| Grandeur Peak Emerging Markets Opportunities Fund | |
| PORTFOLIO OF INVESTMENTS | |
| January 31, 2023 (Unaudited) | |
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (100.32%) | ||||||||
| Argentina (2.71%) | ||||||||
| Globant SA(a) | 71,011 | $ | 11,516,564 | |||||
| Bangladesh (0.81%) | ||||||||
| Square Pharmaceuticals, Ltd. | 1,759,296 | 3,457,614 | ||||||
| Brazil (8.72%) | ||||||||
| CI&T, Inc., Class A(a) | 310,514 | 2,310,224 | ||||||
| Grupo Mateus SA(a) | 3,915,200 | 5,306,340 | ||||||
| Hypera SA | 474,600 | 4,365,202 | ||||||
| Locaweb Servicos de Internet SA(a)(b)(c) | 2,042,300 | 2,582,898 | ||||||
| MercadoLibre, Inc.(a) | 3,813 | 4,505,784 | ||||||
| Pagseguro Digital, Ltd., Class A(a) | 169,251 | 1,707,743 | ||||||
| Patria Investments, Ltd., Class A | 435,628 | 6,721,740 | ||||||
| Pet Center Comercio e Participacoes SA | 3,776,403 | 5,386,041 | ||||||
| Raia Drogasil SA | 845,700 | 4,156,613 | ||||||
| 37,042,585 | ||||||||
| China (15.99%) | ||||||||
| Alibaba Group Holding, Ltd.(a) | 73,100 | 1,005,028 | ||||||
| ANTA Sports Products, Ltd. | 291,600 | 4,423,169 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 2,830,720 | 3,227,595 | ||||||
| Guangzhou Kingmed Diagnostics Group Co., Ltd. | 193,847 | 2,421,121 | ||||||
| Hangzhou Robam Appliances Co., Ltd., Class A | 991,900 | 4,420,684 | ||||||
| Hangzhou Tigermed Consulting Co., Ltd., Class A | 187,034 | 3,233,279 | ||||||
| JD.com, Inc., Class A | 116,300 | 3,453,340 | ||||||
| Li Ning Co., Ltd. | 279,400 | 2,762,055 | ||||||
| Man Wah Holdings, Ltd. | 5,226,100 | 6,042,111 | ||||||
| ManpowerGroup Greater China, Ltd.(c) | 1,794,350 | 1,587,788 | ||||||
| O2Micro International, Ltd., ADR(a) | 746,299 | 3,500,142 | ||||||
| Shanghai Hanbell Precise Machinery Co., Ltd. | 381,500 | 1,525,026 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 93,900 | 4,642,436 | ||||||
| Silergy Corp. | 403,288 | 8,206,692 | ||||||
| Suofeiya Home Collection Co., Ltd., Class A | 1,012,759 | 3,150,521 | ||||||
| TK Group Holdings, Ltd. | 10,499,117 | 2,164,691 | ||||||
| WuXi AppTec Co., Ltd., Class H(b)(c) | 636,800 | 8,274,602 | ||||||
| Shares | Value (Note 2) | |||||||
| China (continued) | ||||||||
| Wuxi Biologics Cayman, Inc.(a)(b)(c) | 462,000 | $ | 3,857,889 | |||||
| 67,898,169 | ||||||||
| Colombia (1.08%) | ||||||||
| Parex Resources, Inc. | 269,031 | 4,579,724 | ||||||
| Greece (1.16%) | ||||||||
| JUMBO SA | 153,629 | 2,758,812 | ||||||
| Sarantis SA | 260,145 | 2,177,679 | ||||||
| 4,936,491 | ||||||||
| Hong Kong (3.34%) | ||||||||
| Plover Bay Technologies, Ltd.(c) | 9,628,000 | 2,969,955 | ||||||
| Techtronic Industries Co., Ltd. | 870,200 | 11,218,429 | ||||||
| 14,188,384 | ||||||||
| India (19.18%) | ||||||||
| Ajanta Pharma, Ltd. | 273,545 | 4,047,314 | ||||||
| AU Small Finance Bank, Ltd.(b) | 270,705 | 2,058,036 | ||||||
| Avenue Supermarts, Ltd.(a)(b)(c) | 46,616 | 2,002,233 | ||||||
| Bajaj Finance, Ltd. | 28,407 | 2,053,498 | ||||||
| Bata India, Ltd. | 153,945 | 2,884,069 | ||||||
| Cera Sanitaryware, Ltd. | 62,730 | 4,043,758 | ||||||
| City Union Bank, Ltd. | 2,561,742 | 4,979,737 | ||||||
| Computer Age Management Services, Ltd. | 73,267 | 2,048,481 | ||||||
| EPL, Ltd. | 837,456 | 1,599,905 | ||||||
| Gulf Oil Lubricants India, Ltd. | 268,958 | 1,426,327 | ||||||
| HCL Technologies, Ltd. | 465,200 | 6,414,924 | ||||||
| Home First Finance Co. India, Ltd.(a)(b)(c) | 226,876 | 2,054,703 | ||||||
| IndiaMart InterMesh, Ltd.(b)(c) | 92,972 | 5,174,552 | ||||||
| Jyothy Labs, Ltd. | 453,427 | 1,136,452 | ||||||
| Kotak Mahindra Bank, Ltd. | 221,253 | 4,697,486 | ||||||
| LTIMindtree, Ltd.(b) | 53,731 | 2,887,808 | ||||||
| Metropolis Healthcare, Ltd.(b)(c) | 355,418 | 5,859,291 | ||||||
| Motherson Sumi Wiring India, Ltd. | 4,586,934 | 2,896,923 | ||||||
| Nippon Life India Asset Management, Ltd.(b)(c) | 218,291 | 665,293 | ||||||
| Page Industries, Ltd. | 4,105 | 2,011,921 | ||||||
| Polycab India, Ltd. | 63,250 | 2,265,241 | ||||||
| SJS Enterprises, Ltd.(a) | 361,465 | 2,007,291 | ||||||
| Tarsons Products, Ltd.(a) | 392,773 | 3,337,442 | ||||||
| WNS Holdings, Ltd., ADR(a) | 152,379 | 12,911,073 | ||||||
| 81,463,758 | ||||||||
| Indonesia (5.84%) | ||||||||
| Arwana Citramulia Tbk PT | 41,025,200 | 2,750,522 | ||||||
| Avia Avian Tbk PT | 91,928,500 | 3,987,294 | ||||||
| Bank Central Asia Tbk PT | 7,251,700 | 4,115,406 | ||||||
| Bank Tabungan Pensiunan Nasional Syariah | 18,480,900 | 3,160,432 | ||||||
| Metrodata Electronics Tbk PT | 94,567,800 | 3,535,219 | ||||||
| Selamat Sempurna Tbk PT | 40,185,800 | 4,235,728 | ||||||
| Shares | Value (Note 2) | |||||||
| Indonesia (continued) | ||||||||
| Ultrajaya Milk Industry & Trading Co. Tbk PT | 30,552,300 | $ | 2,996,123 | |||||
| 24,780,724 | ||||||||
| Malaysia (0.23%) | ||||||||
| Scicom MSC Bhd | 3,545,500 | 975,039 | ||||||
| Mexico (4.94%) | ||||||||
| Bolsa Mexicana de Valores SAB de CV | 1,483,200 | 3,220,735 | ||||||
| GMexico Transportes SAB de CV(b)(c) | 2,198,500 | 4,747,139 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV | 676,200 | 6,177,927 | ||||||
| Regional SAB de CV | 788,500 | 6,822,877 | ||||||
| 20,968,678 | ||||||||
| Philippines (3.43%) | ||||||||
| Concepcion Industrial Corp. | 1,861,792 | 571,207 | ||||||
| Philippine Seven Corp.(a) | 132,720 | 182,096 | ||||||
| Puregold Price Club, Inc. | 6,255,100 | 3,842,307 | ||||||
| Robinsons Land Corp. | 8,263,000 | 2,319,454 | ||||||
| Wilcon Depot, Inc. | 13,078,300 | 7,660,891 | ||||||
| 14,575,955 | ||||||||
| Poland (3.68%) | ||||||||
| Dino Polska SA(a)(b)(c) | 127,585 | 11,558,526 | ||||||
| LiveChat Software SA | 139,764 | 4,070,764 | ||||||
| 15,629,290 | ||||||||
| Singapore (1.27%) | ||||||||
| iFAST Corp., Ltd. | 723,300 | 2,875,976 | ||||||
| Riverstone Holdings, Ltd. | 5,069,200 | 2,495,610 | ||||||
| 5,371,586 | ||||||||
| South Africa (1.43%) | ||||||||
| Clicks Group, Ltd. | 216,900 | 3,308,099 | ||||||
| Italtile, Ltd. | 3,636,472 | 2,779,602 | ||||||
| 6,087,701 | ||||||||
| South Korea (2.77%) | ||||||||
| Eo Technics Co Ltd | 28,823 | 1,765,383 | ||||||
| Hyundai Ezwel Co., Ltd. | 327,272 | 1,995,791 | ||||||
| LEENO Industrial, Inc. | 18,647 | 2,603,144 | ||||||
| LG H&H Co., Ltd. | 1,676 | 1,016,089 | ||||||
| Suprema, Inc.(a) | 97,329 | 1,931,419 | ||||||
| Tokai Carbon Korea Co., Ltd. | 29,034 | 2,472,804 | ||||||
| 11,784,630 | ||||||||
| Taiwan (10.86%) | ||||||||
| 91APP, Inc. | 511,000 | 1,885,900 | ||||||
| Acer E-Enabling Service Business, Inc. | 165,000 | 788,589 | ||||||
| ASPEED Technology, Inc. | 16,000 | 1,133,095 | ||||||
| Bioteque Corp. | 399,000 | 1,493,434 | ||||||
| Brighten Optix Corp. | 222,000 | 1,409,384 | ||||||
| eMemory Technology, Inc. | 55,700 | 3,053,943 | ||||||
| Shares | Value (Note 2) | |||||||
| Taiwan (continued) | ||||||||
| FineTek Co., Ltd. | 759,206 | $ | 2,134,543 | |||||
| GEM Services, Inc./Tw | 881,000 | 2,068,250 | ||||||
| M3 Technology, Inc. | 886,000 | 3,139,615 | ||||||
| Poya International Co., Ltd. | 183,518 | 3,187,491 | ||||||
| Realtek Semiconductor Corp. | 285,000 | 3,060,583 | ||||||
| Sinbon Electronics Co., Ltd. | 729,000 | 7,004,029 | ||||||
| Sporton International, Inc. | 973,148 | 7,144,531 | ||||||
| Voltronic Power Technology Corp. | 77,108 | 3,901,995 | ||||||
| Wistron Information Technology & Services Corp. | 1,552,400 | 4,695,712 | ||||||
| 46,101,094 | ||||||||
| Thailand (2.18%) | ||||||||
| Humanica PCL | 8,383,900 | 3,263,211 | ||||||
| Netbay PCL | 2,801,100 | 2,428,811 | ||||||
| TQM Alpha PCL | 2,793,500 | 3,583,943 | ||||||
| 9,275,965 | ||||||||
| United States (6.00%) | ||||||||
| Bizlink Holding, Inc. | 723,000 | 6,342,578 | ||||||
| Frontage Holdings Corp.(a)(b)(c) | 19,782,682 | 7,032,325 | ||||||
| Genpact, Ltd. | 255,756 | 12,092,144 | ||||||
| 25,467,047 | ||||||||
| Vietnam (4.70%) | ||||||||
| FPT Corp. | 2,301,428 | 8,215,563 | ||||||
| Lix Detergent JSC | 437,310 | 765,090 | ||||||
| Orient Commercial Joint Stock Bank(a) | 4,481,550 | 3,602,452 | ||||||
| Vietnam Technological & Commercial Joint Stock Bank(a) | 3,440,269 | 4,334,107 | ||||||
| Vincom Retail JSC(a) | 2,386,220 | 3,033,556 | ||||||
| 19,950,768 | ||||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $356,525,618) | 426,051,766 | |||||||
| TOTAL INVESTMENTS (100.32%) | ||||||||
| (Cost $356,525,618) | $ | 426,051,766 | ||||||
| Liabilities In Excess Of Other Assets (-0.32%) | (1,343,190 | ) | ||||||
| NET ASSETS (100.00%) | $ | 424,708,576 | ||||||
| (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, 2023, these securities had a total aggregate market value of $58,755,295, representing 13.83% 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, 2023, the aggregate market value of these securities was $63,313,038, representing 14.91% 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 (January 31, 2023) (Unaudited) | ||||
| Technology | 30.3 | % | ||
| Consumer | 24.5 | % | ||
| Industrials | 14.4 | % | ||
| Financials | 14.3 | % | ||
| Health Care | 14.1 | % | ||
| Energy & Materials | 2.7 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | -0.3 | % | ||
| Total | 100 | % | ||
| Industry Composition (January 31, 2023) (Unaudited) | ||||
| IT Services | 16.1 | % | ||
| Banks | 8.0 | % | ||
| Food & Staples Retailing | 7.1 | % | ||
| Semiconductors & Semiconductor Equipment | 6.5 | % | ||
| Life Sciences Tools & Services | 6.2 | % | ||
| Specialty Retail | 4.4 | % | ||
| Electronic Equipment, Instruments & Components | 3.7 | % | ||
| Pharmaceuticals | 3.5 | % | ||
| Machinery | 3.5 | % | ||
| Electrical Equipment | 3.4 | % | ||
| Software | 3.3 | % | ||
| Capital Markets | 3.2 | % | ||
| Household Durables | 3.1 | % | ||
| Textiles, Apparel & Luxury Goods | 2.9 | % | ||
| Health Care Equipment & Supplies | 2.4 | % | ||
| Auto Components | 2.2 | % | ||
| Professional Services | 2.1 | % | ||
| Internet & Direct Marketing Retail | 2.1 | % | ||
| Health Care Providers & Services | 2.0 | % | ||
| Building Products | 1.7 | % | ||
| Transportation Infrastructure | 1.4 | % | ||
| Real Estate Management & Development | 1.3 | % | ||
| Chemicals | 1.2 | % | ||
| Trading Companies & Distributors | 1.2 | % | ||
| Oil, Gas & Consumable Fuels | 1.1 | % | ||
| Road & Rail | 1.1 | % | ||
| Other Industries (each less than 1%) | 5.6 | % | ||
| Cash and Other Assets, Less Liabilities | -0.3 | % | ||
| Total | 100.0 | % | ||
| Grandeur Peak Global Contrarian Fund | |
| PORTFOLIO OF INVESTMENTS | |
| January 31, 2023 (Unaudited) | |
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (96.00%) | ||||||||
| Australia (6.37%) | ||||||||
| Atturra, Ltd.(a) | 851,809 | $ | 602,902 | |||||
| Fiducian Group, Ltd. | 308,822 | 1,513,996 | ||||||
| Kogan.com, Ltd.(a) | 700,000 | 2,239,328 | ||||||
| Lycopodium, Ltd. | 120,000 | 592,915 | ||||||
| PeopleIN, Ltd. | 250,965 | 587,321 | ||||||
| QANTM Intellectual Property, Ltd. | 2,414,634 | 1,604,209 | ||||||
| 7,140,671 | ||||||||
| Bangladesh (1.00%) | ||||||||
| Square Pharmaceuticals, Ltd. | 572,114 | 1,124,398 | ||||||
| Belgium (1.01%) | ||||||||
| X-Fab Silicon Foundries SE(a)(b)(c) | 128,968 | 1,128,167 | ||||||
| Brazil (2.54%) | ||||||||
| Patria Investments, Ltd., Class A | 150,093 | 2,315,935 | ||||||
| XP, Inc., Class A(a) | 29,989 | 534,404 | ||||||
| 2,850,339 | ||||||||
| Britain (11.15%) | ||||||||
| B&M European Value Retail SA | 588,618 | 3,255,240 | ||||||
| boohoo Group PLC(a) | 692,327 | 378,035 | ||||||
| Dechra Pharmaceuticals PLC | 64,811 | 2,298,594 | ||||||
| Endava PLC, ADR(a) | 35,812 | 3,146,800 | ||||||
| FRP Advisory Group PLC | 448,962 | 813,878 | ||||||
| Hotel Chocolat Group PLC(a) | 67,617 | 183,395 | ||||||
| Manolete Partners PLC | 171,578 | 560,553 | ||||||
| Petershill Partners PLC(b)(c) | 653,349 | 1,366,354 | ||||||
| Victorian Plumbing Group PLC | 432,280 | 487,303 | ||||||
| 12,490,152 | ||||||||
| Canada (2.17%) | ||||||||
| BioSyent, Inc. | 113,187 | 620,995 | ||||||
| Converge Technology Solutions Corp.(a) | 238,779 | 1,033,683 | ||||||
| Gildan Activewear, Inc. | 24,870 | 779,810 | ||||||
| 2,434,488 | ||||||||
| China (8.50%) | ||||||||
| Chaoju Eye Care Holdings, Ltd. | 1,573,500 | 1,124,492 | ||||||
| China Yongda Automobiles Services Holdings, Ltd. | 1,209,500 | 1,045,999 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 386,300 | 440,460 | ||||||
| ManpowerGroup Greater China, Ltd.(c) | 458,800 | 405,984 | ||||||
| O2Micro International, Ltd., ADR(a) | 645,942 | 3,029,469 | ||||||
| Shares | Value (Note 2) | |||||||
| China (continued) | ||||||||
| TK Group Holdings, Ltd. | 4,607,283 | $ | 949,922 | |||||
| Xin Point Holdings, Ltd.(c) | 7,167,984 | 2,513,911 | ||||||
| 9,510,237 | ||||||||
| Colombia (3.39%) | ||||||||
| Canacol Energy, Ltd. | 70,625 | 626,339 | ||||||
| Parex Resources, Inc. | 186,380 | 3,172,753 | ||||||
| 3,799,092 | ||||||||
| France (1.87%) | ||||||||
| Thermador Groupe | 4,650 | 468,278 | ||||||
| Virbac SA | 5,347 | 1,622,670 | ||||||
| 2,090,948 | ||||||||
| Greece (1.20%) | ||||||||
| JUMBO SA | 50,684 | 910,164 | ||||||
| Kri-Kri Milk Industry SA | 65,300 | 439,452 | ||||||
| 1,349,616 | ||||||||
| Hong Kong (3.37%) | ||||||||
| Plover Bay Technologies, Ltd.(c) | 12,252,539 | 3,779,548 | ||||||
| India (2.75%) | ||||||||
| City Union Bank, Ltd. | 554,996 | 1,078,849 | ||||||
| Gulf Oil Lubricants India, Ltd. | 230,994 | 1,224,999 | ||||||
| Time Technoplast, Ltd. | 747,800 | 780,800 | ||||||
| 3,084,648 | ||||||||
| Indonesia (0.52%) | ||||||||
| Selamat Sempurna Tbk PT | 5,508,600 | 580,626 | ||||||
| Japan (11.19%) | ||||||||
| Beenos, Inc. | 183,800 | 2,989,940 | ||||||
| Central Automotive Products, Ltd. | 42,900 | 801,089 | ||||||
| Gakujo Co., Ltd. | 40,000 | 431,499 | ||||||
| geechs, Inc. | 150,600 | 1,059,667 | ||||||
| MCJ Co., Ltd. | 120,500 | 937,274 | ||||||
| Medikit Co., Ltd. | 128,600 | 2,438,932 | ||||||
| Seria Co., Ltd. | 60,000 | 1,318,509 | ||||||
| System Information Co., Ltd. | 86,700 | 565,242 | ||||||
| System Support, Inc. | 75,600 | 945,503 | ||||||
| YAMADA Consulting Group Co., Ltd. | 114,500 | 1,032,956 | ||||||
| 12,520,611 | ||||||||
| Philippines (1.30%) | ||||||||
| AllHome Corp. | 7,921,000 | 356,062 | ||||||
| Concepcion Industrial Corp. | 1,376,400 | 422,287 | ||||||
| Pryce Corp. | 7,013,600 | 683,032 | ||||||
| 1,461,381 | ||||||||
| Singapore (2.87%) | ||||||||
| Riverstone Holdings, Ltd. | 6,534,575 | 3,217,027 | ||||||
| Shares | Value (Note 2) | |||||||
| South Korea (0.97%) | ||||||||
| Eo Technics Co Ltd | 9,396 | $ | 575,497 | |||||
| MegaStudyEdu Co., Ltd. | 8,400 | 509,657 | ||||||
| 1,085,154 | ||||||||
| Sweden (0.71%) | ||||||||
| KNOW IT AB | 40,760 | 796,658 | ||||||
| Taiwan (5.36%) | ||||||||
| Acer E-Enabling Service Business, Inc. | 39,000 | 186,394 | ||||||
| Bioteque Corp. | 78,773 | 294,843 | ||||||
| FineTek Co., Ltd. | 186,005 | 522,962 | ||||||
| Fuzetec Technology Co., Ltd. | 363,363 | 577,452 | ||||||
| GEM Services, Inc./Tw | 85,000 | 199,547 | ||||||
| M3 Technology, Inc. | 56,000 | 198,441 | ||||||
| Sporton International, Inc. | 115,000 | 844,292 | ||||||
| Wistron Information Technology & Services Corp. | 1,052,600 | 3,183,912 | ||||||
| 6,007,843 | ||||||||
| United States (24.91%) | ||||||||
| AgileThought, Inc.(a) | 210,213 | 906,018 | ||||||
| Bank of NT Butterfield & Son, Ltd. | 100,081 | 3,198,589 | ||||||
| Barrett Business Services, Inc. | 11,500 | 1,142,870 | ||||||
| Bizlink Holding, Inc. | 71,000 | 622,853 | ||||||
| Bowman Consulting Group, Ltd.(a) | 29,971 | 763,961 | ||||||
| Enhabit, Inc.(a) | 28,835 | 442,906 | ||||||
| Esquire Financial Holdings, Inc. | 36,575 | 1,702,201 | ||||||
| Evolution Petroleum Corp. | 166,511 | 1,039,029 | ||||||
| Figs, Inc., Class A(a) | 127,510 | 1,141,215 | ||||||
| Frontage Holdings Corp.(a)(b)(c) | 2,463,000 | 875,544 | ||||||
| Global Industrial Co. | 28,449 | 747,924 | ||||||
| GQG Partners, Inc. | 1,250,770 | 1,342,206 | ||||||
| Hackett Group, Inc. | 78,335 | 1,731,204 | ||||||
| Healthcare Services Group, Inc. | 72,601 | 977,935 | ||||||
| Littelfuse, Inc. | 6,783 | 1,741,128 | ||||||
| Ollie's Bargain Outlet Holdings, Inc.(a) | 28,007 | 1,533,663 | ||||||
| P10, Inc., Class A | 70,091 | 792,028 | ||||||
| Plumas Bancorp | 70,025 | 2,870,325 | ||||||
| Signature Bank | 10,095 | 1,301,750 | ||||||
| Sprouts Farmers Market, Inc.(a) | 25,253 | 806,833 | ||||||
| SVB Financial Group(a) | 3,334 | 1,008,335 | ||||||
| Western Alliance Bancorp | 16,000 | 1,205,920 | ||||||
| 27,894,437 | ||||||||
| Vietnam (2.85%) | ||||||||
| FPT Corp. | 320,746 | 1,144,989 | ||||||
| Orient Commercial Joint Stock Bank(a) | 1,073,775 | 863,144 | ||||||
| Shares | Value (Note 2) | |||||||
| Vietnam (continued) | ||||||||
| Vietnam Technological & Commercial Joint Stock Bank(a) | 937,500 | $ | 1,181,077 | |||||
| 3,189,210 | ||||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $103,165,370) | 107,535,251 | |||||||
| TOTAL INVESTMENTS (96.00%) | ||||||||
| (Cost $103,165,370) | $ | 107,535,251 | ||||||
| Other Assets In Excess Of Liabilities (4.00%) | 4,480,316 | |||||||
| NET ASSETS (100.00%) | $ | 112,015,567 | ||||||
| (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, 2023, these securities had a total aggregate market value of $3,370,064, representing 3.01% 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, 2023, the aggregate market value of these securities was $10,069,507, representing 8.99% 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 (January 31, 2023) (Unaudited) | ||||
| Technology | 24.3 | % | ||
| Financials | 20.9 | % | ||
| Consumer | 19.9 | % | ||
| Health Care | 13.2 | % | ||
| Industrials | 11.0 | % | ||
| Energy & Materials | 6.7 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | 4.0 | % | ||
| Total | 100 | % | ||
| Industry Composition (January 31, 2023) (Unaudited) | ||||
| Banks | 12.8 | % | ||
| IT Services | 11.9 | % | ||
| Capital Markets | 8.1 | % | ||
| Health Care Equipment & Supplies | 6.4 | % | ||
| Pharmaceuticals | 5.6 | % | ||
| Internet & Direct Marketing Retail | 5.5 | % | ||
| Multiline Retail | 5.5 | % | ||
| Professional Services | 5.5 | % | ||
| Oil, Gas & Consumable Fuels | 4.9 | % | ||
| Semiconductors & Semiconductor Equipment | 4.5 | % | ||
| Communications Equipment | 3.4 | % | ||
| Auto Components | 2.7 | % | ||
| Electronic Equipment, Instruments & Components | 2.3 | % | ||
| Specialty Retail | 2.0 | % | ||
| Health Care Providers & Services | 1.4 | % | ||
| Construction & Engineering | 1.2 | % | ||
| Trading Companies & Distributors | 1.1 | % | ||
| Chemicals | 1.1 | % | ||
| Electrical Equipment | 1.1 | % | ||
| Other Industries (each less than 1%) | 9.0 | % | ||
| Cash and Other Assets, Less Liabilities | 4.0 | % | ||
| Total | 100.0 | % | ||
| Grandeur Peak Global Explorer Fund | |
| PORTFOLIO OF INVESTMENTS | |
| January 31, 2023 (Unaudited) | |
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (94.65%) | ||||||||
| Argentina (0.85%) | ||||||||
| Globant SA(a) | 698 | $ | 113,202 | |||||
| Australia (2.38%) | ||||||||
| Atturra, Ltd.(a) | 55,181 | 39,057 | ||||||
| Australian Ethical Investment, Ltd. | 3,458 | 10,817 | ||||||
| EQT Holdings, Ltd. | 1,493 | 26,105 | ||||||
| HUB24, Ltd. | 1,168 | 21,782 | ||||||
| Imdex, Ltd. | 16,571 | 29,425 | ||||||
| Kogan.com, Ltd.(a) | 24,132 | 77,199 | ||||||
| Netwealth Group, Ltd. | 3,528 | 33,648 | ||||||
| PeopleIN, Ltd. | 20,088 | 47,011 | ||||||
| QANTM Intellectual Property, Ltd. | 48,896 | 32,485 | ||||||
| 317,529 | ||||||||
| Belgium (1.26%) | ||||||||
| Melexis NV | 702 | 74,780 | ||||||
| Warehouses De Pauw CVA | 1,706 | 54,100 | ||||||
| X-Fab Silicon Foundries SE(a)(b)(c) | 4,483 | 39,216 | ||||||
| 168,096 | ||||||||
| Brazil (2.27%) | ||||||||
| CI&T, Inc., Class A(a) | 1,866 | 13,883 | ||||||
| Grupo Mateus SA(a) | 56,460 | 76,521 | ||||||
| Locaweb Servicos de Internet SA(a)(b)(c) | 21,700 | 27,444 | ||||||
| Patria Investments, Ltd., Class A | 6,651 | 102,625 | ||||||
| Pet Center Comercio e Participacoes SA | 43,370 | 61,856 | ||||||
| XP, Inc., Class A(a) | 1,202 | 21,420 | ||||||
| 303,749 | ||||||||
| Britain (10.42%) | ||||||||
| AB Dynamics PLC | 1,154 | 26,078 | ||||||
| Abcam PLC, ADR(a) | 2,661 | 36,908 | ||||||
| B&M European Value Retail SA | 24,149 | 133,551 | ||||||
| Bytes Technology Group PLC | 3,653 | 17,429 | ||||||
| CVS Group PLC | 4,616 | 114,782 | ||||||
| Darktrace PLC(a) | 3,700 | 9,611 | ||||||
| Dechra Pharmaceuticals PLC | 3,908 | 138,602 | ||||||
| Diploma PLC | 1,103 | 37,312 | ||||||
| Elixirr International PLC | 5,312 | 33,627 | ||||||
| Endava PLC, ADR(a) | 1,937 | 170,204 | ||||||
| Ergomed PLC(a) | 1,250 | 18,518 | ||||||
| Foresight Group Holdings, Ltd. | 7,371 | 41,891 | ||||||
| FRP Advisory Group PLC | 18,204 | 33,000 | ||||||
| Gresham House PLC | 3,389 | 31,695 | ||||||
| Halma PLC | 798 | 21,246 | ||||||
| Shares | Value (Note 2) | |||||||
| Britain (continued) | ||||||||
| Hotel Chocolat Group PLC(a) | 7,592 | $ | 20,592 | |||||
| Impax Asset Management Group PLC | 14,770 | 142,007 | ||||||
| JTC PLC(b)(c) | 5,507 | 48,981 | ||||||
| Keystone Law Group PLC | 4,427 | 23,619 | ||||||
| Marlowe PLC(a) | 3,524 | 21,810 | ||||||
| Pensionbee Group PLC(a) | 7,202 | 5,549 | ||||||
| Pets at Home Group PLC | 9,706 | 42,223 | ||||||
| Softcat PLC | 5,338 | 79,877 | ||||||
| St. James's Place PLC | 3,295 | 49,964 | ||||||
| Volution Group PLC | 19,854 | 92,589 | ||||||
| 1,391,665 | ||||||||
| Canada (1.33%) | ||||||||
| Aritzia, Inc.(a) | 500 | 18,034 | ||||||
| Converge Technology Solutions Corp.(a) | 13,002 | 56,286 | ||||||
| Docebo, Inc.(a) | 905 | 34,607 | ||||||
| Gildan Activewear, Inc. | 1,552 | 48,664 | ||||||
| Richelieu Hardware, Ltd. | 678 | 20,163 | ||||||
| 177,754 | ||||||||
| China (4.67%) | ||||||||
| Alibaba Group Holding, Ltd.(a) | 1,400 | 19,248 | ||||||
| Angelalign Technology, Inc.(b)(c) | 1,200 | 16,478 | ||||||
| ANTA Sports Products, Ltd. | 1,200 | 18,202 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 18,000 | 20,524 | ||||||
| Guangzhou Kingmed Diagnostics Group Co., Ltd. | 3,600 | 44,963 | ||||||
| Hangzhou Robam Appliances Co., Ltd., Class A | 8,831 | 39,358 | ||||||
| Hangzhou Tigermed Consulting Co., Ltd., Class A | 2,221 | 38,395 | ||||||
| Man Wah Holdings, Ltd. | 37,700 | 43,586 | ||||||
| O2Micro International, Ltd., ADR(a) | 8,811 | 41,324 | ||||||
| Shanghai Kindly Medical Instruments Co., Ltd., Class H(c) | 2,300 | 7,915 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 1,000 | 49,440 | ||||||
| Silergy Corp. | 7,000 | 142,446 | ||||||
| Suofeiya Home Collection Co., Ltd., Class A | 6,700 | 20,843 | ||||||
| WuXi AppTec Co., Ltd., Class H(b)(c) | 6,334 | 83,649 | ||||||
| Wuxi Biologics Cayman, Inc.(a)(b)(c) | 4,500 | 37,577 | ||||||
| 623,948 | ||||||||
| Colombia (0.97%) | ||||||||
| Canacol Energy, Ltd. | 2,360 | 20,930 | ||||||
| Shares | Value (Note 2) | |||||||
| Colombia (continued) | ||||||||
| Parex Resources, Inc. | 6,388 | $ | 108,743 | |||||
| 129,673 | ||||||||
| Finland (0.78%) | ||||||||
| Evli Oyj(a) | 938 | 18,583 | ||||||
| Musti Group Oyj | 5,037 | 85,246 | ||||||
| 103,829 | ||||||||
| France (3.51%) | ||||||||
| Alten SA | 822 | 126,305 | ||||||
| Antin Infrastructure Partners SA | 2,520 | 56,853 | ||||||
| Aubay | 398 | 20,507 | ||||||
| Bureau Veritas SA | 400 | 11,437 | ||||||
| Esker SA | 209 | 34,896 | ||||||
| Neurones | 240 | 10,257 | ||||||
| Thermador Groupe | 482 | 48,540 | ||||||
| Virbac SA | 418 | 126,852 | ||||||
| Wavestone | 624 | 32,755 | ||||||
| 468,402 | ||||||||
| Germany (2.80%) | ||||||||
| Atoss Software AG | 296 | 52,371 | ||||||
| Dermapharm Holding SE | 1,973 | 81,897 | ||||||
| Friedrich Vorwerk Group SE | 643 | 8,766 | ||||||
| Mensch und Maschine Software SE | 997 | 55,477 | ||||||
| Nagarro SE(a) | 626 | 85,757 | ||||||
| Nexus AG | 1,243 | 69,593 | ||||||
| QIAGEN NV(a) | 417 | 20,433 | ||||||
| 374,294 | ||||||||
| Hong Kong (0.75%) | ||||||||
| Plover Bay Technologies, Ltd.(c) | 135,861 | 41,909 | ||||||
| Techtronic Industries Co., Ltd. | 4,500 | 58,013 | ||||||
| 99,922 | ||||||||
| India (3.80%) | ||||||||
| Ajanta Pharma, Ltd. | 2,822 | 41,754 | ||||||
| AU Small Finance Bank, Ltd.(b) | 2,529 | 19,227 | ||||||
| Avenue Supermarts, Ltd.(a)(b)(c) | 289 | 12,413 | ||||||
| Bajaj Finance, Ltd. | 227 | 16,409 | ||||||
| Cera Sanitaryware, Ltd. | 397 | 25,592 | ||||||
| City Union Bank, Ltd. | 20,162 | 39,193 | ||||||
| Computer Age Management Services, Ltd. | 422 | 11,799 | ||||||
| Gulf Oil Lubricants India, Ltd. | 5,160 | 27,364 | ||||||
| IndiaMart InterMesh, Ltd.(b)(c) | 475 | 26,437 | ||||||
| Kotak Mahindra Bank, Ltd. | 2,703 | 57,388 | ||||||
| Mayur Uniquoters, Ltd. | 2,400 | 12,223 | ||||||
| Metropolis Healthcare, Ltd.(b)(c) | 2,372 | 39,104 | ||||||
| Motherson Sumi Wiring India, Ltd. | 25,701 | 16,232 | ||||||
| Polycab India, Ltd. | 500 | 17,907 | ||||||
| SJS Enterprises, Ltd.(a) | 4,747 | 26,361 | ||||||
| Shares | Value (Note 2) | |||||||
| India (continued) | ||||||||
| Tarsons Products, Ltd.(a) | 2,553 | $ | 21,693 | |||||
| WNS Holdings, Ltd., ADR(a) | 1,139 | 96,507 | ||||||
| 507,603 | ||||||||
| Indonesia (1.63%) | ||||||||
| Arwana Citramulia Tbk PT | 362,800 | 24,324 | ||||||
| Avia Avian Tbk PT | 871,500 | 37,800 | ||||||
| Bank Central Asia Tbk PT | 36,500 | 20,714 | ||||||
| Bank Tabungan Pensiunan Nasional Syariah | 262,000 | 44,805 | ||||||
| Metrodata Electronics Tbk PT | 336,400 | 12,576 | ||||||
| Selamat Sempurna Tbk PT | 566,500 | 59,711 | ||||||
| Ultrajaya Milk Industry & Trading Co. Tbk PT | 188,000 | 18,436 | ||||||
| 218,366 | ||||||||
| Ireland (1.26%) | ||||||||
| ICON PLC, ADR(a) | 153 | 35,299 | ||||||
| Keywords Studios PLC | 2,768 | 97,221 | ||||||
| Uniphar PLC | 9,638 | 35,311 | ||||||
| 167,831 | ||||||||
| Israel (0.25%) | ||||||||
| Wix.com, Ltd.(a) | 380 | 33,052 | ||||||
| Italy (2.08%) | ||||||||
| DiaSorin SpA | 268 | 34,888 | ||||||
| FinecoBank Banca Fineco SpA | 1,275 | 22,888 | ||||||
| GVS SpA(a)(b)(c) | 2,062 | 10,895 | ||||||
| Interpump Group SpA | 1,455 | 75,878 | ||||||
| Piovan SpA(b)(c) | 941 | 10,179 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 1,225 | 53,665 | ||||||
| Sesa SpA | 515 | 70,079 | ||||||
| 278,472 | ||||||||
| Japan (11.70%) | ||||||||
| BayCurrent Consulting, Inc. | 2,000 | 85,019 | ||||||
| Beenos, Inc. | 5,000 | 81,337 | ||||||
| Carenet, Inc. | 5,700 | 47,558 | ||||||
| Central Automotive Products, Ltd. | 1,300 | 24,275 | ||||||
| Charm Care Corp. | 6,700 | 60,283 | ||||||
| Comture Corp. | 1,200 | 23,073 | ||||||
| Confidence, Inc. | 1,000 | 15,452 | ||||||
| Cosmos Pharmaceutical Corp. | 200 | 19,542 | ||||||
| Create SD Holdings Co., Ltd. | 800 | 21,768 | ||||||
| Creema, Ltd.(a) | 3,600 | 12,640 | ||||||
| CrowdWorks, Inc.(a) | 1,200 | 14,868 | ||||||
| Cyber Security Cloud, Inc.(a) | 3,500 | 49,421 | ||||||
| eGuarantee, Inc. | 2,100 | 39,176 | ||||||
| ENECHANGE, Ltd.(a) | 2,200 | 16,680 | ||||||
| Freee KK(a) | 600 | 15,844 | ||||||
| Future Corp. | 2,800 | 36,461 | ||||||
| Gakujo Co., Ltd. | 1,700 | 18,339 | ||||||
| GMO Financial Gate, Inc. | 200 | 12,805 | ||||||
| GMO Payment Gateway, Inc. | 100 | 9,253 | ||||||
| GMO Pepabo, Inc. | 1,500 | 21,663 | ||||||
| Shares | Value (Note 2) | |||||||
| Japan (continued) | ||||||||
| gremz, Inc. | 1,900 | $ | 29,559 | |||||
| Hennge KK(a) | 1,300 | 10,318 | ||||||
| Lasertec Corp. | 100 | 18,932 | ||||||
| M&A Capital Partners Co., Ltd.(a) | 1,500 | 50,805 | ||||||
| M&A Research Institute, Inc.(a) | 500 | 40,179 | ||||||
| M3, Inc. | 700 | 19,140 | ||||||
| MarkLines Co., Ltd. | 3,000 | 61,880 | ||||||
| MatsukiyoCocokara & Co. | 300 | 14,965 | ||||||
| MCJ Co., Ltd. | 1,700 | 13,223 | ||||||
| Medikit Co., Ltd. | 700 | 13,276 | ||||||
| Meinan M&A Co., Ltd. | 2,100 | 18,747 | ||||||
| Meitec Corp. | 2,400 | 45,148 | ||||||
| MonotaRO Co., Ltd. | 3,300 | 49,990 | ||||||
| Nihon M&A Center Holdings, Inc. | 3,300 | 33,737 | ||||||
| OBIC Business Consultants Co., Ltd. | 900 | 35,345 | ||||||
| Open Door, Inc.(a) | 1,400 | 19,781 | ||||||
| Prestige International, Inc. | 3,300 | 18,409 | ||||||
| Seria Co., Ltd. | 3,000 | 65,926 | ||||||
| SHIFT, Inc.(a) | 100 | 18,664 | ||||||
| SMS Co., Ltd. | 600 | 15,783 | ||||||
| Sun*, Inc.(a) | 5,700 | 63,598 | ||||||
| Synchro Food Co., Ltd.(a) | 2,800 | 9,799 | ||||||
| System Information Co., Ltd. | 3,600 | 23,470 | ||||||
| System Support, Inc. | 2,200 | 27,515 | ||||||
| Syuppin Co., Ltd. | 3,100 | 26,229 | ||||||
| TechnoPro Holdings, Inc. | 1,400 | 43,589 | ||||||
| Tsuruha Holdings, Inc. | 200 | 14,726 | ||||||
| User Local, Inc. | 2,300 | 22,280 | ||||||
| Visional, Inc.(a) | 600 | 43,475 | ||||||
| WDB coco Co., Ltd. | 300 | 13,540 | ||||||
| WealthNavi, Inc.(a) | 2,300 | 25,214 | ||||||
| YAKUODO Holdings Co., Ltd. | 1,500 | 29,951 | ||||||
| 1,562,650 | ||||||||
| Luxembourg (0.11%) | ||||||||
| Sword Group | 316 | 15,397 | ||||||
| Mexico (0.87%) | ||||||||
| Bolsa Mexicana de Valores SAB de CV | 10,300 | 22,366 | ||||||
| GMexico Transportes SAB de CV(b)(c) | 11,132 | 24,037 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV | 2,151 | 19,652 | ||||||
| Regional SAB de CV | 5,750 | 49,755 | ||||||
| 115,810 | ||||||||
| Netherlands (0.32%) | ||||||||
| Alfen N.V.(a)(b)(c) | 229 | 21,246 | ||||||
| Shop Apotheke Europe NV(a)(b)(c) | 293 | 21,126 | ||||||
| 42,372 | ||||||||
| Shares | Value (Note 2) | |||||||
| Norway (0.83%) | ||||||||
| Bouvet ASA | 7,352 | $ | 43,467 | |||||
| Nordhealth AS, Class A(a) | 5,100 | 10,934 | ||||||
| Self Storage Group ASA(a) | 13,300 | 31,312 | ||||||
| SmartCraft ASA(a) | 13,607 | 24,974 | ||||||
| 110,687 | ||||||||
| Philippines (0.57%) | ||||||||
| AllHome Corp. | 196,808 | 8,847 | ||||||
| Puregold Price Club, Inc. | 35,797 | 21,989 | ||||||
| Robinsons Land Corp. | 32,000 | 8,982 | ||||||
| Wilcon Depot, Inc. | 63,033 | 36,923 | ||||||
| 76,741 | ||||||||
| Poland (0.61%) | ||||||||
| Answear.com SA, Class A(a) | 1,850 | 12,410 | ||||||
| Dino Polska SA(a)(b)(c) | 760 | 68,852 | ||||||
| 81,262 | ||||||||
| Singapore (0.40%) | ||||||||
| iFAST Corp., Ltd. | 5,800 | 23,062 | ||||||
| Riverstone Holdings, Ltd. | 61,445 | 30,250 | ||||||
| 53,312 | ||||||||
| South Africa (0.22%) | ||||||||
| Italtile, Ltd. | 37,806 | 28,898 | ||||||
| South Korea (1.44%) | ||||||||
| Coupang, Inc.(a) | 1,926 | 32,530 | ||||||
| Hyundai Ezwel Co., Ltd. | 6,797 | 41,450 | ||||||
| LEENO Industrial, Inc. | 283 | 39,507 | ||||||
| MegaStudyEdu Co., Ltd. | 484 | 29,366 | ||||||
| SaraminHR Co., Ltd. | 1,500 | 36,266 | ||||||
| Tokai Carbon Korea Co., Ltd. | 162 | 13,797 | ||||||
| 192,916 | ||||||||
| Sweden (3.34%) | ||||||||
| AddTech AB, Class B | 1,653 | 26,397 | ||||||
| Beijer Alma AB | 2,726 | 54,057 | ||||||
| Byggfakta Group Nordic Holdco AB(a) | 4,150 | 15,564 | ||||||
| Cint Group AB(a) | 5,801 | 21,774 | ||||||
| EQT AB | 2,050 | 46,258 | ||||||
| KNOW IT AB | 4,632 | 90,533 | ||||||
| Lifco AB | 1,823 | 33,489 | ||||||
| Lyko Group AB, Class A(a)(c) | 640 | 10,967 | ||||||
| Nordnet AB publ | 1,331 | 21,635 | ||||||
| Sagax AB, Class B | 1,000 | 24,875 | ||||||
| Sdiptech AB, Class B(a) | 1,194 | 29,153 | ||||||
| SwedenCare AB | 12,187 | 39,700 | ||||||
| Teqnion AB | 1,339 | 19,974 | ||||||
| Vitec Software Group AB, Class B | 290 | 12,284 | ||||||
| 446,660 | ||||||||
| Taiwan (3.07%) | ||||||||
| 91APP, Inc. | 3,000 | 11,072 | ||||||
| Shares | Value (Note 2) | |||||||
| Taiwan (continued) | ||||||||
| Acer E-Enabling Service Business, Inc. | 4,000 | $ | 19,117 | |||||
| Bioteque Corp. | 1,227 | 4,593 | ||||||
| Brighten Optix Corp. | 3,000 | 19,046 | ||||||
| FineTek Co., Ltd. | 6,660 | 18,725 | ||||||
| Fuzetec Technology Co., Ltd. | 11,000 | 17,481 | ||||||
| M3 Technology, Inc. | 12,000 | 42,523 | ||||||
| Realtek Semiconductor Corp. | 4,000 | 42,955 | ||||||
| Sinbon Electronics Co., Ltd. | 7,000 | 67,254 | ||||||
| Sporton International, Inc. | 16,000 | 117,467 | ||||||
| Voltronic Power Technology Corp. | 1,000 | 50,604 | ||||||
| 410,837 | ||||||||
| Thailand (0.34%) | ||||||||
| Humanica PCL | 60,700 | 23,626 | ||||||
| Netbay PCL | 15,500 | 13,440 | ||||||
| TQM Alpha PCL | 7,000 | 8,981 | ||||||
| 46,047 | ||||||||
| United States (28.56%) | ||||||||
| AgileThought, Inc.(a) | 5,769 | 24,864 | ||||||
| Alexandria Real Estate Equities, Inc. | 246 | 39,542 | ||||||
| Align Technology, Inc.(a) | 147 | 39,650 | ||||||
| Alpha Teknova, Inc.(a) | 3,743 | 22,308 | ||||||
| Ashtead Group PLC | 494 | 32,539 | ||||||
| Bank of Hawaii Corp. | 313 | 23,941 | ||||||
| Bank of NT Butterfield & Son, Ltd. | 2,217 | 70,855 | ||||||
| Barrett Business Services, Inc. | 383 | 38,063 | ||||||
| Bill.com Holdings, Inc.(a) | 171 | 19,771 | ||||||
| Bizlink Holding, Inc. | 3,000 | 26,318 | ||||||
| Blackstone, Inc. | 241 | 23,126 | ||||||
| Bowman Consulting Group, Ltd.(a) | 1,197 | 30,512 | ||||||
| Cactus, Inc., Class A | 374 | 20,237 | ||||||
| CareDx, Inc.(a) | 1,041 | 15,553 | ||||||
| Chewy, Inc., Class A(a) | 611 | 27,532 | ||||||
| Cloudflare, Inc., Class A(a) | 533 | 28,201 | ||||||
| Coastal Financial Corp.(a) | 629 | 28,726 | ||||||
| Crowdstrike Holdings, Inc., Class A(a) | 229 | 24,251 | ||||||
| Datadog, Inc., Class A(a) | 246 | 18,403 | ||||||
| Dexcom, Inc.(a) | 263 | 28,165 | ||||||
| Digital Realty Trust, Inc. | 240 | 27,509 | ||||||
| DigitalOcean Holdings, Inc.(a) | 1,665 | 48,868 | ||||||
| Doximity, Inc., Class A(a) | 502 | 17,706 | ||||||
| Elastic NV(a) | 1,038 | 61,076 | ||||||
| EPAM Systems, Inc.(a) | 55 | 18,296 | ||||||
| Equinix, Inc. | 36 | 26,573 | ||||||
| Esquire Financial Holdings, Inc. | 2,012 | 93,638 | ||||||
| Etsy, Inc.(a) | 236 | 32,469 | ||||||
| Fastenal Co. | 879 | 44,433 | ||||||
| First Republic Bank | 1,006 | 141,725 | ||||||
| Five Below, Inc.(a) | 175 | 34,498 | ||||||
| Freshpet, Inc.(a) | 567 | 35,908 | ||||||
| Shares | Value (Note 2) | |||||||
| United States (continued) | ||||||||
| Frontage Holdings Corp.(a)(b)(c) | 260,400 | $ | 92,567 | |||||
| Genpact, Ltd. | 2,255 | 106,616 | ||||||
| Gitlab, Inc., Class A(a) | 872 | 43,086 | ||||||
| Global Industrial Co. | 3,592 | 94,434 | ||||||
| Goosehead Insurance, Inc., Class A(a) | 792 | 30,928 | ||||||
| GQG Partners, Inc. | 54,163 | 58,123 | ||||||
| Hackett Group, Inc. | 2,404 | 53,128 | ||||||
| HealthEquity, Inc.(a) | 450 | 27,382 | ||||||
| Heska Corp.(a) | 501 | 44,809 | ||||||
| Houlihan Lokey, Inc. | 134 | 13,275 | ||||||
| HubSpot, Inc.(a) | 211 | 73,219 | ||||||
| I3 Verticals, Inc., Class A(a) | 1,004 | 29,036 | ||||||
| Insperity, Inc. | 478 | 52,843 | ||||||
| JFrog, Ltd.(a) | 4,008 | 103,046 | ||||||
| Joint Corp.(a) | 1,224 | 22,240 | ||||||
| LeMaitre Vascular, Inc. | 1,175 | 55,436 | ||||||
| Littelfuse, Inc. | 391 | 100,366 | ||||||
| Lululemon Athletica, Inc.(a) | 95 | 29,154 | ||||||
| MarketAxess Holdings, Inc. | 64 | 23,286 | ||||||
| MaxCyte, Inc.(a) | 8,363 | 48,840 | ||||||
| Medpace Holdings, Inc.(a) | 227 | 50,183 | ||||||
| Metropolitan Bank Holding Corp.(a) | 319 | 18,942 | ||||||
| Microchip Technology, Inc. | 769 | 59,690 | ||||||
| Monolithic Power Systems, Inc. | 121 | 51,614 | ||||||
| MSCI, Inc. | 51 | 27,110 | ||||||
| New Relic, Inc.(a) | 425 | 25,946 | ||||||
| NV5 Global, Inc.(a) | 134 | 17,861 | ||||||
| Ollie's Bargain Outlet Holdings, Inc.(a) | 1,570 | 85,973 | ||||||
| P10, Inc., Class A | 9,654 | 109,090 | ||||||
| PagerDuty, Inc.(a) | 1,564 | 46,592 | ||||||
| Paycom Software, Inc.(a) | 198 | 64,140 | ||||||
| PJT Partners, Inc., Class A | 1,266 | 101,318 | ||||||
| Plumas Bancorp | 513 | 21,028 | ||||||
| Pool Corp. | 186 | 71,723 | ||||||
| Power Integrations, Inc. | 240 | 20,662 | ||||||
| Qualys, Inc.(a) | 924 | 106,593 | ||||||
| Rapid7, Inc.(a) | 709 | 28,268 | ||||||
| Rexford Industrial Realty, Inc. | 781 | 49,570 | ||||||
| Ross Stores, Inc. | 157 | 18,556 | ||||||
| Shoals Technologies Group, Inc., Class A(a) | 1,872 | 52,210 | ||||||
| Signature Bank | 208 | 26,822 | ||||||
| Silicon Laboratories, Inc.(a) | 268 | 42,052 | ||||||
| Skechers USA, Inc., Class A, Class A(a) | 425 | 20,464 | ||||||
| Smartsheet, Inc., Class A(a) | 1,059 | 45,759 | ||||||
| Sprouts Farmers Market, Inc.(a) | 897 | 28,659 | ||||||
| Squarespace, Inc., Class A(a) | 1,896 | 44,973 | ||||||
| SVB Financial Group(a) | 390 | 117,952 | ||||||
| Terreno Realty Corp. | 526 | 33,890 | ||||||
| TPG, Inc. | 1,701 | 54,789 | ||||||
| Tradeweb Markets, Inc. | 475 | 35,406 | ||||||
| TriMas Corp. | 646 | 19,890 | ||||||
| Ulta Beauty, Inc.(a) | 39 | 20,044 | ||||||
| Shares | Value (Note 2) | |||||||
| United States (continued) | ||||||||
| WW Grainger, Inc. | 53 | $ | 31,242 | |||||
| 3,816,081 | ||||||||
| Vietnam (1.26%) | ||||||||
| FPT Corp. | 24,000 | 85,674 | ||||||
| Lix Detergent JSC | 11,700 | 20,470 | ||||||
| Vietnam Technological & Commercial Joint Stock Bank(a) | 49,000 | 61,731 | ||||||
| 167,875 | ||||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $13,799,942) | 12,644,932 | |||||||
| TOTAL INVESTMENTS (94.65%) | ||||||||
| (Cost $13,799,942) | $ | 12,644,932 | ||||||
| Other Assets In Excess Of Liabilities (5.35%) | 714,826 | |||||||
| NET ASSETS (100.00%) | $ | 13,359,758 | ||||||
| (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, 2023, these securities had a total aggregate market value of $578,592, representing 4.33% 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, 2023, the aggregate market value of these securities was $639,383, representing 4.79% 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 (January 31, 2023) (Unaudited) | ||||
| Technology | 30.7 | % | ||
| Financials | 19.4 | % | ||
| Health Care | 14.3 | % | ||
| Sector Composition (January 31, 2023) (Unaudited) (continued) | ||||
| Industrials | 14.1 | % | ||
| Consumer | 13.9 | % | ||
| Energy & Materials | 2.2 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | 5.4 | % | ||
| Total | 100 | % |
| Industry Composition (Unaudited) | ||||
| IT Services | 14.0 | % | ||
| Capital Markets | 10.1 | % | ||
| Software | 8.8 | % | ||
| Banks | 6.6 | % | ||
| Professional Services | 5.4 | % | ||
| Semiconductors & Semiconductor Equipment | 4.4 | % | ||
| Life Sciences Tools & Services | 3.8 | % | ||
| Pharmaceuticals | 3.7 | % | ||
| Trading Companies & Distributors | 3.1 | % | ||
| Specialty Retail | 2.8 | % | ||
| Health Care Providers & Services | 2.7 | % | ||
| Electronic Equipment, Instruments & Components | 2.5 | % | ||
| Health Care Equipment & Supplies | 2.5 | % | ||
| Internet & Direct Marketing Retail | 2.4 | % | ||
| Food & Staples Retailing | 2.3 | % | ||
| Multiline Retail | 2.1 | % | ||
| Equity Real Estate Investment Trusts (REITs) | 1.8 | % | ||
| Machinery | 1.6 | % | ||
| Electrical Equipment | 1.4 | % | ||
| Health Care Technology | 1.2 | % | ||
| Oil, Gas & Consumable Fuels | 1.1 | % | ||
| Building Products | 1.1 | % | ||
| Other Industries (each less than 1%) | 9.2 | % | ||
| Cash and Other Assets, Less Liabilities | 5.4 | % | ||
| Total | 100.0 | % | ||
| Grandeur Peak Global Micro Cap Fund | |
| PORTFOLIO OF INVESTMENTS | |
| January 31, 2023 (Unaudited) | |
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (94.64%) | ||||||||
| Australia (5.69%) | ||||||||
| Atturra, Ltd.(a) | 565,242 | $ | 400,073 | |||||
| Australian Ethical Investment, Ltd. | 44,054 | 137,802 | ||||||
| Fiducian Group, Ltd. | 183,653 | 900,356 | ||||||
| Kogan.com, Ltd.(a) | 224,164 | 717,110 | ||||||
| PeopleIN, Ltd. | 208,933 | 488,956 | ||||||
| Whispir, Ltd.(a) | 671,027 | 214,669 | ||||||
| 2,858,966 | ||||||||
| Belgium (0.76%) | ||||||||
| X-Fab Silicon Foundries SE(a)(b)(c) | 43,412 | 379,753 | ||||||
| Britain (11.26%) | ||||||||
| AB Dynamics PLC | 13,514 | 305,389 | ||||||
| Bytes Technology Group PLC | 15,079 | 71,944 | ||||||
| City of London Investment Group PLC | 51,167 | 283,058 | ||||||
| CVS Group PLC | 11,141 | 277,035 | ||||||
| Elixirr International PLC | 67,655 | 428,279 | ||||||
| Ergomed PLC(a) | 16,808 | 248,995 | ||||||
| Foresight Group Holdings, Ltd. | 78,753 | 447,568 | ||||||
| FRP Advisory Group PLC | 252,703 | 458,100 | ||||||
| Gresham House PLC | 17,800 | 166,469 | ||||||
| Hotel Chocolat Group PLC(a) | 5,877 | 15,940 | ||||||
| Impax Asset Management Group PLC | 59,855 | 575,481 | ||||||
| JTC PLC(b)(c) | 38,251 | 340,218 | ||||||
| Keystone Law Group PLC | 41,394 | 220,842 | ||||||
| On the Beach Group PLC(a)(b)(c) | 117,356 | 254,661 | ||||||
| Pensionbee Group PLC(a) | 153,582 | 118,340 | ||||||
| Premier Miton Group PLC | 187,957 | 271,294 | ||||||
| Victorian Plumbing Group PLC | 212,632 | 239,697 | ||||||
| Volution Group PLC | 136,926 | 638,553 | ||||||
| XPS Pensions Group PLC(c) | 147,229 | 292,233 | ||||||
| 5,654,096 | ||||||||
| Canada (0.53%) | ||||||||
| BioSyent, Inc. | 48,100 | 263,898 | ||||||
| China (1.79%) | ||||||||
| O2Micro International, Ltd., ADR(a) | 144,479 | 677,606 | ||||||
| TK Group Holdings, Ltd. | 1,060,600 | 218,673 | ||||||
| 896,279 | ||||||||
| Finland (1.35%) | ||||||||
| Musti Group Oyj | 40,126 | 679,091 | ||||||
| France (3.28%) | ||||||||
| Aubay | 3,600 | 185,489 | ||||||
| Esker SA | 1,872 | 312,562 | ||||||
| Shares | Value (Note 2) | |||||||
| France (continued) | ||||||||
| Neurones | 9,400 | $ | 401,752 | |||||
| Thermador Groupe | 4,482 | 451,359 | ||||||
| Wavestone | 5,647 | 296,427 | ||||||
| 1,647,589 | ||||||||
| Germany (1.97%) | ||||||||
| Friedrich Vorwerk Group SE | 5,285 | 72,047 | ||||||
| Mensch und Maschine Software SE | 7,688 | 427,792 | ||||||
| Nexus AG | 6,251 | 349,981 | ||||||
| UmweltBank AG | 9,246 | 140,724 | ||||||
| 990,544 | ||||||||
| Greece (1.07%) | ||||||||
| Kri-Kri Milk Industry SA | 42,365 | 285,105 | ||||||
| Sarantis SA | 30,088 | 251,867 | ||||||
| 536,972 | ||||||||
| Hong Kong (0.85%) | ||||||||
| Plover Bay Technologies, Ltd.(c) | 1,383,600 | 426,800 | ||||||
| India (4.14%) | ||||||||
| Cera Sanitaryware, Ltd. | 6,867 | 442,667 | ||||||
| Gulf Oil Lubricants India, Ltd. | 87,559 | 464,339 | ||||||
| Jyothy Labs, Ltd. | 121,614 | 304,809 | ||||||
| Metropolis Healthcare, Ltd.(b)(c) | 19,428 | 320,283 | ||||||
| Tarsons Products, Ltd.(a) | 26,944 | 228,946 | ||||||
| Westlife Foodworld, Ltd.(a) | 35,235 | 317,046 | ||||||
| 2,078,090 | ||||||||
| Indonesia (0.82%) | ||||||||
| Arwana Citramulia Tbk PT | 2,517,600 | 168,792 | ||||||
| Selamat Sempurna Tbk PT | 2,309,700 | 243,451 | ||||||
| 412,243 | ||||||||
| Ireland (0.66%) | ||||||||
| Uniphar PLC | 90,411 | 331,237 | ||||||
| Israel (0.16%) | ||||||||
| Max Stock, Ltd. | 41,382 | 78,168 | ||||||
| Italy (0.40%) | ||||||||
| Piovan SpA(b)(c) | 18,758 | 202,907 | ||||||
| Japan (22.14%) | ||||||||
| Beenos, Inc. | 88,800 | 1,444,541 | ||||||
| Carenet, Inc. | 61,100 | 509,787 | ||||||
| Central Automotive Products, Ltd. | 10,900 | 203,540 | ||||||
| Charm Care Corp. | 62,600 | 563,245 | ||||||
| Confidence, Inc. | 12,300 | 190,058 | ||||||
| Creema, Ltd.(a) | 49,200 | 172,752 | ||||||
| CrowdWorks, Inc.(a) | 29,000 | 359,312 | ||||||
| eGuarantee, Inc. | 26,000 | 485,038 | ||||||
| GMO Pepabo, Inc. | 25,200 | 363,940 | ||||||
| Shares | Value (Note 2) | |||||||
| Japan (continued) | ||||||||
| gremz, Inc. | 21,300 | $ | 331,376 | |||||
| Hennge KK(a) | 35,100 | 278,588 | ||||||
| M&A Capital Partners Co., Ltd.(a) | 18,700 | 633,371 | ||||||
| MarkLines Co., Ltd. | 19,000 | 391,905 | ||||||
| Medikit Co., Ltd. | 4,800 | 91,033 | ||||||
| Meinan M&A Co., Ltd. | 28,300 | 252,638 | ||||||
| Open Door, Inc.(a) | 11,300 | 159,659 | ||||||
| Prestige International, Inc. | 50,000 | 278,920 | ||||||
| Strike Co., Ltd. | 16,500 | 534,599 | ||||||
| Sun*, Inc.(a) | 97,500 | 1,087,867 | ||||||
| Synchro Food Co., Ltd.(a) | 62,300 | 218,026 | ||||||
| System Information Co., Ltd. | 33,400 | 217,752 | ||||||
| System Support, Inc. | 38,700 | 484,007 | ||||||
| Syuppin Co., Ltd. | 57,500 | 486,508 | ||||||
| User Local, Inc. | 12,500 | 121,088 | ||||||
| WDB coco Co., Ltd. | 5,000 | 225,670 | ||||||
| YAKUODO Holdings Co., Ltd. | 42,700 | 852,606 | ||||||
| YMIRLINK, Inc.(a) | 20,500 | 181,283 | ||||||
| 11,119,109 | ||||||||
| Luxembourg (0.87%) | ||||||||
| Sword Group | 8,972 | 437,149 | ||||||
| Norway (2.48%) | ||||||||
| Bouvet ASA | 38,828 | 229,560 | ||||||
| Nordhealth AS, Class A(a) | 129,479 | 277,596 | ||||||
| Self Storage Group ASA(a) | 184,370 | 434,068 | ||||||
| SmartCraft ASA(a) | 166,002 | 304,676 | ||||||
| 1,245,900 | ||||||||
| Oman (0.36%) | ||||||||
| Tethys Oil AB | 30,300 | 182,373 | ||||||
| Philippines (1.10%) | ||||||||
| AllHome Corp. | 3,701,098 | 166,370 | ||||||
| Pryce Corp. | 3,937,000 | 383,412 | ||||||
| 549,782 | ||||||||
| Poland (0.62%) | ||||||||
| Answear.com SA, Class A(a) | 46,403 | 311,273 | ||||||
| Singapore (0.97%) | ||||||||
| Riverstone Holdings, Ltd. | 992,800 | 488,764 | ||||||
| South Korea (0.79%) | ||||||||
| Hyundai Ezwel Co., Ltd. | 25,910 | 158,006 | ||||||
| MegaStudyEdu Co., Ltd. | 3,918 | 237,719 | ||||||
| 395,725 | ||||||||
| Sweden (4.93%) | ||||||||
| KNOW IT AB | 31,682 | 619,228 | ||||||
| Lyko Group AB, Class A(a)(c) | 12,424 | 212,896 | ||||||
| Sdiptech AB, Class B(a) | 8,461 | 206,583 | ||||||
| SwedenCare AB | 218,835 | 712,880 | ||||||
| Teqnion AB | 25,357 | 378,260 | ||||||
| Shares | Value (Note 2) | |||||||
| Sweden (continued) | ||||||||
| Vitec Software Group AB, Class B | 8,128 | $ | 344,285 | |||||
| 2,474,132 | ||||||||
| Taiwan (4.67%) | ||||||||
| Acer E-Enabling Service Business, Inc. | 41,000 | 195,952 | ||||||
| FineTek Co., Ltd. | 93,256 | 262,194 | ||||||
| Fuzetec Technology Co., Ltd. | 61,955 | 98,458 | ||||||
| GEM Services, Inc./Tw | 182,000 | 427,266 | ||||||
| M3 Technology, Inc. | 53,000 | 187,810 | ||||||
| Sporton International, Inc. | 98,761 | 725,070 | ||||||
| Tofu Restaurant Co., Ltd. | 25,776 | 197,659 | ||||||
| Wistron Information Technology & Services Corp. | 83,000 | 251,059 | ||||||
| 2,345,468 | ||||||||
| Thailand (0.94%) | ||||||||
| Humanica PCL | 935,000 | 363,924 | ||||||
| Netbay PCL | 125,000 | 108,387 | ||||||
| 472,311 | ||||||||
| United States (19.51%) | ||||||||
| 4imprint Group PLC | 8,816 | 498,833 | ||||||
| Barrett Business Services, Inc. | 7,561 | 751,412 | ||||||
| Bowman Consulting Group, Ltd.(a) | 43,463 | 1,107,872 | ||||||
| Coastal Financial Corp.(a) | 15,973 | 729,487 | ||||||
| Esquire Financial Holdings, Inc. | 25,349 | 1,179,742 | ||||||
| Evolution Petroleum Corp. | 88,988 | 555,285 | ||||||
| Figs, Inc., Class A(a) | 10,186 | 91,165 | ||||||
| Frontage Holdings Corp.(a)(b)(c) | 1,093,800 | 388,823 | ||||||
| Global Industrial Co. | 12,150 | 319,424 | ||||||
| Hackett Group, Inc. | 30,023 | 663,508 | ||||||
| Heska Corp.(a) | 4,072 | 364,200 | ||||||
| Joint Corp.(a) | 41,778 | 759,106 | ||||||
| LeMaitre Vascular, Inc. | 17,785 | 839,096 | ||||||
| MaxCyte, Inc.(a) | 115,776 | 676,132 | ||||||
| Plumas Bancorp | 21,261 | 871,488 | ||||||
| 9,795,573 | ||||||||
| Vietnam (0.53%) | ||||||||
| Lix Detergent JSC | 150,720 | 263,690 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $42,302,732) | 47,517,882 | |||||||
| TOTAL INVESTMENTS (94.64%) | ||||||||
| (Cost $42,302,732) | $ | 47,517,882 | ||||||
| Other Assets In Excess Of Liabilities (5.36%) | 2,693,533 | |||||||
| NET ASSETS (100.00%) | $ | 50,211,415 | ||||||
| (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, 2023, these securities had a total aggregate market value of $1,886,645, representing 3.76% 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, 2023, the aggregate market value of these securities was $2,818,574, representing 5.61% 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 (January 31, 2023) (Unaudited) | ||||
| Technology | 24.0 | % | ||
| Financials | 17.8 | % | ||
| Consumer | 17.4 | % | ||
| Industrials | 16.5 | % | ||
| Health Care | 15.7 | % | ||
| Energy & Materials | 3.2 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | 5.4 | % | ||
| Total | 100 | % | ||
| Industry Composition (January 31, 2023) (Unaudited) | ||||
| IT Services | 12.0 | % | ||
| Capital Markets | 10.9 | % | ||
| Internet & Direct Marketing Retail | 7.4 | % | ||
| Banks | 5.9 | % | ||
| Professional Services | 5.6 | % | ||
| Software | 5.3 | % | ||
| Health Care Providers & Services | 4.5 | % | ||
| Health Care Equipment & Supplies | 3.8 | % | ||
| Life Sciences Tools & Services | 3.5 | % | ||
| Semiconductors & Semiconductor Equipment | 3.1 | % | ||
| Commercial Services & Supplies | 2.5 | % | ||
| Building Products | 2.5 | % | ||
| Oil, Gas & Consumable Fuels | 2.4 | % | ||
| Trading Companies & Distributors | 2.3 | % | ||
| Health Care Technology | 2.2 | % | ||
| Construction & Engineering | 2.2 | % | ||
| Specialty Retail | 2.0 | % | ||
| Pharmaceuticals | 1.9 | % | ||
| Hotels, Restaurants & Leisure | 1.8 | % | ||
| Food & Staples Retailing | 1.7 | % | ||
| Interactive Media & Services | 1.2 | % | ||
| Household Products | 1.1 | % | ||
| Auto Components | 1.1 | % | ||
| Media | 1.0 | % | ||
| Diversified Financial Services | 1.0 | % | ||
| Other Industries (each less than 1%) | 5.7 | % | ||
| Cash and Other Assets, Less Liabilities | 5.4 | % | ||
| Total | 100.0 | % | ||
| Grandeur Peak Global Opportunities Fund | |
| PORTFOLIO OF INVESTMENTS | |
| January 31, 2023 (Unaudited) | |
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (98.73%) | ||||||||
| Argentina (0.93%) | ||||||||
| Globant SA(a) | 39,757 | $ | 6,447,790 | |||||
| Australia (0.13%) | ||||||||
| Fiducian Group, Ltd. | 182,850 | 896,420 | ||||||
| Belgium (2.42%) | ||||||||
| Melexis NV | 103,300 | 11,003,922 | ||||||
| X-Fab Silicon Foundries SE(a)(b)(c) | 666,184 | 5,827,547 | ||||||
| 16,831,469 | ||||||||
| Brazil (0.53%) | ||||||||
| Patria Investments, Ltd., Class A | 238,699 | 3,683,126 | ||||||
| Britain (19.60%) | ||||||||
| Abcam PLC, ADR(a) | 215,159 | 2,984,255 | ||||||
| B&M European Value Retail SA | 3,818,859 | 21,119,468 | ||||||
| Bytes Technology Group PLC | 256,480 | 1,223,697 | ||||||
| City of London Investment Group PLC | 393,420 | 2,176,417 | ||||||
| CVS Group PLC | 705,065 | 17,532,300 | ||||||
| Dechra Pharmaceuticals PLC | 507,284 | 17,991,393 | ||||||
| Diploma PLC | 147,151 | 4,977,734 | ||||||
| Elixirr International PLC | 59,520 | 376,782 | ||||||
| Endava PLC, ADR(a) | 225,692 | 19,831,556 | ||||||
| Foresight Group Holdings, Ltd. | 617,350 | 3,508,511 | ||||||
| FRP Advisory Group PLC | 756,129 | 1,370,709 | ||||||
| Halma PLC | 99,798 | 2,657,023 | ||||||
| Impax Asset Management Group PLC | 556,731 | 5,352,738 | ||||||
| Intertek Group PLC | 99,935 | 5,371,203 | ||||||
| JTC PLC(b)(c) | 473,767 | 4,213,852 | ||||||
| Marlowe PLC(a) | 252,521 | 1,562,827 | ||||||
| On the Beach Group PLC(a)(b)(c) | 1,126,330 | 2,444,122 | ||||||
| Premier Miton Group PLC | 1,939,173 | 2,798,974 | ||||||
| Softcat PLC | 350,541 | 5,245,456 | ||||||
| St. James's Place PLC | 340,805 | 5,167,871 | ||||||
| Victorian Plumbing Group PLC | 1,039,569 | 1,171,892 | ||||||
| Volution Group PLC | 1,557,641 | 7,264,042 | ||||||
| 136,342,822 | ||||||||
| Canada (1.92%) | ||||||||
| Aritzia, Inc.(a) | 101,000 | 3,642,847 | ||||||
| Gildan Activewear, Inc. | 119,825 | 3,757,167 | ||||||
| Richelieu Hardware, Ltd. | 200,965 | 5,976,615 | ||||||
| 13,376,629 | ||||||||
| China (4.00%) | ||||||||
| Hangzhou Robam Appliances Co., Ltd., Class A | 1,241,826 | 5,534,550 | ||||||
| Shares | Value (Note 2) | |||||||
| China (continued) | ||||||||
| Man Wah Holdings, Ltd. | 4,124,900 | $ | 4,768,968 | |||||
| O2Micro International, Ltd., ADR(a) | 759,114 | 3,560,245 | ||||||
| Silergy Corp. | 553,008 | 11,253,413 | ||||||
| Suofeiya Home Collection Co., Ltd., Class A | 871,633 | 2,711,501 | ||||||
| 27,828,677 | ||||||||
| Colombia (0.47%) | ||||||||
| Parex Resources, Inc. | 190,594 | 3,244,488 | ||||||
| Finland (1.00%) | ||||||||
| Musti Group Oyj | 411,649 | 6,966,729 | ||||||
| France (6.79%) | ||||||||
| Alten SA | 93,899 | 14,428,097 | ||||||
| Antin Infrastructure Partners SA | 83,500 | 1,883,837 | ||||||
| Esker SA | 27,046 | 4,515,788 | ||||||
| Neurones | 110,960 | 4,742,387 | ||||||
| Thermador Groupe | 63,135 | 6,358,001 | ||||||
| Virbac SA | 40,133 | 12,179,280 | ||||||
| Wavestone | 59,623 | 3,129,773 | ||||||
| 47,237,163 | ||||||||
| Germany (2.43%) | ||||||||
| Dermapharm Holding SE | 114,282 | 4,743,725 | ||||||
| Friedrich Vorwerk Group SE | 60,903 | 830,246 | ||||||
| Nagarro SE(a) | 30,956 | 4,240,751 | ||||||
| Nexus AG | 79,645 | 4,459,164 | ||||||
| QIAGEN NV(a) | 52,855 | 2,589,895 | ||||||
| 16,863,781 | ||||||||
| India (3.94%) | ||||||||
| Ajanta Pharma, Ltd. | 162,182 | 2,399,610 | ||||||
| Cera Sanitaryware, Ltd. | 44,638 | 2,877,495 | ||||||
| City Union Bank, Ltd. | 1,737,290 | 3,377,095 | ||||||
| Computer Age Management Services, Ltd. | 83,058 | 2,322,229 | ||||||
| Gulf Oil Lubricants India, Ltd. | 186,873 | 991,018 | ||||||
| Metropolis Healthcare, Ltd.(b)(c) | 314,088 | 5,177,940 | ||||||
| WNS Holdings, Ltd., ADR(a) | 121,356 | 10,282,494 | ||||||
| 27,427,881 | ||||||||
| Indonesia (1.32%) | ||||||||
| Arwana Citramulia Tbk PT | 46,609,800 | 3,124,940 | ||||||
| Selamat Sempurna Tbk PT | 40,416,300 | 4,260,024 | ||||||
| Ultrajaya Milk Industry & Trading Co. Tbk PT | 18,240,200 | 1,788,732 | ||||||
| 9,173,696 | ||||||||
| Ireland (2.04%) | ||||||||
| ICON PLC, ADR(a) | 25,055 | 5,780,439 | ||||||
| Keywords Studios PLC | 238,989 | 8,394,102 | ||||||
| 14,174,541 | ||||||||
| Shares | Value (Note 2) | |||||||
| Italy (2.53%) | ||||||||
| DiaSorin SpA | 21,445 | $ | 2,791,693 | |||||
| Interpump Group SpA | 132,890 | 6,930,175 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 136,029 | 5,959,202 | ||||||
| Sesa SpA | 14,281 | 1,943,297 | ||||||
| 17,624,367 | ||||||||
| Japan (10.30%) | ||||||||
| AIT Corp. | 284,100 | 3,288,836 | ||||||
| BayCurrent Consulting, Inc. | 139,100 | 5,913,081 | ||||||
| Carenet, Inc. | 416,800 | 3,477,565 | ||||||
| Charm Care Corp. | 191,500 | 1,723,026 | ||||||
| Create SD Holdings Co., Ltd. | 127,500 | 3,469,243 | ||||||
| Funai Soken Holdings, Inc. | 110,800 | 2,398,000 | ||||||
| M&A Capital Partners Co., Ltd.(a) | 216,300 | 7,326,101 | ||||||
| MarkLines Co., Ltd. | 247,400 | 5,103,014 | ||||||
| MonotaRO Co., Ltd. | 176,500 | 2,673,687 | ||||||
| Prestige International, Inc. | 409,500 | 2,284,354 | ||||||
| Seria Co., Ltd. | 291,900 | 6,414,546 | ||||||
| Strike Co., Ltd. | 219,800 | 7,121,508 | ||||||
| Sun*, Inc.(a) | 367,100 | 4,095,958 | ||||||
| Synchro Food Co., Ltd.(a) | 449,300 | 1,572,378 | ||||||
| System Information Co., Ltd. | 135,500 | 883,394 | ||||||
| Trancom Co., Ltd. | 83,470 | 4,782,606 | ||||||
| Tsuruha Holdings, Inc. | 49,000 | 3,607,752 | ||||||
| User Local, Inc. | 140,200 | 1,358,125 | ||||||
| Visional, Inc.(a) | 12,100 | 876,748 | ||||||
| YAKUODO Holdings Co., Ltd. | 164,800 | 3,290,620 | ||||||
| 71,660,542 | ||||||||
| Luxembourg (0.29%) | ||||||||
| Sword Group | 41,691 | 2,031,340 | ||||||
| Mexico (1.73%) | ||||||||
| GMexico Transportes SAB de CV(b)(c) | 1,276,600 | 2,756,515 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV | 392,400 | 3,585,061 | ||||||
| Regional SAB de CV | 656,927 | 5,684,379 | ||||||
| 12,025,955 | ||||||||
| Netherlands (0.40%) | ||||||||
| Shop Apotheke Europe NV(a)(b)(c) | 38,472 | 2,773,957 | ||||||
| Norway (0.90%) | ||||||||
| Bouvet ASA | 230,309 | 1,361,640 | ||||||
| Nordhealth AS, Class A(a) | 1,049,587 | 2,250,256 | ||||||
| SmartCraft ASA(a) | 1,457,082 | 2,674,295 | ||||||
| 6,286,191 | ||||||||
| Philippines (1.20%) | ||||||||
| Concepcion Industrial Corp. | 1,020,252 | 313,019 | ||||||
| Puregold Price Club, Inc. | 8,009,700 | 4,920,101 | ||||||
| Shares | Value (Note 2) | |||||||
| Philippines (continued) | ||||||||
| Wilcon Depot, Inc. | 5,330,600 | $ | 3,122,512 | |||||
| 8,355,632 | ||||||||
| Poland (1.41%) | ||||||||
| Dino Polska SA(a)(b)(c) | 108,163 | 9,798,996 | ||||||
| Singapore (0.78%) | ||||||||
| Riverstone Holdings, Ltd. | 10,959,200 | 5,395,308 | ||||||
| South Africa (0.26%) | ||||||||
| Italtile, Ltd. | 2,394,999 | 1,830,660 | ||||||
| South Korea (0.38%) | ||||||||
| LEENO Industrial, Inc. | 18,998 | 2,652,144 | ||||||
| Sweden (3.99%) | ||||||||
| AddTech AB, Class B | 149,892 | 2,393,675 | ||||||
| Beijer Alma AB | 346,525 | 6,871,708 | ||||||
| Byggfakta Group Nordic Holdco AB(a) | 570,528 | 2,139,698 | ||||||
| Cint Group AB(a) | 179,005 | 671,883 | ||||||
| Hexpol AB | 235,268 | 2,541,567 | ||||||
| KNOW IT AB | 187,743 | 3,669,455 | ||||||
| Lifco AB | 129,132 | 2,372,200 | ||||||
| Lyko Group AB, Class A(a)(c) | 50,031 | 857,324 | ||||||
| Sdiptech AB, Class B(a) | 184,009 | 4,492,739 | ||||||
| SwedenCare AB | 538,549 | 1,754,384 | ||||||
| 27,764,633 | ||||||||
| Taiwan (1.73%) | ||||||||
| Bioteque Corp. | 650,000 | 2,432,913 | ||||||
| Fuzetec Technology Co., Ltd. | 278,482 | 442,560 | ||||||
| M3 Technology, Inc. | 712,000 | 2,523,031 | ||||||
| Sporton International, Inc. | 903,954 | 6,636,531 | ||||||
| 12,035,035 | ||||||||
| United States (24.23%) | ||||||||
| 4imprint Group PLC | 78,190 | 4,424,197 | ||||||
| Align Technology, Inc.(a) | 14,094 | 3,801,575 | ||||||
| Bank of NT Butterfield & Son, Ltd. | 214,652 | 6,860,278 | ||||||
| Bizlink Holding, Inc. | 659,900 | 5,789,028 | ||||||
| Elastic NV(a) | 20,635 | 1,214,163 | ||||||
| Esquire Financial Holdings, Inc. | 36,196 | 1,684,562 | ||||||
| First Republic Bank | 77,957 | 10,982,582 | ||||||
| Five Below, Inc.(a) | 40,398 | 7,963,658 | ||||||
| Frontage Holdings Corp.(a)(b)(c) | 11,166,283 | 3,969,377 | ||||||
| Genpact, Ltd. | 221,698 | 10,481,881 | ||||||
| Glacier Bancorp, Inc. | 127,235 | 5,800,644 | ||||||
| Global Industrial Co. | 255,161 | 6,708,183 | ||||||
| GQG Partners, Inc. | 2,094,198 | 2,247,291 | ||||||
| Hackett Group, Inc. | 98,183 | 2,169,844 | ||||||
| Heska Corp.(a) | 59,526 | 5,324,005 | ||||||
| HubSpot, Inc.(a) | 8,442 | 2,929,458 | ||||||
| Insperity, Inc. | 27,905 | 3,084,898 | ||||||
| JFrog, Ltd.(a) | 67,577 | 1,737,405 | ||||||
| Shares | Value (Note 2) | |||||||
| United States (continued) | ||||||||
| LeMaitre Vascular, Inc. | 118,442 | $ | 5,588,094 | |||||
| Littelfuse, Inc. | 74,738 | 19,184,497 | ||||||
| MaxCyte, Inc.(a) | 545,988 | 3,203,754 | ||||||
| Medpace Holdings, Inc.(a) | 15,747 | 3,481,189 | ||||||
| NV5 Global, Inc.(a) | 27,127 | 3,615,758 | ||||||
| Ollie's Bargain Outlet Holdings, Inc.(a) | 71,696 | 3,926,073 | ||||||
| P10, Inc., Class A | 400,806 | 4,529,108 | ||||||
| Paycom Software, Inc.(a) | 22,433 | 7,266,946 | ||||||
| PJT Partners, Inc., Class A | 74,849 | 5,990,165 | ||||||
| Plumas Bancorp | 43,088 | 1,766,177 | ||||||
| Power Integrations, Inc. | 22,747 | 1,958,289 | ||||||
| Qualys, Inc.(a) | 59,587 | 6,873,956 | ||||||
| Rapid7, Inc.(a) | 71,327 | 2,843,808 | ||||||
| Silicon Laboratories, Inc.(a) | 13,200 | 2,071,212 | ||||||
| SVB Financial Group(a) | 5,800 | 1,754,152 | ||||||
| Texas Roadhouse, Inc. | 32,361 | 3,250,015 | ||||||
| TriMas Corp. | 131,329 | 4,043,620 | ||||||
| 168,519,842 | ||||||||
| Vietnam (1.08%) | ||||||||
| Vietnam Technological & Commercial Joint Stock Bank(a) | 5,964,004 | 7,513,550 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $547,664,847) | 686,763,364 | |||||||
| PREFERRED STOCKS (0.28%) | ||||||||
| United States (0.28%) | ||||||||
| Dataminr Inc - Private Placement(a)(d) | 96,640 | 1,923,136 | ||||||
| TOTAL PREFERRED STOCKS | ||||||||
| (Cost $1,923,136) | 1,923,136 | |||||||
| TOTAL INVESTMENTS (99.01%) | ||||||||
| (Cost $549,587,983) | $ | 688,686,500 | ||||||
| Other Assets In Excess Of Liabilities (0.99%) | 6,919,812 | |||||||
| NET ASSETS (100.00%) | $ | 695,606,312 | ||||||
| (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, 2023, these securities had a total aggregate market value of $36,962,305, representing 5.31% 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, 2023, the aggregate market value of these securities was $37,819,629, representing 5.44% 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. |
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 (January 31, 2023) (Unaudited) | ||||
| Technology | 31.1 | % | ||
| Health Care | 18.5 | % | ||
| Industrials | 16.5 | % | ||
| Consumer | 16.4 | % | ||
| Financials | 14.9 | % | ||
| Energy & Materials | 1.6 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | 1.0 | % | ||
| Total | 100 | % | ||
| Industry Composition (January 31, 2023) (Unaudited) | ||||
| IT Services | 14.9 | % | ||
| Capital Markets | 8.3 | % | ||
| Pharmaceuticals | 6.6 | % | ||
| Banks | 6.6 | % | ||
| Semiconductors & Semiconductor Equipment | 5.5 | % | ||
| Software | 5.2 | % | ||
| Multiline Retail | 4.5 | % | ||
| Trading Companies & Distributors | 4.2 | % | ||
| Professional Services | 4.2 | % | ||
| Food & Staples Retailing | 4.0 | % | ||
| Electronic Equipment, Instruments & Components | 4.0 | % | ||
| Health Care Equipment & Supplies | 3.6 | % | ||
| Health Care Providers & Services | 3.6 | % | ||
| Specialty Retail | 3.5 | % | ||
| Life Sciences Tools & Services | 2.9 | % | ||
| Machinery | 2.0 | % | ||
| Household Durables | 1.9 | % | ||
| Building Products | 1.8 | % | ||
| Health Care Technology | 1.4 | % | ||
| Road & Rail | 1.1 | % | ||
| Commercial Services & Supplies | 1.0 | % | ||
| Other Industries (each less than 1%) | 8.2 | % | ||
| Cash and Other Assets, Less Liabilities | 1.0 | % | ||
| Total | 100.0 | % | ||
| Grandeur Peak Global Reach Fund | |
| PORTFOLIO OF INVESTMENTS | |
| January 31, 2023 (Unaudited) | |
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (95.81%) | ||||||||
| Argentina (0.77%) | ||||||||
| Globant SA(a) | 13,344 | $ | 2,164,130 | |||||
| Australia (1.66%) | ||||||||
| Australian Ethical Investment, Ltd. | 309,244 | 967,321 | ||||||
| EQT Holdings, Ltd. | 55,585 | 971,916 | ||||||
| Imdex, Ltd. | 496,245 | 881,171 | ||||||
| Netwealth Group, Ltd. | 89,313 | 851,805 | ||||||
| PeopleIN, Ltd. | 423,024 | 989,983 | ||||||
| 4,662,196 | ||||||||
| Bangladesh (0.09%) | ||||||||
| Square Pharmaceuticals, Ltd. | 127,016 | 249,630 | ||||||
| Belgium (1.17%) | ||||||||
| Melexis NV | 12,468 | 1,328,140 | ||||||
| Warehouses De Pauw CVA | 30,732 | 974,566 | ||||||
| X-Fab Silicon Foundries SE(a)(b)(c) | 113,341 | 991,468 | ||||||
| 3,294,174 | ||||||||
| Brazil (2.00%) | ||||||||
| CI&T, Inc., Class A(a) | 81,500 | 606,360 | ||||||
| Grupo Mateus SA(a) | 1,037,600 | 1,406,278 | ||||||
| Hypera SA | 60,100 | 552,778 | ||||||
| Locaweb Servicos de Internet SA(a)(b)(c) | 533,068 | 674,171 | ||||||
| Patria Investments, Ltd., Class A | 77,699 | 1,198,896 | ||||||
| Pet Center Comercio e Participacoes SA | 827,857 | 1,180,719 | ||||||
| 5,619,202 | ||||||||
| Britain (14.91%) | ||||||||
| AB Dynamics PLC | 44,658 | 1,009,181 | ||||||
| Abcam PLC, ADR(a) | 113,192 | 1,569,973 | ||||||
| B&M European Value Retail SA | 1,028,470 | 5,687,756 | ||||||
| CVS Group PLC | 113,963 | 2,833,829 | ||||||
| Darktrace PLC(a) | 380,184 | 987,581 | ||||||
| Dechra Pharmaceuticals PLC | 92,561 | 3,282,779 | ||||||
| Diploma PLC | 18,786 | 635,481 | ||||||
| dotdigital group PLC | 446,800 | 518,024 | ||||||
| Elixirr International PLC | 238,541 | 1,510,046 | ||||||
| Endava PLC, ADR(a) | 53,770 | 4,724,770 | ||||||
| Ergomed PLC(a) | 69,339 | 1,027,194 | ||||||
| Foresight Group Holdings, Ltd. | 216,892 | 1,232,636 | ||||||
| FRP Advisory Group PLC | 474,926 | 860,945 | ||||||
| Gamma Communications PLC | 41,298 | 602,469 | ||||||
| Gresham House PLC | 70,460 | 658,957 | ||||||
| Halma PLC | 17,505 | 466,053 | ||||||
| Hotel Chocolat Group PLC(a) | 120,727 | 327,444 | ||||||
| Shares | Value (Note 2) | |||||||
| Britain (continued) | ||||||||
| Impax Asset Management Group PLC | 378,517 | $ | 3,639,284 | |||||
| Intertek Group PLC | 9,324 | 501,137 | ||||||
| JTC PLC(b)(c) | 341,843 | 3,040,473 | ||||||
| Keystone Law Group PLC | 136,821 | 729,958 | ||||||
| Marlowe PLC(a) | 163,307 | 1,010,690 | ||||||
| On the Beach Group PLC(a)(b)(c) | 316,718 | 687,274 | ||||||
| Pensionbee Group PLC(a) | 815,693 | 628,516 | ||||||
| Pets at Home Group PLC | 218,096 | 948,765 | ||||||
| Softcat PLC | 29,286 | 438,232 | ||||||
| Spirax-Sarco Engineering PLC | 4,814 | 687,641 | ||||||
| St. James's Place PLC | 42,479 | 644,140 | ||||||
| Victorian Plumbing Group PLC | 469,796 | 529,595 | ||||||
| Volution Group PLC | 121,147 | 564,968 | ||||||
| 41,985,791 | ||||||||
| Canada (0.94%) | ||||||||
| Aritzia, Inc.(a) | 27,209 | 981,369 | ||||||
| Docebo, Inc.(a) | 18,900 | 722,733 | ||||||
| Gildan Activewear, Inc. | 16,844 | 528,151 | ||||||
| Richelieu Hardware, Ltd. | 13,700 | 407,432 | ||||||
| 2,639,685 | ||||||||
| China (4.30%) | ||||||||
| Angelalign Technology, Inc.(b)(c) | 40,200 | 552,013 | ||||||
| ANTA Sports Products, Ltd. | 27,600 | 418,654 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 353,220 | 402,742 | ||||||
| Guangzhou Kingmed Diagnostics Group Co., Ltd. | 41,500 | 518,329 | ||||||
| Hangzhou Robam Appliances Co., Ltd., Class A | 120,300 | 536,151 | ||||||
| Hangzhou Tigermed Consulting Co., Ltd., Class A | 18,900 | 326,726 | ||||||
| Man Wah Holdings, Ltd. | 938,400 | 1,084,923 | ||||||
| ManpowerGroup Greater China, Ltd.(c) | 175,050 | 154,899 | ||||||
| O2Micro International, Ltd., ADR(a) | 150,009 | 703,542 | ||||||
| Shanghai Hanbell Precise Machinery Co., Ltd. | 109,000 | 435,722 | ||||||
| Shanghai Kindly Medical Instruments Co., Ltd., Class H(c) | 89,400 | 307,652 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 22,500 | 1,112,405 | ||||||
| Silergy Corp. | 101,700 | 2,069,540 | ||||||
| TK Group Holdings, Ltd. | 1,492,400 | 307,701 | ||||||
| WuXi AppTec Co., Ltd., Class H(b)(c) | 157,512 | 2,046,717 | ||||||
| Wuxi Biologics Cayman, Inc.(a)(b)(c) | 135,500 | 1,131,480 | ||||||
| 12,109,196 | ||||||||
| Shares | Value (Note 2) | |||||||
| Colombia (1.58%) | ||||||||
| Canacol Energy, Ltd. | 70,190 | $ | 622,481 | |||||
| Parex Resources, Inc. | 225,620 | 3,840,737 | ||||||
| 4,463,218 | ||||||||
| Finland (1.11%) | ||||||||
| Evli Oyj(a) | 40,300 | 798,402 | ||||||
| Musti Group Oyj | 137,537 | 2,327,670 | ||||||
| 3,126,072 | ||||||||
| France (2.87%) | ||||||||
| Alten SA | 11,958 | 1,837,412 | ||||||
| Antin Infrastructure Partners SA | 51,284 | 1,157,014 | ||||||
| Aubay | 5,771 | 297,349 | ||||||
| Bureau Veritas SA | 11,479 | 328,200 | ||||||
| Esker SA | 7,767 | 1,296,832 | ||||||
| Neurones | 14,238 | 608,527 | ||||||
| Thermador Groupe | 6,663 | 670,996 | ||||||
| Virbac SA | 6,169 | 1,872,125 | ||||||
| 8,068,455 | ||||||||
| Germany (2.60%) | ||||||||
| Atoss Software AG | 3,391 | 599,963 | ||||||
| Dermapharm Holding SE | 17,100 | 709,803 | ||||||
| Friedrich Vorwerk Group SE | 20,255 | 276,122 | ||||||
| Mensch und Maschine Software SE | 8,301 | 461,902 | ||||||
| Nagarro SE(a) | 20,872 | 2,859,315 | ||||||
| Nexus AG | 18,017 | 1,008,736 | ||||||
| Puma SE | 7,989 | 545,553 | ||||||
| QIAGEN NV(a) | 11,559 | 566,391 | ||||||
| UmweltBank AG | 19,299 | 293,732 | ||||||
| 7,321,517 | ||||||||
| Hong Kong (0.94%) | ||||||||
| Plover Bay Technologies, Ltd.(c) | 3,254,000 | 1,003,763 | ||||||
| Techtronic Industries Co., Ltd. | 128,000 | 1,650,148 | ||||||
| 2,653,911 | ||||||||
| India (3.98%) | ||||||||
| Ajanta Pharma, Ltd. | 58,172 | 860,700 | ||||||
| Avenue Supermarts, Ltd.(a)(b)(c) | 9,530 | 409,329 | ||||||
| Cera Sanitaryware, Ltd. | 5,867 | 378,204 | ||||||
| Computer Age Management Services, Ltd. | 41,222 | 1,152,531 | ||||||
| EPL, Ltd. | 192,943 | 368,605 | ||||||
| Gulf Oil Lubricants India, Ltd. | 146,334 | 776,033 | ||||||
| HCL Technologies, Ltd. | 43,536 | 600,344 | ||||||
| IndiaMart InterMesh, Ltd.(b)(c) | 14,733 | 819,996 | ||||||
| Jyothy Labs, Ltd. | 262,240 | 657,268 | ||||||
| Kotak Mahindra Bank, Ltd. | 12,958 | 275,115 | ||||||
| Metropolis Healthcare, Ltd.(b)(c) | 96,426 | 1,589,644 | ||||||
| Motherson Sumi Wiring India, Ltd. | 612,241 | 386,667 | ||||||
| Polycab India, Ltd. | 12,231 | 438,042 | ||||||
| Shares | Value (Note 2) | |||||||
| India (continued) | ||||||||
| SJS Enterprises, Ltd.(a) | 86,869 | $ | 482,402 | |||||
| Tarsons Products, Ltd.(a) | 33,903 | 288,078 | ||||||
| WNS Holdings, Ltd., ADR(a) | 20,260 | 1,716,630 | ||||||
| 11,199,588 | ||||||||
| Indonesia (1.07%) | ||||||||
| Arwana Citramulia Tbk PT | 11,519,400 | 772,315 | ||||||
| Avia Avian Tbk PT | 13,596,400 | 589,728 | ||||||
| Selamat Sempurna Tbk PT | 10,020,400 | 1,056,186 | ||||||
| Ultrajaya Milk Industry & Trading Co. Tbk PT | 6,163,200 | 604,397 | ||||||
| 3,022,626 | ||||||||
| Ireland (1.98%) | ||||||||
| ICON PLC, ADR(a) | 8,100 | 1,868,751 | ||||||
| Keywords Studios PLC | 58,166 | 2,042,987 | ||||||
| Uniphar PLC | 450,997 | 1,652,309 | ||||||
| 5,564,047 | ||||||||
| Israel (0.80%) | ||||||||
| Max Stock, Ltd. | 242,125 | 457,360 | ||||||
| Monday.com, Ltd.(a) | 3,736 | 486,390 | ||||||
| Tel Aviv Stock Exchange, Ltd. | 62,559 | 377,908 | ||||||
| Wix.com, Ltd.(a) | 10,813 | 940,515 | ||||||
| 2,262,173 | ||||||||
| Italy (1.03%) | ||||||||
| DiaSorin SpA | 2,800 | 364,502 | ||||||
| Interpump Group SpA | 17,886 | 932,750 | ||||||
| Piovan SpA(b)(c) | 33,337 | 360,610 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 15,169 | 664,528 | ||||||
| Sesa SpA | 4,186 | 569,613 | ||||||
| 2,892,003 | ||||||||
| Japan (8.08%) | ||||||||
| AIT Corp. | 23,900 | 276,674 | ||||||
| Asahi Intecc Co., Ltd. | 14,100 | 247,373 | ||||||
| BayCurrent Consulting, Inc. | 88,600 | 3,766,348 | ||||||
| Beenos, Inc. | 36,500 | 593,759 | ||||||
| Carenet, Inc. | 150,000 | 1,251,523 | ||||||
| Central Automotive Products, Ltd. | 21,700 | 405,213 | ||||||
| Comture Corp. | 16,900 | 324,945 | ||||||
| Confidence, Inc. | 54,600 | 843,670 | ||||||
| Create SD Holdings Co., Ltd. | 16,700 | 454,403 | ||||||
| CrowdWorks, Inc.(a) | 56,200 | 696,322 | ||||||
| Enjin Co., Ltd. | 27,500 | 352,411 | ||||||
| Funai Soken Holdings, Inc. | 48,500 | 1,049,666 | ||||||
| gremz, Inc. | 77,700 | 1,208,821 | ||||||
| M&A Capital Partners Co., Ltd.(a) | 17,400 | 589,340 | ||||||
| M&A Research Institute, Inc.(a) | 13,400 | 1,076,797 | ||||||
| MarkLines Co., Ltd. | 53,300 | 1,099,396 | ||||||
| Medikit Co., Ltd. | 36,500 | 692,232 | ||||||
| MonotaRO Co., Ltd. | 42,000 | 636,231 | ||||||
| Shares | Value (Note 2) | |||||||
| Japan (continued) | ||||||||
| Nihon M&A Center Holdings, Inc. | 43,600 | $ | 445,741 | |||||
| Prestige International, Inc. | 135,800 | 757,547 | ||||||
| Seria Co., Ltd. | 17,800 | 391,158 | ||||||
| Strike Co., Ltd. | 10,600 | 343,439 | ||||||
| Sun*, Inc.(a) | 86,800 | 968,480 | ||||||
| Synchro Food Co., Ltd.(a) | 113,400 | 396,857 | ||||||
| System Information Co., Ltd. | 71,800 | 468,101 | ||||||
| Systena Corp. | 118,800 | 381,371 | ||||||
| Syuppin Co., Ltd. | 42,400 | 358,747 | ||||||
| Tsuruha Holdings, Inc. | 8,100 | 596,383 | ||||||
| User Local, Inc. | 74,300 | 719,748 | ||||||
| WDB coco Co., Ltd. | 11,900 | 537,094 | ||||||
| YAKUODO Holdings Co., Ltd. | 41,300 | 824,652 | ||||||
| 22,754,442 | ||||||||
| Luxembourg (0.14%) | ||||||||
| Sword Group | 8,334 | 406,063 | ||||||
| Malaysia (0.15%) | ||||||||
| MR DIY Group M Bhd(b)(c) | 953,100 | 425,725 | ||||||
| Mexico (0.72%) | ||||||||
| Bolsa Mexicana de Valores SAB de CV | 163,700 | 355,471 | ||||||
| GMexico Transportes SAB de CV(b)(c) | 362,100 | 781,869 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV | 98,900 | 903,574 | ||||||
| 2,040,914 | ||||||||
| Netherlands (0.54%) | ||||||||
| Alfen N.V.(a)(b)(c) | 5,977 | 554,534 | ||||||
| Shop Apotheke Europe NV(a)(b)(c) | 13,306 | 959,406 | ||||||
| 1,513,940 | ||||||||
| Norway (1.01%) | ||||||||
| Bouvet ASA | 120,257 | 710,987 | ||||||
| Nordhealth AS, Class A(a) | 190,069 | 407,497 | ||||||
| Nordic Semiconductor ASA(a) | 25,476 | 406,242 | ||||||
| Self Storage Group ASA(a) | 236,945 | 557,847 | ||||||
| SmartCraft ASA(a) | 417,293 | 765,890 | ||||||
| 2,848,463 | ||||||||
| Philippines (1.30%) | ||||||||
| AllHome Corp. | 11,008,317 | 494,841 | ||||||
| Concepcion Industrial Corp. | 1,793,920 | 550,384 | ||||||
| Pryce Corp. | 6,894,800 | 671,463 | ||||||
| Puregold Price Club, Inc. | 861,100 | 528,946 | ||||||
| Wilcon Depot, Inc. | 2,414,600 | 1,414,403 | ||||||
| 3,660,037 | ||||||||
| Poland (1.34%) | ||||||||
| Dino Polska SA(a)(b)(c) | 37,712 | 3,416,508 | ||||||
| Shares | Value (Note 2) | |||||||
| Poland (continued) | ||||||||
| LiveChat Software SA | 11,893 | $ | 346,395 | |||||
| 3,762,903 | ||||||||
| Singapore (0.59%) | ||||||||
| iFAST Corp., Ltd. | 263,100 | 1,046,135 | ||||||
| Riverstone Holdings, Ltd. | 1,260,700 | 620,653 | ||||||
| 1,666,788 | ||||||||
| South Africa (0.41%) | ||||||||
| Clicks Group, Ltd. | 36,446 | 555,865 | ||||||
| Italtile, Ltd. | 798,035 | 609,992 | ||||||
| 1,165,857 | ||||||||
| South Korea (0.78%) | ||||||||
| Coupang, Inc.(a) | 25,209 | 425,780 | ||||||
| Hyundai Ezwel Co., Ltd. | 76,974 | 469,408 | ||||||
| LEENO Industrial, Inc. | 3,790 | 529,089 | ||||||
| Suprema, Inc.(a) | 8,000 | 158,754 | ||||||
| Tokai Carbon Korea Co., Ltd. | 7,139 | 608,023 | ||||||
| 2,191,054 | ||||||||
| Sweden (4.79%) | ||||||||
| AddTech AB, Class B | 53,621 | 856,291 | ||||||
| Beijer Alma AB | 52,400 | 1,039,110 | ||||||
| Byggfakta Group Nordic Holdco AB(a) | 96,749 | 362,846 | ||||||
| Cint Group AB(a) | 43,467 | 163,150 | ||||||
| EQT AB | 133,671 | 3,016,255 | ||||||
| KNOW IT AB | 66,725 | 1,304,147 | ||||||
| Lifco AB | 55,000 | 1,010,369 | ||||||
| Lyko Group AB, Class A(a)(c) | 20,071 | 343,934 | ||||||
| Nordnet AB publ | 53,748 | 873,649 | ||||||
| Sagax AB, Class A | 57,943 | 1,442,098 | ||||||
| Sdiptech AB, Class B(a) | 36,666 | 895,232 | ||||||
| SwedenCare AB | 253,863 | 826,987 | ||||||
| Teqnion AB | 36,077 | 538,174 | ||||||
| Vitec Software Group AB, Class B | 19,425 | 822,803 | ||||||
| 13,495,045 | ||||||||
| Taiwan (2.29%) | ||||||||
| Bioteque Corp. | 72,000 | 269,492 | ||||||
| Brighten Optix Corp. | 47,000 | 298,383 | ||||||
| Fuzetec Technology Co., Ltd. | 227,519 | 361,570 | ||||||
| GEM Services, Inc./Tw | 166,000 | 389,704 | ||||||
| M3 Technology, Inc. | 114,000 | 403,969 | ||||||
| Poya International Co., Ltd. | 23,853 | 414,298 | ||||||
| Realtek Semiconductor Corp. | 26,000 | 279,211 | ||||||
| Sinbon Electronics Co., Ltd. | 59,000 | 566,856 | ||||||
| Sporton International, Inc. | 340,351 | 2,498,745 | ||||||
| Voltronic Power Technology Corp. | 7,247 | 366,729 | ||||||
| Wistron Information Technology & Services Corp. | 194,000 | 586,813 | ||||||
| 6,435,770 | ||||||||
| Shares | Value (Note 2) | |||||||
| Thailand (0.12%) | ||||||||
| Humanica PCL | 861,000 | $ | 335,122 | |||||
| United States (28.47%) | ||||||||
| 4imprint Group PLC | 7,492 | 423,917 | ||||||
| AgileThought, Inc.(a) | 120,254 | 518,295 | ||||||
| Alexandria Real Estate Equities, Inc. | 4,228 | 679,609 | ||||||
| Align Technology, Inc.(a) | 2,682 | 723,416 | ||||||
| Alpha Teknova, Inc.(a) | 79,808 | 475,656 | ||||||
| Ares Management Corp., Class A | 8,907 | 739,192 | ||||||
| Ashtead Group PLC | 12,082 | 795,826 | ||||||
| Bank of NT Butterfield & Son, Ltd. | 82,933 | 2,650,539 | ||||||
| Barrett Business Services, Inc. | 12,931 | 1,285,083 | ||||||
| Bio-Techne Corp. | 6,692 | 533,085 | ||||||
| Bizlink Holding, Inc. | 98,000 | 859,713 | ||||||
| Blue Owl Capital, Inc. | 55,785 | 701,775 | ||||||
| Bowman Consulting Group, Ltd.(a) | 61,376 | 1,564,474 | ||||||
| Cactus, Inc., Class A | 15,702 | 849,635 | ||||||
| CareDx, Inc.(a) | 16,376 | 244,657 | ||||||
| Chewy, Inc., Class A(a) | 8,918 | 401,845 | ||||||
| Cloudflare, Inc., Class A(a) | 10,746 | 568,571 | ||||||
| Coastal Financial Corp.(a) | 12,960 | 591,883 | ||||||
| Cricut, Inc. | 45,935 | 449,704 | ||||||
| Cross Creek Lucid LP/Partnership Interest(a)(d) | 1,000,000 | 1,000,000 | ||||||
| Crowdstrike Holdings, Inc., Class A(a) | 4,261 | 451,240 | ||||||
| Datadog, Inc., Class A(a) | 3,774 | 282,333 | ||||||
| Dexcom, Inc.(a) | 7,786 | 833,803 | ||||||
| DigitalOcean Holdings, Inc.(a) | 30,310 | 889,598 | ||||||
| Doximity, Inc., Class A(a) | 11,186 | 394,530 | ||||||
| Elastic NV(a) | 19,377 | 1,140,143 | ||||||
| EPAM Systems, Inc.(a) | 1,484 | 493,653 | ||||||
| Esquire Financial Holdings, Inc. | 29,190 | 1,358,503 | ||||||
| Etsy, Inc.(a) | 4,957 | 681,984 | ||||||
| Evolution Petroleum Corp. | 144,007 | 898,604 | ||||||
| Fastenal Co. | 8,411 | 425,176 | ||||||
| Figs, Inc., Class A(a) | 59,800 | 535,210 | ||||||
| First Republic Bank | 22,952 | 3,233,478 | ||||||
| Five Below, Inc.(a) | 4,252 | 838,197 | ||||||
| Freshpet, Inc.(a) | 16,010 | 1,013,913 | ||||||
| Frontage Holdings Corp.(a)(b)(c) | 5,278,000 | 1,876,217 | ||||||
| Genpact, Ltd. | 51,931 | 2,455,298 | ||||||
| Gitlab, Inc., Class A(a) | 14,590 | 720,892 | ||||||
| Global Industrial Co. | 50,707 | 1,333,087 | ||||||
| GQG Partners, Inc. | 1,045,674 | 1,122,116 | ||||||
| Hackett Group, Inc. | 41,923 | 926,498 | ||||||
| Healthcare Services Group, Inc. | 50,208 | 676,302 | ||||||
| HealthEquity, Inc.(a) | 9,500 | 578,075 | ||||||
| Heska Corp.(a) | 10,856 | 970,961 | ||||||
| Houlihan Lokey, Inc. | 6,506 | 644,549 | ||||||
| HubSpot, Inc.(a) | 2,907 | 1,008,758 | ||||||
| I3 Verticals, Inc., Class A(a) | 20,080 | 580,714 | ||||||
| Shares | Value (Note 2) | |||||||
| United States (continued) | ||||||||
| Insperity, Inc. | 8,278 | $ | 915,133 | |||||
| JFrog, Ltd.(a) | 63,765 | 1,639,398 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 5,070 | 299,637 | ||||||
| LeMaitre Vascular, Inc. | 19,790 | 933,692 | ||||||
| Littelfuse, Inc. | 7,666 | 1,967,786 | ||||||
| Lululemon Athletica, Inc.(a) | 2,592 | 795,433 | ||||||
| MaxCyte, Inc.(a) | 219,088 | 1,287,296 | ||||||
| Medpace Holdings, Inc.(a) | 4,426 | 978,456 | ||||||
| Microchip Technology, Inc. | 12,313 | 955,735 | ||||||
| Moelis & Co., Class A | 5,699 | 266,428 | ||||||
| Monolithic Power Systems, Inc. | 2,317 | 988,340 | ||||||
| New Relic, Inc.(a) | 15,118 | 922,954 | ||||||
| NV5 Global, Inc.(a) | 1,770 | 235,923 | ||||||
| Ollie's Bargain Outlet Holdings, Inc.(a) | 9,021 | 493,990 | ||||||
| P10, Inc., Class A | 176,600 | 1,995,580 | ||||||
| PagerDuty, Inc.(a) | 49,252 | 1,467,217 | ||||||
| Paycom Software, Inc.(a) | 3,585 | 1,161,325 | ||||||
| PJT Partners, Inc., Class A | 34,759 | 2,781,763 | ||||||
| Pool Corp. | 3,421 | 1,319,172 | ||||||
| Power Integrations, Inc. | 5,027 | 432,774 | ||||||
| Qualys, Inc.(a) | 12,907 | 1,488,952 | ||||||
| Rapid7, Inc.(a) | 18,611 | 742,021 | ||||||
| Revolve Group, Inc.(a) | 35,282 | 1,006,948 | ||||||
| Rexford Industrial Realty, Inc. | 18,039 | 1,144,935 | ||||||
| Ross Stores, Inc. | 6,832 | 807,474 | ||||||
| Shoals Technologies Group, Inc., Class A(a) | 33,096 | 923,047 | ||||||
| Silicon Laboratories, Inc.(a) | 4,150 | 651,176 | ||||||
| Skechers USA, Inc., Class A, Class A(a) | 11,770 | 566,725 | ||||||
| Smartsheet, Inc., Class A(a) | 13,731 | 593,316 | ||||||
| Squarespace, Inc., Class A(a) | 28,330 | 671,988 | ||||||
| SVB Financial Group(a) | 9,607 | 2,905,541 | ||||||
| Terreno Realty Corp. | 17,387 | 1,120,244 | ||||||
| Texas Roadhouse, Inc. | 3,860 | 387,660 | ||||||
| TPG, Inc. | 43,206 | 1,391,665 | ||||||
| Tradeweb Markets, Inc. | 10,174 | 758,370 | ||||||
| Ulta Beauty, Inc.(a) | 807 | 414,766 | ||||||
| US Physical Therapy, Inc. | 3,443 | 341,373 | ||||||
| 80,174,940 | ||||||||
| Vietnam (1.28%) | ||||||||
| FPT Corp. | 253,680 | 905,579 | ||||||
| Vietnam Technological & Commercial Joint Stock Bank(a) | 2,138,281 | 2,693,841 | ||||||
| 3,599,420 | ||||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $221,464,934) | 269,774,097 | |||||||
| Shares | Value (Note 2) | |||||||
| Vietnam (continued) | ||||||||
| PREFERRED STOCKS (0.67%) | ||||||||
| United States (0.67%) | ||||||||
| Dataminr Inc - Private Placement(a)(d) | 45,833 | $ | 912,077 | |||||
| Gusto Inc Series E Preferred(a)(d) | 32,241 | 980,126 | ||||||
| 1,892,203 | ||||||||
| TOTAL PREFERRED STOCKS | ||||||||
| (Cost $1,892,053) | 1,892,203 | |||||||
| TOTAL INVESTMENTS (96.48%) | ||||||||
| (Cost $223,356,987) | $ | 271,666,300 | ||||||
| Other Assets In Excess Of Liabilities (3.52%) | 9,900,096 | |||||||
| NET ASSETS (100.00%) | $ | 281,566,396 | ||||||
| (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, 2023, these securities had a total aggregate market value of $20,317,434, representing 7.22% 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, 2023, the aggregate market value of these securities was $22,127,682, representing 7.86% 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. |
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 (January 31, 2023) (Unaudited) | ||||
| Technology | 26.8 | % | ||
| Financials | 19.3 | % | ||
| Consumer | 16.1 | % | ||
| Industrials | 15.6 | % | ||
| Sector Composition (January 31, 2023) (Unaudited) (continued) | ||||
| Health Care | 15.4 | % | ||
| Energy & Materials | 3.3 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | 3.5 | % | ||
| Total | 100 | % |
| Industry Composition (January 31, 2023) (Unaudited) | ||||
| Capital Markets | 12.6 | % | ||
| IT Services | 12.0 | % | ||
| Software | 8.2 | % | ||
| Professional Services | 6.0 | % | ||
| Banks | 4.9 | % | ||
| Life Sciences Tools & Services | 4.7 | % | ||
| Semiconductors & Semiconductor Equipment | 3.7 | % | ||
| Specialty Retail | 3.6 | % | ||
| Pharmaceuticals | 3.4 | % | ||
| Food & Staples Retailing | 3.3 | % | ||
| Health Care Equipment & Supplies | 3.0 | % | ||
| Health Care Providers & Services | 2.7 | % | ||
| Multiline Retail | 2.7 | % | ||
| Trading Companies & Distributors | 2.5 | % | ||
| Oil, Gas & Consumable Fuels | 2.2 | % | ||
| Machinery | 1.9 | % | ||
| Electronic Equipment, Instruments & Components | 1.7 | % | ||
| Internet & Direct Marketing Retail | 1.6 | % | ||
| Commercial Services & Supplies | 1.4 | % | ||
| Equity Real Estate Investment Trusts (REITs) | 1.3 | % | ||
| Auto Components | 1.1 | % | ||
| Health Care Technology | 1.1 | % | ||
| Electrical Equipment | 1.1 | % | ||
| Textiles, Apparel & Luxury Goods | 1.0 | % | ||
| Other Industries (each less than 1%) | 8.8 | % | ||
| Cash and Other Assets, Less Liabilities | 3.5 | % | ||
| Total | 100.0 | % | ||
Grandeur Peak Global Stalwarts Fund
PORTFOLIO OF INVESTMENTS
January 31, 2023 (Unaudited)
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (99.04%) | ||||||||
| Argentina (2.87%) | ||||||||
| Globant SA(a) | 42,434 | $ | 6,881,946 | |||||
| Australia (0.35%) | ||||||||
| Netwealth Group, Ltd. | 87,242 | 832,054 | ||||||
| Belgium (2.11%) | ||||||||
| Melexis NV | 36,164 | 3,852,332 | ||||||
| Warehouses De Pauw CVA | 38,351 | 1,216,178 | ||||||
| 5,068,510 | ||||||||
| Brazil (1.24%) | ||||||||
| CI&T, Inc., Class A(a) | 93,100 | 692,664 | ||||||
| Patria Investments, Ltd., Class A | 147,625 | 2,277,854 | ||||||
| 2,970,518 | ||||||||
| Britain (17.09%) | ||||||||
| Abcam PLC, ADR(a) | 62,227 | 863,089 | ||||||
| B&M European Value Retail SA | 1,249,946 | 6,912,587 | ||||||
| CVS Group PLC | 173,422 | 4,312,349 | ||||||
| Dechra Pharmaceuticals PLC | 182,563 | 6,474,800 | ||||||
| Diploma PLC | 39,709 | 1,343,252 | ||||||
| Endava PLC, ADR(a) | 112,484 | 9,883,969 | ||||||
| Halma PLC | 49,376 | 1,314,587 | ||||||
| Impax Asset Management Group PLC | 305,910 | 2,941,198 | ||||||
| JTC PLC(b)(c) | 189,337 | 1,684,030 | ||||||
| Softcat PLC | 74,250 | 1,111,069 | ||||||
| St. James's Place PLC | 272,155 | 4,126,882 | ||||||
| 40,967,812 | ||||||||
| Canada (0.56%) | ||||||||
| Aritzia, Inc.(a) | 37,044 | 1,336,095 | ||||||
| China (4.37%) | ||||||||
| Alibaba Group Holding, Ltd.(a) | 43,000 | 591,193 | ||||||
| Hangzhou Tigermed Consulting Co., Ltd., Class A | 47,800 | 826,324 | ||||||
| Silergy Corp. | 320,600 | 6,524,036 | ||||||
| WuXi AppTec Co., Ltd., Class H(b)(c) | 136,192 | 1,769,684 | ||||||
| Wuxi Biologics Cayman, Inc.(a)(b)(c) | 92,900 | 775,753 | ||||||
| 10,486,990 | ||||||||
| Finland (0.31%) | ||||||||
| Musti Group Oyj | 44,449 | 752,253 | ||||||
| France (3.66%) | ||||||||
| Alten SA | 28,042 | 4,308,807 | ||||||
| Antin Infrastructure Partners SA | 61,304 | 1,383,075 | ||||||
| BioMerieux | 7,503 | 764,897 | ||||||
| Virbac SA | 7,610 | 2,309,429 | ||||||
| 8,766,208 | ||||||||
| Germany (1.97%) | ||||||||
| Atoss Software AG | 6,946 | 1,228,942 | ||||||
| Dermapharm Holding SE | 40,685 | 1,688,792 | ||||||
| Nagarro SE(a) | 13,125 | 1,798,031 | ||||||
| 4,715,765 | ||||||||
| Hong Kong (2.59%) | ||||||||
| Techtronic Industries Co., Ltd. | 481,500 | 6,207,393 | ||||||
| India (3.74%) | ||||||||
| Ajanta Pharma, Ltd. | 54,905 | 812,363 | ||||||
| Avenue Supermarts, Ltd.(a)(b)(c) | 15,669 | 673,009 | ||||||
| Bajaj Finance, Ltd. | 12,805 | 925,653 | ||||||
| Computer Age Management Services, Ltd. | 39,431 | 1,102,456 | ||||||
| IndiaMart InterMesh, Ltd.(b)(c) | 20,408 | 1,135,850 | ||||||
| Metropolis Healthcare, Ltd.(b)(c) | 70,024 | 1,154,390 | ||||||
| Motherson Sumi Wiring India, Ltd. | 1,419,327 | 896,390 | ||||||
| WNS Holdings, Ltd., ADR(a) | 26,677 | 2,260,342 | ||||||
| 8,960,453 | ||||||||
| Ireland (2.60%) | ||||||||
| ICON PLC, ADR(a) | 11,367 | 2,622,480 | ||||||
| Keywords Studios PLC | 103,076 | 3,620,378 | ||||||
| 6,242,858 | ||||||||
| Italy (2.05%) | ||||||||
| DiaSorin SpA | 15,406 | 2,005,541 | ||||||
| FinecoBank Banca Fineco SpA | 62,364 | 1,119,545 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 23,342 | 1,022,574 | ||||||
| Sesa SpA | 5,719 | 778,217 | ||||||
| 4,925,877 | ||||||||
| Japan (3.83%) | ||||||||
| BayCurrent Consulting, Inc. | 91,500 | 3,889,626 | ||||||
| M&A Capital Partners Co., Ltd.(a) | 53,700 | 1,818,824 | ||||||
| MonotaRO Co., Ltd. | 140,500 | 2,128,345 | ||||||
| Nihon M&A Center Holdings, Inc. | 132,100 | 1,350,512 | ||||||
| 9,187,307 | ||||||||
| Mexico (1.31%) | ||||||||
| Grupo Aeroportuario del Centro Norte SAB de CV | 150,200 | 1,372,264 | ||||||
| Regional SAB de CV | 205,433 | 1,777,608 | ||||||
| 3,149,872 |
| Norway (0.79%) | ||||||||
| Nordic Semiconductor ASA(a) | 118,415 | 1,888,252 | ||||||
| Philippines (0.37%) | ||||||||
| Wilcon Depot, Inc. | 1,522,100 | 891,602 | ||||||
| Poland (1.58%) | ||||||||
| Dino Polska SA(a)(b)(c) | 41,814 | 3,788,127 | ||||||
| South Korea (0.47%) | ||||||||
| LEENO Industrial, Inc. | 8,165 | 1,139,844 | ||||||
| Sweden (2.91%) | ||||||||
| AddTech AB, Class B | 69,202 | 1,105,110 | ||||||
| EQT AB | 159,224 | 3,592,852 | ||||||
| Lifco AB | 62,396 | 1,146,236 | ||||||
| Sagax AB, Class B | 22,341 | 555,732 | ||||||
| SwedenCare AB | 174,228 | 567,568 | ||||||
| 6,967,498 | ||||||||
| Taiwan (1.22%) | ||||||||
| ASPEED Technology, Inc. | 11,000 | 779,003 | ||||||
| Sinbon Electronics Co., Ltd. | 117,500 | 1,128,907 | ||||||
| Voltronic Power Technology Corp. | 19,975 | 1,010,821 | ||||||
| 2,918,731 | ||||||||
| United States (40.37%) | ||||||||
| Align Technology, Inc.(a) | 10,109 | 2,726,701 | ||||||
| Ares Management Corp., Class A | 8,900 | 738,611 | ||||||
| Ashtead Group PLC | 38,224 | 2,517,765 | ||||||
| Bank of NT Butterfield & Son, Ltd. | 56,278 | 1,798,645 | ||||||
| Bill.com Holdings, Inc.(a) | 7,066 | 816,971 | ||||||
| Bizlink Holding, Inc. | 27,000 | 236,860 | ||||||
| Blue Owl Capital, Inc. | 57,150 | 718,947 | ||||||
| Cloudflare, Inc., Class A(a) | 23,968 | 1,268,147 | ||||||
| Cross Creek Lucid LP/Partnership Interest(a)(d) | 1,300,000 | 1,300,000 | ||||||
| Crowdstrike Holdings, Inc., Class A(a) | 7,400 | 783,660 | ||||||
| Datadog, Inc., Class A(a) | 13,354 | 999,013 | ||||||
| DigitalOcean Holdings, Inc.(a) | 29,188 | 856,668 | ||||||
| Elastic NV(a) | 14,329 | 843,118 | ||||||
| EPAM Systems, Inc.(a) | 5,414 | 1,800,967 | ||||||
| Etsy, Inc.(a) | 16,970 | 2,334,733 | ||||||
| First Republic Bank | 81,712 | 11,511,587 | ||||||
| Five Below, Inc.(a) | 12,887 | 2,540,414 | ||||||
| Genpact, Ltd. | 74,342 | 3,514,890 | ||||||
| Gitlab, Inc., Class A(a) | 32,576 | 1,609,580 | ||||||
| Global Industrial Co. | 97,812 | 2,571,477 | ||||||
| GQG Partners, Inc. | 665,739 | 714,407 | ||||||
| HealthEquity, Inc.(a) | 14,000 | 851,900 | ||||||
| Heska Corp.(a) | 29,968 | 2,680,338 | ||||||
| HubSpot, Inc.(a) | 7,515 | 2,607,780 | ||||||
| IDEXX Laboratories, Inc.(a) | 4,125 | 1,982,062 | ||||||
| JFrog, Ltd.(a) | 50,050 | 1,286,785 | ||||||
| Littelfuse, Inc. | 28,106 | 7,214,529 | ||||||
| Lululemon Athletica, Inc.(a) | 8,643 | 2,652,364 |
| MaxCyte, Inc.(a) | 218,368 | 1,275,269 | ||||||
| Medpace Holdings, Inc.(a) | 7,768 | 1,717,272 | ||||||
| Monolithic Power Systems, Inc. | 4,379 | 1,867,906 | ||||||
| Ollie's Bargain Outlet Holdings, Inc.(a) | 34,351 | 1,881,061 | ||||||
| P10, Inc., Class A | 167,322 | 1,890,739 | ||||||
| PagerDuty, Inc.(a) | 33,605 | 1,001,093 | ||||||
| Paycom Software, Inc.(a) | 10,717 | 3,471,665 | ||||||
| PJT Partners, Inc., Class A | 50,707 | 4,058,081 | ||||||
| Pool Corp. | 6,822 | 2,630,631 | ||||||
| Power Integrations, Inc. | 6,625 | 570,346 | ||||||
| Qualys, Inc.(a) | 18,913 | 2,181,804 | ||||||
| Shoals Technologies Group, Inc., Class A(a) | 90,003 | 2,510,184 | ||||||
| Silicon Laboratories, Inc.(a) | 11,566 | 1,814,821 | ||||||
| SVB Financial Group(a) | 17,754 | 5,369,520 | ||||||
| Terreno Realty Corp. | 14,551 | 937,521 | ||||||
| TPG, Inc. | 39,701 | 1,278,769 | ||||||
| Tradeweb Markets, Inc. | 11,587 | 863,695 | ||||||
| 96,799,296 | ||||||||
| Vietnam (0.68%) | ||||||||
| Vietnam Technological & Commercial Joint Stock Bank(a) | 1,291,505 | 1,627,059 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $208,340,729) | 237,472,320 | |||||||
| PREFERRED STOCKS (0.68%) | ||||||||
| United States (0.68%) | ||||||||
| Dataminr Inc - Private Placement(a)(d) | 24,262 | 482,814 | ||||||
| Gusto Inc Series E Preferred(a)(d) | 37,637 | 1,144,164 | ||||||
| 1,626,978 | ||||||||
| TOTAL PREFERRED STOCKS | ||||||||
| (Cost $1,626,803) | 1,626,978 | |||||||
| TOTAL INVESTMENTS (99.72%) | ||||||||
| (Cost $209,967,532) | $ | 239,099,298 | ||||||
| Other Assets In Excess Of Liabilities (0.28%) | 680,310 | |||||||
| NET ASSETS (100.00%) | $ | 239,779,608 |
| (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, 2023, these securities had a total aggregate market value of $10,980,843, representing 4.58% 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, 2023, the aggregate market value of these securities was $10,980,843, representing 4.58% 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. |
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 (January 31, 2023) (Unaudited) | ||||
| Technology | 36.0 | % | ||
| Financials | 23.6 | % | ||
| Health Care | 16.1 | % | ||
| Industrials | 12.1 | % | ||
| Consumer | 11.9 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | 0.3 | % | ||
| Total | 100 | % | ||
| Industry Composition (January 31, 2023) (Unaudited) | ||||
| IT Services | 16.4 | % | ||
| Capital Markets | 12.4 | % | ||
| Banks | 9.7 | % | ||
| Semiconductors & Semiconductor Equipment | 7.7 | % | ||
| Software | 7.6 | % | ||
| Pharmaceuticals | 5.2 | % | ||
| Trading Companies & Distributors | 4.7 | % | ||
| Electronic Equipment, Instruments & Components | 4.3 | % | ||
| Health Care Equipment & Supplies | 4.1 | % | ||
| Life Sciences Tools & Services | 3.7 | % | ||
| Multiline Retail | 3.7 | % | ||
| Health Care Providers & Services | 2.7 | % | ||
| Machinery | 2.6 | % | ||
| Specialty Retail | 2.4 | % | ||
| Professional Services | 2.2 | % | ||
| Food & Staples Retailing | 1.9 | % | ||
| Electrical Equipment | 1.5 | % | ||
| Internet & Direct Marketing Retail | 1.3 | % | ||
| Textiles, Apparel & Luxury Goods | 1.1 | % | ||
| Distributors | 1.1 | % | ||
| Other Industries (each less than 1%) | 3.4 | % | ||
| Cash and Other Assets, Less Liabilities | 0.3 | % | ||
| Total | 100.0 | % | ||
Grandeur Peak International Opportunities Fund
PORTFOLIO OF INVESTMENTS
January 31, 2023 (Unaudited)
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (97.19%) | ||||||||
| Argentina (0.64%) | ||||||||
| Globant SA(a) | 27,205 | $ | 4,412,107 | |||||
| Australia (1.02%) | ||||||||
| Fiducian Group, Ltd. | 215,640 | 1,057,172 | ||||||
| Netwealth Group, Ltd. | 290,554 | 2,771,102 | ||||||
| PeopleIN, Ltd. | 1,360,968 | 3,185,009 | ||||||
| 7,013,283 | ||||||||
| Bangladesh (0.45%) | ||||||||
| Square Pharmaceuticals, Ltd. | 1,579,730 | 3,104,706 | ||||||
| Belgium (3.11%) | ||||||||
| Melexis NV | 92,020 | 9,802,332 | ||||||
| Warehouses De Pauw CVA | 173,128 | 5,490,196 | ||||||
| X-Fab Silicon Foundries SE(a)(b)(c) | 692,246 | 6,055,528 | ||||||
| 21,348,056 | ||||||||
| Brazil (1.01%) | ||||||||
| Locaweb Servicos de Internet SA(a)(b)(c) | 2,004,700 | 2,535,345 | ||||||
| Patria Investments, Ltd., Class A | 287,046 | 4,429,120 | ||||||
| 6,964,465 | ||||||||
| Britain (18.12%) | ||||||||
| Abcam PLC, ADR(a) | 162,303 | 2,251,143 | ||||||
| B&M European Value Retail SA | 2,436,786 | 13,476,178 | ||||||
| Bytes Technology Group PLC | 339,088 | 1,617,830 | ||||||
| CVS Group PLC | 637,764 | 15,858,778 | ||||||
| Dechra Pharmaceuticals PLC | 356,204 | 12,633,172 | ||||||
| Diploma PLC | 171,792 | 5,811,275 | ||||||
| Endava PLC, ADR(a) | 207,257 | 18,211,673 | ||||||
| Ergomed PLC(a) | 169,734 | 2,514,455 | ||||||
| Foresight Group Holdings, Ltd. | 1,151,367 | 6,543,426 | ||||||
| FRP Advisory Group PLC | 778,908 | 1,412,003 | ||||||
| Impax Asset Management Group PLC | 926,655 | 8,909,404 | ||||||
| JTC PLC(b)(c) | 663,179 | 5,898,549 | ||||||
| Marlowe PLC(a) | 462,881 | 2,864,723 | ||||||
| On the Beach Group PLC(a)(b)(c) | 1,269,458 | 2,754,708 | ||||||
| Pensionbee Group PLC(a) | 1,259,004 | 970,100 | ||||||
| Premier Miton Group PLC | 1,379,140 | 1,990,630 | ||||||
| Softcat PLC | 351,765 | 5,263,772 | ||||||
| St. James's Place PLC | 302,906 | 4,593,181 | ||||||
| Volution Group PLC | 2,333,236 | 10,881,021 | ||||||
| 124,456,021 | ||||||||
| Canada (1.97%) | ||||||||
| Aritzia, Inc.(a) | 115,701 | 4,173,080 | ||||||
| Gildan Activewear, Inc. | 113,006 | 3,543,354 | ||||||
| Shares | Value (Note 2) | |||||||
| Canada (continued) | ||||||||
| Richelieu Hardware, Ltd. | 195,950 | $ | 5,827,471 | |||||
| 13,543,905 | ||||||||
| China (4.81%) | ||||||||
| Hangzhou Robam Appliances Co., Ltd., Class A | 1,315,377 | 5,862,351 | ||||||
| Man Wah Holdings, Ltd. | 4,669,500 | 5,398,603 | ||||||
| O2Micro International, Ltd., ADR(a) | 567,170 | 2,660,027 | ||||||
| Shanghai Hanbell Precise Machinery Co., Ltd. | 443,600 | 1,773,268 | ||||||
| Silergy Corp. | 656,996 | 13,369,512 | ||||||
| Suofeiya Home Collection Co., Ltd., Class A | 787,700 | 2,450,400 | ||||||
| TK Group Holdings, Ltd. | 7,310,000 | 1,507,164 | ||||||
| 33,021,325 | ||||||||
| Colombia (0.53%) | ||||||||
| Parex Resources, Inc. | 213,006 | 3,626,009 | ||||||
| Finland (0.95%) | ||||||||
| Musti Group Oyj | 384,110 | 6,500,660 | ||||||
| France (6.59%) | ||||||||
| Alten SA | 76,579 | 11,766,784 | ||||||
| Antin Infrastructure Partners SA | 87,055 | 1,964,041 | ||||||
| Aubay | 25,222 | 1,299,554 | ||||||
| Bureau Veritas SA | 120,583 | 3,447,631 | ||||||
| Esker SA | 28,311 | 4,727,001 | ||||||
| Neurones | 77,697 | 3,320,739 | ||||||
| Thermador Groupe | 67,214 | 6,768,776 | ||||||
| Virbac SA | 39,519 | 11,992,948 | ||||||
| 45,287,474 | ||||||||
| Germany (4.80%) | ||||||||
| Atoss Software AG | 19,698 | 3,485,129 | ||||||
| Dermapharm Holding SE | 161,607 | 6,708,136 | ||||||
| Friedrich Vorwerk Group SE | 99,654 | 1,358,511 | ||||||
| Mensch und Maschine Software SE | 92,196 | 5,130,167 | ||||||
| Nagarro SE(a) | 56,464 | 7,735,165 | ||||||
| Nexus AG | 81,206 | 4,546,561 | ||||||
| QIAGEN NV(a) | 81,231 | 3,980,319 | ||||||
| 32,943,988 | ||||||||
| Hong Kong (0.49%) | ||||||||
| Techtronic Industries Co., Ltd. | 260,100 | 3,353,153 | ||||||
| India (6.23%) | ||||||||
| Ajanta Pharma, Ltd. | 234,905 | 3,475,604 | ||||||
| Cera Sanitaryware, Ltd. | 59,925 | 3,862,940 | ||||||
| City Union Bank, Ltd. | 1,474,254 | 2,865,783 | ||||||
| Computer Age Management Services, Ltd. | 99,521 | 2,782,519 | ||||||
| Gulf Oil Lubricants India, Ltd. | 101,019 | 535,720 | ||||||
| IndiaMart InterMesh, Ltd.(b)(c) | 52,816 | 2,939,585 | ||||||
| Shares | Value (Note 2) | |||||||
| India (continued) | ||||||||
| Kotak Mahindra Bank, Ltd. | 99,698 | $ | 2,116,717 | |||||
| Metropolis Healthcare, Ltd.(b)(c) | 370,832 | 6,113,401 | ||||||
| Motherson Sumi Wiring India, Ltd. | 2,715,755 | 1,715,162 | ||||||
| Nippon Life India Asset Management, Ltd.(b)(c) | 323,632 | 986,344 | ||||||
| Polycab India, Ltd. | 103,054 | 3,690,785 | ||||||
| Tarsons Products, Ltd.(a) | 303,500 | 2,578,878 | ||||||
| WNS Holdings, Ltd., ADR(a) | 107,571 | 9,114,491 | ||||||
| 42,777,929 | ||||||||
| Indonesia (1.82%) | ||||||||
| Arwana Citramulia Tbk PT | 48,815,300 | 3,272,807 | ||||||
| Bank Tabungan Pensiunan Nasional Syariah | 17,877,500 | 3,057,244 | ||||||
| Selamat Sempurna Tbk PT | 37,382,900 | 3,940,292 | ||||||
| Ultrajaya Milk Industry & Trading Co. Tbk PT | 22,958,000 | 2,251,385 | ||||||
| 12,521,728 | ||||||||
| Ireland (3.27%) | ||||||||
| ICON PLC, ADR(a) | 18,574 | 4,285,207 | ||||||
| Keywords Studios PLC | 226,979 | 7,972,270 | ||||||
| Uniphar PLC | 2,784,512 | 10,201,563 | ||||||
| 22,459,040 | ||||||||
| Israel (0.31%) | ||||||||
| Wix.com, Ltd.(a) | 24,258 | 2,109,961 | ||||||
| Italy (3.84%) | ||||||||
| DiaSorin SpA | 18,725 | 2,437,606 | ||||||
| FinecoBank Banca Fineco SpA | 237,729 | 4,267,661 | ||||||
| GVS SpA(a)(b)(c) | 300,176 | 1,585,977 | ||||||
| Interpump Group SpA | 155,447 | 8,106,516 | ||||||
| Piovan SpA(b)(c) | 186,219 | 2,014,349 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 88,551 | 3,879,271 | ||||||
| Sesa SpA | 30,236 | 4,114,385 | ||||||
| 26,405,765 | ||||||||
| Japan (14.21%) | ||||||||
| AIT Corp. | 246,300 | 2,851,251 | ||||||
| BayCurrent Consulting, Inc. | 183,600 | 7,804,757 | ||||||
| Beenos, Inc. | 112,700 | 1,833,331 | ||||||
| Carenet, Inc. | 412,500 | 3,441,688 | ||||||
| Charm Care Corp. | 480,900 | 4,326,909 | ||||||
| Create SD Holdings Co., Ltd. | 115,500 | 3,142,726 | ||||||
| CrowdWorks, Inc.(a) | 312,000 | 3,865,703 | ||||||
| eGuarantee, Inc. | 200,900 | 3,747,853 | ||||||
| Funai Soken Holdings, Inc. | 205,000 | 4,436,734 | ||||||
| gremz, Inc. | 191,700 | 2,982,382 | ||||||
| M&A Capital Partners Co., Ltd.(a) | 173,900 | 5,890,009 | ||||||
| MarkLines Co., Ltd. | 247,800 | 5,111,264 | ||||||
| MonotaRO Co., Ltd. | 164,900 | 2,497,965 | ||||||
| Nihon M&A Center Holdings, Inc. | 172,200 | 1,760,471 | ||||||
| Shares | Value (Note 2) | |||||||
| Japan (continued) | ||||||||
| Open Door, Inc.(a) | 130,200 | $ | 1,839,612 | |||||
| Prestige International, Inc. | 330,000 | 1,840,871 | ||||||
| Seria Co., Ltd. | 229,000 | 5,032,309 | ||||||
| Strike Co., Ltd. | 210,900 | 6,833,148 | ||||||
| Sun*, Inc.(a) | 449,300 | 5,013,114 | ||||||
| Synchro Food Co., Ltd.(a) | 613,400 | 2,146,666 | ||||||
| System Information Co., Ltd. | 423,300 | 2,759,710 | ||||||
| Systena Corp. | 972,300 | 3,121,268 | ||||||
| Trancom Co., Ltd. | 76,790 | 4,399,860 | ||||||
| Tsuruha Holdings, Inc. | 61,800 | 4,550,185 | ||||||
| User Local, Inc. | 207,200 | 2,007,157 | ||||||
| Visional, Inc.(a) | 17,200 | 1,246,287 | ||||||
| YAKUODO Holdings Co., Ltd. | 156,800 | 3,130,882 | ||||||
| 97,614,112 | ||||||||
| Luxembourg (0.44%) | ||||||||
| Sword Group | 62,260 | 3,033,538 | ||||||
| Mexico (0.96%) | ||||||||
| GMexico Transportes SAB de CV(b)(c) | 1,220,800 | 2,636,028 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV | 432,400 | 3,950,511 | ||||||
| 6,586,539 | ||||||||
| Netherlands (0.47%) | ||||||||
| Shop Apotheke Europe NV(a)(b)(c) | 44,871 | 3,235,346 | ||||||
| Norway (1.54%) | ||||||||
| Bouvet ASA | 326,244 | 1,928,829 | ||||||
| Nordhealth AS, Class A(a) | 985,229 | 2,112,277 | ||||||
| Nordic Semiconductor ASA(a) | 105,983 | 1,690,011 | ||||||
| Self Storage Group ASA(a) | 1,016,072 | 2,392,171 | ||||||
| SmartCraft ASA(a) | 1,335,830 | 2,451,752 | ||||||
| 10,575,040 | ||||||||
| Philippines (1.50%) | ||||||||
| Puregold Price Club, Inc. | 6,141,500 | 3,772,526 | ||||||
| Robinsons Land Corp. | 11,279,400 | 3,166,168 | ||||||
| Wilcon Depot, Inc. | 5,738,600 | 3,361,506 | ||||||
| 10,300,200 | ||||||||
| Poland (0.96%) | ||||||||
| Dino Polska SA(a)(b)(c) | 72,746 | 6,590,403 | ||||||
| Singapore (0.55%) | ||||||||
| Riverstone Holdings, Ltd. | 7,661,900 | 3,772,019 | ||||||
| South Africa (0.47%) | ||||||||
| Italtile, Ltd. | 4,209,423 | 3,217,547 | ||||||
| South Korea (1.64%) | ||||||||
| Eo Technics Co Ltd | 29,100 | 1,782,349 | ||||||
| Hyundai Ezwel Co., Ltd. | 317,703 | 1,937,437 | ||||||
| LEENO Industrial, Inc. | 23,508 | 3,281,745 | ||||||
| Suprema, Inc.(a) | 130,376 | 2,587,211 | ||||||
| Shares | Value (Note 2) | |||||||
| South Korea (continued) | ||||||||
| Tokai Carbon Korea Co., Ltd. | 20,105 | $ | 1,712,328 | |||||
| 11,301,070 | ||||||||
| Sweden (5.48%) | ||||||||
| AddTech AB, Class B | 252,500 | 4,032,256 | ||||||
| Beijer Alma AB | 333,735 | 6,618,078 | ||||||
| Byggfakta Group Nordic Holdco AB(a) | 650,446 | 2,439,421 | ||||||
| Cint Group AB(a) | 568,058 | 2,132,167 | ||||||
| EQT AB | 108,667 | 2,452,045 | ||||||
| KNOW IT AB | 292,109 | 5,709,299 | ||||||
| Lyko Group AB, Class A(a)(c) | 88,379 | 1,514,451 | ||||||
| Nordnet AB publ | 133,460 | 2,169,330 | ||||||
| Sagax AB, Class B | 117,372 | 2,919,628 | ||||||
| Sdiptech AB, Class B(a) | 155,024 | 3,785,045 | ||||||
| SwedenCare AB | 448,286 | 1,460,343 | ||||||
| Teqnion AB | 163,203 | 2,434,561 | ||||||
| 37,666,624 | ||||||||
| Taiwan (3.19%) | ||||||||
| Bioteque Corp. | 381,000 | 1,426,061 | ||||||
| M3 Technology, Inc. | 467,000 | 1,654,853 | ||||||
| Realtek Semiconductor Corp. | 164,000 | 1,761,178 | ||||||
| Sinbon Electronics Co., Ltd. | 373,000 | 3,583,680 | ||||||
| Sporton International, Inc. | 1,120,703 | 8,227,831 | ||||||
| Voltronic Power Technology Corp. | 47,850 | 2,421,415 | ||||||
| Wistron Information Technology & Services Corp. | 929,000 | 2,810,047 | ||||||
| 21,885,065 | ||||||||
| United States (5.02%) | ||||||||
| Bank of NT Butterfield & Son, Ltd. | 309,782 | 9,900,633 | ||||||
| Bizlink Holding, Inc. | 505,900 | 4,438,050 | ||||||
| Frontage Holdings Corp.(a)(b)(c) | 11,900,000 | 4,230,198 | ||||||
| Genpact, Ltd. | 248,168 | 11,733,383 | ||||||
| GQG Partners, Inc. | 1,987,710 | 2,133,018 | ||||||
| JFrog, Ltd.(a) | 79,025 | 2,031,733 | ||||||
| 34,467,015 | ||||||||
| Vietnam (0.80%) | ||||||||
| FPT Corp. | 71,750 | 256,131 | ||||||
| Vietnam Technological & Commercial Joint Stock Bank(a) | 4,151,773 | 5,230,471 | ||||||
| 5,486,602 | ||||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $554,859,617) | 667,580,695 | |||||||
| Shares | Value (Note 2) | |||||||
| Vietnam (continued) | ||||||||
| TOTAL INVESTMENTS (97.19%) | ||||||||
| (Cost $554,859,617) | $ | 667,580,695 | ||||||
| Other Assets In Excess Of Liabilities (2.81%) | 19,300,258 | |||||||
| NET ASSETS (100.00%) | $ | 686,880,953 | ||||||
| (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, 2023, these securities had a total aggregate market value of $47,575,761, representing 6.93% 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, 2023, the aggregate market value of these securities was $49,090,213, representing 7.15% 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 (January 31, 2023) (Unaudited) | ||||
| Technology | 29.0 | % | ||
| Industrials | 21.0 | % | ||
| Health Care | 17.1 | % | ||
| Financials | 15.0 | % | ||
| Consumer | 14.5 | % | ||
| Energy & Materials | 0.6 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | 2.8 | % | ||
| Total | 100 | % | ||
| Industry Composition (January 31, 2023) (Unaudited) | ||||
| IT Services | 15.7 | % | ||
| Capital Markets | 8.9 | % | ||
| Pharmaceuticals | 6.3 | % | ||
| Semiconductors & Semiconductor Equipment | 6.0 | % | ||
| Health Care Providers & Services | 5.3 | % | ||
| Professional Services | 4.8 | % | ||
| Software | 4.6 | % | ||
| Trading Companies & Distributors | 4.5 | % | ||
| Banks | 3.9 | % | ||
| Machinery | 3.7 | % | ||
| Food & Staples Retailing | 3.7 | % | ||
| Specialty Retail | 2.8 | % | ||
| Building Products | 2.7 | % | ||
| Multiline Retail | 2.7 | % | ||
| Life Sciences Tools & Services | 2.6 | % | ||
| Household Durables | 2.0 | % | ||
| Electronic Equipment, Instruments & Components | 1.7 | % | ||
| Electrical Equipment | 1.6 | % | ||
| Health Care Technology | 1.5 | % | ||
| Commercial Services & Supplies | 1.5 | % | ||
| Health Care Equipment & Supplies | 1.1 | % | ||
| Road & Rail | 1.0 | % | ||
| Interactive Media & Services | 1.0 | % | ||
| Other Industries (each less than 1%) | 7.6 | % | ||
| Cash and Other Assets, Less Liabilities | 2.8 | % | ||
| Total | 100.0 | % | ||
Grandeur Peak International Stalwarts Fund
PORTFOLIO OF INVESTMENTS
January 31, 2023 (Unaudited)
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (98.63%) | ||||||||
| Argentina (3.14%) | ||||||||
| Globant SA(a) | 342,534 | $ | 55,552,164 | |||||
| Australia (0.57%) | ||||||||
| Netwealth Group, Ltd. | 1,058,718 | 10,097,317 | ||||||
| Belgium (3.16%) | ||||||||
| Melexis NV | 368,506 | 39,254,709 | ||||||
| Warehouses De Pauw CVA | 528,227 | 16,751,014 | ||||||
| 56,005,723 | ||||||||
| Brazil (1.26%) | ||||||||
| CI&T, Inc., Class A(a) | 595,700 | 4,432,008 | ||||||
| Patria Investments, Ltd., Class A | 1,155,126 | 17,823,594 | ||||||
| 22,255,602 | ||||||||
| Britain (22.21%) | ||||||||
| Abcam PLC, ADR(a) | 1,340,264 | 18,589,462 | ||||||
| B&M European Value Retail SA | 11,939,551 | 66,029,398 | ||||||
| CVS Group PLC | 1,208,274 | 30,045,204 | ||||||
| Dechra Pharmaceuticals PLC | 1,730,711 | 61,381,596 | ||||||
| Diploma PLC | 589,703 | 19,948,111 | ||||||
| Endava PLC, ADR(a) | 867,156 | 76,196,998 | ||||||
| Halma PLC | 500,578 | 13,327,393 | ||||||
| Impax Asset Management Group PLC | 2,151,343 | 20,684,272 | ||||||
| Intertek Group PLC | 200,113 | 10,755,467 | ||||||
| JTC PLC(b)(c) | 1,818,945 | 16,178,342 | ||||||
| Softcat PLC | 826,127 | 12,362,071 | ||||||
| St. James's Place PLC | 3,139,418 | 47,605,251 | ||||||
| 393,103,565 | ||||||||
| Canada (1.30%) | ||||||||
| Aritzia, Inc.(a) | 382,248 | 13,786,841 | ||||||
| Gildan Activewear, Inc. | 294,246 | 9,226,217 | ||||||
| 23,013,058 | ||||||||
| China (7.21%) | ||||||||
| Alibaba Group Holding, Ltd.(a) | 457,500 | 6,290,016 | ||||||
| Hangzhou Robam Appliances Co., Ltd., Class A | 941,619 | 4,196,592 | ||||||
| Hangzhou Tigermed Consulting Co., Ltd., Class A | 518,050 | 8,955,593 | ||||||
| Man Wah Holdings, Ltd. | 10,142,800 | 11,726,512 | ||||||
| Silergy Corp. | 3,024,800 | 61,553,040 | ||||||
| WuXi AppTec Co., Ltd., Class H(b)(c) | 1,943,812 | 25,257,963 | ||||||
| Shares | Value (Note 2) | |||||||
| China (continued) | ||||||||
| Wuxi Biologics Cayman, Inc.(a)(b)(c) | 1,152,400 | $ | 9,623,010 | |||||
| 127,602,726 | ||||||||
| Finland (0.28%) | ||||||||
| Musti Group Oyj | 287,787 | 4,870,494 | ||||||
| France (5.60%) | ||||||||
| Alten SA | 315,224 | 48,435,899 | ||||||
| Antin Infrastructure Partners SA | 484,963 | 10,941,210 | ||||||
| BioMerieux | 85,129 | 8,678,519 | ||||||
| Bureau Veritas SA | 368,861 | 10,546,233 | ||||||
| Virbac SA | 67,568 | 20,505,061 | ||||||
| 99,106,922 | ||||||||
| Germany (2.72%) | ||||||||
| Atoss Software AG | 55,126 | 9,753,337 | ||||||
| Dermapharm Holding SE | 349,680 | 14,514,847 | ||||||
| Nagarro SE(a) | 105,867 | 14,503,023 | ||||||
| QIAGEN NV(a) | 190,030 | 9,311,470 | ||||||
| 48,082,677 | ||||||||
| Hong Kong (2.71%) | ||||||||
| Techtronic Industries Co., Ltd. | 3,715,000 | 47,892,972 | ||||||
| India (6.23%) | ||||||||
| Ajanta Pharma, Ltd. | 615,844 | 9,111,897 | ||||||
| Avenue Supermarts, Ltd.(a)(b)(c) | 169,557 | 7,282,750 | ||||||
| Bajaj Finance, Ltd. | 146,307 | 10,576,304 | ||||||
| Computer Age Management Services, Ltd. | 427,965 | 11,965,524 | ||||||
| IndiaMart InterMesh, Ltd.(b)(c) | 190,227 | 10,587,483 | ||||||
| Kotak Mahindra Bank, Ltd. | 354,996 | 7,537,023 | ||||||
| Metropolis Healthcare, Ltd.(b)(c) | 643,940 | 10,615,759 | ||||||
| Motherson Sumi Wiring India, Ltd. | 15,052,655 | 9,506,651 | ||||||
| Nippon Life India Asset Management, Ltd.(b)(c) | 104,258 | 317,751 | ||||||
| WNS Holdings, Ltd., ADR(a) | 386,665 | 32,762,126 | ||||||
| 110,263,268 | ||||||||
| Indonesia (0.37%) | ||||||||
| Bank Tabungan Pensiunan Nasional Syariah | 37,772,600 | 6,459,519 | ||||||
| Ireland (3.38%) | ||||||||
| ICON PLC, ADR(a) | 113,537 | 26,194,121 | ||||||
| Keywords Studios PLC | 959,456 | 33,699,339 | ||||||
| 59,893,460 | ||||||||
| Italy (4.87%) | ||||||||
| DiaSorin SpA | 159,160 | 20,719,325 | ||||||
| FinecoBank Banca Fineco SpA | 1,401,514 | 25,159,681 | ||||||
| Interpump Group SpA | 342,465 | 17,859,451 | ||||||
| Shares | Value (Note 2) | |||||||
| Italy (continued) | ||||||||
| Recordati Industria Chimica e Farmaceutica SpA | 210,670 | $ | 9,229,098 | |||||
| Sesa SpA | 97,818 | 13,310,653 | ||||||
| 86,278,208 | ||||||||
| Japan (7.25%) | ||||||||
| BayCurrent Consulting, Inc. | 866,000 | 36,813,289 | ||||||
| GMO Payment Gateway, Inc. | 103,200 | 9,549,302 | ||||||
| M&A Capital Partners Co., Ltd.(a) | 510,700 | 17,297,455 | ||||||
| MonotaRO Co., Ltd. | 1,511,500 | 22,896,755 | ||||||
| Nihon M&A Center Holdings, Inc. | 1,827,100 | 18,679,186 | ||||||
| Systena Corp. | 6,362,100 | 20,423,549 | ||||||
| Visional, Inc.(a) | 35,800 | 2,594,016 | ||||||
| 128,253,552 | ||||||||
| Mexico (1.83%) | ||||||||
| Grupo Aeroportuario del Centro Norte SAB de CV | 1,735,100 | 15,852,293 | ||||||
| Regional SAB de CV | 1,907,300 | 16,503,835 | ||||||
| 32,356,128 | ||||||||
| Norway (0.95%) | ||||||||
| Nordic Semiconductor ASA(a) | 1,055,593 | 16,832,546 | ||||||
| Philippines (0.71%) | ||||||||
| Wilcon Depot, Inc. | 21,551,800 | 12,624,422 | ||||||
| Poland (2.50%) | ||||||||
| Dino Polska SA(a)(b)(c) | 488,577 | 44,262,493 | ||||||
| South Korea (0.85%) | ||||||||
| LEENO Industrial, Inc. | 107,906 | 15,063,809 | ||||||
| Sweden (5.09%) | ||||||||
| AddTech AB, Class B | 862,649 | 13,775,927 | ||||||
| Cint Group AB(a) | 907,290 | 3,405,452 | ||||||
| EQT AB | 1,616,499 | 36,475,921 | ||||||
| Lifco AB | 702,688 | 12,908,623 | ||||||
| Nordnet AB publ | 557,658 | 9,064,471 | ||||||
| Sagax AB, Class B | 429,399 | 10,681,299 | ||||||
| SwedenCare AB | 1,152,051 | 3,752,937 | ||||||
| 90,064,630 | ||||||||
| Switzerland (1.09%) | ||||||||
| Partners Group Holding AG | 20,645 | 19,371,148 | ||||||
| Taiwan (1.96%) | ||||||||
| ASPEED Technology, Inc. | 111,000 | 7,860,848 | ||||||
| Sinbon Electronics Co., Ltd. | 1,327,000 | 12,749,446 | ||||||
| Voltronic Power Technology Corp. | 279,490 | 14,143,391 | ||||||
| 34,753,685 | ||||||||
| United States (10.79%) | ||||||||
| Ashtead Group PLC | 418,969 | 27,596,946 | ||||||
| Shares | Value (Note 2) | |||||||
| United States (continued) | ||||||||
| Bank of NT Butterfield & Son, Ltd. | 720,164 | $ | 23,016,441 | |||||
| Bizlink Holding, Inc. | 280,000 | 2,456,323 | ||||||
| Cloudflare, Inc., Class A(a) | 110,388 | 5,840,629 | ||||||
| EPAM Systems, Inc.(a) | 74,001 | 24,616,433 | ||||||
| Genpact, Ltd. | 755,223 | 35,706,943 | ||||||
| JFrog, Ltd.(a) | 740,025 | 19,026,043 | ||||||
| Lululemon Athletica, Inc.(a) | 93,478 | 28,686,529 | ||||||
| Monolithic Power Systems, Inc. | 56,472 | 24,088,696 | ||||||
| 191,034,983 | ||||||||
| Vietnam (0.60%) | ||||||||
| Vietnam Technological & Commercial Joint Stock Bank(a) | 8,443,926 | 10,637,796 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,508,911,344) | 1,745,732,867 | |||||||
| TOTAL INVESTMENTS (98.63%) | ||||||||
| (Cost $1,508,911,344) | $ | 1,745,732,867 | ||||||
| Other Assets In Excess Of Liabilities (1.37%) | 24,246,784 | |||||||
| NET ASSETS (100.00%) | $ | 1,769,979,651 | ||||||
| (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, 2023, these securities had a total aggregate market value of $124,125,552, representing 7.01% 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, 2023, the aggregate market value of these securities was $124,125,552, representing 7.01% 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 (January 31, 2023) (Unaudited) | ||||
| Technology | 35.2 | % | ||
| Sector Composition (January 31, 2023) (Unaudited) (continued) | ||||
| Financials | 18.9 | % | ||
| Health Care | 16.1 | % | ||
| Industrials | 16.1 | % | ||
| Consumer | 12.3 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | 1.4 | % | ||
| Total | 100 | % |
| Industry Composition (January 31, 2023) (Unaudited) | ||||
| IT Services | 20.6 | % | ||
| Capital Markets | 11.7 | % | ||
| Semiconductors & Semiconductor Equipment | 9.3 | % | ||
| Pharmaceuticals | 6.7 | % | ||
| Trading Companies & Distributors | 5.4 | % | ||
| Banks | 5.0 | % | ||
| Professional Services | 4.5 | % | ||
| Life Sciences Tools & Services | 4.4 | % | ||
| Machinery | 3.7 | % | ||
| Multiline Retail | 3.7 | % | ||
| Software | 3.0 | % | ||
| Food & Staples Retailing | 2.9 | % | ||
| Electronic Equipment, Instruments & Components | 2.3 | % | ||
| Health Care Providers & Services | 2.3 | % | ||
| Textiles, Apparel & Luxury Goods | 2.1 | % | ||
| Specialty Retail | 1.8 | % | ||
| Health Care Equipment & Supplies | 1.7 | % | ||
| Equity Real Estate Investment Trusts (REITs) | 1.0 | % | ||
| Biotechnology | 1.0 | % | ||
| Other Industries (each less than 1%) | 5.5 | % | ||
| Cash and Other Assets, Less Liabilities | 1.4 | % | ||
| Total | 100.0 | % | ||
Grandeur Peak US Stalwarts Fund
PORTFOLIO OF INVESTMENTS
January 31, 2023 (Unaudited)
| Shares | Value (Note 2) | |||||||
| COMMON STOCKS (98.58%) | ||||||||
| Argentina (2.65%) | ||||||||
| Globant SA(a) | 17,703 | $ | 2,871,073 | |||||
| Britain (4.21%) | ||||||||
| Endava PLC, ADR(a) | 52,064 | 4,574,864 | ||||||
| Canada (0.79%) | ||||||||
| Aritzia, Inc.(a) | 23,719 | 855,492 | ||||||
| China (0.66%) | ||||||||
| O2Micro International, Ltd., ADR(a) | 152,896 | 717,082 | ||||||
| Germany (0.85%) | ||||||||
| QIAGEN NV(a) | 18,775 | 919,975 | ||||||
| Hong Kong (3.12%) | ||||||||
| Techtronic Industries Co., Ltd. | 262,300 | 3,381,515 | ||||||
| India (0.97%) | ||||||||
| WNS Holdings, Ltd., ADR(a) | 12,460 | 1,055,736 | ||||||
| Ireland (2.51%) | ||||||||
| ICON PLC, ADR(a) | 11,763 | 2,713,841 | ||||||
| United States (82.82%) | ||||||||
| Align Technology, Inc.(a) | 9,457 | 2,550,837 | ||||||
| Ares Management Corp., Class A | 6,675 | 553,958 | ||||||
| Ashtead Group PLC | 24,405 | 1,607,526 | ||||||
| Bank of Hawaii Corp. | 6,577 | 503,075 | ||||||
| Bank of NT Butterfield & Son, Ltd. | 52,761 | 1,686,242 | ||||||
| Bill.com Holdings, Inc.(a) | 6,123 | 707,941 | ||||||
| Bio-Techne Corp. | 11,864 | 945,086 | ||||||
| Blue Owl Capital, Inc. | 43,000 | 540,940 | ||||||
| Cloudflare, Inc., Class A(a) | 17,944 | 949,417 | ||||||
| Cross Creek Lucid LP/Partnership Interest(a)(b) | 700,000 | 700,000 | ||||||
| Crowdstrike Holdings, Inc., Class A(a) | 6,507 | 689,091 | ||||||
| Datadog, Inc., Class A(a) | 9,493 | 710,171 | ||||||
| Dexcom, Inc.(a) | 8,526 | 913,049 | ||||||
| DigitalOcean Holdings, Inc.(a) | 29,926 | 878,328 | ||||||
| Doximity, Inc., Class A(a) | 21,142 | 745,678 | ||||||
| Elastic NV(a) | 14,816 | 871,773 | ||||||
| EPAM Systems, Inc.(a) | 8,148 | 2,710,432 | ||||||
| Etsy, Inc.(a) | 15,698 | 2,159,731 | ||||||
| Fastenal Co. | 15,347 | 775,791 | ||||||
| First Republic Bank | 37,945 | 5,345,691 | ||||||
| Five Below, Inc.(a) | 10,122 | 1,995,350 | ||||||
| Frontage Holdings Corp.(a)(c)(d) | 2,322,700 | 825,671 | ||||||
| Genpact, Ltd. | 58,950 | 2,787,156 | ||||||
| Shares | Value (Note 2) | |||||||
| United States (continued) | ||||||||
| Gitlab, Inc., Class A(a) | 21,234 | $ | 1,049,172 | |||||
| Glacier Bancorp, Inc. | 14,929 | 680,613 | ||||||
| Global Industrial Co. | 112,801 | 2,965,538 | ||||||
| GQG Partners, Inc. | 423,100 | 454,030 | ||||||
| HealthEquity, Inc.(a) | 9,000 | 547,650 | ||||||
| Heska Corp.(a) | 30,098 | 2,691,966 | ||||||
| HubSpot, Inc.(a) | 5,982 | 2,075,814 | ||||||
| IDEXX Laboratories, Inc.(a) | 4,070 | 1,955,635 | ||||||
| JFrog, Ltd.(a) | 29,424 | 756,491 | ||||||
| LeMaitre Vascular, Inc. | 21,297 | 1,004,792 | ||||||
| Littelfuse, Inc. | 20,070 | 5,151,768 | ||||||
| Lululemon Athletica, Inc.(a) | 5,507 | 1,689,988 | ||||||
| MaxCyte, Inc.(a) | 128,953 | 753,086 | ||||||
| Medpace Holdings, Inc.(a) | 6,789 | 1,500,844 | ||||||
| Microchip Technology, Inc. | 11,554 | 896,821 | ||||||
| Moelis & Co., Class A | 15,635 | 730,936 | ||||||
| Monolithic Power Systems, Inc. | 5,493 | 2,343,095 | ||||||
| MSCI, Inc. | 1,909 | 1,014,748 | ||||||
| NV5 Global, Inc.(a) | 3,983 | 530,894 | ||||||
| Ollie's Bargain Outlet Holdings, Inc.(a) | 26,203 | 1,434,876 | ||||||
| P10, Inc., Class A | 96,500 | 1,090,450 | ||||||
| PagerDuty, Inc.(a) | 25,195 | 750,559 | ||||||
| Paycom Software, Inc.(a) | 9,321 | 3,019,446 | ||||||
| PJT Partners, Inc., Class A | 47,252 | 3,781,579 | ||||||
| Pool Corp. | 8,758 | 3,377,172 | ||||||
| Power Integrations, Inc. | 8,248 | 710,070 | ||||||
| Qualys, Inc.(a) | 19,313 | 2,227,948 | ||||||
| Rexford Industrial Realty, Inc. | 17,246 | 1,094,603 | ||||||
| Shoals Technologies Group, Inc., Class A(a) | 66,242 | 1,847,489 | ||||||
| Silicon Laboratories, Inc.(a) | 10,691 | 1,677,525 | ||||||
| SVB Financial Group(a) | 10,121 | 3,060,995 | ||||||
| Terreno Realty Corp. | 13,918 | 896,737 | ||||||
| TPG, Inc. | 52,956 | 1,705,713 | ||||||
| Tradeweb Markets, Inc. | 10,081 | 751,438 | ||||||
| WW Grainger, Inc. | 2,551 | 1,503,763 | ||||||
| 89,877,178 | ||||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $104,303,714) | 106,966,756 | |||||||
| PREFERRED STOCKS (0.58%) | ||||||||
| United States (0.58%) | ||||||||
| Gusto Inc Series E Preferred(a)(b) | 20,595 | 626,088 | ||||||
| TOTAL PREFERRED STOCKS | ||||||||
| (Cost $625,992) | 626,088 | |||||||
| Shares | Value (Note 2) | |||||||
| United States (continued) | ||||||||
| TOTAL INVESTMENTS (99.16%) | ||||||||
| (Cost $104,929,706) | $ | 107,592,844 | ||||||
| Other Assets In Excess Of Liabilities (0.84%) | 914,870 | |||||||
| NET ASSETS (100.00%) | $ | 108,507,714 | ||||||
| (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 January 31, 2023, these securities had a total aggregate market value of $825,671, representing 0.76% 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 January 31, 2023, the aggregate market value of these securities was $825,671, representing 0.76% of net assets. |
| Sector Composition (January 31, 2023) (Unaudited) | ||||
| Technology | 37.7 | % | ||
| Financials | 22.6 | % | ||
| Health Care | 16.7 | % | ||
| Industrials | 11.6 | % | ||
| Consumer | 10.6 | % | ||
| Cash, Cash Equivalents, & Other Net Assets | 0.8 | % | ||
| Total | 100 | % | ||
| Industry Composition (January 31, 2023) (Unaudited) | ||||
| IT Services | 14.7 | % | ||
| Software | 12.5 | % | ||
| Capital Markets | 10.4 | % | ||
| Banks | 10.4 | % | ||
| Health Care Equipment & Supplies | 8.4 | % | ||
| Life Sciences Tools & Services | 7.1 | % | ||
| Trading Companies & Distributors | 6.3 | % | ||
| Semiconductors & Semiconductor Equipment | 5.8 | % | ||
| Electronic Equipment, Instruments & Components | 4.7 | % | ||
| Distributors | 3.1 | % | ||
| Machinery | 3.1 | % | ||
| Specialty Retail | 2.6 | % | ||
| Internet & Direct Marketing Retail | 2.0 | % | ||
| Equity Real Estate Investment Trusts (REITs) | 1.8 | % | ||
| Electrical Equipment | 1.7 | % | ||
| Textiles, Apparel & Luxury Goods | 1.6 | % | ||
| Multiline Retail | 1.3 | % | ||
| Other Industries (each less than 1%) | 1.7 | % | ||
| Cash and Other Assets, Less Liabilities | 0.8 | % | ||
| Total | 100.0 | % | ||
| Grandeur Peak Funds® | Notes to Quarterly Portfolio of Investments |
| January 31, 2023 (Unaudited) |
1. ORGANIZATION
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”). 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 Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak US Stalwarts Fund (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 Explorer Fund, Grandeur Peak Global Micro Cap Fund and Grandeur Peak US Stalwarts Fund) and Institutional Class shares.
2. SIGNIFICANT ACCOUNTING POLICIES
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, Securities may be priced using fair value procedures approved by the Board.
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.
| Grandeur Peak Funds® | Notes to Quarterly Portfolio of Investments |
| January 31, 2023 (Unaudited) |
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 January 31, 2023:
| 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* | 426,051,766 | – | – | 426,051,766 | ||||||||||||
| Total | $ | 426,051,766 | $ | – | $ | – | $ | 426,051,766 | ||||||||
| Other Financial Instruments** | ||||||||||||||||
| Liabilities | ||||||||||||||||
| United States | $ | – | $ | – | $ | – | $ | (136,992 | ) | |||||||
| Total | $ | – | $ | – | $ | – | $ | (136,992 | ) | |||||||
| 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 Global Contrarian Fund | ||||||||||||||||
| Common Stocks* | 107,535,251 | – | – | 107,535,251 | ||||||||||||
| Total | $ | 107,535,251 | $ | – | $ | – | $ | 107,535,251 | ||||||||
| 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 Global Explorer Fund | ||||||||||||||||
| Common Stocks* | 12,644,932 | – | – | 12,644,932 | ||||||||||||
| Total | $ | 12,644,932 | $ | – | $ | – | $ | 12,644,932 | ||||||||
| 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 Global Micro Cap Fund | ||||||||||||||||
| Common Stocks* | 47,517,882 | – | – | 47,517,882 | ||||||||||||
| Total | $ | 47,517,882 | $ | – | $ | – | $ | 47,517,882 | ||||||||
| Grandeur Peak Funds® | Notes to Quarterly Portfolio of Investments |
| January 31, 2023 (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 Global Opportunities Fund | ||||||||||||||||
| Common Stocks* | 686,763,364 | – | – | 686,763,364 | ||||||||||||
| Preferred Stocks* | – | – | 1,923,136 | 1,923,136 | ||||||||||||
| Total | $ | 686,763,364 | $ | – | $ | 1,923,136 | $ | 688,686,500 | ||||||||
| 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 Global Reach Fund | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| United States | $ | 79,174,940 | $ | – | $ | 1,000,000 | $ | 80,174,940 | ||||||||
| Other* | 189,599,157 | – | – | 189,599,157 | ||||||||||||
| Preferred Stocks* | – | – | 1,892,203 | 1,892,203 | ||||||||||||
| Total | $ | 268,774,097 | $ | – | $ | 2,892,203 | $ | 271,666,300 | ||||||||
| 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 Global Stalwarts Fund | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| United States | $ | 95,499,296 | $ | – | $ | 1,300,000 | $ | 96,799,296 | ||||||||
| Other* | 140,673,024 | – | – | 140,673,024 | ||||||||||||
| Preferred Stocks* | – | – | 1,626,978 | 1,626,978 | ||||||||||||
| Total | $ | 236,172,320 | $ | – | $ | 2,926,978 | $ | 239,099,298 | ||||||||
| 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 International Opportunities Fund | ||||||||||||||||
| Common Stocks* | 667,580,695 | – | – | 667,580,695 | ||||||||||||
| Total | $ | 667,580,695 | $ | – | $ | – | $ | 667,580,695 | ||||||||
| 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 International Stalwarts Fund | ||||||||||||||||
| Common Stocks* | 1,745,732,867 | – | – | 1,745,732,867 | ||||||||||||
| Total | $ | 1,745,732,867 | $ | – | $ | – | $ | 1,745,732,867 | ||||||||
| Grandeur Peak Funds® | Notes to Quarterly Portfolio of Investments |
| January 31, 2023 (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 US Stalwarts Fund | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| United States | $ | 89,177,178 | $ | – | $ | 700,000 | $ | 89,877,178 | ||||||||
| Other* | 17,089,578 | – | – | 17,089,578 | ||||||||||||
| Preferred Stocks* | – | – | 626,088 | 626,088 | ||||||||||||
| Total | $ | 106,266,756 | $ | – | $ | 1,326,088 | $ | 107,592,844 | ||||||||
| * | For a detailed country breakdown, see the accompanying Portfolio of Investments. |
| ** | Other financial instruments are derivative instruments not reflected in the Statement of Investments. |
The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Grandeur Peak Global Opportunities Fund | Common Stock | Preferred Stocks | Total | |||||||||
| Balance as of April 30, 2022 | $ | 1 | $ | 2,406,336 | $ | 2,406,337 | ||||||
| Accrued discount/ premium | - | - | - | |||||||||
| Realized Gain/(Loss) | - | - | - | |||||||||
| Change in Unrealized Appreciation/(Depreciation) | - | (483,200 | ) | (483,200 | ) | |||||||
| Purchases | - | - | - | |||||||||
| Sales Proceeds | - | - | - | |||||||||
| Transfer into Level 3 | - | - | - | |||||||||
| Transfer out of Level 3 | - | - | - | |||||||||
| Balance as of January 31, 2023 | $ | 1 | $ | 1,923,136 | $ | 1,923,137 | ||||||
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at January 31, 2023 | $ | - | $ | (483,200 | ) | $ | (483,200 | ) | ||||
| Grandeur Peak Funds® | Notes to Quarterly Portfolio of Investments |
| January 31, 2023 (Unaudited) |
| Grandeur Peak Reach Fund | Common Stock | Preferred Stocks | Total | |||||||||
| Balance as of April 30, 2022 | $ | 1,000,000 | $ | 2,121,368 | $ | 3,121,368 | ||||||
| Accrued discount/ premium | - | - | - | |||||||||
| Realized Gain/(Loss) | (1,808,383 | ) | - | (1,808,383 | ) | |||||||
| Change in Unrealized Appreciation/(Depreciation) | 1,808,382 | (229,164 | ) | 1,579,218 | ||||||||
| Purchases | - | - | - | |||||||||
| Sales Proceeds | 1 | (1 | ) | - | ||||||||
| Transfer into Level 3 | - | - | - | |||||||||
| Transfer out of Level 3 | - | - | - | |||||||||
| Balance as of January, 2023 | $ | 1,000,000 | $ | 1,892,203 | $ | 2,892,203 | ||||||
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at January 31, 2023 | $ | - | $ | (229,164 | ) | $ | (229,164 | ) | ||||
| Grandeur Peak Global Stalwarts Fund | Common Stock | Preferred Stocks | Total | |||||||||
| Balance as of April 30, 2022 | $ | 1,300,000 | $ | 1,748,289 | $ | 3,048,289 | ||||||
| Accrued discount/ premium | - | - | - | |||||||||
| Realized Gain/(Loss) | - | - | - | |||||||||
| Change in Unrealized Appreciation/(Depreciation) | - | (121,311 | ) | (121,311 | ) | |||||||
| Purchases | - | - | - | |||||||||
| Sales Proceeds | - | - | - | |||||||||
| Transfer into Level 3 | - | - | - | |||||||||
| Transfer out of Level 3 | - | - | - | |||||||||
| Balance as of January 31, 2023 | $ | 1,300,000 | $ | 1,626,978 | $ | 2,926,978 | ||||||
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at January 31, 2023 | $ | - | $ | (121,311 | ) | $ | (121,311 | ) | ||||
| Grandeur Peak Funds® | Notes to Quarterly Portfolio of Investments |
| January 31, 2023 (Unaudited) |
| Grandeur Peak US Stalwarts Fund | Common Stock | Preferred Stocks | Total | |||||||||
| Balance as of April 30, 2022 | $ | 700,000 | $ | 626,088 | $ | 1,326,088 | ||||||
| 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 January 31, 2023 | $ | 700,000 | $ | 626,088 | $ | 1,326,088 | ||||||
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at January 31, 2023 | $ | - | $ | - | $ | - | ||||||
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 U.S. issuers.
| Grandeur Peak Funds® | Notes to Quarterly Portfolio of Investments |
| January 31, 2023 (Unaudited) |
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.
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.