembourg — 0.25%
Eurofins Scientific S.E.		6,450		388,325
Mexico — 2.70%
Corp Inmobiliaria Vesta SAB de CV(a)		360,865		1,371,433
Grupo Financiero Banorte SAB de CV		57,800		587,818
Kimberly-Clark de Mexico S.A.B. de C.V.		246,400		559,561
Regional SAB de CV(a)		184,933		1,711,806
				4,230,618
Netherlands — 1.45%
ASM International NV(a)		1,856		1,028,465
BE Semiconductor Industries N.V.		2,923		439,181
IMCD N.V.		5,189		791,904
				2,259,550
Poland — 1.18%
Dino Polska SA(a)(b)(c)		17,167		1,852,955
South Korea — 1.71%
Eo Technics Co., Ltd.(a)		7,624		975,389
LEENO Industrial, Inc.(a)		11,454		1,704,272
				2,679,661
Sweden — 5.48%
AddTech AB(a)		48,918		1,009,215
Epiroc AB		34,634		540,037
EQT AB(a)		64,241		1,725,095
HMS Networks AB(a)		13,071		575,088
Lifco AB, Class B(a)		49,720		1,199,650
Nibe Industrier A.B.		152,144		909,133
OX2 AB(a)		161,967		770,674
Sagax AB(a)		27,163		660,130
Swedencare AB		118,789		705,765

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

	Shares		Fair Value
COMMON STOCKS — 97.96% (continued)
Sweden — 5.48% (continued)
Vitrolife AB(a)		28,956	$	476,738
				8,571,525
Switzerland — 0.50%
VAT Group AG(a)		1,669		777,139
Taiwan — 2.83%
Asia Vital Components Co., Ltd.(a)		93,000		1,262,882
ASPEED Technology, Inc.(a)		13,000		1,276,673
Chroma Ate Inc(a)		114,000		728,503
Sinbon Electronics Co., Ltd.(a)		88,500		728,521
Voltronic Power Technology Corporation(a)		9,975		426,498
				4,423,077
United Kingdom — 12.23%
B&M European Value Retail SA		641,141		4,201,908
CVS Group plc		150,388		3,217,141
Darktrace plc(a)		275,784		1,195,818
Diploma plc(a)		27,275		1,124,336
Endava plc, ADR - ADR(a)		37,133		2,627,902
Halma PLC		50,701		1,403,374
Impax Asset Management Group plc(a)		196,738		1,352,628
Intermediate Capital Group PLC(a)		27,516		620,359
JTC plc(a)(b)(c)		158,863		1,596,909
London Stock Exchange Group PLC		6,442		728,689
Softcat PLC(a)		58,761		1,072,587
				19,141,651
United States — 40.46%
Alexandria Real Estate Equities, Inc.		13,118		1,585,967
Align Technology, Inc.(a)		3,684		984,807
Apollo Global Management, Inc.		6,221		624,588
Ares Management Corporation, CLASS A		18,306		2,223,813
Ashtead Group PLC		28,216		1,845,120
AtriCure, Inc.(a)		20,613		702,079
Cactus, Inc., Class A		16,232		688,886
Charles River Laboratories International, Inc.(a)		5,420		1,172,238
Cloudflare, Inc., Class A(a)		18,512		1,463,374
Cross Creek Lucid LP/Partnership Interest(a)(d)		1,300,000		1,022,666
Crowdstrike Holdings, Inc., Class A(a)		10,898		3,187,664
Datadog, Inc., Class A(a)		4,360		542,558
DexCom, Inc.(a)		3,709		450,087
DigitalOcean Holdings, Inc.(a)		52,739		1,778,359
Elastic NV(a)		19,960		2,336,517
Etsy, Inc.(a)		17,342		1,154,284
Evercore, Inc., Class A		4,557		782,574
Five Below, Inc.(a)		6,019		1,080,170
Global Industrial Co.(a)		23,172		985,505
Goosehead Insurance, Inc., CLASS A(a)		5,643		435,640
Herc Holdings, Inc.		6,577		970,042
Houlihan Lokey, Inc.		11,209		1,342,614
HubSpot, Inc.(a)		1,096		669,656
IDEXX Laboratories, Inc.(a)		1,250		643,850
Insulet Corporation(a)		3,700		706,219
JFrog Ltd(a)		44,929		1,461,541
Littelfuse, Inc.		22,154		5,359,053

	Shares		Fair Value
COMMON STOCKS — 97.96% (continued)
United States — 40.46% (continued)
Lululemon Athletica, Inc.(a)		2,161	$	980,705
MarketAxess Holdings, Inc.		4,278		964,732
Marvell Technology, Inc.		17,452		1,181,500
Medpace Holdings, Inc.(a)		1,911		557,209
Microchip Technology, Inc.		8,177		696,517
Moelis & Co., Class A		13,851		761,389
Monolithic Power Systems, Inc.		2,513		1,514,635
Neogen Corporation(a)		47,024		728,872
NV5 Global, Inc.(a)		8,441		885,376
Ollie’s Bargain Outlet Holdings, Inc.(a)		14,108		1,014,788
P10, Inc.(a)		164,599		1,514,311
PagerDuty, Inc.(a)		53,051		1,256,248
Paycom Software, Inc.		4,118		783,408
PJT Partners, Inc., Class A		28,466		2,737,575
Pool Corporation		1,431		531,259
QUALCOMM, Inc.		10,902		1,619,056
Qualys, Inc.(a)		10,015		1,894,538
Rexford Industrial Realty, Inc.		14,370		755,718
Savers Value Village Inc(a)		45,184		844,489
Shoals Technologies Group, Inc., Class A(a)		88,767		1,169,061
Silicon Laboratories, Inc.(a)		11,488		1,417,160
SiTime Corporation(a)		7,264		774,124
Smartsheet, Inc., Class A(a)		12,735		572,693
Tradeweb Markets, Inc., CLASS A		10,589		1,010,085
Zscaler, Inc.(a)		4,011		945,272
				63,310,591
Vietnam — 2.10%
Asia Commercial Bank JSC(a)		622,000		655,051
FPT Corporation(a)		262,905		1,027,829
Vietnam Technological & Commercial Joint Stock Bank(a)		1,138,805		1,607,530
				3,290,410
Total Common Stocks (Cost $125,197,091)				153,260,020
PREFERRED STOCKS — 0.73%
United States — 0.73%
Gusto, Inc., Series E Preferred(a) (d)		37,637		1,144,165
Total Preferred Stocks
(Cost $1,143,989)				1,144,165
Total Investments — 98.69%
(Cost $126,341,080)				154,404,185
Other Assets in Excess of Liabilities — 1.31%				2,050,139
NET ASSETS — 100.00%			$	156,454,324

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

(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 $4,779,249, representing 3.05% 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 $4,779,249, representing 3.05% 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.

Sector Composition (January 31, 2024)
Technology	36.0%
Industrials	16.8%
Financials	16.6%
Health Care	11.7%
Consumer Staples	6.2%
Consumer Discretionary	5.4%
Real Estate	3.3%
Energy	1.2%
Materials	0.8%
Listed Private Equity Investments	0.7%
Other Assets in Excess of Liabilities	1.3%
Total	100%

Industry Composition (January 31, 2024)
Application Software	8.1%
IT Services	7.9%
Semiconductor Devices	7.4%
Institutional Brokerage	4.8%
Infrastructure Software	4.2%
Electrical Components	4.1%
Mass Merchants	4.0%
Health Care Services	3.8%
Private Equity	3.8%
Electronics Components	3.7%
Specialty & Generic Pharma	3.2%
Industrial Wholesale & Rental	3.1%
Banks	2.9%
Investment Management	2.7%
Medical Equipment	2.5%
Semiconductor Mfg	2.5%
Food & Drug Stores	1.8%
Measurement Instruments	1.4%
Flow Control Equipment	1.4%
Online Marketplace	1.3%
Industrial Owners & Developers	1.3%
Other Machinery & Equipment	1.3%
Engineering Services	1.1%
Specialty Apparel Stores	1.1%
Wealth Management	1.0%
Office Reit	1.0%
Life Science & Diagnostics	1.0%
Other Spec Retail - Discr	1.0%
Industrial Reit	1.0%
Other Industries (each less than 1%)	14.3%
Other Assets in Excess of Liabilities	1.3%
Total	100%