UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED 

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08194

FINANCIAL INVESTORS TRUST 

(Exact name of registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203 

(Address of principal executive offices) (Zip code)

Brendan Hamill, Esq., Secretary 

Financial Investors Trust 

1290 Broadway, Suite 1000 

Denver, Colorado 80203 

(Name and address of agent for service)

Registrant’s telephone number, including area code: 303-623-2577

Date of fiscal year end: April 30

Date of reporting period: April 30, 2022

1

Item 1. Reports to Stockholders.

(a)

TABLE OF CONTENTS

ANNUAL REPORT

SHAREHOLDER LETTER	1
PERFORMANCE UPDATE	5
DISCLOSURE OF FUND EXPENSES	7
PORTFOLIO OF INVESTMENTS	8
STATEMENT OF ASSETS AND LIABILITIES	19
STATEMENT OF OPERATIONS	20
STATEMENTS OF CHANGES IN NET ASSETS	21
FINANCIAL HIGHLIGHTS	22
NOTES TO FINANCIAL STATEMENTS	24
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	31
ADDITIONAL INFORMATION	32
DISCLOSURE REGARDING APPROVAL OF FUND ADVISORY AGREEMENTS	33
LIQUIDITY RISK MANAGEMENT PROGRAM	35
TRUSTEES AND OFFICERS	36
PRIVACY POLICY	40

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website at www.dgifund.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may, notwithstanding the availability of shareholder reports online, elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1.855.DGI. FUND (1-855-344-3863) to let the Fund know you wish to continue receiving paper copies of your shareholder reports.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at www.dgifund.com.

Disciplined Growth Investors’ goal is to communicate clearly and transparently with our clients and mutual fund shareholders. It is mutually beneficial when our shareholders understand how we invest, what we are currently thinking and forecasting, and the specific investment decisions we have made. Our views and opinions regarding the investment prospects of our portfolio holdings and the Fund are “forward looking statements” which may or may not be accurate over the long term. While we believe we have a reasonable basis for these forecasts and have confidence in our investment team’s views, actual results may differ materially from those we anticipate. Information provided in this report should not be considered a recommendation to purchase or sell any particular security.

You can identify forward looking statements as those including words such as “believe”, “expect”, “anticipate”, “forecast”, and similar statement. We cannot assure future performance. These forward-looking statements are made only as-of the date of this report. Following the publication of this report, we will not update any of the forward-looking statements included here.

This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

APRIL 30, 2022 DGINV.COM

The Disciplined Growth Investors Fund Shareholder Letter

April 30, 2022 (Unaudited)

Market Commentary 

The general economic and political news has been terrible lately.

● Inflation has reared its ugly head, especially in widely used commodities like energy and food

● Russia has invaded Ukraine, the nightly pictures are unnerving

● Interest rates have been rising

● Crime has risen sharply in many US cities

● China appears to have a myriad of problems

In typical fashion, these developments have triggered cyclical bear market declines in most stock indexes. There is short-term pain for investors, and fear for the future has risen.

These types of market conditions place a premium on a sound investment philosophy and process. At DGI, our focus is on the pricing of our stocks in relation to our estimate of the future value of the company. Warren Buffet has said it most succinctly: “price is what you pay, value is what you get.” This has been the central core of our investment approach since our founding 25 years ago. This is also the reason for our performance during this period. We accept that the general economic and political situation will ebb and flow; we are focused on whether those ebbs and flows make our portfolios more or less attractive. Ultimately, the basis for our optimism or pessimism is the favorable or less favorable ratio between today’s stock prices and the future value of the companies.

For the last 18-24 months, our focus has put us at odds with the prevailing market sentiment. After the explosion of liquidity into the US economic system because of Covid-19, there was a massive inflow into stocks, especially seemingly high-growth companies and beneficiaries of the new social order post-Covid. Many stocks experienced rapid price increases, ultimately selling at prices well in excess of the future value of the underlying companies. Significant overvaluation sets us on edge; inevitably these stock prices must adjust downwards to a reasonable price-value relationship. The ensuing bear market tends to affect most stocks. Importantly, the former high-fliers suffer permanent loss of capital while appropriately priced stocks suffer only temporary markdowns.

For us, there is very good investment news this year. Much of the valuation excess that concerned us during the last 18-24 months has been purged from the market during the first five months of 2022. In our view this has removed a major and clear risk to the market. We believe the obvious greed during 2020 and 2021 has been replaced by deep fear.

This has also opened up a major opportunity for our stocks. As of today, our stocks are showing expected returns comfortably above our hurdle rates. Our portfolios are showing the highest expected returns since 2008 and (briefly) during the pandemic sell-down in March of 2020.

The fundamental performance of our portfolio companies remains impressive. This progress does not garner headlines; it requires considerable due diligence on our part. Here is what we are seeing: 1) their pace of innovation is accelerating, which is driving outsized productivity and market share gains for many of the portfolio holdings and 2) their CEOs are focused on customers and employees. Amazingly, our companies are driving this performance in the face of Covid and Russia/Ukraine war disruptions.

We are seeing a renaissance in our companies and their stocks are exceptionally priced. Our discipline says to invest and ignore the headlines.

Annual Report | April 30, 2022 1

The Disciplined Growth Investors Fund Shareholder Letter

April 30, 2022 (Unaudited)

The stock market has entered a process of correcting the overvaluations which developed in 2020 and 2021. We believe that this correction was triggered by the macroeconomic and political problems which have arisen since Covid.

The outlook for bonds has been a dark picture because of low interest rates. Rising interest rates have reduced the interim performance of bonds, but also mean new issue bonds offer a better value for the investment. The Federal Reserve has indicated several more rate hikes are likely over the next year plus. To help minimize the impact of rising rates, we have invested in bonds with shorter maturities.1 A year ago, we budgeted about 2% for bond yields. Now we can budget 3-4%. This is a material improvement for the bond portfolio, though clearly not a growth expectation that approaches our outlook for stocks.

We believe the market correction has opened up a major investment opportunity for your portfolio. While we cannot predict when the selloff will end, the prudent investor should be taking advantage of this market behavior. Given the chasm in our expectations between stocks and bonds, we have the Fund positioned as heavily in favor of stocks as we can take it.

Fund Fiscal Year Commentary

In the fiscal year (5/1/21 to 4/30/22), the DGI Fund’s total return was -11.86%. Performance for longer time frames is available in the Performance Update section of this Annual Report.

Stocks in the Fund returned -13.52% while bonds returned -6.24%. Over the course of the year, the average allocation to stocks was 69.76%, and the average allocation to bonds and cash was 30.24%.

Fourteen stocks posted positive total returns while thirty-six stocks posted negative total returns. The five stocks that made the greatest positive contribution were Stamps.com (+1.24% to the Fund’s performance), Coterra Energy (+1.18%), Southwestern Energy (+0.95%), Pure Storage (+0.56%), and Arista Networks (+0.47%). The five stocks that detracted the most from the Fund’s total performance were Align Technology (-1.67%), Sleep Number (-1.52%), Proto Labs (-1.15%), Stitch Fix (-0.88%), and Autodesk (-0.85%). Contribution or detraction for each stock is different from that stock’s total performance. It factors the stock’s total performance and the allocation to that individual stock over the course of the year.

No individual bond holding had an impact on the total Fund’s performance of greater than +0.05% or -0.05%. This reflects our intent with the bond portfolio in the Fund; to avoid security-specific risks by widely diversifying across investment-grade bonds.

Portfolio Activity

During the fiscal year, we added no new stocks to the portfolio. We added to existing positions on several occasions.

One stock, S&P Global, was added to The DGI Fund as a result of an all-stock acquisition. For each share of IHS Markit, the Fund received 0.2838 shares of S&P Global in a deal valued at $44 billion (IHS Markit’s market capitalization prior to the acquisition was $36.88 Billion).

We made two complete sales of DGI Fund equity holdings; Cullen Frost Bankers and Middleby, Corp.

Financial services provider Cullen/Frost Bankers is the holding company of Frost Bank. It has served Texas customers since 1868—and withstood many booms and busts—with a conservative lending culture. Cullen/Frost generates steady income from services, including commercial and

2 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Shareholder Letter

April 30, 2022 (Unaudited)

consumer lending, insurance and wealth management. We invested in the company in 2020 based on its strong culture and growth potential. But we had rising concerns surrounding a potential adverse cultural shift at the company that included employee layoffs. In addition, the stock price rose disproportionately to its business fundamentals.

Middleby provides equipment to the food and beverage service industry, including the commercial, institutional, restaurant, residential and food processing sectors. Despite customers’ growing interest in its automation products, we have deteriorating confidence in management’s capital allocation discipline and believe its stock price exceeded its fundamental performance. We sold our entire position to fund other opportunities in the portfolio that we believe offer higher expected returns.

Sincerely,

Frederick Martin, CFA -- Portfolio Manager

Rob Nicoski, CPA* -- Portfolio Manager

Nick Hansen, CFA, CAIA -- Portfolio Manager

Jason Lima, CFA -- Portfolio Manager

* CPA License Inactive.

¹ Typically bonds with fewer years until maturity will be less price-sensitive to increases in interest rates than bonds with more years until maturity. That means if interest rates rise, you can reasonably expect a bond with more years to maturity to decline more in price than a bond with fewer years until maturity.

The Barclay’s Government & Corporate Credit index includes both corporate (publicly-issued, fixed-rate, nonconvertible, investment grade, dollar-denominated, SEC-registered, corporate dept.) and government (Treasury Bond index, Agency Bond index, 1-3 Year Government index, and the 20+-Year treasury) indexes, including bonds with maturities up to ten years.

The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

Asset class-specific performance is before fees. The Fund’s single fee – the management fee – is paid from the Fund’s holding of cash. Total Fund net-of-fees performance is presented in this letter, later in this annual report, and is updated monthly on the Fund’s website, www.dgifund.com.

The views of Disciplined Growth Investors, Inc. and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers’ current views.

The views expressed are those of the Fund’s adviser only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has

Annual Report | April 30, 2022 3

The Disciplined Growth Investors Fund Shareholder Letter

April 30, 2022 (Unaudited)

been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Disciplined Growth Investors, Inc. nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Fund is distributed by ALPS Distributors, Inc.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

Diversification does not eliminate the risk of experiencing investment losses.

Fred Martin is a registered representative of ALPS Distributors, Inc. CFA Institute Marks are trademarks owned by the CFA Institute.

4 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance (for the period ended April 30, 2022)

	1 Year	3 Year	5 Year	10 Year	Since Inception*
The Disciplined Growth Investors Fund	-11.86%	7.25%	9.21%	9.58%	10.92%
S&P 500® Total Return Index(1)	0.21%	13.85%	13.66%	13.67%	14.67%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 1.855.DGI.FUND.

The table does not reflect the deductions of taxes a shareholder would pay on Fund distributions or redemptions of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

* Fund Inception date of August 12, 2011.

⁽¹⁾ The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

Annual Report | April 30, 2022 5

The Disciplined Growth Investors Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 Investment in the Fund (for the period ended April 30, 2022)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Industry Sector Allocation

(as a % of Net Assets)*

Technology	35.39%
Consumer Discretionary	12.29%
Industrials	11.39%
Energy	5.59%
Health Care	4.30%
Communications	0.34%
Corporate Bonds	20.10%
Government & Agency Obligations	8.20%
Foreign Corporate Bonds	1.54%
Foreign Government Bonds	0.21%
Other Assets in Excess of Liabilities	0.65%

Top Ten Holdings

(as a % of Net Assets)*

U.S. Treasury Note	5.14%
Akamai Technologies, Inc.	3.70%
Plexus Corp.	3.06%
Microchip Technology, Inc.	2.95%
Super Micro Computer, Inc.	2.93%
Gentex Corp.	2.92%
Coterra Energy, Inc.	2.90%
U.S. Treasury Note	2.89%
Garmin, Ltd.	2.66%
Southwestern Energy Co.	2.47%
Top Ten Holdings	31.62%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

6 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars), of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of November 1, 2021 through April 30, 2022.

Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/1/2021	Ending Account Value 4/30/2022	Expense Ratio(a)	Expenses Paid During period 11/1/2021 - 4/30/2022(b)
Actual	$1,000.00	$864.00	0.78%	$3.60
Hypothetical (5% return before expenses)	$1,000.00	$1,020.93	0.78%	$3.91

^(a) The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

Annual Report | April 30, 2022 7

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS (69.30%)
COMMUNICATIONS (0.34%)
Media (0.34%)
Take-Two Interactive Software, Inc. (a)		9,674	$	1,156,140
TOTAL COMMUNICATIONS				1,156,140
CONSUMER DISCRETIONARY (12.29%)
Consumer Discretionary Products (5.95%)
Gentex Corp.		342,686		10,057,834
Gentherm, Inc. (a)		41,759		2,815,392
LGI Homes, Inc. (a)		34,366		3,220,438
Under Armour, Inc. , Class A(a)		286,651		4,402,959
				20,496,623
Consumer Discretionary Services (2.16%)
Royal Caribbean Cruises, Ltd. (a)		62,197		4,834,573
Strategic Education, Inc.		40,365		2,607,579
				7,442,152
Retail & Whsle - Discretionary (4.18%)
Nordstrom, Inc.		74,453		1,913,442
Sleep Number Corp. (a)		91,726		3,720,406
Stitch Fix, Inc. , Class A(a)		112,548		1,069,206
TJX Cos., Inc.		125,542		7,693,214
				14,396,268
TOTAL CONSUMER DISCRETIONARY				42,335,043
ENERGY (5.59%)
Oil & Gas (5.59%)
Core Laboratories NV		30,049		781,274
Coterra Energy, Inc.		346,657		9,980,255
Southwestern Energy Co. (a)		1,133,069		8,498,018
				19,259,547
TOTAL ENERGY				19,259,547

8 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
HEALTH CARE (4.30%)
Health Care (4.30%)
Align Technology, Inc. (a)		22,146	$	6,420,347
Intuitive Surgical, Inc. (a)		25,530		6,109,329
Myriad Genetics, Inc. (a)		111,488		2,285,504
				14,815,180
TOTAL HEALTH CARE				14,815,180
INDUSTRIALS (11.39%)
Industrial Products (6.21%)
Cognex Corp.		102,701		6,945,669
Graco, Inc.		49,190		3,050,764
Proto Labs, Inc. (a)		112,382		4,788,597
Snap-on, Inc.		31,186		6,626,713
				21,411,743
Industrial Services (5.18%)
Alarm.com Holdings, Inc. (a)		112,217		6,854,214
Deluxe Corp.		47,096		1,275,360
JetBlue Airways Corp. (a)		204,661		2,253,317
Landstar System, Inc.		35,912		5,562,769
MSC Industrial Direct Co., Inc. , Class A		22,885		1,896,251
				17,841,911
TOTAL INDUSTRIALS				39,253,654
TECHNOLOGY (35.39%)
Software & Tech Services (10.70%)
Akamai Technologies, Inc. (a)		113,516		12,745,576
Autodesk, Inc. (a)		34,632		6,555,145
Intuit, Inc.		17,545		7,346,969
Open Text Corp.		104,924		4,202,206
Paychex, Inc.		33,000		4,182,090
S&P Global, Inc.		4,831		1,818,872
				36,850,858

Annual Report | April 30, 2022 9

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
TECHNOLOGY (continued)
Tech Hardware & Semiconductors (24.69%)
Arista Networks, Inc. (a)		56,674	$	6,549,814
Dolby Laboratories, Inc. , Class A		105,714		8,189,664
Garmin, Ltd.		83,631		9,177,666
InterDigital, Inc.		42,075		2,391,964
IPG Photonics Corp.		14,278		1,348,985
Microchip Technology, Inc.		155,824		10,159,725
Plantronics, Inc. (a)		129,485		5,161,272
Plexus Corp. (a)		129,915		10,541,303
Power Integrations, Inc.		104,518		8,361,440
Pure Storage, Inc. , Class A(a)		255,400		7,483,220
Super Micro Computer, Inc. (a)		239,868		10,098,443
Viasat, Inc. (a)		152,487		5,613,046
				85,076,542
TOTAL TECHNOLOGY				121,927,400
TOTAL COMMON STOCKS
(Cost $188,037,518)			$	238,746,964

	Principal		Value
	Amount		(Note 2)
CORPORATE BONDS (20.10%)
COMMUNICATIONS (1.24%)
Cable & Satellite (0.31%)
Comcast Corp.
4.150% 10/15/2028	$	1,060,000	$	1,066,879
Entertainment Content (0.31%)
Paramount Global
3.700% 06/01/2028		1,115,000		1,064,245
Wireless Telecommunications Services (0.62%)
AT&T, Inc.
4.350% 03/01/2029		1,055,000		1,066,183
4.450% 04/01/2024		4,000		4,097
Verizon Communications, Inc.
4.329% 09/21/2028		1,060,000		1,067,741
				2,138,021
TOTAL COMMUNICATIONS				4,269,145

10 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Principal		Value
	Amount		(Note 2)
CONSUMER DISCRETIONARY (2.41%)
Airlines (0.31%)
Southwest Airlines Co.
3.450% 11/16/2027	$	1,117,000	$	1,065,161
Automobiles Manufacturing (0.31%)
General Motors Co.
5.000% 10/01/2028		1,060,000		1,052,844
Consumer Services (0.31%)
Cintas Corp. No 2
3.700% 04/01/2027		1,081,000		1,075,106
Restaurants (0.59%)
McDonald's Corp., Series MTN
6.300% 03/01/2038		881,000		1,034,814
Starbucks Corp.
3.100% 03/01/2023		1,000,000		1,006,356
				2,041,170
Retail - Consumer Discretionary (0.89%)
Advance Auto Parts, Inc.
1.750% 10/01/2027		1,231,000		1,080,984
Amazon.com, Inc.
5.200% 12/03/2025		885,000		939,200
Lowe's Cos., Inc.
3.650% 04/05/2029		1,095,000		1,058,811
				3,078,995
TOTAL CONSUMER DISCRETIONARY				8,313,276
CONSUMER STAPLES (0.53%)
Food & Beverage (0.31%)
Anheuser-Busch InBev Worldwide, Inc.
4.000% 04/13/2028		1,070,000		1,065,857
Mass Merchants (0.22%)
Costco Wholesale Corp.
2.750% 05/18/2024		760,000		757,280
TOTAL CONSUMER STAPLES				1,823,137

Annual Report | April 30, 2022 11

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Principal		Value
	Amount		(Note 2)
ENERGY (2.16%)
Integrated Oils (0.31%)
BP Capital Markets America, Inc.
4.234% 11/06/2028	$	1,062,000	$	1,067,781
Pipeline (1.23%)
Energy Transfer LP
5.250% 04/15/2029		1,037,000		1,055,338
Enterprise Products Operating LLC
3.125% 07/31/2029		1,140,000		1,058,543
MPLX LP
2.650% 08/15/2030		1,225,000		1,054,212
ONEOK, Inc.
4.550% 07/15/2028		1,080,000		1,076,670
				4,244,763
Refining & Marketing (0.62%)
Phillips 66
2.150% 12/15/2030		1,263,000		1,061,914
Valero Energy Corp.
4.000% 04/01/2029		1,092,000		1,062,530
				2,124,444
TOTAL ENERGY				7,436,988
FINANCIALS (3.95%)
Banks (1.24%)
Regions Financial Corp.
1.800% 08/12/2028		1,240,000		1,078,766
Truist Financial Corp., Series MTN
3.875% 03/19/2029		1,085,000		1,056,097
US Bancorp, Series DMTN
3.000% 07/30/2029		1,140,000		1,059,073
Wells Fargo & Co., Series GMTN
4.300% 07/22/2027		1,070,000		1,070,402
				4,264,338
Commercial Finance (0.29%)
GATX Corp.
4.700% 04/01/2029		964,000		981,250
Diversified Banks (0.93%)
Bank of America Corp., Series L
4.183% 11/25/2027		1,085,000		1,068,505

12 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Principal		Value
	Amount		(Note 2)
FINANCIALS (continued)
Diversified Banks (continued)
Citigroup, Inc.
4.125% 07/25/2028	$	1,098,000	$	1,067,934
JPMorgan Chase & Co.
4.125% 12/15/2026		1,075,000		1,069,545
				3,205,984
Financial Services (0.62%)
Morgan Stanley
5.000% 11/24/2025		1,030,000		1,058,014
Northern Trust Corp.
3M US L + 1.131%  05/08/2032 (b)		1,130,000		1,086,090
				2,144,104
Life Insurance (0.26%)
Principal Financial Group, Inc.
3.100% 11/15/2026		925,000		893,568
Real Estate (0.61%)
Simon Property Group LP
2.450% 09/13/2029		1,192,000		1,046,994
Welltower, Inc.
4.125% 03/15/2029		1,081,000		1,070,868
				2,117,862
TOTAL FINANCIALS				13,607,106
HEALTH CARE (1.24%)
Health Care Facilities & Services (0.31%)
CVS Health Corp.
3.250% 08/15/2029		1,129,000		1,053,817
Managed Care (0.31%)
Anthem, Inc.
3.650% 12/01/2027		1,090,000		1,067,394
Pharmaceuticals (0.62%)
AbbVie, Inc.
4.250% 11/14/2028		1,060,000		1,057,765

Annual Report | April 30, 2022 13

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Principal		Value
	Amount		(Note 2)
HEALTH CARE (continued)
Pharmaceuticals (continued)
Astrazeneca Finance LLC
1.750% 05/28/2028	$	1,203,000	$	1,073,571
				2,131,336
TOTAL HEALTH CARE				4,252,547
INDUSTRIALS (3.25%)
Aerospace & Defense (0.63%)
General Dynamics Corp.
3.500% 05/15/2025		1,100,000		1,103,438
Raytheon Technologies Corp.
4.125% 11/16/2028		1,060,000		1,061,770
				2,165,208
Engineering & Construction (0.20%)
Fluor Corp.
4.250% 09/15/2028		730,000		693,431
Industrial Other (0.32%)
General Electric Co., Series GMTN
3.100% 01/09/2023		1,100,000		1,103,636
Railroad (0.87%)
Burlington Northern Santa Fe LLC
3.000% 03/15/2023		2,000		2,009
3.400% 09/01/2024		875,000		879,159
CSX Corp.
4.250% 03/15/2029		1,050,000		1,057,159
Union Pacific Corp.
3.950% 09/10/2028		1,063,000		1,063,305
				3,001,632
Transportation & Logistics (0.61%)
FedEx Corp.
2.400% 05/15/2031		1,223,000		1,051,551
United Parcel Service, Inc.
6.200% 01/15/2038		860,000		1,037,148
				2,088,699
Waste & Environment Services & Equipment (0.62%)
Republic Services, Inc.
3.375% 11/15/2027		1,110,000		1,077,249

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The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Principal		Value
	Amount		(Note 2)
INDUSTRIALS (continued)
Waste & Environment Services & Equipment (continued)
Waste Management, Inc.
7.000% 07/15/2028	$	930,000	$	1,077,692
				2,154,941
TOTAL INDUSTRIALS				11,207,547
MATERIALS (0.31%)
Chemicals (0.31%)
DuPont de Nemours, Inc.
4.725% 11/15/2028		1,040,000		1,075,628
TOTAL MATERIALS				1,075,628
UTILITIES (5.01%)
Utilities (5.01%)
Ameren Corp.
1.750% 03/15/2028		1,228,000		1,093,709
American Electric Power Co., Inc., Series J
4.300% 12/01/2028		1,077,000		1,076,109
Arizona Public Service Co.
2.600% 08/15/2029		1,192,000		1,075,823
Black Hills Corp.
3.150% 01/15/2027		935,000		901,654
CenterPoint Energy, Inc.
4.250% 11/01/2028		1,175,000		1,177,282
CMS Energy Corp.
3.450% 08/15/2027		1,100,000		1,075,076
DTE Energy Co.
2.950% 03/01/2030		1,182,000		1,073,546
Duke Energy Corp.
3.400% 06/15/2029		1,135,000		1,079,840
Eastern Energy Gas Holdings LLC, Series B
3.000% 11/15/2029		920,000		827,487
ITC Holdings Corp.
4.050% 07/01/2023		544,000		547,445
National Rural Utilities Cooperative Finance Corp.
3.400% 02/07/2028		1,015,000		988,675
NiSource, Inc.
2.950% 09/01/2029		1,170,000		1,057,798
PacifiCorp
5.250% 06/15/2035		985,000		1,042,243

Annual Report | April 30, 2022 15

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Principal		Value
	Amount		(Note 2)
UTILITIES (continued)
Utilities (continued)
Public Service Electric and Gas Co.
3.200% 05/15/2029	$	1,117,000	$	1,068,560
Puget Energy, Inc.
4.100% 06/15/2030		1,055,000		1,012,033
Southern Co., Series 21-B
1.750% 03/15/2028		1,230,000		1,066,629
WEC Energy Group, Inc.
1.375% 10/15/2027		1,236,000		1,082,598
				17,246,507
TOTAL UTILITIES				17,246,507
TOTAL CORPORATE BONDS
(Cost $75,663,176)			$	69,231,881
FOREIGN CORPORATE BONDS (1.54%)
ENERGY (1.23%)
Exploration & Production (0.31%)
Canadian Natural Resources, Ltd.
3.850% 06/01/2027		1,096,000		1,073,308
Integrated Oils (0.31%)
Shell International Finance BV
2.375% 11/07/2029		1,178,000		1,052,667
Pipeline (0.61%)
Enbridge, Inc.
3.700% 07/15/2027		1,098,000		1,074,397
TransCanada PipeLines, Ltd.
7.250% 08/15/2038		839,000		1,041,033
				2,115,430
TOTAL ENERGY				4,241,405

16 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

	Principal		Value
	Amount		(Note 2)
FINANCIALS (0.31%)
Diversified Banks (0.31%)
Royal Bank of Canada, Series GMTN
4.650% 01/27/2026	$	1,060,000	$	1,082,720
TOTAL FINANCIALS				1,082,720
TOTAL FOREIGN CORPORATE BONDS
(Cost $5,825,886)			$	5,324,125
FOREIGN GOVERNMENT BONDS (0.21%)
Corp Andina de Fomento
4.375% 06/15/2022		717,000		718,356
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $718,524)			$	718,356
GOVERNMENT & AGENCY OBLIGATIONS (8.20%)
U.S. Treasury Notes
0.125% 12/31/2022		17,900,000		17,708,297
1.375% 10/15/2022		500,000		499,972
1.500% 03/31/2023		10,000,000		9,950,839
2.750% 08/31/2023		90,000		90,369
				28,249,477
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $28,596,721)			$	28,249,477

						Value
	Yield			Shares		(Note 2)
SHORT TERM INVESTMENTS (1.10%)
MONEY MARKET FUND (1.10%)
First American Treasury Obligations
Fund, 12/31/2049		0.260	%(c)		3,782,500		3,782,500
TOTAL SHORT TERM INVESTMENTS
(Cost $3,782,500)						$	3,782,500

Annual Report | April 30, 2022 17

The Disciplined Growth Investors Fund Portfolio of Investments

April 30, 2022

TOTAL INVESTMENTS (100.45%)
(Cost $302,624,325)	$	346,053,303
Liabilities In Excess Of Other Assets (-0.45%)		(1,550,029	)
NET ASSETS (100.00%)	$	344,503,274

^(a) Non-Income Producing Security.

^(b) Floating or variable rate security. The reference rate is described below. The rate in effect as of April 30, 2022 is based on the reference rate plus the displayed spread as of the securities last reset date.

^(c) Represents the 7-day yield.

Common Abbreviations:

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

Libor Rates:

3M US L - 3 Month LIBOR as of April 30, 2022 was 1.33%

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry 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 industry sub-classifications for reporting ease. Industries are shown as a percent of net assets.

See Notes to Financial Statements.

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The Disciplined Growth Investors Fund Statement of Assets and Liabilities

April 30, 2022

ASSETS
Investments, at value	$	346,053,303
Receivable for shares sold		42,500
Dividends and interest receivable		823,177
Total assets		346,918,980
LIABILITIES
Payable for investments purchased		2,147,865
Payable for shares redeemed		37,758
Payable to adviser		230,083
Total liabilities		2,415,706
NET ASSETS	$	344,503,274
NET ASSETS CONSIST OF
Paid-in capital (Note 5)	$	295,909,651
Distributable Earnings		48,593,623
NET ASSETS	$	344,503,274
INVESTMENTS, AT COST	$	302,624,325
PRICING OF SHARES
Net Asset Value, offering and redemption price per share	$	20.51
Shares of beneficial interest outstanding		16,793,380

See Notes to Financial Statements.

Annual Report | April 30, 2022 19

The Disciplined Growth Investors Fund Statement of Operations

	For the Year Ended April 30, 2022
INVESTMENT INCOME
Dividends	$	2,085,663
Foreign taxes withheld		(14,615	)
Interest		1,828,503
Total investment income		3,899,551
EXPENSES
Investment advisory fees (Note 6)		2,771,432
Total expenses		2,771,432
NET INVESTMENT INCOME		1,128,119
REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS
Net realized gain on investments		18,922,462
Net change in unrealized depreciation on investments		(64,699,237	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(45,776,775	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(44,648,656	)

See Notes to Financial Statements.

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The Disciplined Growth Investors Fund Statements of Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment income	$	1,128,119		$	1,099,538
Net realized gain		18,922,462			33,593,363
Net change in unrealized appreciation/(depreciation)		(64,699,237	)		69,698,127
Net increase/(decrease) in net assets resulting from operations		(44,648,656	)		104,391,028
DISTRIBUTIONS (Note 3)
From distributable earnings		(36,801,592	)		(27,178,282	)
Net decrease in net assets from distributions		(36,801,592	)		(27,178,282	)
CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sales of shares		60,892,430			40,251,816
Issued to shareholders in reinvestment of distributions		36,008,172			26,486,925
Cost of shares redeemed		(16,396,837	)		(25,092,730	)
Net increase from capital share transactions		80,503,765			41,646,011
Net increase/(decrease) in net assets		(946,483	)		118,858,757
NET ASSETS
Beginning of period		345,449,757			226,591,000
End of period	$	344,503,274		$	345,449,757
OTHER INFORMATION
Share Transactions
Issued		2,611,650			1,671,944
Issued to shareholders in reinvestment of distributions		1,547,140			1,105,859
Redeemed		(681,946	)		(1,129,855	)
Net increase in share transactions		3,476,844			1,647,948

See Notes to Financial Statements.

Annual Report | April 30, 2022 21

The Disciplined Growth Investors Fund

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

DISTRIBUTIONS

From net investment income

From net realized gain on investments

Total distributions

INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000's)

RATIOS TO AVERAGE NET ASSETS

Expenses

Net investment income

PORTFOLIO TURNOVER RATE

^(a) Per share numbers have been calculated using the average shares method.

^(b) In 2018 the Fund's total return consists of a voluntary reimbursement by the advisor for a realized investment loss. Excluding this item, total return would not have been impacted.

See Notes to Financial Statements.

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Financial Highlights

For a share outstanding during the years presented

For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
$	25.94		$	19.42		$	21.15		$	19.12		$	18.20
	0.08			0.09			0.18			0.16			0.12
	(2.84	)		8.83			(1.14	)		2.55			1.64
	(2.76	)		8.92			(0.96	)		2.71			1.76
	(0.08	)		(0.10	)		(0.17	)		(0.12	)		(0.12	)
	(2.59	)		(2.30	)		(0.60	)		(0.56	)		(0.72	)
	(2.67	)		(2.40	)		(0.77	)		(0.68	)		(0.84	)
	(5.43	)		6.52			(1.73	)		2.03			0.92
$	20.51		$	25.94		$	19.42		$	21.15		$	19.12
	(11.86	%)		47.00	%		(4.79	%)		14.74	%		9.75	%(b)
$	344,503		$	345,450		$	226,591		$	240,172		$	204,068
	0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
	0.32	%		0.39	%		0.86	%		0.80	%		0.64	%
	21	%		31	%		29	%		22	%		18	%

Annual Report | April 30, 2022 23

The Disciplined Growth Investors Fund Notes to Financial Statements

April 30, 2022

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 annual report describes The Disciplined Growth Investors Fund (the “Fund”). The Fund seeks long-term capital growth and as a secondary objective, modest income with reasonable risk.

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 Fund is 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 Fund in preparation of its financial statements.

Investment Valuation: The Fund generally values its securities 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.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees of the Trust (the “Board” or the “Trustees”), which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more broker–dealers that make a market in the security. Fixed-income obligations, excluding municipal securities, having a remaining maturity of greater than 60 days, are typically valued at the mean between the evaluated bid and ask prices formulated by an independent pricing service. Corporate Bonds, U.S. Government & Agency, and U.S. Treasury Bonds & Notes 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. Publicly traded Foreign Government Debt securities and Foreign Corporate Bonds are typically traded

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The Disciplined Growth Investors Fund Notes to Financial Statements

April 30, 2022

internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market.

When such prices or quotations are not available, or when Disciplined Growth Investors, Inc. (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

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

Various inputs are used in determining the value of the Fund’s 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 Fund has 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 Fund’s 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.

Annual Report | April 30, 2022 25

The Disciplined Growth Investors Fund Notes to Financial Statements

April 30, 2022

The following is a summary of each input used to value the Fund as of April 30, 2022:

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks(a)	$	238,746,964	$	–	$	–	$	238,746,964
Corporate Bonds(a)		–		69,231,881		–		69,231,881
Foreign Corporate Bonds(a)		–		5,324,125		–		5,324,125
Foreign Government Bonds		–		718,356		–		718,356
Government & Agency Obligations		–		28,249,477		–		28,249,477
Short Term Investments		3,782,500		–		–		3,782,500
TOTAL	$	242,529,464	$	103,523,839	$	–	$	346,053,303

^(a) For detailed descriptions of the underlying industries, see the accompanying Portfolio of Investments.

For the year ended April 30, 2022, the Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value. There were no transfers in/out of Level 3 securities during the year ended April 30, 2022.

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 basis, which is the same basis the Fund uses for federal income tax purposes. Interest income, which includes accretion of discounts, 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 Fund.

Trust Expenses: Some expenses of the Trust can be directly attributed to the Fund. Expenses which cannot be directly attributed to the Fund are apportioned among all funds in the Trust based on average net assets of each fund.

Fund Expenses: Expenses that are specific to the Fund are charged directly to the Fund.

Federal Income Taxes: The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of their net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2022, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal

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The Disciplined Growth Investors Fund Notes to Financial Statements

April 30, 2022

purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Distributions to Shareholders: The Fund normally pays dividends, if any, quarterly and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from dividends and other income the Fund receives from its investments, including short term capital gains. Long term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than a year. The Fund may make additional distributions and dividends at other times if the portfolio manager believes doing so may be necessary for the Fund to avoid or reduce taxes.

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.

Libor Risk: In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Fund’s investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On November 30, 2020, the administrator of LIBOR announced its intention to delay the phase out of the majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund’s transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Fund or the Fund’s investments cannot yet be determined.

3. TAX BASIS INFORMATION

Tax Basis of Investments: As of April 30, 2022, the aggregate cost of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation for Federal tax purposes was as follows:

	The Disciplined Growth Investors Fund
Gross appreciation
(excess of value over tax cost)	$	72,729,119
Gross depreciation
(excess of tax cost over value)		(29,300,141	)
Net unrealized appreciation	$	43,428,978
Cost of investments for income tax purposes	$	302,624,325

Annual Report | April 30, 2022 27

The Disciplined Growth Investors Fund Notes to Financial Statements

April 30, 2022

Components of Earnings: As of April 30, 2022, components of distributable earnings were as follows:

Undistributed ordinary income	$	46,200
Accumulated capital gains		5,196,006
Net unrealized appreciation on investments		43,428,978
Other cumulative effect of timing differences		(77,561	)
Total	$	48,593,623

Tax Basis of Distributions to Shareholders: The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Fund.

The tax character of distributions paid during the year ended April 30, 2022, were as follows:

	Ordinary Income		Long-Term Capital Gain
The Disciplined Growth Investors Fund	$	4,688,850	$	32,112,742

The tax character of distributions paid during the year ended April 30, 2021, were as follows:

	Ordinary Income		Long-Term Capital Gain
The Disciplined Growth Investors Fund	$	1,466,185	$	25,712,097

The fund elects to defer to the period ending April 30, 2023, capital losses recognized during the period 11/1/21 – 4/30/22 in the amount of $46,484.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities, and U.S. Government Obligations) during the year ended April 30, 2022, were as follows:

Fund	Purchases of Securities		Proceeds From Sales of Securities
The Disciplined Growth Investors Fund	$	101,517,513	$	51,582,613

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The Disciplined Growth Investors Fund Notes to Financial Statements

April 30, 2022

Investment transactions in U.S. Government Obligations during the year ended April 30, 2022 were as follows:

Fund	Purchases of Securities		Proceeds From Sales of Securities
The Disciplined Growth Investors Fund	$	15,039,739	$	18,344,703

The cost of purchases in Kind, proceeds from sales in Kind along with there Realized gains/(loss) included in above transactions during the year ended April 30, 2022 were as follows:

Fund	Purchases		Proceeds		Net Realized Gain/(Loss)
Disciplined Growth Investors Fund	$	2,598,976	$	–	$	–

5. SHARES OF BENEFICIAL INTEREST

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the shares do not have any obligation to make payments to the Trust or its creditors (other than the purchase price for the shares or make contributions to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Fund’s business affairs. The Adviser manages the investments of the Fund in accordance with the Fund’s investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee for the services and facilities it provides payable on a monthly basis at the annual rate of 0.78% of the Fund’s average daily net assets. The management fee is paid on a monthly basis.

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, bookkeeping and pricing services, legal, audit and other services, except for interest expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund’s business. Also included are Trustee fees which were $9,043 for the year ended April 30, 2022.

Annual Report | April 30, 2022 29

The Disciplined Growth Investors Fund Notes to Financial Statements

April 30, 2022

Fund Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Fund. Pursuant to an Administration Agreement, ALPS provides operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assists in the Fund’s operations. Officers of the Trust are employees of ALPS. The Fund’s administration fee is accrued on a daily basis and paid monthly. The Administrator is also reimbursed for certain out-of-pocket expenses. The administrative fee and out-of-pocket expenses are included in the unitary management fee paid to the Adviser.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Fund. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed for certain out-of-pocket expenses. The fee and out-of-pocket expenses are included in the unitary management fee paid to the Adviser.

Compliance Services

ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses. The fee and out-of-pocket expenses are included in the unitary management fee paid to the Adviser.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Fund. The fee is included in the unitary management fee paid to the Adviser.

Distributor

ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Fund’s shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Fund, and ADI has agreed to use its best efforts to solicit orders for the sale of the Fund’s shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the Securities and Exchange Commission.

7. INDEMNIFICATIONS

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

30 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Financial Investors Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of The Disciplined Growth Investors Fund (the “Fund”), one of the funds constituting the Financial Investors Trust, including the portfolio of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of The Disciplined Growth Investors Fund of Financial Investors Trust as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado
June 29, 2022

We have served as the auditor of one or more investment companies advised by Disciplined Growth Investors, Inc. since 2012.

Annual Report | April 30, 2022 31

The Disciplined Growth Investors Fund Additional Information

April 30, 2022 (Unaudited)

1. FUND HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s Web site at http://www.sec.gov. The Fund’s Form N-PORT reports are also available upon request by calling toll-free (855) 344-3863.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Fund’s policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 855-DGI-Fund and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

The Fund designates the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2021:

Dividend Received Deduction	32.61%
Qualified Dividend Income	37.97%

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Disciplined Growth Investors Fund designated $32,112,742 as long-term capital gain dividends.

In early 2022, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2021 via Form 1099. The Fund will notify shareholders in early 2023 of amounts paid to them by the Fund, if any, during the calendar year 2022.

32 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Disclosure Regarding Approval of
Fund Advisory Agreements

April 30, 2022 (Unaudited)

On December 14, 2021, the Trustees met via Zoom video conference to discuss, among other things, the renewal of the Investment Advisory Agreement between Disciplined Growth Investors, Inc. (“DGI”) and the Trust, with respect to The Disciplined Growth Investors Fund (the “DGI Fund”), dated February 12, 2018 (the “DGI Investment Advisory Agreement”), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the DGI Investment Advisory Agreement with DGI, the Trustees, including the Independent Trustees, considered the following factors with respect to the DGI Fund:

Investment Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fee paid by the Trust, on behalf of the DGI Fund, to DGI, of 0.78%, in light of the extent and quality of the advisory services provided by DGI to the DGI Fund.

The Board received and considered information including a comparison of the DGI Fund’s contractual advisory fee rate with those of funds in the peer group of funds provided by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual advisory fee rate of the DGI Fund was higher than the Data Provider peer group median at least in part attributable to the unitary fee arrangement with DGI.

Total Net Expense Ratios: The Trustees further reviewed and considered that the total net expense ratio of the DGI Fund was lower than the Data Provider peer group median, and that because of the unitary fee, the comparison with the peer group at the level of the total net expense ratio yielded more useful comparative data than the level of the investment advisory rate.

Nature, Extent, and Quality of the Services under the Investment Advisory Agreement: The Trustees received and considered information regarding the nature, extent, and quality of services provided to the DGI Fund under the DGI Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by DGI in its presentation, including its Form ADV.

The Trustees reviewed and considered DGI’s investment advisory personnel, its history as an asset manager, and its performance and the amount of assets currently under management by DGI. The Trustees also reviewed the research and decision-making processes utilized by DGI, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the DGI Fund.

The Trustees considered the background and experience of DGI’s management in connection with the DGI Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, DGI’s Code of Ethics.

Performance: The Trustees reviewed performance information of the DGI Fund for the 3-month, 1-year, 3-year, 5-year, 10-year, and since inception periods ended September 30, 2021. That review included a comparison of the DGI Fund’s performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that the DGI Fund outperformed its peer

Annual Report | April 30, 2022 33

The Disciplined Growth Investors Fund Disclosure Regarding Approval of
Fund Advisory Agreements

April 30, 2022 (Unaudited)

group for the 1-year, 3-year, 5-year, 10-year, and since inception periods, and had median performance among its peer group for the 3-month period.

The Trustees also considered DGI’s discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by DGI regarding fees charged to its other clients utilizing a strategy similar to that employed by the DGI Fund.

Profitability: The Trustees received and considered a profitability analysis prepared by DGI based on the fees payable under the DGI Investment Advisory Agreement.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the DGI Fund would be passed along to shareholders.

Other Benefits to the Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by DGI from its relationship with the DGI Fund, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● the contractual advisory fee rate of the DGI Fund was higher than the Data Provider peer group median at least in part attributable to the unitary fee arrangement with DGI;

● the total net expense ratio of the DGI Fund was lower than the Data Provider peer group median, and that because of the unitary fee, the comparison with the peer group at the level of the total net expense ratio yielded more useful comparative data than the level of the investment advisory fee rate;

● the nature, extent, and quality of services rendered by DGI under the DGI Investment Advisory Agreement were adequate;

● for the period ended September 30, 2021, the DGI Fund outperformed its Data Provider peer group for the 1-year, 3-year, 5-year, 10-year, and since inception periods, and had median performance among its peer group for the 3-month period;

● bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to DGI’s other clients employing a comparable strategy to the DGI Fund were not indicative of any unreasonableness with respect to the advisory fee payable to DGI by the DGI Fund;

● the profit, if any, realized by DGI in connection with the operation of the DGI Fund is not unreasonable; and

● there were no material economies of scale or other incidental benefits accruing to DGI in connection with its relationship with the DGI Fund.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that DGI’s compensation for investment advisory services is consistent with the best interests of the DGI Fund and its shareholders.

34 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Liquidity Risk
Management Program

April 30, 2022 (Unaudited)

The Financial Investors Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each fund in the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment advisers, sub-advisers, and Officers of the Trust. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including a periodic assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 8, 2022, the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program during 2021. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since implementation.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

Annual Report | April 30, 2022 35

The Disciplined Growth Investors Fund Trustees and Officers

April 30, 2022 (Unaudited)

The business and affairs of each Fund are managed under the direction of its Board. The Board approves all significant agreements between a Fund and the persons or companies that furnish services to the Fund, including agreements with its distributor, Adviser, Sub-Adviser, administrator, custodian and transfer agent. The day-to-day operations of each Fund are delegated to the Fund’s Adviser, Sub-Adviser and administrator.

The name, address, age and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee.

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 855-344-3863.

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Mary K. Anstine, 1940	Trustee and Chairman	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees.	Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board.	59	Ms. Anstine is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust through December 2020 (14 funds).
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co- Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund.	59	Mr. Deems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund).

36 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Trustees and Officers

April 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Jerry G. Rutledge, 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business.	30	Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); and Principal Real Estate Income Fund (1 fund).
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). Mr. Shell serves on the Board of Directors of TalkBox, a phone/privacy booth company (since 2018) and DLVR, a package security company (since 2018). Mr. Shell served on the Advisory Board, St. Vrain School District Innovation Center (from 2015-2018). Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	29	None.

Annual Report | April 30, 2022 37

The Disciplined Growth Investors Fund Trustees and Officers

April 30, 2022 (Unaudited)

INTERESTED TRUSTEE

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Edmund J. Burke, 1961	Trustee	Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009.	Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. (“ALPS”), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020). Mr. Burke is deemed an interested Trustee by virtue of his prior positions with the ALPS Companies.	54	Mr. Burke is a Trustee of ALPS ETF Trust (23 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

38 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Trustees and Officers

April 30, 2022 (Unaudited)

OFFICERS

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***
Dawn Cotten, 1977	President	Ms. Cotten was appointed President of the Trust at the June 8-9, 2021 meeting of the Board of Trustees.	Ms. Cotten joined ALPS in 2009 and is currently Senior Vice President of Fund Administration and Relationship Management of ALPS. She has served in that role since January 2020. Prior to that, Ms. Cotten served as Senior Vice President of Relationship Management (2017-2020). Ms. Cotten served as a Vice President in Relationship Management from 2013-2017. Ms. Cotten also serves as President of ALPS Series Trust, Clough Funds Trust, Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund.
Jennell Panella, 1974	Treasurer	Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees	Ms. Panella joined ALPS in June 2012 and is currently Vice President and Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Alpha Alternative Asset Fund, Centre Funds, GraniteShares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. Mr. Uhl formerly served as CCO of the Boulder Growth & Income Fund, Inc., Index Funds and Reality Shares ETF Trust.
Brendan Hamill, 1986	Secretary	Mr. Hamill was elected Secretary of the Trust at the September 14, 2021 meeting of the Board of Trustees.	Mr. Hamill joined ALPS in August 2021, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Hamill was an attorney at Lewis Brisbois Bisgaard & Smith, LLP (law firm) (December 2018-August 2021) and Vedder Price, P.C. (law firm) (August 2015-December 2018). Mr. Hamill also serves as Secretary of ALPS ETF Trust, Secretary of ALPS Variable Investment Trust, Secretary of Principal Real Estate Income Fund, and Assistant Secretary of James Advantage Funds.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until such Trustees successor is elected and appointed, or such Trustee resigns or is deceased. Officers are elected on an annual basis.

*** Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

**** The Fund Complex includes all series of the Trust, currently 29, and any other investment companies for which any Trustee serves as trustee for and for which Disciplined Growth Investors, Inc. provides investment advisory services (currently none).

Annual Report | April 30, 2022 39

The Disciplined Growth Investors Fund Privacy Policy

WHO WE ARE
Who is providing this notice?	The Disciplined Growth Investors Fund
WHAT WE DO
How does the Fund protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does the Fund collect my personal information?	We collect your personal information, for example, when you ●    open an account ●    provide account information or give us your contact information ●    make a wire transfer or deposit money
Why can’t I limit all sharing?	Federal law gives you the right to limit only ●    sharing for affiliates’ everyday business purposes-information about your creditworthiness ●    affiliates from using your information to market to you ●    sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
DEFINITIONS
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ●    The Fund does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ●    The Fund does not jointly market.

40 1-855-DGI-FUND (344-3863) | www.DGIfund.com

The Disciplined Growth Investors Fund Privacy Policy

FACTS	WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?
WHY?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
WHAT?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ●    Social Security number and account transactions ●    Account balances and transaction history ●    Wire transfer instructions
HOW?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Fund chooses to share; and whether you can limit this sharing.

REASONS WE CAN SHARE YOUR PERSONAL INFORMATION	DOES THE FUND SHARE:	CAN YOU LIMIT THIS SHARING?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We do not share.
For joint marketing with other financial companies	No	We do not share.
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We do not share.
For non-affiliates to market to you	No	We do not share.

Annual Report | April 30, 2022 41

The Disciplined Growth Investors Fund Privacy Policy

OTHER IMPORTANT INFORMATION
California Residents	If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.
Vermont Residents	The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information.

42 1-855-DGI-FUND (344-3863) | www.DGIfund.com

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TABLE OF CONTENTS

Manager Commentary
Emerald Growth Fund	1
Emerald Insights Fund	6
Emerald Finance & Banking Innovation Fund	11
Disclosure of Fund Expenses	17
Schedule of Investments
Emerald Growth Fund	19
Emerald Insights Fund	21
Emerald Finance & Banking Innovation Fund	23
Statements of Assets and Liabilities	25
Statements of Operations	26
Statements of Changes in Net Assets
Emerald Growth Fund	27
Emerald Insights Fund	29
Emerald Finance & Banking Innovation Fund	31
Financial Highlights
Emerald Growth Fund	33
Emerald Insights Fund	37
Emerald Finance & Banking Innovation Fund	41
Notes to Financial Statements	45
Report of Independent Registered Public Accounting Firm	53
Additional Information	54
Disclosure Regarding Approval of Fund Advisory Agreement	55
Liquidity Risk Management Program	57
Trustees and Officers	58
Privacy Policy	61

Emerald Growth Fund Manager Commentary

April 30, 2022 (Unaudited)

April 30, 2022

Dear Shareholder:

Investment Results

The performance of the Emerald Growth Fund’s Class A shares (without sales load), for the twelve months ended April 30, 2022, declined by (-23.17%) outpacing the Russell 2000 Growth Index which declined by (-26.44%).

Delta, Omicron, inflation, stagflation, recession and war. The market has had a lot to digest over the course of the last twelve months. Inflation expectations had already been rising, when the Russian invasion of Ukraine added rocket fuel to this already smoldering fire, as new supply constraint concerns exerted further upward pressure on commodity prices. The persistence of these inflationary pressures have raised concerns that the Federal Reserve in its efforts to stifle inflation will push the economy into recession. Collectively these factors have driven an acceleration in outflows from the equity market since the start of calendar 2022 and continued downward pressure on all of the broad market indices. Small capitalization stocks have absorbed the brunt of the selling pressure with the Russell 2000 falling by (-16.87%), and lagging the Russell 1000 which declined by a more modest (-2.10%).

Performance within the Russell 2000 Growth benchmark has been particularly challenged on both an absolute and relative basis declining by (-26.44%) over trailing period and substantially underperforming the (-5.35%) experienced by the Russell 1000 Growth, over the same period. The magnitude of the underperformance is noteworthy relative to history given the resiliency in forward earnings estimates, and has resulted in both absolute and relative valuation metrics compressing to levels not witnessed in recent history.

Investment Analysis

On a relative basis, the Emerald Growth Fund outpaced the Russell 2000 Growth benchmark for the trailing period driven by a combination of stock selection and allocation effect. At the sector level, the portfolio experienced relative outperformance within the healthcare, technology, basic materials, real estate and telecommunications sectors which more than offset relative underperformance within the consumer staples and financial services sectors.

The healthcare sector was the largest positive contributor to return driven by the portfolio’s relative underweight position and stock selection within the biotechnology, healthcare services and medical equipment industries. Holdings within the technology sector also contributed positively to performance, driven by stock selection within the software, computer services and computer hardware industries.

Partially offsetting the aforementioned positive contributors to performance was the relative underperformance within the consumer staples and financial services sectors. Amongst these, the financial services sector was the largest detractor to return driven by challenging relative performance within the bank, investment services and full line insurance industries resulting from a combination of macroeconomic factors including surging yields and rising recession fears as well and company specific headwinds. Emerald has been selectively reducing its exposure to the banking industry but has maintained the portfolio’s relative overweight position.

As of April 30, 2022, the portfolio held the largest active exposures in the financial services and consumer discretionary sectors. Thoughts on those sectors and other notable areas of exposure are highlighted below.

• The financial services sector, comprised of holdings within the bank, full line insurance, investment services, and property and casualty insurance industries, remained the portfolio’s largest relative overweight position. Although we remain constructive on the opportunity for loan growth and increased new loan yields, Emerald has been selectively reducing exposure to the banking industry, given continued volatility in rates.

• Emerald also held an overweight position within the consumer discretionary sector. Positioning within the sector is tilted toward the service oriented industries including recreational services, restaurants, casinos and gambling industries, among others as we believe normalization of consumer spending post-COVID should continue to benefit the services components of the economy where the recovery has lagged. While the market has become increasingly concerned with the outlook for consumer spending given the step up in inflationary pressures, we continue to believe the consumer in aggregate remains healthy, and continue to see select opportunities for those companies offering differentiated products and services the ability to gain market share.

• As it relates to the technology sector, the portfolio exited the period with technology sector positioning largely in-line with the benchmark. Within the technology sector, while the semiconductor and software industries continue to represent the portfolio’s largest industry exposures, Emerald has selectively been reducing exposure to the more cyclical aspects of the semiconductor industry. As we look into the remainder of 2022, we continue to believe that the digital transformation of the enterprise that began in earnest during the global pandemic will remain a key driver of investment in ecommerce, digital forms of entertainment, the enterprise technology

Annual Report | April 30, 2022 1

Emerald Growth Fund Manager Commentary

April 30, 2022 (Unaudited)

infrastructure, cybersecurity and cloud-related software opportunities. We also see select opportunities within the semiconductor and semiconductor capital equipment industries in those companies exposed to the growth in semiconductor capacity, new form factors and designs, the deployment of 5G broadband services, the server upgrade cycle, the automotive recovery, the transition to electric vehicles, growing penetration of advanced driver assistance systems, and data center.

• The healthcare sector, while underweight relative to the benchmark, also remains an area of considerable nominal exposure within the portfolio. The portfolio’s underweight to the healthcare sector is driven largely by the portfolio’s relative underweight position to the biotechnology, healthcare services and facilities industries. With respect to the biotechnology industry, while the worst of the valuation compression is likely behind the industry, Emerald continues to believe that many of the headwinds that weighed on performance throughout 2021, are poised to continue to gate relative performance. Specifically we believe the FDA’s less accommodative stance to trial design and drug approvals is likely to remain a headwind, as will the significant number of capital raises which we expect to be forthcoming given the depletion in cash balances. Emerald has maintained its underweight position to the biotechnology industry. That being said, we continue to identify selective opportunities within the pharmaceutical and medical equipment industries and have been building exposure to those areas of the healthcare sector.

Market Outlook

As we look forward, the equity market selling pressure has unfortunately continued into May, with the Russell 2000 Index now down approximately (-27.5%) from the November 8, 2021 Index peak through May 10, 2021. Declines of this magnitude have been largely associated with recessionary periods, with the average peak-to-trough decline around a recession approximating (-36%) since 1953, and approximately (-40%) since 1980, according to May 10, 2022 report from Jill Carey Hall, Equity & Quant Strategist at B of A Securities. This implies the market has already embedded a high probability of a recession into the current valuation of the Russell 2000. Absolute valuations for the Russell 2000 are now trading at a discount vs. their historical average when looking at trailing P/E, forward P/E, and P/E to growth. On a relative basis, valuations are similarly looking increasingly attractive. Based on the same report from Jill Carey Hall cited above, the Russell 2000 is currently trading at more than a 30% discount to its long-term average to the Russell 1000, on a trailing P/E, forward P/E, and Price/Book basis.

Despite this valuation compression, earnings growth for small capitalization stocks has been resilient to date, and we believe will continue to demonstrate relative strength. Small capitalization earnings growth in 2022 is currently forecasted at approximately (+14.8%), and while this is a slight downtick from the (+15.6%) expected at the end of the first quarter, small caps are still expected to substantially outpace the growth projected for mid-cap (+12.1%) and large capitalization (+11.1%) stocks, according to a May 3, 2022 report from Steve DeSanctis of Jefferies. Although we acknowledge that the mounting inflationary pressures and decelerating economic growth could lead to negative revisions in the near-term, we continue to expect small capitalization earnings to remain less impacted than their larger capitalization peers. We believe this is especially true in light of recent geopolitical events, the impact of China’s zero-COVID policy on China’s GDP growth and their implications to global growth. According to a recent report from Jill Carey Hall of BofA Securities, only 20% of sales within the Russell 2000 are derived from overseas, which compares favorably to the approximate 28% exposure for the S&P 500. In addition, according to the same report small capitalization stocks are more exposed to services over goods spending and in that way is more closely aligned to the US economy, which we expect will demonstrate relative resiliency.

While the risks to this outlook are numerous, the pace and path of monetary policy is likely the most meaningful risk to market returns in the near-term. We believe the volatility that we are seeing to start the year likely persists in the near-term as the market navigates the path of monetary policy adjustments and assesses incoming data on inflation and economic growth. Over and above the aforementioned, there appears to be no near-term resolution to the Russia/Ukraine conflict. U.S. /China tensions look to be rising and it now feels that the more benign geopolitical landscape that we have become accustomed to is behind us.

Most importantly, Emerald remains vigilant and focused on utilizing our fundamental bottom up research process to identify the most attractive growth opportunities within the small capitalization universe.

Top Contributors	Top Detractors
SailPoint Technologies Holdings Inc.	NeoGenomics Inc.
Perficient Inc.	Freshpet Inc.
Dick’s Sporting Goods Inc.	Chegg Inc.
Rapid7 Inc.	Replimune Group Inc.
Simply Good Foods Inc.	Organogenesis Holdings Inc.
Kenneth G. Mertz II, CFA	Stacey L. Sears	Joseph W. Garner
Chief Investment Officer	Portfolio Manager	Portfolio Manager
Portfolio Manager

Emerald Mutual Fund Advisers Trust

2 www.emeraldmutualfunds.com

Emerald Growth Fund Manager Commentary

April 30, 2022 (Unaudited)

Past performance does not guarantee future results. Fund prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Fund’s prospectus. Please visit www.emeraldmutualfunds.com to obtain current performance information and for the current prospectus and statement of additional information. This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

The views of Emerald Mutual Fund Advisers Trust and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Emerald Mutual Fund Advisers Trust nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Emerald Growth Fund is distributed by ALPS Distributors, Inc.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

Diversification does not eliminate the risk of experiencing investment losses.

The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios (A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.) and lower forecasted growth values. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Basis points refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument. The relationship between percentage changes and basis points can be summarized as follows: 1% change = 100 basis points and 0.01% = 1 basis point.

The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

Annual Report | April 30, 2022 3

Emerald Growth Fund Manager Commentary

April 30, 2022 (Unaudited)

TOP TEN HOLDINGS
(as a % of Net Assets)*

Chart Industries, Inc.	2.66%
Simply Good Foods Co.	2.53%
Rapid7, Inc.	2.47%
Churchill Downs, Inc.	2.22%
Sailpoint Technologies Holdings, Inc.	2.15%
SeaWorld Entertainment, Inc.	2.10%
Freshpet, Inc.	1.94%
Perficient, Inc.	1.91%
TriNet Group, Inc.	1.84%
Varonis Systems, Inc.	1.82%
Top Ten Holdings	21.64%

INDUSTRY SECTOR ALLOCATION

(as a % of Net Assets)

Health Care	20.01%
Technology	20.01%
Consumer Discretionary	17.88%
Industrials	14.42%
Financials	12.41%
Consumer Staples	4.48%
Energy	2.83%
Basic Materials	2.49%
Telecommunications	0.90%
Real Estate	0.77%
Utilities	0.62%
Producer Durables	0.14%
Cash, Cash Equivalents, & Other Net Assets	3.04%
Total	100.00%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

ANNUALIZED TOTAL RETURN (for the period ended April 30, 2022)

	1 Year*	3 Year	5 Year	10 Year	Since Inception(1)	Expense Gross(2)	Ratio Net(2)
Class A (NAV)	-23.17%	5.70%	9.46%	11.08%	10.81%	1.01%	1.01%
Class A (LOAD)	-26.82%	3.99%	8.40%	10.54%	10.63%	1.01%	1.01%
Russell 2000® Growth Index(3)	-26.44%	4.14%	7.08%	9.95%	7.98%
Class C (NAV)	-23.69%	5.00%	8.75%	10.36%	6.43%	1.66%	1.66%
Class C (LOAD)	-24.29%	5.00%	8.75%	10.36%	6.43%	1.66%	1.66%
Russell 2000® Growth Index(3)	-26.44%	4.14%	7.08%	9.95%	7.98%
Investor Class	-23.20%	5.65%	9.42%	11.04%	10.27%	1.06%	1.06%
Russell 2000® Growth Index(3)	-26.44%	4.14%	7.08%	9.95%	7.98%
Institutional Class	-22.92%	6.03%	9.81%	11.43%	13.25%	0.71%	0.71%
Russell 2000® Growth Index(3)	-26.44%	4.14%	7.08%	9.95%	7.98%

Performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.emeraldmutualfunds.com.

Performance shown for periods prior to March 16, 2012, reflects the performance of the Forward Growth Fund, a series of Forward Funds (as a result of a reorganization of the Forward Growth Fund into the Emerald Growth Fund).

Returns for periods less than 1 year are cumulative.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.75%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

⁽¹⁾ Inception Dates - Class A: 10/01/1992, Class C: 07/01/2000, Institutional Class: 10/21/2008, Investor Class: 05/01/2011

⁽²⁾ Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser") has agreed contractually to waive a portion of its fees and reimburse other expenses in amounts necessary to limit the Fund's operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.29%, 1.94%, 0.99% and 1.34% respectively. This agreement (the "Expense Agreement") shall continue at least through August 31, 2022. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Adviser may not discontinue this waiver, prior to August 31, 2022, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

⁽³⁾ The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

^* Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

4 www.emeraldmutualfunds.com

Emerald Growth Fund Manager Commentary

April 30, 2022 (Unaudited)

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended April 30, 2022)

Comparison of change in value of a $10,000 investment (includes applicable sales loads)

 

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Annual Report | April 30, 2022 5

Emerald Insights Fund Manager Commentary

April 30, 2022 (Unaudited)

April 30, 2022

Dear Shareholder:

Investment Results

The performance of the Emerald Insights Fund Class A Shares (without the sales load) for the year ended April 30, 2022 reflected a return of -12.78%, trailing the Russell 3000 Growth Index benchmark return of -6.83% by 595 basis points. Performance was driven by strength in Energy offset by weakness in Healthcare, Industrials, Financials, and Technology.

Investment Analysis

Pressure on growth stocks, particularly small cap, dominated markets throughout the reporting period ended April 30, 2022. Valuations for smaller, fast-growing companies contracted in the first half of our reporting period and that contraction in small-cap growth accelerated during the second half as COVID lockdowns reappeared and fears of a possible recession began to mount. In the past six months, continued volatility and market uncertainty drove valuations, and stock prices, down across the market-cap spectrum, affecting previously resilient asset classes and sectors such as mega-cap stocks, software, and crypto/blockchain-exposed stocks which had been resilient for the majority of the reporting period.

Since the inception of the Insights Fund, we have employed our “Dynamic Barbell” approach to portfolio construction which gives us the ability to adjust to a changing market environment while remaining consistent with our core strategy. For the past two years, we have utilized the barbell based on the assumptions that inflation would be higher and more durable than initial expectations, COVID would be largely transitory and the economy would re-open with velocity, interest rates would necessarily rise, and the IPO market would be active. Accordingly, during the beginning of our reporting period, the portfolio was biased towards small-cap and had increased exposure to cyclicals, reopening plays, and energy. As the period progressed, we reduced exposure to non-earners and increased our weighted average market cap while remaining true to our growth style. It is always difficult to overcome market upheaval late in a reporting period, and even with our dynamic approach, we are fundamentally long-term investors. Our strategy outperformed the index for the first calendar quarter of 2022, but the significant market reversal during April erased those gains.

While we must acknowledge the underperformance for the year ended April 30, 2022, we are encouraged that our dynamic barbell strategy is proving effective, as evidenced by our three-year track record of outperformance (+18.76% annual total return vs. Russell 3000 Growth annual total return of +15.84%).

Market Outlook

We are steadfast believers that earnings growth drives stock prices over the longer term, and the Insights Fund portfolio is expected to show earnings growth above the benchmark, while currently trading at a valuation discount – normally a good set up assuming earnings deliver as expected.

While our opinion may be viewed as contrarian by some, we believe earnings and economic growth will remain positive, at least for the foreseeable future, despite the myriad of challenges facing the economy and markets. Valuation compression has been more of an issue than fundamentals and if the Fed is successful in reigning in GDP to a more sustainable level, inflation should moderate. The pressing issues regarding semiconductor availability and supply chain logistics should begin to moderate in the second half of calendar 2022, yielding an improving earnings backdrop for small caps, cyclicals and industrials. Accordingly, we have aligned Insights with these growth expectations, being overweight cyclicals such as Energy and energy-related industrials. We are also overweight small caps given that segment’s higher expected earnings growth, as well as the recognition that there is a significant disparity between small cap and large/mega cap relative valuations, a precursor which historically portends to better future performance for that asset class.

Beyond cyclicals and small caps, the Insights Fund currently includes reopening-oriented stocks given our belief that 2022 will be a year of consumers transitioning from buying goods to buying experiences and services. We had reduced our weighting in some of these names midway through the first calendar quarter given the spike in oil prices and the concerns of an oil-induced recession, but returned to earlier weights at the end of the period due to the meaningful pullback in some of these securities. We also added to positions within the defense and energy-oriented industries that can benefit from the current conflict in the Ukraine and that conflict’s many unintended consequences.

As mentioned previously, we have maintained that inflation would be higher and more durable than the Fed’s initial expectations. The war in Ukraine served to reinforce our inflation concerns as energy, food and other goods and service prices spiked. The Fed is now in the unenviable position of battling inflation while not pushing the economy into recession. It now appears that inflation may be peaking for some goods-oriented categories, but inflation related to wages and shelter both lag and have likely not come near a peak, and thus will be problematic for months to come. We believe our positioning in cyclicals, small caps, service-oriented names, price leaders and lower relative P/E technology names should mitigate at least some of the risk of inflation in the Fund. We have been underweighted some of the highest value technology and software names

6 www.emeraldmutualfunds.com

Emerald Insights Fund Manager Commentary

April 30, 2022 (Unaudited)

given concerns expressed above about P/E multiple contraction and have been adding to our healthcare exposure given that sector’s pricing power and relative immunity from economic cycles.

We believe overall market risk has risen this year with inflation increasing, war in Ukraine escalating, Fed tightening, COVID resurfacing, and supply chain challenges. Risk notwithstanding, our tried and true “dynamic barbell” strategy allows us to position the portfolio to find growth opportunities where many other managers feel compelled to “pick a side.” We will face many challenges this year including the volatility driven by mid-term elections, however, we are steadfast believers that the market will move with earnings growth which we expect to be positive throughout 2022.

Top Contributors	Top Detractors
Apple Inc.	Amazon.com, Inc.
Cheniere Energy, Inc.	Chegg, Inc.
TETRA Technologies, Inc.	Meta Platforms Inc. Class A
Microsoft Corporation	Scotts Miracle-Gro Company Class A
Diamondback Energy, Inc.	Generac Holdings Inc.
NVIDIA Corporation	Stronghold Digital Mining, Inc. Class A
Antero Resources Corporation	VOYAGER DIGITAL LTD
SeaWorld Entertainment, Inc.	Voyager Digital Ltd.
Dick's Sporting Goods, Inc.	PayPal Holdings, Inc.
Pure Storage, Inc. Class A	Reata Pharmaceuticals, Inc. Class A
David A. Volpe, CFA	Stephen L. Amsterdam	Joseph Hovorka
Deputy Chief Investment Officer	Associate Portfolio Manager	Associate Portfolio Manager
Portfolio Manager
Emerald Mutual Fund Advisers Trust

Annual Report | April 30, 2022 7

Emerald Insights Fund Manager Commentary

April 30, 2022 (Unaudited)

* P/E Ratio: The Price/Earnings (P/E) ratio is a valuation metric that assesses how many dollars investors are willing to pay for one dollar of a company’s earnings. It is calculated by dividing a stock’s price by the company’s trailing 12-month earnings per share from continuous operations.

Price/Book Ratio: The price/book (P/B) ratio of a fund is the weighted average of the price/book ratios of all the stocks in a fund's portfolio. Book value is the total assets of a company, less total liabilities (sometimes referred to as carrying value). A company's book value is calculated by dividing the market price of its outstanding stock by the company's book value, and then adjusting for the number of shares outstanding (Stocks with negative book values are excluded from this calculation.).

Price-to-Sales Ratio: The price-to-sales (P/S) ratio is a valuation metric that compares a company’s stock price to its revenues. It is an indicator of the value that financial markets have placed on each dollar of a company’s sales or revenues. The ratio shows how much investors are willing to pay per dollar of sales. It can be calculated either by dividing the company’s market capitalization by its total sales over a designated period or on a per-share basis by dividing the stock price by sales per share.

Price-to-Cash Flow Ratio: The price-to-cash flow (P/CF) ratio is a stock valuation indicator or multiple that measures the value of a stock’s price relative to its operating cash flow per share. The ratio uses operating cash flow (OCF), which adds back non-cash expenses such as depreciation and amortization to net income.

Past performance does not guarantee future results. Fund prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Fund’s prospectus. Please visit www.emeraldmutualfunds.com to obtain current performance information and for the current prospectus and statement of additional information. This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

The views of Emerald Mutual Fund Advisers Trust and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Emerald Mutual Fund Advisers Trust nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Emerald Insights Fund is distributed by ALPS Distributors, Inc.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

Diversification does not eliminate the risk of experiencing investment losses.

The Russell 3000^® Growth Index is a market capitalization weighted index based on the Russell 3000^® index. The Russell 3000^® Growth Index includes companies that display signs of above average growth. The index is used to provide a gauge of the performance of growth stocks in the United States. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Basis points refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.

8 www.emeraldmutualfunds.com

Emerald Insights Fund Manager Commentary

April 30, 2022 (Unaudited)

TOP TEN HOLDINGS
(as a % of Net Assets)*

Apple, Inc.	9.64%
Microsoft Corp.	8.49%
Alphabet, Inc.	4.32%
Amazon.com, Inc.	4.05%
NVIDIA Corp.	3.91%
Meta Platforms, Inc.	3.00%
Chart Industries, Inc.	2.86%
Visa, Inc.	2.13%
SeaWorld Entertainment, Inc.	2.12%
Horizon Therapeutics PLC	1.98%
Top Ten Holdings	42.50%

INDUSTRY SECTOR ALLOCATION

(as a % of Net Assets)

Technology	39.43%
Consumer Discretionary	22.02%
Industrials	16.48%
Health Care	7.83%
Energy	5.88%
Financials	3.82%
Basic Materials	1.90%
Consumer Staples	0.72%
Cash, Cash Equivalents, & Other Net Assets	1.92%
Total	100.00%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

ANNUALIZED TOTAL RETURN (for the period ended April 30, 2022) 

	1 Year*	3 Year	5 Year	Since Inception(1)	Expense Gross(2)	Ratio Net(2)
Class A (NAV)	-12.78%	18.76%	16.64%	12.24%	1.93%	1.36%
Class A (LOAD)	-16.93%	16.87%	15.50%	11.53%	1.93%	1.36%
Russell 3000® Growth Index(3)	-6.83%	15.84%	16.58%	14.87%
Class C (NAV)	-13.32%	18.02%	15.88%	11.49%	2.58%	2.01%
Class C (LOAD)	-14.06%	18.02%	15.88%	11.49%	2.58%	2.01%
Russell 3000® Growth Index(3)	-6.83%	15.84%	16.58%	14.87%
Investor Class	-12.80%	18.74%	16.61%	12.17%	1.99%	1.41%
Russell 3000® Growth Index(3)	-6.83%	15.84%	16.58%	14.87%
Institutional Class	-12.51%	19.14%	16.98%	12.56%	1.62%	1.06%
Russell 3000® Growth Index(3)	-6.83%	15.84%	16.58%	14.87%

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.emeraldmutualfunds.com.

Returns for periods less than 1 year are cumulative.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.75%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

⁽¹⁾ Inception Date – August 1, 2014.

⁽²⁾ Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser") has agreed contractually to waive a portion of its fees and reimburse other expenses in amounts necessary to limit the Fund's operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.35%, 2.00%, 1.05% and 1.40% respectively. This agreement (the "Expense Agreement") shall continue at least through August 31, 2022. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Adviser may not discontinue this waiver, prior to August 31, 2022, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

⁽³⁾ The Russell 3000^® Growth Index is a market capitalization weighted index based on the Russell 3000^® index. The Russell 3000^® Growth Index includes companies that display signs of above average growth. The index is used to provide a gauge of the performance of growth stocks in the United States. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^* Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

Important Risks

Investing in smaller companies generally will present greater investment risks, including: greater price volatility, greater sensitivity to changing economic conditions and less liquidity than the securities of larger, more mature companies.

Annual Report | April 30, 2022 9

Emerald Insights Fund Manager Commentary

April 30, 2022 (Unaudited)

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended October 31, 2021)

Comparison of change in value of a $10,000 investment (includes applicable sales loads)

 

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

10 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Manager Commentary

April 30, 2022 (Unaudited)

April 30, 2022

Dear Shareholder:

Investment Results

The Emerald Bank & Finance Fund Class A shares (without sales load) underperformed the Russell 2000 Index¹ for the twelve months ended April 30, 2022, returning (-30.57%) vs. (-16.87%) for the Index. During the twelve months ended April 30, 2022, the Russell 2000 Financial Services Index² returned (-10.07%).

Investment Analysis

The most recent performance of the Emerald Finance and Banking Innovation Fund has not met our expectations despite our belief that we are properly positioned for a rising rate environment and what we believe is a “digital revolution” that will change how the banking and financial services industries operate.

From a top down view, we believe the underperformance in the Emerald Finance & Banking Innovation Fund has been driven by three broader themes. The first theme being the “risk off” trade. We believe that stocks in the digital asset space have been sold in lock step with all risk off assets. Many of these stocks are not in traditional “benchmarks” for institutional investors and thus are the first risk off assets sold and, as such, may have in some cases sold to a greater degree. The second theme has been the shift to valuing banks on TBV (Tangible Book Value) rather than PE (Price to Earnings) multiples. Multiples of TBV that investors are willing to pay for banks have been cut in half as “true” forward TBVs are being questioned. As the Fund is typically invested in growth oriented banks with higher multiples on TBV (because they grow TBV faster than their larger peers do), our banks have underperformed the bank industry. Finally, we believe the lack of both institutional investment and sell side research coverage in the digital asset ecosystem creates more volatility in the space.

Volatility in equities of companies participating in the digital asset ecosystem is nothing new as many investors invest in these equities as a “proxy” for Bitcoin despite the fact that most of these companies generate earnings that are not “linked” to the valuation of Bitcoin. Elevated correlations between Bitcoin and equities have been topical for some time now. The rolling 90-day correlation between bitcoin and the Nasdaq Composite, having meandered about zero for most of Bitcoin’s existence, has been persistently positive since March 2020 and most recently broke 0.6. Because of these elevated correlations, some investors have taken to assuming that equity returns will determine bitcoin returns or vice versa (we would note that the Fund does not own Bitcoin or any other digital currency).

Despite the recent poor performance of stocks in the digital ecosystem, we continue to see further adoption of distributed ledger technology often referred to as “blockchain.” According to Visa in its Q1’22 quarterly report, customers made payments worth $2.5 billion with crypto-linked cards in the first fiscal quarter of 2022, which counts for 70% of the company’s crypto volume for all previous fiscal year.

Visa has also announced the company’s network of crypto wallet partners will reach 65 and will include names such as Coinbase, Circle, and BlockFi. Moreover, Visa counts for over 100 million merchants worldwide that now accept cryptocurrency as an APM (alternative payment method), which proves Visa is constantly updating its policy according to the market trends and customers’ needs. While crypto-linked card usage reached $1 billion by June 2021, Visa mentions the volume payments aren’t concentrated in a specific merchant vertical, as clients use altcoins to pay for everything, including restaurants, travel, and retail goods and services.

As we will always emphasis, the adoption of distributed ledger technology, including nonfungible tokens and digital assets the adoption is simply about software and making transaction involving any type of asset, property or information frictionless, trusted, irreversible and trackable.

Market Outlook

Over the last year, loan growth has returned to the market and while not at pre pandemic levels bank loan growth continues to trend higher year-over-year. According to S&P Global, loan growth in the first quarter of 2022 was broad based, spanning commercial and consumer categories. After seasonal adjustments, commercial and Industrial (C&I) loans increased 1% from December 29, 2021 to $2.512 trillion at March 30, 2022, according to weekly data from the Federal Reserve. Consumer loans, excluding mortgages, were up 5% to $1.732 trillion. The first quarter is usually slow for consumer lending, and without seasonal adjustments, consumer loans were up 0.8%. Overall, seasonally adjusted loans grew 2% from December 29 to $10.961 trillion at March 30, or 1.1% without seasonal adjustments. Since the end of March as the market began to wrestle with 8%+ inflation, rising interest rates and the fear of a potential recession if the Fed “overshoots” in their attempt to quell inflation, loan growth has slowed but we will look at the glass as half-full given that we are still seeing loan growth in the market.

Additionally, we are experiencing reduced deposit growth rates over the period. Granted, the deposit growth rate reductions are coming on the tail end of unprecedented deposit growth, which we have discussed in previous commentaries. Seasonally adjusted deposits increased 0.7% from December 29, 2021 to $18.112 trillion at March 30, 2022, compared with a 2.2% increase from September 29 to December 29. Interestingly, large

Annual Report | April 30, 2022 11

Emerald Finance & Banking Innovation Fund Manager Commentary

April 30, 2022 (Unaudited)

time deposits, which have fallen since early 2020, increased 2.2% from December 29 to $1.454 trillion at March 30. Industrywide, low rates and a flood of cash have reshaped banks’ deposit holdings, with transaction accounts making up 69.6% of the $5.372 trillion growth in deposits between the second quarter of 2019 and the fourth quarter of 2021, while pricier time deposits fell, according to S&P Global.

We believe banks looking to deploy enormous stockpiles of idle liquidity will compete aggressively for borrowers, but loan yields will still be considerably more sensitive to short-term interest rate increases than deposit prices, helping net interest margins recover off record lows.

The Fed began raising short term rates in March and is expected to continue tightening monetary policy through further rate increases and by shrinking its nearly $9 trillion balance sheet. S&P Global Market Intelligence projects loans to grow 6.75% from year-ago levels in 2022, but that growth will not be great enough to put the trillions in excess cash sitting on bank balance sheets to work.

Historically, a rising rate environment have been a positive scenario for bank net interest margins. The industrywide yield on loans and leases made a relatively steady ascent across the gradual series of rate hikes that took place from late 2015 through late 2018, rising from 4.59% in the third quarter of 2015 to 5.51% during the second quarter of 2019, according to data from S&P Global Market Intelligence. That meant that loan yields rose about 92 basis points across an increase of 226 basis points in fed funds, resulting in a beta of 40.9%. Meanwhile, the cost of deposits rose 65 basis points over the same time to 90 basis points, for a beta of 28.9%.

The data fits a historical pattern, where bank net interest margins have typically expanded when short-term interest rates are rising and declined when they are falling. In fact, there were just two exceptions across 10 tightening or easing cycles since the 1980s, according to researchers at the Federal Deposit Insurance Corp.

We believe loan yields should once again prove to be more sensitive to interest rates than deposit prices during the current tightening cycle, helping to undo some of the damage to net interest margins during the pandemic.

According to S&P Global, as interest rates plunged over the last few years, loan yields and deposit costs fell in tandem, with a sharper drop for loans. The industrywide yield on loans and leases tumbled 118 basis points from the second quarter of 2019, just before the most recent easing cycle began, to 4.34% in the fourth quarter of 2021. Over the same time, deposit prices fell 78 basis points to 0.11%.

For individual banks, we believe loan betas will be heavily influenced by portfolio composition, with commercial and industrial (C&I) loans tending to have loans yields that move first given their floating rate structures. Given our focus on growth oriented banks that tend to have higher C&I loan concentrations we believe our portfolio is positioned well to benefit from an increasing interest rate environment.

We believe the Emerald 10 Step Research Process has led us to be “early” in recognizing the adoption of distributed ledger technology by the banking and financial services industry and with that will come volatility. We also remain confident on our focus on this new software and its adoption because of our fundamental research process. We remain confident that the portfolio’s positioning can benefit from the inefficiencies in the sell-side research coverage of the community banking, financial tech and financial services markets as they are transformed by distributed ledger technology.

Top Contributors	Top Detractors
SUPPORT.COM INC (SPRT)	VOYAGER DIGITAL LTD (VYGVF)
LENDINGCLUB CORP (LC)	GALAXY DIGITAL HOLDINGS LTD (GLXY CN)
FINWISE BANCORP (FINW)	RIOT BLOCKCHAIN INC (RIOT)
SILVERGATE CAPITAL CORPORATION (SI)	STRONGHOLD DIGITAL MINING (SDIG)
GRAYSCALE ETHEREUM TRUST (ETHE)	GREENRIDGE GENERATION HLDG INC (GREE)
METROPOLITAN BANK HOLDING CO (MCB)	CORE SCIENTIFIC INC (CORZ)
THE BANCORP INC (TBBK)	MARATHON DIGITAL HOLDINGS INC (MARA)
INNOVATIVE INDUSTRIAL PROPER (IIPR)	SOFI TECHNOLOGIES (SOFI)
SERVISFIRST BANCSHARES INC (SFBS)	VOYAGER DIGITAL LTD (VOYG)
CUSTOMERS BANCORP INC (CUBI)	ISW HOLDINGS INC (ISWH)
Kenneth G. Mertz II, CFA	Steven E. Russell, Esq.
Chief Investment Officer	Portfolio Manager
Portfolio Manager

Emerald Mutual Fund Advisers Trust

12 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Manager Commentary

April 30, 2022 (Unaudited)

Past performance does not guarantee future results. Fund prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Fund’s prospectus. Please visit www.emeraldmutualfunds.com to obtain current performance information and for the current prospectus and statement of additional information. This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

The views of Emerald Mutual Fund Advisers Trust and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Emerald Mutual Fund Advisers Trust nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Emerald Finance & Banking Innovation Fund is distributed by ALPS Distributors, Inc.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

Diversification does not eliminate the risk of experiencing investment losses.

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly into the Index.

The Russell 2000^® Financial Services Index – is comprised of the smallest financial services companies in the Russell 3000 Index. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

SNL Small Cap Bank & Thrift Index: Includes all publicly traded (NYSE, NYSE Amex, NASDAQ, OTC BB, Pink Sheets) Banks and Thrifts in SNL's coverage universe with $250M to $1B Total Common Market Capitalization as of most recent pricing data. Source: SNL Financial, data as of April 30, 2019.

The Standard & Poor’s 500^® Index is an unmanaged index of 500 common stocks chosen for the market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index

The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios (A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.) and lower forecasted growth values. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Annual Report | April 30, 2022 13

Emerald Finance & Banking Innovation Fund Manager Commentary

April 30, 2022 (Unaudited)

TOP TEN HOLDINGS
(as a % of Net Assets)*

Finwise Bancorp	4.73%
Silvergate Capital Corp.	4.73%
Bancorp, Inc.	4.69%
Customers Bancorp, Inc.	4.60%
Coastal Financial Corp.	4.58%
Triumph Bancorp, Inc.	4.40%
Signature Bank	4.33%
Metropolitan Bank Holding Corp.	3.58%
ECN Capital Corp.	3.50%
Western Alliance Bancorp	3.35%
Top Ten Holdings	42.49%

INDUSTRY SECTOR ALLOCATION

(as a % of Net Assets)

Banks	60.67%
Investment Services	8.64%
Consumer Lending	7.24%
Open End And Misc Investment Vehicles	4.06%
Transaction Processing Services	3.17%
Computer Services	2.90%
Infrastructure Reits	2.74%
Full Line Insurance	2.27%
Closed End Investments	1.87%
Financial Data Providers	1.18%
Property And Casualty Insurance	0.84%
General Mining	0.38%
Computers	0.19%
Insurance: Multi-Line	0.11%
Cash, Cash Equivalents, & Other Net Assets	3.74%
Total	100.00%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

ANNUALIZED TOTAL RETURN (for the period ended April 30, 2022)

	1 Year*	3 Year	5 Year	10 Year	Since Inception(1)	Expense Gross(2)	Ratio Net(2)
Class A (NAV)	-30.57%	3.05%	2.12%	10.54%	8.02%	1.59%	1.59%
Class A (LOAD)	-33.87%	1.39%	1.12%	10.00%	7.81%	1.59%	1.59%
Russell 2000® Index(3)	-16.87%	6.73%	7.24%	10.06%	8.04%
Russell 2000® Financial Services Index(4)	-10.07%	4.65%	4.80%	9.93%	8.10%
Class C (NAV)	-31.05%	2.36%	1.45%	9.82%	7.84%	2.24%	2.24%
Class C (LOAD)	-31.65%	2.36%	1.45%	9.82%	7.84%	2.24%	2.24%
Russell 2000® Index(3)	-16.87%	6.73%	7.24%	10.06%	8.04%
Russell 2000® Financial Services Index(4)	-10.07%	4.65%	4.80%	9.93%	8.10%
Investor Class	-30.59%	3.01%	2.11%	10.54%	9.42%	1.63%	1.63%
Russell 2000® Index(3)	-16.87%	6.73%	7.24%	10.06%	8.04%
Russell 2000® Financial Services Index(4)	-10.07%	4.65%	4.80%	9.93%	8.10%
Institutional Class	-30.32%	3.41%	2.48%	10.92%	10.86%	1.28%	1.28%
Russell 2000® Index(3)	-16.87%	6.73%	7.24%	10.06%	8.04%
Russell 2000® Financial Services Index(4)	-10.07%	4.65%	4.80%	9.93%	8.10%

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.emeraldmutualfunds.com.

Performance shown for periods prior to March 16, 2012, reflects the performance of the Forward Banking & Finance Fund, a series of Forward Funds (as a result of a reorganization of the Forward Banking & Finance Fund into the Emerald Banking & Finance Fund).

Returns for periods less than 1 year are cumulative.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.75%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

⁽¹⁾ Inception Dates - Class A: 02/18/1997, Class C: 07/01/2000, Institutional Class: 03/19/2012, Investor Class: 03/16/2010

⁽²⁾ Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser") has agreed contractually to waive a portion of its fees and reimburse other expenses in amounts necessary to limit the Fund's operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.84%, 2.49%, 1.54% and 1.89% respectively. This agreement (the "Expense Agreement") shall continue at least through August 31, 2022. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any

14 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Manager Commentary

April 30, 2022 (Unaudited)

such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Adviser may not discontinue this waiver, prior to August 31, 2022, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

⁽³⁾ The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® is a subset of the Russell 3000^® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into an index.

⁽⁴⁾ The Russell 2000^® Financial Services Index is an additional index, and is comprised of the smallest financial services companies in the Russell 3000^® Index. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

^* Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

Important Risks

A fund that concentrates in a particular industry will involve a greater degree of risk than a fund with a more diversified portfolio. Investing in smaller companies generally will present greater investment risks, including: greater price volatility, greater sensitivity to changing economic conditions and less liquidity than the securities of larger, more mature companies.

Annual Report | April 30, 2022 15

Emerald Finance & Banking Innovation Fund Manager Commentary

April 30, 2022 (Unaudited)

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended April 30, 2022)

Comparison of change in value of a $10,000 investment (includes applicable sales loads)

 

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

16 www.emeraldmutualfunds.com

Emerald Funds Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads); and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the (six-month) period and held for the entire period November 1, 2021 through April 30, 2022.

Actual Expenses

The first line for each share class of the Fund in the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the applicable line under the heading titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example For Comparison Purposes

The second line for each share class of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line for each share class of the Fund within the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/01/21	Ending Account Value 04/30/22	Expense Ratio(a)	Expense Paid During Period 11/01/21 - 4/30/22(b)
Emerald Growth Fund
Class A
Actual	$1,000.00	$759.90	1.06%	$4.63
Hypothetical (5% return before expenses)	$1,000.00	$1,019.54	1.06%	$5.31
Class C
Actual	$1,000.00	$757.20	1.71%	$7.45
Hypothetical (5% return before expenses)	$1,000.00	$1,016.31	1.71%	$8.55
Institutional Class
Actual	$1,000.00	$761.10	0.75%	$3.27
Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	0.75%	$3.76
Investor Class
Actual	$1,000.00	$759.80	1.11%	$4.84
Hypothetical (5% return before expenses)	$1,000.00	$1,019.29	1.11%	$5.56

Annual Report | April 30, 2022 17

Emerald Funds Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

	Beginning Account Value 11/01/21	Ending Account Value 04/30/22	Expense Ratio(a)	Expense Paid During Period 11/01/21 - 4/30/22(b)
Emerald Insights Fund
Class A
Actual	$1,000.00	$798.30	1.35%	$6.02
Hypothetical (5% return before expenses)	$1,000.00	$1,018.10	1.35%	$6.76
Class C
Actual	$1,000.00	$795.70	2.00%	$8.90
Hypothetical (5% return before expenses)	$1,000.00	$1,014.88	2.00%	$9.99
Institutional Class
Actual	$1,000.00	$799.50	1.05%	$4.68
Hypothetical (5% return before expenses)	$1,000.00	$1,019.59	1.05%	$5.26
Investor Class
Actual	$1,000.00	$798.40	1.40%	$6.24
Hypothetical (5% return before expenses)	$1,000.00	$1,017.85	1.40%	$7.00
Emerald Finance & Banking Innovation Fund
Class A
Actual	$1,000.00	$566.20	1.48%	$5.75
Hypothetical (5% return before expenses)	$1,000.00	$1,017.46	1.48%	$7.40
Class C
Actual	$1,000.00	$564.20	2.07%	$8.03
Hypothetical (5% return before expenses)	$1,000.00	$1,014.53	2.07%	$10.34
Institutional Class
Actual	$1,000.00	$567.30	1.14%	$4.43
Hypothetical (5% return before expenses)	$1,000.00	$1,019.14	1.14%	$5.71
Investor Class
Actual	$1,000.00	$566.10	1.74%	$6.76
Hypothetical (5% return before expenses)	$1,000.00	$1,016.17	1.74%	$8.70

^(a) The Fund's expense ratios have been based on the Fund's most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

18 www.emeraldmutualfunds.com

Emerald Growth Fund	Schedule of Investments
	April 30, 2022

Shares			Value (Note 2)
COMMON STOCKS: 96.96%
Basic Materials: 2.49%
	329,197	Avient Corp.	$	16,209,660
	188,835	Carpenter Technology Corp.		7,209,721
				23,419,381
Consumer Discretionary: 17.88%
	402,502	Arhaus, Inc.(a)		2,885,939
	177,959	BJ's Restaurants, Inc.(a)		4,945,481
	102,774	Churchill Downs, Inc.		20,856,956
	223,194	Chuy's Holdings, Inc.(a)		5,582,082
	154,762	Cinemark Holdings, Inc.(a)		2,454,525
	877,715	Everi Holdings, Inc.(a)		15,237,132
	50,930	Five Below, Inc.(a)		8,001,103
	183,497	Jack in the Box, Inc.		15,186,212
	85,965	Lindblad Expeditions Holdings, Inc.(a)		1,316,124
	332,603	National Vision Holdings, Inc.(a)		12,522,503
	512,249	Noodles & Co.(a)		2,853,227
	329,597	Petco Health & Wellness Company(a)		6,348,038
	157,528	Planet Fitness, Inc., Class A(a)		12,606,966
	804,879	PlayAGS, Inc.(a)		5,312,201
	105,793	Portillo's, Inc.(a)		2,203,668
	292,924	SeaWorld Entertainment, Inc.(a)		19,754,795
	265,152	Sun Country Airlines Holdings, Inc.(a)		7,294,331
	339,898	Tilly's, Inc., Class A		2,997,900
	117,943	Visteon Corp.(a)		12,349,812
	149,795	YETI Holdings, Inc.(a)		7,320,482
				168,029,477
Consumer Staples: 4.48%
	194,933	Freshpet, Inc.(a)		18,196,996
	571,169	Simply Good Foods Co.(a)		23,789,189
	49,273	Zevia PBC, Class A(a)		169,499
				42,155,684
Energy: 2.83%
	84,146	Ameresco, Inc., Class A(a)		4,244,324
	137,333	Cactus, Inc.		6,857,037
	177,701	Excelerate Energy, Inc.(a)		4,799,704
	179,596	Matador Resources Co.		8,767,877
	513,997	TETRA Technologies, Inc.(a)		1,891,509
				26,560,451
Financial Services: 12.41%
	592,679	BRP Group, Inc., Class A(a)		13,702,738
	182,527	Customers Bancorp, Inc.(a)		7,678,911
	73,689	Enterprise Financial Services Corp.		3,254,843
	124,977	First Foundation, Inc.		2,776,989
	101,248	Houlihan Lokey, Inc.		8,432,946
	198,310	Live Oak Bancshares, Inc.		8,394,462
	60,210	Metropolitan Bank Holding Corp.(a)		5,361,700
	153,281	Mid Penn Bancorp, Inc.		3,959,248
	347,535	Moelis & Co., Class A		15,381,899
	59,756	OceanFirst Financial Corp.		1,119,230

Shares			Value (Note 2)
Financial Services (continued)
	498,091	Pacific Premier Bancorp, Inc.	$	15,620,134
	217,213	Palomar Holdings, Inc.(a)		11,827,248
	65,527	Silvergate Capital Corp., Class A(a)		7,664,038
	15,982	South State Corp.		1,237,646
	262,123	Trinity Capital, Inc.		4,406,288
	84,402	Triumph Bancorp, Inc.(a)		5,860,875
				116,679,195
Health Care: 20.01%
	324,026	ACADIA Pharmaceuticals, Inc.(a)		5,975,039
	463,621	Alkermes PLC(a)		13,375,466
	173,047	ANI Pharmaceuticals, Inc.(a)		5,106,617
	112,158	Arvinas, Inc.(a)		6,165,325
	181,964	AtriCure, Inc.(a)		9,449,391
	132,068	Biohaven Pharmaceutical Holding Co., Ltd.(a)		11,776,504
	338,697	Collegium Pharmaceutical, Inc.(a)		5,453,022
	115,794	Cutera, Inc.(a)		6,288,772
	689,052	DocGo, Inc.(a)		4,837,145
	828,919	Gossamer Bio, Inc.(a)		5,727,830
	111,070	Haemonetics Corp.(a)		5,627,917
	258,265	Imago Biosciences, Inc.(a)		4,222,633
	120,653	Integer Holdings Corp.(a)		9,069,486
	109,084	Karuna Therapeutics, Inc.(a)		12,158,503
	30,880	Lantheus Holdings, Inc.(a)		2,050,741
	1,923,662	MannKind Corp.(a)		6,021,062
	237,409	Merit Medical Systems, Inc.(a)		14,721,732
	361,587	NeoGenomics, Inc.(a)		3,416,997
	151,623	Pacira BioSciences, Inc.(a)		11,306,527
	126,505	Reata Pharmaceuticals, Inc., Class A(a)		3,210,697
	508,167	Replimune Group, Inc.(a)		8,521,961
	376,035	SeaSpine Holdings Corp.(a)		3,500,886
	423,827	Thorne HealthTech, Inc.(a)		2,839,641
	158,166	TransMedics Group, Inc.(a)		3,315,159
	362,429	Treace Medical Concepts, Inc.(a)		7,103,608
	12,393	Ultragenyx Pharmaceutical, Inc.(a)		876,061
	90,036	United Therapeutics Corp.(a)		15,986,792
				188,105,514
Industrials: 14.42%
	13,740	Altra Industrial Motion Corp.		535,860
	236,414	Babcock & Wilcox Enterprises, Inc.(a)		1,775,469
	148,127	Chart Industries, Inc.(a)		25,006,800
	32,863	FARO Technologies, Inc.(a)		1,126,872
	482,792	First Advantage Corp.(a)		8,381,269
	93,759	Forward Air Corp.		9,091,810
	28,890	H&E Equipment Services, Inc.		1,025,017
	265,654	Hayward Holdings, Inc.(a)		4,223,899
	59,982	Herc Holdings, Inc.		7,666,899
	352,596	HireRight Holdings Corp.(a)		6,096,385
	717,496	Kratos Defense & Security Solutions, Inc.(a)		10,884,414

Annual Report | April 30, 2022 19

Emerald Growth Fund	Schedule of Investments
	April 30, 2022

Shares			Value (Note 2)
Industrials (continued)
	216,538	Montrose Environmental Group, Inc.(a)	$	9,824,329
	80,307	NV5 Global, Inc.(a)		9,620,779
	172,976	Shift4 Payments, Inc.(a)		9,074,321
	71,409	Tetra Tech, Inc.		9,945,846
	67,979	Trex Co., Inc.(a)		3,955,698
	195,198	TriNet Group, Inc.(a)		17,314,063
				135,549,730
Producer Durables: 0.14%
	8,554	Allegiant Travel Co.(a)		1,327,495
Real Estate: 0.77%
	24,639	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		985,314
	66,884	Ryman Hospitality Properties, Inc.(a)		6,252,316
				7,237,630
Technology: 20.01%
	40,065	Ambarella, Inc.(a)		3,288,535
	144,426	Credo Technology Group Holding, Ltd.(a)		1,594,463
	60,703	Diodes, Inc.(a)		4,433,140
	67,084	Enfusion, Inc.(a)		856,663
	209,454	FormFactor, Inc.(a)		7,982,292
	78,215	II-VI, Inc.(a)		4,787,540
	81,581	Jamf Holding Corp.(a)		2,512,695
	181,863	Lattice Semiconductor Corp.(a)		8,736,698
	96,117	LiveRamp Holdings, Inc.(a)		3,010,384
	330,409	MACOM Technology Solutions Holdings, Inc.(a)		16,834,339
	225,124	MediaAlpha, Inc., Class A(a)		3,318,328
	298,242	Model N, Inc.(a)		7,706,573
	128,239	Onto Innovation, Inc.(a)		9,122,922
	180,383	Perficient, Inc.(a)		17,931,874
	346,925	Ping Identity Holding Corp.(a)		9,065,150
	243,315	Rapid7, Inc.(a)		23,241,449
	317,031	Sailpoint Technologies Holdings, Inc.(a)		20,236,089
	99,371	Semtech Corp.(a)		5,922,512
	412,619	SkyWater Technology, Inc.(a)		2,525,228
	325,070	Super Micro Computer, Inc.(a)		13,685,447
	395,438	Varonis Systems, Inc.(a)		17,082,922
	423,972	Vivid Seats, Inc.		4,184,604
				188,059,847
Telecommunications: 0.90%
	48,099	Cogent Communications Holdings, Inc.		2,813,791
	394,738	Viavi Solutions, Inc.(a)		5,660,543
				8,474,334

Shares			Value (Note 2)
Utilities: 0.62%
	345,594	Aris Water Solution, Inc.	$	5,854,362
		Total Common Stocks
		(Cost $675,503,905)		911,453,100
SHORT-TERM INVESTMENTS: 2.95%
	27,704,673	First American Government Obligations Fund 0.220% (12/31/49)		27,704,673
		Total Short-Term Investments
		(Cost $27,704,673)		27,704,673

Total Investments: 99.91%
(Cost $703,208,578)		939,157,773
Other Assets In Excess Of Liabilities: 0.09%		844,382
Net Assets: 100.00%	$	940,002,155

^(a) Non-income producing security.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry 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 industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

See Notes to Financial Statements.

20 www.emeraldmutualfunds.com

Emerald Insights Fund	Schedule of Investments
	April 30, 2022

Shares			Value (Note 2)
COMMON STOCKS: 98.08%
Basic Materials: 1.90%
	4,653	MP Materials Corp.(a)	$	177,000
	2,083	Scotts Miracle-Gro Co.		216,486
				393,486
Consumer Discretionary: 22.02%
	338	Amazon.com, Inc.(a)		840,143
	1,183	Churchill Downs, Inc.		240,078
	17,629	Cinemark Holdings, Inc.(a)		279,596
	216	Costco Wholesale Corp.		114,851
	1,743	Dick's Sporting Goods, Inc.		168,060
	19,366	Everi Holdings, Inc.(a)		336,194
	1,065	Expedia Group, Inc.(a)		186,109
	422	Home Depot, Inc.		126,769
	1,985	Hyatt Hotels Corp., Class A(a)		188,496
	913	NIKE, Inc., Class B		113,851
	16,403	Petco Health & Wellness Company(a)		315,922
	28,327	PlayAGS, Inc.(a)		186,958
	6,528	SeaWorld Entertainment, Inc.(a)		440,248
	5,793	Sun Country Airlines Holdings, Inc.(a)		159,365
	385	Tesla, Inc.(a)		335,243
	5,702	TJX Cos., Inc.		349,418
	1,416	Williams-Sonoma, Inc.		184,760
				4,566,061
Consumer Staples: 0.72%
	1,546	CVS Health Corp.		148,617
Energy: 5.88%
	4,991	Antero Resources Corp.(a)		175,683
	2,002	Cheniere Energy, Inc.		271,891
	825	Diamondback Energy, Inc.		104,140
	3,841	Excelerate Energy, Inc.(a)		103,745
	1,364	New Fortress Energy, Inc.		52,896
	5,117	Northern Oil and Gas, Inc.		127,823
	103,948	TETRA Technologies, Inc.(a)		382,529
				1,218,707
Financial Services: 3.82%
	761	Blackstone, Inc., Class A		77,295
	471	S&P Global, Inc.		177,331
	2,771	Silvergate Capital Corp., Class A(a)		324,096
	436	SVB Financial Group(a)		212,611
				791,333
Health Care: 7.83%
	1,497	Abbott Laboratories		169,910
	9,103	ACADIA Pharmaceuticals, Inc.(a)		167,859
	26,177	DocGo, Inc.(a)		183,763
	4,172	Horizon Therapeutics PLC(a)		411,192
	2,640	Integer Holdings Corp.(a)		198,449
	3,677	Reata Pharmaceuticals, Inc., Class A(a)		93,322

Shares			Value (Note 2)
Health Care (continued)
	2,246	United Therapeutics Corp.(a)	$	398,800
				1,623,295
Industrials: 16.48%
	339	Accenture PLC, Class A		101,822
	42,416	Babcock & Wilcox Enterprises, Inc.(a)		318,544
	3,513	Chart Industries, Inc.(a)		593,065
	2,008	Crown Holdings, Inc.		220,960
	13,025	First Advantage Corp.(a)		226,114
	1,863	Generac Holdings, Inc.(a)		408,705
	4,323	GXO Logistics, Inc.(a)		255,878
	12,521	Kratos Defense & Security Solutions, Inc.(a)		189,944
	2,106	MasTec, Inc.(a)		151,653
	621	PayPal Holdings, Inc.(a)		54,605
	2,076	Visa, Inc., Class A		442,458
	7,873	WillScot Mobile Mini Holdings Corp.(a)		276,342
	7,881	ZipRecruiter, Inc., Class A(a)		177,401
				3,417,491
Technology: 39.43%
	172	Adobe, Inc.(a)		68,103
	392	Alphabet, Inc., Class A(a)		894,618
	3,242	Alteryx, Inc., Class A(a)		208,136
	12,671	Apple, Inc.		1,997,583
	1,409	Crowdstrike Holdings, Inc., Class A(a)		280,053
	7,597	Ebix, Inc.		226,391
	292	HubSpot, Inc.(a)		110,794
	177	Intuit, Inc.		74,119
	473	KLA Corp.		151,010
	659	Match Group, Inc.(a)		52,160
	3,104	Meta Platforms, Inc., Class A(a)		622,259
	6,344	Microsoft Corp.		1,760,587
	489	Mongodb Inc(a)		173,561
	4,368	NVIDIA Corp.		810,133
	8,081	Pure Storage, Inc., Class A(a)		236,773
	2,228	Teradyne, Inc.		234,965
	2,619	Varonis Systems, Inc.(a)		113,141
	16,122	Vivid Seats, Inc.		159,124
				8,173,510
		Total Common Stocks
		(Cost $15,808,721)		20,332,500
SHORT-TERM INVESTMENTS: 5.08%
		First American Government Obligations Fund
	1,053,295	0.220% (12/31/49)		1,053,295
		Total Short-Term Investments
		(Cost $1,053,295)		1,053,295

Annual Report | April 30, 2022 21

Emerald Insights Fund	Schedule of Investments
	April 30, 2022

	Value
Shares	(Note 2)
Total Investments: 103.16%
(Cost $16,862,016)		21,385,795
Liabilities In Excess Of Other Assets: (3.16)%		(654,822	)
Net Assets: 100.00%	$	20,730,973

^(a) Non-income producing security.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry 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 industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

See Notes to Financial Statements.

22 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund	Schedule of Investments
	April 30, 2022

Shares			Value (Note 2)
COMMON STOCKS: 94.78%
Basic Materials: 0.38%
General Mining: 0.38%
	1,316,448	Tokens.com Corp.(a)	$	606,488
Financial Services: 85.40%
Banks: 60.67%
	62,003	Axos Financial, Inc.(a)		2,348,674
	333,322	Bancorp, Inc.(a)		7,563,076
	179,974	Coastal Financial Corp.(a)		7,386,133
	41,842	Community Heritage Financial, Inc.		1,008,392
	176,070	Customers Bancorp, Inc.(a)		7,407,265
	495,675	Finwise Bancorp(a)		7,618,525
	40,740	First Financial Bankshares, Inc.		1,628,785
	80,030	First Foundation, Inc.		1,778,267
	26,515	First Republic Bank		3,956,568
	107,294	Live Oak Bancshares, Inc.		4,541,755
	53	Mechanics Bank/Walnut Creek CA		1,338,250
	63,160	Meta Financial Group, Inc.		2,756,934
	64,755	Metropolitan Bank Holding Corp.(a)		5,766,433
	22,300	MVB Financial Corp.		893,338
	73,048	National Bank Holdings Corp.		2,666,982
	39,510	New York Community Bancorp, Inc.		365,072
	83,280	Pacific Premier Bancorp, Inc.		2,611,661
	73,480	Provident Bancorp, Inc.		1,169,802
	32,928	ServisFirst Bancshares, Inc.		2,644,777
	28,785	Signature Bank		6,973,166
	65,100	Silvergate Capital Corp., Class A(a)		7,614,096
	10,727	SVB Financial Group(a)		5,230,914
	102,000	Triumph Bancorp, Inc.(a)		7,082,880
	70,970	Western Alliance Bancorp		5,401,527
				97,753,272
Closed End Investments: 1.68%
	107,990	Newtek Business Services Corp.		2,704,070
Consumer Lending: 7.24%
	1,216,580	ECN Capital Corp.		5,647,364
	350,792	LendingClub Corp.(a)		5,349,578
	8,892	OneMain Holdings, Inc.		408,410
	20,978	SoFi Technologies, Inc.(a)		128,385
	1,750	Upstart Holdings, Inc.(a)		131,285
				11,665,022
Financial Data Providers: 1.18%
	772,040	Banxa Holdings, Inc.(a)		1,559,521
	25,078	Open Lending Corp., Class A(a)		342,064
				1,901,585
Full Line Insurance: 2.27%
	98,840	Eastern Bankshares, Inc.		1,893,775
	66,960	Trisura Group, Ltd.(a)		1,759,039
				3,652,814

Shares			Value (Note 2)
Insurance: Multi-Line: 0.11%
	3,128	Goosehead Insurance, Inc., Class A	$	179,829
Investment Services: 8.64%
	37,105	Bakkt Holdings, Inc.(a)		141,741
	11,410	Coinbase Global, Inc., Class A(a)		1,286,021
	431,020	Galaxy Digital Holdings, Ltd.(a)		4,713,635
	1,450	Intercontinental Exchange, Inc.		167,924
	191,420	Marathon Digital Holdings, Inc.(a)		2,986,152
	3,180	OTC Markets Group, Inc.		175,759
	239,130	Riot Blockchain, Inc.(a)		2,424,778
	618,737	Voyager Digital, Ltd.(a)		2,029,457
				13,925,467
Open End And Misc Investment Vehicles: 2.77%
	328,500	Blue Owl Capital, Inc.		3,919,005
	32,300	Trinity Capital, Inc.		542,963
				4,461,968
Property And Casualty Insurance: 0.84%
	6,153	Kinsale Capital Group, Inc.		1,364,058
Industrials: 3.17%
Transaction Processing Services: 3.17%
	55,020	Nuvei Corp.(a)		3,076,168
	2,159	PayPal Holdings, Inc.(a)		189,841
	31,736	Shift4 Payments, Inc.(a)		1,664,871
	1,810	Square, Inc., Class A(a)		180,167
				5,111,047
Real Estate: 2.74%
Infrastructure Reits: 2.74%
	164,638	Power REIT(a)		4,422,160
Technology: 3.09%
Computer Services: 2.90%
	788,690	Core Scientific, Inc.(a)		4,661,158
Computers: 0.19%
	8,830	NCR Corp.(a)		309,315
		Total Common Stocks
		(Cost $136,190,035)		152,718,253
MUTUAL FUNDS: 1.24%
Financial Services: 1.24%
Closed End Investments: 0.19%
	328,609	Millennium Sustainable Ventures Corp.(a)		312,178
Open End And Misc Investment Vehicles: 1.05%
	64,070	Grayscale Bitcoin Trust BTC(a)		1,690,167
		Total Mutual Funds
		(Cost $4,564,261)		2,002,345

Annual Report | April 30, 2022 23

Emerald Finance & Banking Innovation Fund	Schedule of Investments
	April 30, 2022

Shares			Value (Note 2)
Open End And Misc Investment Vehicles (continued)
RIGHTS: 0.00%
	93,600	Terawulf, Inc., Strike Price $0.00, Expiration Date 12/31/2049(b)	$	0
		Total Rights
		(Cost $0)		0
WARRANTS: 0.24%
	109,500	Blue Owl Capital, Inc., Strike Price $11.50, Expiration Date  12/31/2025		366,825
	62,749	Paysafe, Ltd., Strike Price $11.50, Expiration Date 12/31/2028		25,099
				391,924
		Total Warrants
		(Cost $437,497)		391,924
SHORT-TERM INVESTMENTS: 3.44%
		First American Government Obligations Fund
	5,535,056	0.220% (12/31/2049)		5,535,056
		Total Short-Term Investments
		(Cost $5,535,056)		5,535,056

Total Investments: 99.70%
(Cost $146,726,849)		160,647,578
Other Assets In Excess Of Liabilities: 0.30%		476,910
Net Assets: 100.00%	$	161,124,488

^(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 Note 2 to the financial statements for additional information.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry 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 industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

See Notes to Financial Statements.

24 www.emeraldmutualfunds.com

Emerald Funds	Statements of Assets and Liabilities
	April 30, 2022

	Emerald Growth Fund		Emerald Insights Fund		Emerald Finance & Banking Innovation Fund(b)
ASSETS:
Investments, at value	$	939,157,773	$	21,385,795	$	160,647,578
Receivable for investments sold		2,902,793		42,748		406,123
Receivable for shares sold		641,916		–		58,775
Receivable due from investment advisor/ administrator (Note 7)		–		–		767,069
Interest and dividends receivable		166		4,119		24,985
Other assets		12,497		7,772		358,454
Total Assets		942,715,145		21,440,434		162,262,984
LIABILITIES:
Payable for investments purchased		1,347,874		629,380		–
Payable for shares redeemed		413,396		30,312		81,997
Investment advisory fees payable		499,085		–		141,459
Payable to fund accounting and administration		90,254		9,850		–
Payable for distribution and service fees		153,352		6,224		70,743
Payable for trustee fees and expenses		34,325		–		4,692
Payable for transfer agency fees		21,776		5,729		18,750
Payable for chief compliance officer fee		5,177		97		785
Payable for principal financial officer fee		1,111		50		168
Payable for professional fees		42,205		16,680		24,074
Tax liability (Note 7)		–		–		767,069
Accrued expenses and other liabilities		104,435		11,139		28,759
Total Liabilities		2,712,990		709,461		1,138,496
NET ASSETS	$	940,002,155	$	20,730,973	$	161,124,488
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)	$	644,295,796	$	16,172,548	$	186,683,668
Total distributable earnings		295,706,359		4,558,425		(25,559,180	)
NET ASSETS	$	940,002,155	$	20,730,973	$	161,124,488
INVESTMENTS, AT COST	$	703,208,578	$	16,861,513	$	146,726,849
PRICING OF SHARES
Class A: (a)
Net Asset Value, offering and redemption price per share	$	23.23	$	15.16	$	31.99
Net Assets	$	118,082,454	$	15,515,862	$	43,447,731
Shares of beneficial interest outstanding		5,083,456		1,023,233		1,358,184
Maximum offering price per share (NAV/.9525, based on maximum sales charge of 4.75% of the offering price)	$	24.39	$	15.92	$	33.58
Class C: (a)
Net Asset Value, offering and redemption price per share	$	17.56	$	14.05	$	26.23
Net Assets	$	11,667,996	$	186,338	$	12,599,751
Shares of beneficial interest outstanding		664,340		13,258		480,293
Institutional Class:
Net Asset Value, offering and redemption price per share	$	24.88	$	15.64	$	33.38
Net Assets	$	732,429,170	$	4,339,993	$	86,195,554
Shares of beneficial interest outstanding		29,441,733		277,441		2,582,409
Investor Class:
Net Asset Value, offering and redemption price per share	$	23.05	$	15.05	$	30.03
Net Assets	$	77,822,536	$	688,780	$	18,881,452
Shares of beneficial interest outstanding		3,376,521		45,766		628,799

^(a) Redemption price per share may be reduced for any applicable contingent deferred sales charge. For a description of a possible sales charge, please see the Funds' Prospectus.

^(b) Formerly known as "Emerald Banking and Finance Fund".

See Notes to Financial Statements

Annual Report | April 30, 2022 25

Emerald Funds	Statements of Operations
	For the Year Ended April 30, 2022

	Emerald Growth Fund			Emerald Insights Fund			Emerald Finance & Banking Innovation Fund(a)
INVESTMENT INCOME:
Interest	$	13,091		$	–		$	34
Dividends		9,216,636			97,739			8,280,426
Foreign taxes withheld		–			–			(492,269	)
Total Investment Income		9,229,727			97,739			7,788,191
EXPENSES:
Investment advisory fee (Note 6)		7,926,212			172,170			2,362,502
Tax expense (Note 7)		–			–			767,069
Administration fee		582,731			25,523			116,150
Custodian fee		137,269			5,021			29,932
Professional fees		148,916			19,949			42,898
Transfer agent fee		206,313			36,820			134,948
Delegated transfer agent equivalent services fees
Class A		3,064			43			4,074
Class C		1,314			–			548
Institutional Class		1,148			–			4,523
Investor Class		687			–			5
Trustee fees and expenses		70,025			1,213			11,279
Registration/filing fees		80,173			37,432			61,125
Reports to shareholder and printing fees		316,823			7,663			32,319
Distribution and service fees
Class A		514,944			62,228			235,710
Class C		179,253			2,207			196,708
Institutional Class		500,290			1,723			3,921
Investor Class		370,983			2,693			139,541
Chief compliance officer fee		61,352			992			10,602
Principal financial officer fee		13,124			241			2,270
Other		50,492			8,766			13,418
Total expenses before waiver		11,165,113			384,684			4,169,542
Less fees waived/reimbursed by investment advisor (Note 6)		–			(85,491	)		–
Voluntary waiver by investment advisor/ administrator (Note 7)		–			–			(767,069	)
Total Net Expenses		11,165,113			299,193			3,402,473
NET INVESTMENT INCOME/(LOSS):		(1,935,386	)		(201,454	)		4,385,718
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss)		95,344,691			1,494,489			(21,209,704	)
Net realized gain on foreign currency transactions		–			–			20,480
Net change in foreign currency transactions		–			–			(2,378	)
Net change in unrealized depreciation		(418,750,378	)		(4,303,855	)		(67,610,909	)
NET REALIZED AND UNREALIZED LOSS		(323,405,687	)		(2,809,366	)		(88,802,511	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(325,341,073	)	$	(3,010,820	)	$	(84,416,793	)

^(a) Formerly known as "Emerald Banking and Finance Fund".

See Notes to Financial Statements.

26 www.emeraldmutualfunds.com

Emerald Growth Fund Statements of Changes in Net Assets

	Year Ended April 30, 2022			Year Ended April 30, 2021
OPERATIONS:
Net investment loss	$	(1,935,386	)	$	(6,852,765	)
Net realized gain		95,344,691			296,899,426
Net change in unrealized appreciation/(depreciation)		(418,750,378	)		444,268,855
Net increase/(decrease) in net assets resulting from operations		(325,341,073	)		734,315,516
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
Total distributable earnings
Class A		(23,904,012	)		(13,666,137	)
Class C		(3,479,389	)		(2,194,199	)
Institutional Class		(178,975,365	)		(96,602,401	)
Investor Class		(15,399,326	)		(8,118,942	)
Net decrease in net assets from distributions		(221,758,092	)		(120,581,679	)
SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		20,191,882			19,352,881
Issued to shareholders in reinvestment of distributions		22,113,206			12,626,754
Cost of shares redeemed		(32,742,489	)		(69,910,425	)
Net increase/(decrease) from share transactions		9,562,599			(37,930,790	)
Class C
Proceeds from sale of shares		316,410			864,961
Issued to shareholders in reinvestment of distributions		3,348,849			2,054,599
Cost of shares redeemed		(6,820,334	)		(6,483,354	)
Net decrease from share transactions		(3,155,075	)		(3,563,794	)
Institutional Class
Proceeds from sale of shares		195,678,848			274,404,200
Issued to shareholders in reinvestment of distributions		158,489,487			85,932,473
Cost of shares redeemed		(556,769,026	)		(341,152,693	)
Net increase/(decrease) from share transactions		(202,600,691	)		19,183,980
Investor Class
Proceeds from sale of shares		34,586,631			31,009,012
Issued to shareholders in reinvestment of distributions		4,618,024			2,575,557
Cost of shares redeemed		(25,770,258	)		(51,437,226	)
Net increase/(decrease) from share transactions		13,434,397			(17,852,657	)
Net increase/(decrease) in net assets	$	(729,857,935	)	$	573,570,576
NET ASSETS:
Beginning of year		1,669,860,090			1,096,289,514
End of year	$	940,002,155		$	1,669,860,090

Annual Report | April 30, 2022 27

Emerald Growth Fund Statements of Changes in Net Assets

	Year Ended April 30, 2022			Year Ended April 30, 2021
Other Information:
SHARE TRANSACTIONS:
Class A
Sold		684,027			605,025
Distributions reinvested		795,438			378,160
Redeemed		(1,034,418	)		(2,187,314	)
Net increase/(decrease) in shares outstanding		445,047			(1,204,129	)
Class C
Sold		13,236			32,566
Distributions reinvested		158,939			76,578
Redeemed		(279,539	)		(256,636	)
Net decrease in shares outstanding		(107,364	)		(147,492	)
Institutional Class
Sold		5,988,600			8,102,545
Distributions reinvested		5,329,169			2,439,877
Redeemed		(17,774,501	)		(10,344,813	)
Net increase/(decrease) in shares outstanding		(6,456,732	)		197,609
Investor Class
Sold		1,194,440			970,483
Distributions reinvested		167,380			77,600
Redeemed		(850,121	)		(1,702,349	)
Net increase/(decrease) in shares outstanding		511,699			(654,266	)

See Notes to Financial Statements. 

28 www.emeraldmutualfunds.com

Emerald Insights Fund Statements of Changes in Net Assets

	Year Ended April 30, 2022			Year Ended April 30, 2021
OPERATIONS:
Net investment loss	$	(201,454	)	$	(141,030	)
Net realized gain		1,494,489			3,762,905
Net change in unrealized appreciation/(depreciation)		(4,303,855	)		6,280,656
Net increase/(decrease) in net assets resulting from operations		(3,010,820	)		9,902,531
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
Total distributable earnings
Class A		(2,504,146	)		(1,316,553	)
Class C		(32,544	)		(19,060	)
Institutional Class		(604,189	)		(242,920	)
Investor Class		(122,300	)		(39,637	)
Net decrease in net assets from distributions		(3,263,179	)		(1,618,170	)
SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		2,327,320			618,119
Issued to shareholders in reinvestment of distributions		2,497,342			1,312,730
Cost of shares redeemed		(2,196,743	)		(1,327,067	)
Net increase from share transactions		2,627,919			603,782
Class C
Proceeds from sale of shares		20,300			5,190
Issued to shareholders in reinvestment of distributions		30,932			19,060
Cost of shares redeemed		(50,562	)		(8,947	)
Net increase from share transactions		670			15,303
Institutional Class
Proceeds from sale of shares		1,740,617			948,567
Issued to shareholders in reinvestment of distributions		604,183			242,920
Cost of shares redeemed		(413,500	)		(148,881	)
Net increase from share transactions		1,931,300			1,042,606
Investor Class
Proceeds from sale of shares		462,152			145,128
Issued to shareholders in reinvestment of distributions		120,559			39,637
Cost of shares redeemed		(297,384	)		(19,070	)
Net increase from share transactions		285,327			165,695
Net increase/(decrease) in net assets	$	(1,428,783	)	$	10,111,747
NET ASSETS:
Beginning of year		22,159,756			12,048,009
End of year	$	20,730,973		$	22,159,756

Annual Report | April 30, 2022 29

Emerald Insights Fund Statements of Changes in Net Assets

	Year Ended April 30, 2022			Year Ended April 30, 2021
Other Information:
SHARE TRANSACTIONS:
Class A
Sold		124,550			36,650
Distributions reinvested		140,695			77,630
Redeemed		(115,084	)		(79,668	)
Net increase in shares outstanding		150,161			34,612
Class C
Sold		1,041			408
Distributions reinvested		1,875			1,193
Redeemed		(2,602	)		(564	)
Net increase in shares outstanding		314			1,037
Institutional Class
Sold		90,128			54,085
Distributions reinvested		33,033			14,042
Redeemed		(22,713	)		(9,331	)
Net increase in shares outstanding		100,448			58,796
Investor Class
Sold		22,270			7,913
Distributions reinvested		6,841			2,358
Redeemed		(15,130	)		(1,166	)
Net increase in shares outstanding		13,981			9,105

See Notes to Financial Statements.

30 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund^(a) Statements of Changes in Net Assets

	Year Ended April 30, 2022			Year Ended April 30, 2021
OPERATIONS:
Net investment income	$	4,385,718		$	320,341
Net realized gain/(loss)		(21,209,704	)		39,052,840
Net realized gain/(loss) on foreign currency transactions		20,480			(813	)
Net change in unrealized appreciation/(depreciation)		(67,610,909	)		84,018,127
Net change in foreign currency transactions		(2,378	)		–
Net increase/(decrease) in net assets resulting from operations		(84,416,793	)		123,390,495
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
From return of capital
Class A		(1,176,630	)		–
Class C		(368,003	)		–
Institutional Class		(2,052,634	)		–
Investor Class		(837,189	)		–
Total distributable earnings
Class A		(6,656,984	)		–
Class C		(2,082,039	)		–
Institutional Class		(11,613,121	)		–
Investor Class		(4,736,535	)		–
Net decrease in net assets from distributions		(29,523,135	)		–
SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		20,893,694			19,739,265
Issued to shareholders in reinvestment of distributions		6,492,436			–
Cost of shares redeemed		(23,635,651	)		(28,351,210	)
Net increase/(decrease) from share transactions		3,750,479			(8,611,945	)
Class C
Proceeds from sale of shares		2,898,795			1,144,104
Issued to shareholders in reinvestment of distributions		2,208,485			–
Cost of shares redeemed		(6,619,462	)		(9,871,670	)
Net decrease from share transactions		(1,512,182	)		(8,727,566	)
Institutional Class
Proceeds from sale of shares		69,535,231			56,961,177
Issued to shareholders in reinvestment of distributions		12,582,299			–
Cost of shares redeemed		(75,313,683	)		(45,515,680	)
Net increase from share transactions		6,803,847			11,445,497
Investor Class
Proceeds from sale of shares		65,750,525			18,972,772
Issued to shareholders in reinvestment of distributions		5,226,660			–
Cost of shares redeemed		(62,093,741	)		(16,898,004	)
Net increase from share transactions		8,883,444			2,074,768
Net increase/(decrease) in net assets	$	(96,014,340	)	$	119,571,249
NET ASSETS:
Beginning of year		257,138,828			137,567,579
End of year	$	161,124,488		$	257,138,828

Annual Report | April 30, 2022 31

Emerald Finance & Banking Innovation Fund^(a) Statements of Changes in Net Assets

	Year Ended April 30, 2022			Year Ended April 30, 2021
Other Information:
SHARE TRANSACTIONS:
Class A
Sold		378,407			461,760
Distributions reinvested		137,931			–
Redeemed		(492,199	)		(784,736	)
Net increase/(decrease) in shares outstanding		24,139			(322,976	)
Class C
Sold		64,998			33,095
Distributions reinvested		57,051			–
Redeemed		(159,539	)		(382,608	)
Net decrease in shares outstanding		(37,490	)		(349,513	)
Institutional Class
Sold		1,375,123			1,239,715
Distributions reinvested		256,573			–
Redeemed		(1,569,146	)		(1,565,944	)
Net increase/(decrease) in shares outstanding		62,550			(326,229	)
Investor Class
Sold		1,144,497			413,529
Distributions reinvested		118,278			–
Redeemed		(1,272,787	)		(489,082	)
Net decrease in shares outstanding		(10,012	)		(75,553	)

^(a) Formerly known as "Emerald Banking and Finance Fund".

See Notes to Financial Statements.

32 www.emeraldmutualfunds.com

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

	CLASS A
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	36.29		$	23.06		$	26.00		$	25.99		$	21.83
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.12	)		(0.22	)		(0.16	)		(0.13	)		(0.16	)
Net realized and unrealized gain/(loss) on investments		(7.38	)		16.30			(2.40	)		2.61			4.32
Total from Investment Operations		(7.50	)		16.08			(2.56	)		2.48			4.16
LESS DISTRIBUTIONS:
From capital gains		(5.56	)		(2.85	)		(0.38	)		(2.47	)		–
Total Distributions		(5.56	)		(2.85	)		(0.38	)		(2.47	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(13.06	)		13.23			(2.94	)		0.01			4.16
NET ASSET VALUE, END OF PERIOD	$	23.23		$	36.29		$	23.06		$	26.00		$	25.99
TOTAL RETURN(b)		(23.19	)%		70.77	%		(10.00	)%		11.79	%		19.06	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	118,082		$	168,322		$	134,755		$	188,883		$	239,316
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.39	)%		(0.72	)%		(0.64	)%		(0.50	)%		(0.64	)%
Operating expenses excluding reimbursement/waiver		1.03	%		1.01	%		1.02	%		1.01	%		1.03	%
Operating expenses including reimbursement/waiver		1.03	%		1.01	%		1.02	%		1.01	%		1.03	%
PORTFOLIO TURNOVER RATE		38	%		66	%		48	%		64	%		66	%

^(a) Per share amounts are based upon average shares outstanding.

^(b) Total return does not reflect the effect of sales charges.

See Notes to Financial Statements.

Annual Report | April 30, 2022 33

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

	CLASS C
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	29.09		$	18.97		$	21.59		$	22.18		$	18.75
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.26	)		(0.35	)		(0.27	)		(0.26	)		(0.27	)
Net realized and unrealized gain/(loss) on investments		(5.71	)		13.32			(1.97	)		2.14			3.70
Total from Investment Operations		(5.97	)		12.97			(2.24	)		1.88			3.43
LESS DISTRIBUTIONS:
From capital gains		(5.56	)		(2.85	)		(0.38	)		(2.47	)		–
Total Distributions		(5.56	)		(2.85	)		(0.38	)		(2.47	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(11.53	)		10.12			(2.62	)		(0.59	)		3.43
NET ASSET VALUE, END OF PERIOD	$	17.56		$	29.09		$	18.97		$	21.59		$	22.18
TOTAL RETURN(b)		(23.71	)%		69.60	%		(10.57	)%		11.08	%		18.29	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	11,668		$	22,447		$	17,434		$	29,975		$	33,197
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(1.02	)%		(1.37	)%		(1.29	)%		(1.15	)%		(1.30	)%
Operating expenses excluding reimbursement/waiver		1.68	%		1.66	%		1.68	%		1.66	%		1.68	%
Operating expenses including reimbursement/waiver		1.68	%		1.66	%		1.68	%		1.66	%		1.68	%
PORTFOLIO TURNOVER RATE		38	%		66	%		48	%		64	%		66	%

^(a) Per share amounts are based upon average shares outstanding.

^(b) Total return does not reflect the effect of sales charges.

See Notes to Financial Statements.

34 www.emeraldmutualfunds.com

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

	INSTITUTIONAL CLASS
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	38.32		$	24.18		$	27.16		$	26.94		$	22.56
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)(a)		(0.02	)		(0.13	)		(0.08	)		(0.05	)		(0.09	)
Net realized and unrealized gain/(loss) on investments		(7.86	)		17.12			(2.52	)		2.74			4.47
Total from Investment Operations		(7.88	)		16.99			(2.60	)		2.69			4.38
LESS DISTRIBUTIONS:
From capital gains		(5.56	)		(2.85	)		(0.38	)		(2.47	)		–
Total Distributions		(5.56	)		(2.85	)		(0.38	)		(2.47	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(13.44	)		14.14			(2.98	)		0.22			4.38
NET ASSET VALUE, END OF PERIOD	$	24.88		$	38.32		$	24.18		$	27.16		$	26.94
TOTAL RETURN		(22.94	)%		71.27	%		(9.72	)%		12.17	%		19.41	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	732,429		$	1,375,765		$	863,360		$	1,050,538		$	839,076
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		(0.06	)5%		(0.41	)%		(0.32	)%		(0.18	)%		(0.33	)%
Operating expenses excluding reimbursement/waiver		0.72	%		0.70	%		0.70	%		0.69	%		0.72	%
Operating expenses including reimbursement/waiver		0.72	%		0.70	%		0.70	%		0.69	%		0.72	%
PORTFOLIO TURNOVER RATE		38	%		66	%		48	%		64	%		66	%

^(a) Per share amounts are based upon average shares outstanding.

See Notes to Financial Statements.

Annual Report | April 30, 2022 35

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

	INVESTOR CLASS
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	36.07		$	22.94		$	25.88		$	25.88		$	21.75
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.14	)		(0.23	)		(0.17	)		(0.14	)		(0.17	)
Net realized and unrealized gain/(loss) on investments		(7.32	)		16.21			(2.39	)		2.61			4.30
Total from Investment Operations		(7.46	)		15.98			(2.56	)		2.47			4.13
LESS DISTRIBUTIONS:
From capital gains		(5.56	)		(2.85	)		(0.38	)		(2.47	)		–
Total Distributions		(5.56	)		(2.85	)		(0.38	)		(2.47	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(13.02	)		13.13			(2.94	)		0.00			4.13
NET ASSET VALUE, END OF PERIOD	$	23.05		$	36.07		$	22.94		$	25.88		$	25.88
TOTAL RETURN		(23.22	)%		70.71	%		(10.05	)%		11.81	%		18.99	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	77,823		$	103,326		$	80,740		$	104,403		$	107,629
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.44	)%		(0.75	)%		(0.68	)%		(0.53	)%		(0.68	)%
Operating expenses excluding reimbursement/waiver		1.07	%		1.05	%		1.06	%		1.04	%		1.07	%
Operating expenses including reimbursement/waiver		1.07	%		1.05	%		1.06	%		1.04	%		1.07	%
PORTFOLIO TURNOVER RATE		38	%		66	%		48	%		64	%		66	%

^(a) Per share amounts are based upon average shares outstanding.

See Notes to Financial Statements.

36 www.emeraldmutualfunds.com

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

	CLASS A
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	20.18		$	12.13		$	11.51		$	13.09		$	11.33
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.18	)		(0.14	)		(0.10	)		(0.09	)		(0.07	)
Net realized and unrealized gain/(loss) on investments		(1.98	)		9.80			0.72			1.04			1.83
Total from Investment Operations		(2.16	)		9.66			0.62			0.95			1.76
LESS DISTRIBUTIONS:
From capital gains		(2.86	)		(1.61	)		0.00	(b)		(2.53	)		–
Total Distributions		(2.86	)		(1.61	)		–			(2.53	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(5.02	)		8.05			0.62			(1.58	)		1.76
NET ASSET VALUE, END OF PERIOD	$	15.16		$	20.18		$	12.13		$	11.51		$	13.09
TOTAL RETURN(c)		(12.78	%)		82.17	%		5.43	%		11.53	%		15.53	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	15,516		$	17,618		$	10,174		$	9,397		$	9,321
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.92	%)		(0.86	%)		(0.83	%)		(0.71	%)		(0.58	%)
Operating expenses excluding reimbursement/waiver		1.73	%		1.92	%		2.25	%		2.18	%		2.10	%
Operating expenses including reimbursement/waiver		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
PORTFOLIO TURNOVER RATE		70	%		89	%		94	%		63	%		138	%

^(a) Per share amounts are based upon average shares outstanding.

^(b) Less than $(0.005) per share.

^(c) Total return does not reflect the effect of sales charges.

See Notes to Financial Statements.

Annual Report | April 30, 2022 37

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

	CLASS C
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	19.02		$	11.57		$	11.04		$	12.75		$	11.11
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.28	)		(0.24	)		(0.16	)		(0.16	)		(0.15	)
Net realized and unrealized gain/(loss) on investments		(1.83	)		9.30			0.69			0.98			1.79
Total from Investment Operations		(2.11	)		9.06			0.53			0.82			1.64
LESS DISTRIBUTIONS:
From capital gains		(2.86	)		(1.61	)		0.00	(b)		(2.53	)		–
Total Distributions		(2.86	)		(1.61	)		–			(2.53	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(4.97	)		7.45			0.53			(1.71	)		1.64
NET ASSET VALUE, END OF PERIOD	$	14.05		$	19.02		$	11.57		$	11.04		$	12.75
TOTAL RETURN(c)		(13.32	%)		80.92	%		4.84	%		10.75	%		14.76	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	186		$	246		$	138		$	141		$	129
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(1.58	%)		(1.51	%)		(1.48	%)		(1.36	%)		(1.24	%)
Operating expenses excluding reimbursement/waiver		2.38	%		2.57	%		2.90	%		2.84	%		2.75	%
Operating expenses including reimbursement/waiver		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%
PORTFOLIO TURNOVER RATE		70	%		89	%		94	%		63	%		138	%

^(a) Per share amounts are based upon average shares outstanding.

^(b) Less than $(0.005) per share.

^(c) Total return does not reflect the effect of sales charges.

See Notes to Financial Statements.

38 www.emeraldmutualfunds.com

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

	INSTITUTIONAL CLASS
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	20.67		$	12.37		$	11.69		$	13.22		$	11.41
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.12	)		(0.10	)		(0.06	)		(0.05	)		(0.04	)
Net realized and unrealized gain/(loss) on investments		(2.05	)		10.01			0.74			1.05			1.85
Total from Investment Operations		(2.17	)		9.91			0.68			1.00			1.81
LESS DISTRIBUTIONS:
From capital gains		(2.86	)		(1.61	)		0.00	(b)		(2.53	)		–
Total Distributions		(2.86	)		(1.61	)		–			(2.53	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(5.03	)		8.30			0.68			(1.53	)		1.81
NET ASSET VALUE, END OF PERIOD	$	15.64		$	20.67		$	12.37		$	11.69		$	13.22
TOTAL RETURN		(12.51	%)		82.62	%		5.85	%		11.81	%		15.86	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	4,340		$	3,658		$	1,462		$	1,383		$	1,228
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.62	%)		(0.57	%)		(0.53	%)		(0.41	%)		(0.29	%)
Operating expenses excluding reimbursement/waiver		1.42	%		1.60	%		1.93	%		1.87	%		1.77	%
Operating expenses including reimbursement/waiver		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
PORTFOLIO TURNOVER RATE		70	%		89	%		94	%		63	%		138	%

^(a) Per share amounts are based upon average shares outstanding.

^(b) Less than $(0.005) per share.

See Notes to Financial Statements.

Annual Report | April 30, 2022 39

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

	INVESTOR CLASS
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	20.06		$	12.07		$	11.45		$	13.05		$	11.29
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.18	)		(0.15	)		(0.09	)		(0.10	)		(0.08	)
Net realized and unrealized gain/(loss) on investments		(1.97	)		9.75			0.71			1.03			1.84
Total from Investment Operations		(2.15	)		9.60			0.62			0.93			1.76
LESS DISTRIBUTIONS:
From capital gains		(2.86	)		(1.61	)		0.00	(b)		(2.53	)		–
Total Distributions		(2.86	)		(1.61	)		–			(2.53	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(5.01	)		7.99			0.62			(1.60	)		1.76
NET ASSET VALUE, END OF PERIOD	$	15.05		$	20.06		$	12.07		$	11.45		$	13.05
TOTAL RETURN		(12.80	%)		82.08	%		5.45	%		11.41	%		15.59	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	689		$	638		$	274		$	174		$	126
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.97	%)		(0.91	%)		(0.82	%)		(0.77	%)		(0.65	%)
Operating expenses excluding reimbursement/waiver		1.71	%		1.86	%		2.17	%		2.08	%		2.07	%
Operating expenses including reimbursement/waiver		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
PORTFOLIO TURNOVER RATE		70	%		89	%		94	%		63	%		138	%

^(a) Per share amounts are based upon average shares outstanding.

^(b) Less than $(0.005) per share.

See Notes to Financial Statements.

40 www.emeraldmutualfunds.com

Emerald Finance
& Banking Innovation Fund^(a) Financial Highlights

For a share outstanding throughout the years presented

	CLASS A
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	51.56		$	22.89		$	32.71		$	46.01		$	41.61
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)(a)		0.84			0.06			(0.03	)		(0.24	)		(0.29	)
Net realized and unrealized gain/(loss) on investments		(14.81	)		28.61			(9.79	)		(5.35	)		5.98
Total from Investment Operations		(13.97	)		28.67			(9.82	)		(5.59	)		5.69
LESS DISTRIBUTIONS:
From investment income		(3.37	)		–			–			–			–
From capital gains		(1.37	)		–			–			(7.71	)		(1.29	)
Tax return of capital		(0.86	)		–			–			–			–
Total Distributions		(5.60	)		–			–			(7.71	)		(1.29	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(19.57	)		28.67			(9.82	)		(13.30	)		4.40
NET ASSET VALUE, END OF PERIOD	$	31.99		$	51.56		$	22.89		$	32.71		$	46.01
TOTAL RETURN(b)		(30.58	)%		125.21	%		(30.02	)%		(10.65	)%		13.59	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	43,448		$	68,778		$	37,933		$	87,267		$	172,338
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		1.70	%		0.18	%		(0.10	)%		(0.58	)%		(0.65	)%
Operating expenses excluding reimbursement/waiver		1.78	%		1.53	%		1.48	%		1.42	%		1.41	%
Operating expenses including reimbursement/waiver		1.48	%		1.53	%		1.48	%		1.42	%		1.41	%
PORTFOLIO TURNOVER RATE		94	%		171	%		46	%		55	%		62	%

^(q) Formerly known as "Emerald Banking and Finance Fund".

^(b) Per share amounts are based upon average shares outstanding.

^(c) Total return does not reflect the effect of sales charges.

See Notes to Financial Statements.

Annual Report | April 30, 2022 41

Emerald Finance
& Banking Innovation Fund(a)	Financial Highlights

For a share outstanding throughout the years presented

	CLASS C
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	43.35		$	19.38		$	27.87		$	40.83		$	37.29
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)(a)		0.40			(0.11	)		(0.20	)		(0.44	)		(0.51	)
Net realized and unrealized gain/(loss) on investments		(12.11	)		24.08			(8.29	)		(4.81	)		5.34
Total from Investment Operations		(11.71	)		23.97			(8.49	)		(5.25	)		4.83
LESS DISTRIBUTIONS:
From investment income		(3.27	)		–			–			–			–
From capital gains		(1.37	)		–			–			(7.71	)		(1.29	)
Tax return of capital		(0.77	)		–			–			–			–
Total Distributions		(5.41	)		–			–			(7.71	)		(1.29	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(17.12	)		23.97			(8.49	)		(12.96	)		3.54
NET ASSET VALUE, END OF PERIOD	$	26.23		$	43.35		$	19.38		$	27.87		$	40.83
TOTAL RETURN(b)		(31.05	)%		123.68	%		(30.46	)%		(11.21	)%		12.85	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	12,600		$	22,447		$	16,804		$	50,079		$	78,988
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		0.98	%		(0.40	)%		(0.73	)%		(1.23	)%		(1.30	)%
Operating expenses excluding reimbursement/waiver		2.43	%		2.18	%		2.13	%		2.07	%		2.06	%
Operating expenses including reimbursement/waiver		2.13	%		2.18	%		2.13	%		2.07	%		2.06	%
PORTFOLIO TURNOVER RATE		94	%		171	%		46	%		55	%		62	%

^(q) Formerly known as "Emerald Banking and Finance Fund".

^(b) Per share amounts are based upon average shares outstanding.

^(c) Total return does not reflect the effect of sales charges.

See Notes to Financial Statements.

42 www.emeraldmutualfunds.com

Emerald Finance
& Banking Innovation Fund(a)	Financial Highlights

For a share outstanding throughout the years presented

	INSTITUTIONAL CLASS
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	53.48		$	23.67		$	33.70		$	46.95		$	42.30
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)(a)		1.00			0.14			0.09			(0.09	)		(0.15	)
Net realized and unrealized gain/(loss) on investments		(15.39	)		29.67			(10.12	)		(5.45	)		6.09
Total from Investment Operations		(14.39	)		29.81			(10.03	)		(5.54	)		5.94
LESS DISTRIBUTIONS:
From investment income		(3.53	)		–			–			–			–
From capital gains		(1.37	)		–			–			(7.71	)		(1.29	)
Tax return of capital		(0.81	)		–			–			–			–
Total Distributions		(5.71	)		–			–			(7.71	)		(1.29	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(20.10	)		29.81			(10.03	)		(13.25	)		4.65
NET ASSET VALUE, END OF PERIOD	$	33.38		$	53.48		$	23.67		$	33.70		$	46.95
TOTAL RETURN		(30.32	)%		125.94	%		(29.76	)%		(10.30	)%		13.97	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	86,196		$	134,767		$	67,358		$	162,910		$	221,638
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		1.95	%		0.39	%		0.28	%		(0.23	)%		(0.34	)%
Operating expenses excluding reimbursement/waiver		1.44	%		1.18	%		1.13	%		1.06	%		1.09	%
Operating expenses including reimbursement/waiver		1.13	%		1.18	%		1.13	%		1.06	%		1.09	%
PORTFOLIO TURNOVER RATE		94	%		171	%		46	%		55	%		62	%

^(q) Formerly known as "Emerald Banking and Finance Fund".

^(b) Per share amounts are based upon average shares outstanding.

See Notes to Financial Statements.

Annual Report | April 30, 2022 43

Emerald Finance
& Banking Innovation Fund(a)	Financial Highlights

For a share outstanding throughout the years presented

	INVESTOR CLASS
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	48.76		$	21.66		$	30.96		$	44.05		$	39.86
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)(a)		0.73			0.03			(0.04	)		(0.23	)		(0.25	)
Net realized and unrealized gain/(loss) on investments		(13.85	)		27.07			(9.26	)		(5.15	)		5.73
Total from Investment Operations		(13.12	)		27.10			(9.30	)		(5.38	)		5.48
LESS DISTRIBUTIONS:
From investment income		(3.10	)		–			–			–			–
From capital gains		(1.37	)		–			–			(7.71	)		(1.29	)
Tax return of capital		(1.14	)		–			–			–			–
Total Distributions		(5.61	)		–			–			(7.71	)		(1.29	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(18.73	)		27.10			(9.30	)		(13.09	)		4.19
NET ASSET VALUE, END OF PERIOD	$	30.03		$	48.76		$	21.66		$	30.96		$	44.05
TOTAL RETURN		(30.60	)%		125.07	%		(30.04	)%		(10.64	)%		13.67	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	18,881		$	31,147		$	15,472		$	41,410		$	71,236
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		1.53	%		0.11	%		(0.12	)%		(0.60	)%		(0.60	)%
Operating expenses excluding reimbursement/waiver		1.81	%		1.56	%		1.51	%		1.43	%		1.37	%
Operating expenses including reimbursement/waiver		1.51	%		1.56	%		1.51	%		1.43	%		1.37	%
PORTFOLIO TURNOVER RATE		94	%		171	%		46	%		55	%		62	%

(q)	Formerly known as "Emerald Banking and Finance Fund".
(b)	Per share amounts are based upon average shares outstanding.

See Notes to Financial Statements.

44 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements

April 30, 2022

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 (the “1940 Act”). The Trust consists of multiple separate portfolios or series. This annual report describes the Emerald Growth Fund, Emerald Insights Fund, and Emerald Finance & Banking Innovation Fund (formerly known as "Emerald Banking and Finance Fund") (each a “Fund” and collectively, the “Funds”).

The Emerald Growth Fund and Emerald Insights Fund seek to achieve long-term growth through capital appreciation. The Emerald Finance & Banking Innovation Fund seeks to achieve long-term growth through capital appreciation with income as a secondary objective.

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 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 business 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.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees of the Trust (the “Board” or the “Trustees”), which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers–dealers that make a market in the security.

Equity securities that are primarily traded on foreign securities exchanges are valued at the preceding closing values of such securities on their respective exchanges, except when an occurrence subsequent to the time a value was so established is likely to have changed such value. In such an event, the fair values 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.

When such prices or quotations are not available, or when Emerald Mutual Fund Advisers Trust, (the “Adviser”), believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

Fair Value Measurements: A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. 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 are inputs that 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 are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

Annual Report | April 30, 2022 45

Emerald Funds Notes to Financial Statements

April 30, 2022

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 input used to value the Funds as of April 30, 2022:

Investments in Securities at Value(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Growth Fund
Common Stocks	$	911,453,100	$	–	$	–	$	911,453,100
Short-Term Investments		27,704,673		–		–		27,704,673
TOTAL	$	939,157,773	$	–	$	–	$	939,157,773

Investments in Securities at Value(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Insights Fund
Common Stocks	$	20,332,500	$	–	$	–	$	20,332,500
Short-Term Investments		1,053,295		–		–		1,053,295
TOTAL	$	21,385,795	$	–	$	–	$	21,385,795

Investments in Securities at Value(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs			Total
Emerald Finance & Banking Innovation Fund
Common Stocks	$	–	$	–	$	–		$	–
Banks	$	96,415,022	$	1,338,250	$	–		$	97,753,272
Other		54,964,981		–		–			54,964,981
Rights		–		–		–	(b)		–
Mutual Funds		2,002,345		–		–			2,002,345
Short-Term Investments		5,535,056		–		–			5,535,056
Warrants		391,924		–		–			391,924
TOTAL	$	159,309,328	$	1,338,250	$	–		$	160,647,578

^(a) For detailed descriptions of sector and industry, see the accompanying Schedule of Investments.

^(b) Value is $ 0.00.

46 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements

April 30, 2022

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Rights		Total
Balance as of April 30, 2021	$	–	$	–
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 April 30, 2022	$	–	$	–
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2022	$	–	$	–

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 basis, which is the same basis the Funds use for federal income tax purposes. Interest income, which includes accretion of discounts, 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.

Real Estate Investment Trusts (“REITs”): The Funds may invest a portion of their assets in REITs and are subject to certain risks associated with direct investment in REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Code”), or its failure to maintain exemption from registration under the 1940 Act. A Fund’s investments in REITs may result in such Fund’s receipt of cash in excess of the REITs’ earnings. If the Fund receives such distributions all or a portion of these distributions will constitute a return of capital to such Fund. Receiving a return of capital distribution from REITs will reduce the amount of income available to be distributed to Fund shareholders. Income from REITs generally will not be eligible for treatment as qualified dividend income. As the final character of the distributions is not known until reported by the REITs on their 1099s, the Funds utilize an average of the prior year’s reallocation information as an estimate for the current year character of distributions.

Trust Expenses: Some expenses of the Trust can be directly attributed to the Funds. Expenses which cannot be directly attributed to the Funds are apportioned among all funds in the Trust based on average net assets of each fund.

Fund and Class Expenses: Expenses that are specific to a Fund or class of shares of a Fund, including distribution fees (Rule 12b-1 fees) and shareholder servicing fees, are charged directly to that Fund or share class. All expenses of a Fund, other than class specific expenses, are allocated daily to each class in proportion to its average daily net assets. Expenses that are common to the Funds generally are allocated among the Funds in proportion to their average daily net assets.

Federal Income Taxes: Each Fund complies with the requirements under Subchapter M of the Code, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that the Funds will not be subject to excise tax on undistributed income and gains. The Funds are not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

During the year ended April 30, 2022, Emerald Finance and Banking Innovation Fund was initially unable to satisfy the requirement that a Regulated Investment Company (RIC) must derive at least 90% of its annual gross income from qualifying income pursuant to Internal Revenue Code Section 851(b)(2). Therefore in accordance with IRC Section 851(i), the fund incurred a tax payment of $767,069 to satisfy the requirement.

Annual Report | April 30, 2022 47

Emerald Funds Notes to Financial Statements

April 30, 2022

Distributions to Shareholders: Each Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from dividends and other income each Fund receives from its investments, including short-term capital gains. Long term capital gain distributions are derived from gains realized when each Fund sells a security it has owned for more than a year. Each Fund may make additional distributions and dividends at other times if the portfolio manager believes doing so may be necessary for each Fund to avoid or reduce taxes.

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.

3. TAX BASIS INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily attributable to redemption in kind transactions. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period.

	Distributable earnings			Paid-in Capital
Emerald Growth Fund	$	(27,998,321	)	$	27,998,321
Emerald Insights Fund		–			–
Emerald Finance & Banking Innovation Fund		–			–

Tax Basis of Investments: As of April 30, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for Federal tax purposes was as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Appreciation/ (Depreciation) of Foreign Currency and Derivatives			Net Unrealized Appreciation/ (Depreciation)		Cost of Investments for Income Tax Purposes
Emerald Growth Fund	$	294,331,952	$	(63,032,527	)	$	–		$	231,299,425	$	707,858,348
Emerald Insights Fund		5,693,443		(1,397,198	)		–			4,296,245		17,089,550
Emerald Finance & Banking Innovation Fund		34,872,995		(26,556,387	)		(2	)		8,316,606		152,330,970

Components of Distributable Earnings: As of April 30, 2022, components of distributable earnings were as follows:

	Emerald Growth Fund			Emerald Insights Fund			Emerald Finance & Banking Innovation Fund
Accumulated capital gains		66,342,320			910,571			–
Net unrealized appreciation on investments		231,299,425			4,296,245			8,316,606
Other cumulative effect of timing differences		(1,935,386	)		(648,391	)		(33,875,786	)
Total	$	295,706,359		$	4,558,425		$	(25,559,180	)

Tax Basis of Distributions to Shareholders: The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by each Fund.

The tax character of distributions paid for the year ending April 30, 2022 were as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital
Emerald Growth Fund	$	51,321,804	$	170,436,288	$	–
Emerald Insights Fund		1,839,229		1,423,950		–
Emerald Finance & Banking Innovation Fund		20,294,443		4,794,234		4,434,456

48 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements

April 30, 2022

The tax characters of distributions paid by the Funds for the fiscal year ended April 30, 2021 were as follows:

	Ordinary Income		Long-Term Capital Gain
Emerald Growth Fund	$	13,844,336	$	106,737,343
Emerald Insights Fund		756,049		862,121
Emerald Finance & Banking Innovation Fund		–		–

Emerald Insights Fund, and Emerald Finance & Banking Innovation Fund elects to defer to the period ending April 30, 2023, capital losses recognized during the period 11/1/2021 - 04/30/2022 in the amount of $581,200 and $23,624,681, respectively.

Emerald Growth Fund, Emerald Insights Fund, and Emerald Finance & Banking Innovation Fund elects to defer to the period ending April 30, 2023, late year ordinary losses in the amount of $1,935,386, $67,191, and $10,251,105, respectively.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the year ended April 30, 2022 was as follows:

Funds	Cost of Investments Purchased		Proceeds from Investments Sold
Emerald Growth Fund	$	527,700,929	$	763,998,177
Emerald Insights Fund		16,967,292		15,856,874
Emerald Finance & Banking Innovation Fund		229,308,391		237,053,836

The cost of purchases in Kind, proceeds from sales in Kind along with their Realized gains/(loss) during the year ended April 30, 2022 were as follows:

Fund	Purchases		Proceeds		Net Realized Gain/(Loss)
Emerald Growth Fund	$	–	$	181,040,114	$	27,998,321

5. SHARES OF BENEFICIAL INTEREST

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Funds of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the shares do not have any obligation to make payments to the Trust or its creditors (other than the purchase price for the shares) or make contributions to the Trust or its creditors solely by reason of the purchaser’s ownership of the shares. Shares have no pre-emptive rights.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the Advisory Agreement, the Funds pay the Adviser fees for the services and facilities it provides payable on a monthly basis at the annual rate set forth below of the Funds’ average daily net assets. The management fee is paid on a monthly basis.

Annual Report | April 30, 2022 49

Emerald Funds Notes to Financial Statements

April 30, 2022

Emerald Growth Fund
Average Total Net Assets	Contractual Fee
Up to and including $250M	0.75%
Over $250M and including $500M	0.65%
Over $500M and including $750M	0.55%
Over $750M	0.45%

Emerald Insights Fund
Average Total Net Assets	Contractual Fee
Up to and including $250M	0.75%
Over $250M and including $500M	0.65%
Over $500M and including $750M	0.55%
Over $750M	0.45%

Emerald Finance & Banking Innovation Fund
Average Total Net Assets	Contractual Fee
Up to and including $100M	1.00%
Over $100M	0.90%

The Adviser has contractually agreed to limit each Fund’s total annual operating expenses (exclusive of acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) set forth to the annual shares (as percentages of a Funds average daily net assets) in the following table for Class A, Class C, Institutional Class, and Investor Class shares. This agreement (the “Expense Agreement”) is in effect from September 1, 2021 through August 31, 2022, for all Funds. The prior Expense Agreement was in effect from September 1, 2020 through August 31, 2021 for all Funds. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Adviser may not discontinue this waiver, prior to August 31, 2022, without the approval by the Funds Board, for all Funds. Fees waived/reimbursed by the Adviser for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Emerald Growth Fund
Class A	Class C	Institutional Class	Investor Class
1.29%	1.94%	0.99%	1.34%

Emerald Insights Fund
Class A	Class C	Institutional Class	Investor Class
1.35%	2.00%	1.05%	1.40%

Emerald Finance & Banking Innovation Fund
Class A	Class C	Institutional Class	Investor Class
1.84%	2.49%	1.54%	1.89%

For the year ended April 30, 2022, the fee waivers/reimbursements and recoupments of past waived fees were as follows:

Fund	Fees Waived/ Reimbursed By Adviser		Recoupment of Past Waived Fees By Adviser
Emerald Insights Fund
Class A	$	66,680	$	–
Class C		832		–
Institutional Class		15,496		–
Investor Class		2,483		–

50 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements

April 30, 2022

As of April 30, 2022, the balances of recoupable expenses for each Fund were as follows:

Fund	Expires 2023		Expires 2024		Expires 2025		Total
Emerald Insights Fund
Class A	$	88,177	$	80,330	$	66,680	$	230,157
Class C		1,283		1,121		832		3,276
Institutional Class		12,318		13,352		15,496		39,931
Investor Class		1,098		1,874		2,483		5,559

Fund Administrator Fees and Expenses: ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assist in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

The Administrator is also reimbursed by the Funds for certain out-of-pocket expenses.

Transfer Agent: ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Compliance Services: ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Compliance service fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Principal Financial Officer: ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Distributor: ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Funds’ shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of Funds’ shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

Each Fund has adopted a separate Distribution and Services Plan (each a “Plan” and collectively, the “Plans”) pursuant to Rule 12b-1 of the 1940 Act. The Plans allow each Fund, as applicable, to use each Fund’s assets to pay fees in connection with the distribution and marketing of the Funds’ shares and/or the provision of shareholder services to the Funds’ shareholders. The Plan permits payment for services in connection with the administration of plans or programs that use shares of each Fund as their funding medium and for related expenses. The recipients of such payments may include other affiliates of the Adviser, broker-dealers, financial institutions, plan sponsors and administrators and other financial intermediaries through which investors may purchase shares of the Fund. The Plans permit each Fund to make total payments at an annual rate of up to 0.35%, 0.75% and 0.25% of the average daily net asset value of Class A, Class C and Investor Class, respectively. Because these fees are paid out of the Funds’ assets on an ongoing basis, over time they will increase the cost of an investment in the Funds, and Plan fees may cost an investor more than other types of sales charges.

Each Fund, has adopted a Shareholder Services Plan (a “Shareholder Services Plan”) with respect to its Class C, Institutional Class and Investor Class shares. Under the Shareholder Services Plan, a Fund is authorized to compensate certain financial intermediaries, including broker-dealers and Fund affiliates which may include the Distributor, Adviser and/or the transfer agent (the “Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.25%, 0.05% and 0.15% of the average daily net asset value of Class C, Institutional Class and Investor Class, respectively, of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with such Participating Organizations (the “Agreement”). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund’s shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Fees recaptured pursuant to the Shareholder Services Plan for the year ended April 30, 2022, are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

Annual Report | April 30, 2022 51

Emerald Funds Notes to Financial Statements

April 30, 2022

Trustees

The fees and expenses of the Trustees of the Board are presented in the Statements of Operations.

7. RECEIVABLE DUE FROM ADVISER/ALPS

In 2022, the Emerald Finance & Banking Innovation Fund did not satisfy the requirement that a Registered Investment Company ("RIC") must derive at least 90% of its annual gross income from “qualifying income.” As a result, the Emerald Finance & Banking Innovation Fund expects to be required to pay taxes for 2022 equal to the amount of nonqualifying income in excess of 90% of its qualifying income for 2022. Nonetheless, the Emerald Finance & Banking Innovation Fund expects to qualify as a RIC for U.S. federal income tax purposes for our 2021 fiscal year pursuant to Internal Revenue Code Section 851(i). The Adviser and ALPS are expected to reimburse the Emerald Finance & Banking Innovation Fund for any such taxes due, which is approximately $767,069.

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

52 www.emeraldmutualfunds.com

Emerald Funds Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Financial Investors Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Emerald Growth Fund, Emerald Insights Fund, and Emerald Finance and Banking Innovation Fund (formerly known as Emerald Banking and Finance Fund), three of the funds constituting the Financial Investors Trust (the “Funds”), including the schedules of investments, as of April 30, 2022; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds, as of April 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado
June 29, 2022

We have served as the auditor of one or more investment companies advised by Emerald Mutual Fund Advisers Trust since 2012.

Annual Report | April 30, 2022 53

Emerald Funds Additional Information

April 30, 2022 (Unaudited)

1. FUND HOLDINGS

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. The Funds’ Form N-PORT reports are also available upon request by calling (toll-free) (855) 828-9909.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

Each Fund’s policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (855) 828-9909 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX INFORMATION (UNAUDITED)

The Funds designate the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2021:

	QDI	DRD
Emerald Finance and Banking Innovative Fund	5.83%	5.81%
Emerald Growth Fund	14.30%	14.32%
Emerald Insights Fund	4.48%	4.49%

In early 2022, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Emerald Finance and Banking Innovative Fund, the Emerald Growth Fund and the Emerald Insights Fund designated $4,794,234, $170,436,288 and $1,423,950 respectively, as long-term capital gain dividends.

54 www.emeraldmutualfunds.com

Emerald Funds Disclosure Regarding Approval of Fund Advisory Agreement

April 30, 2022 (Unaudited)

On March 9, 2021, the Trustees met via Zoom video conference to discuss, among other things, the renewal of the Investment Advisory Agreement between Emerald Mutual Fund Advisers Trust (“Emerald”) and the Trust, with respect to the Emerald Finance & Banking Innovation, the Emerald Growth Fund, and the Emerald Insights Fund (together, the “Emerald Funds”), dated October 1, 2018 (the “Emerald Investment Advisory Agreement”), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the Emerald Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Emerald Funds:

Investment Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fee paid by the Trust, on behalf of the Funds, to Emerald of 1.00% of the Emerald Finance & Banking Innovation Fund’s daily average net assets up to and including $100 million and 0.90% in excess of $100 million and, for each of the other Funds, 0.75% of the daily average net assets up to and including $250 million, 0.65% in excess of $250 million and up to and including $500 million, 0.55% in excess of $500 million and up to and including $750 million, and 0.45% in excess of $750 million, in light of the extent and quality of the advisory services provided by Emerald to the Funds.

The Board received and considered information including a comparison of each of the Fund’s contractual advisory fees with those of funds in the expense peer group of comparable funds provided by an independent provider of investment company data (the “Data Provider”). With regard to the Emerald Growth Fund, the Trustees noted that the contractual advisory fee rate, for each share class, was below the Data Provider peer group median. With regard to the Emerald Finance & Banking Innovation Fund, the Trustees noted that the contractual advisory fee rate, for each share class, was above the Data Provider peer group median. With regard to the Emerald Insights Fund, the Trustees noted that the contractual advisory fee rate was below the Data Provider peer group median for the Institutional Class, Investor Class, and Class A and the same as the Data Provider peer group median for Class C.

Total Net Expense Ratios: The Trustees further reviewed and considered that the total net expense ratio of each class of Emerald Finance & Banking Innovation Fund was generally higher than the Data Provider peer group median, and that the total net expense ratio of each class of the Emerald Growth Fund was lower than the Data Provider peer group median. The Trustees further reviewed and considered that the total net expense ratio of the Institutional Class, Investor Class, and Class A of the Emerald Insights Fund was higher than the Data Provider peer group median and that the total net expense ratio of Class C of the Emerald Insights Fund was the same as the Data Provider peer group median.

Nature, Extent, and Quality of the Services under the Investment Advisory Agreement: The Trustees received and considered information regarding the nature, extent, and quality of services provided to the Emerald Funds under the Emerald Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by Emerald in its presentation, including its Form ADV.

The Trustees reviewed and considered Emerald’s investment advisory personnel, its history as an asset manager, and its performance and the amount of assets currently under management by Emerald and its affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by Emerald, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Emerald Funds.

The Trustees considered the background and experience of Emerald’s management in connection with the Emerald Funds, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of each Emerald Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, Emerald’s insider trading policies and procedures and its Code of Ethics.

Performance: The Trustees reviewed performance information for the Institutional Class, Class A, Class C, and Investor Class shares of the Emerald Insights Fund, Emerald Growth Fund, and Emerald Finance & Banking Innovation Fund for the 3-month, 1-year, 3-year, 5-year, 10-year, and since inception periods, as applicable, ended December 31, 2021. That review included a comparison of each Fund’s performance to the performance of a group of comparable funds selected by the Data Provider.

The Trustees noted that each class of the Emerald Insights Fund outperformed the Data Provider peer group median for each applicable time period, except for the 3-month period. The Trustees noted that each share class of the Emerald Growth Fund underperformed the Data Provider peer group median for the 3-month, 1-year, 3-year and 5-year periods with the exception of the Class C shares which performed the same as the Data Provider peer group median for the 3-month period. The Trustees noted that each share class of the Emerald Growth Fund outperformed the Data Provider peer group median for the 10-year and since inception periods with the exception of the Institutional Class shares which underperformed the Data Provider peer group median for the 10-year period. The Trustees noted that each class of the Emerald Finance & Banking Innovation Fund outperformed the Data Provider peer group median for the 1-year, 3-year, 5-year and 10-year periods, as applicable, with the exceptions of the Institutional Class shares which underperformed the Data Provider peer group median for the 5-year period and the Investor Class shares which performed the same as the Data Provider peer group median for the 5-year period. The Trustees also noted that each class of the Emerald Finance & Banking Innovation Fund underperformed the Data Provider peer group median for the 3-month period.

Annual Report | April 30, 2022 55

Emerald Funds Disclosure Regarding Approval of Fund Advisory Agreement

April 30, 2022 (Unaudited)

The Trustees also considered Emerald’s discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by Emerald regarding fees charged to its other clients utilizing a strategy similar to that employed by one or more of the Emerald Funds.

Profitability: The Trustees received and considered a profitability analysis prepared by Emerald based on the fees payable under the Emerald Investment Advisory Agreement.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Emerald Funds will be passed along to the shareholders under the proposed agreements.

Other Benefits to the Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by Emerald from its relationship with the Emerald Funds, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● With regard to the Emerald Growth Fund, for each share class, the contractual advisory fee rate was below the Data Provider peer group median. With regard to the Emerald Finance & Banking Innovation Fund, for each share class, the contractual advisory fee rate was above the Data Provider peer group median. With regard to the Emerald Insights Fund, for the Institutional Class, Investor Class, and Class A, the contractual advisory fee rate was the below the Data Provider peer group median and for Class C was the same as the Data Provider peer group median.

● The total net expense ratio of each class of the Emerald Growth Fund was generally lower than the Data Provider peer group median, the total net expense ratio of each class of the Emerald Finance & Banking Innovation Fund was generally higher than the Data Provider peer group median, and that the total net expense ratio of the total net expense ratio of the Institutional Class, Investor Class, and Class A of the Emerald Insights Fund was higher than the Data Provider peer group median and that the total net expense ratio of Class C of the Emerald Insights Fund was the same as the Data Provider peer group median.

● The nature, extent, and quality of services rendered by Emerald under the Emerald Investment Advisory Agreement with respect to each Emerald Fund were adequate.

● For the period ended December 31, 2022, in the independent analysis prepared by the Data Provider, each share class of the Emerald Growth Fund generally underperformed the Data Provider peer group median for the 3-month, 1-year, 3-year, and 5-year periods, except for the Class C shares which performed the same as the Data Provider peer group median for the 3-month period, and generally outperformed the Data Provider peer group median for the 10-year and since inception periods, except for the Institutional Class shares which underperformed the Data Provider peer group median in the 10-year period; each share class of the Emerald Finance & Banking Innovation Fund generally outperformed the Data Provider peer group median for the 1-year, 3-year, 5-year and 10-year periods, as applicable, except for the Institutional Class shares which underperformed the Data Provider peer group median for the 5-year period and the Investor Class shares which performed the same as the Data Provider peer group median for the 5-year period, and generally underperformed the Data Provider peer group median for the 3-month period.

● Bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Emerald’s other clients employing a comparable strategy to one or more of the Emerald Funds were not indicative of any unreasonableness with respect to the advisory fee payable to Emerald by the Funds.

● The profit, if any, realized by Emerald in connection with the operation of any of the Emerald Funds is not unreasonable.

● There were no material economies of scale or other incidental benefits accruing to Emerald in connection with its relationship with any of the Emerald Funds.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that Emerald’s compensation for investment advisory services is consistent with the best interests of each of the Emerald Funds and their shareholders.

56 www.emeraldmutualfunds.com

Emerald Funds Liquidity Risk Management Program

April 30, 2022 (Unaudited)

The Financial Investors Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each fund in the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment advisers, sub-advisers, and Officers of the Trust. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including a periodic assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 8, 2022, the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program during 2021. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since implementation.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

Annual Report | April 30, 2022 57

Emerald Funds Trustees and Officers

April 30, 2022 (Unaudited)

The business and affairs of each Fund are managed under the direction of its Board. The Board approves all significant agreements between a Fund and the persons or companies that furnish services to the Fund, including agreements with its distributor, Adviser, Sub-Adviser, administrator, custodian and transfer agent. The day-to-day operations of each Fund are delegated to the Fund’s Adviser, Sub-Adviser and administrator.

The name, address, age and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee.

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 855-828-9909.

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee ****	Other Directorships Held by Trustee During Past 5 Years***
Mary K. Anstine, 1940	Trustee and Chairman	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees.	Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board.	60	Ms. Anstine is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust through December 2020 (14 funds).
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund.	61	Mr. Deems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund).
Jerry G. Rutledge, 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business.	30	Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); and Principal Real Estate Income Fund (1 fund).

58 www.emeraldmutualfunds.com

Emerald Funds Trustees and Officers

April 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). Mr. Shell serves on the Board of Directors of TalkBox, a phone/privacy booth company (since 2018) and DLVR, a package security company (since 2018). Mr. Shell served on the Advisory Board, St. Vrain School District Innovation Center (from 2015- 2018). Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	29	None.

INTERESTED TRUSTEE

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Edmund J. Burke, 1961	Trustee	Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009.	Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. (“ALPS”), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020). Mr. Burke is deemed an interested Trustee by virtue of his prior positions with the ALPS Companies.	54	Mr. Burke is a Trustee of ALPS ETF Trust (23 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

Annual Report | April 30, 2022 59

Emerald Funds Trustees and Officers

April 30, 2022 (Unaudited)

OFFICERS

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***
Dawn Cotten, 1977	President	Ms. Cotten was appointed President of the Trust at the June 8-9, 2021 meeting of the Board of Trustees.	Ms. Cotten joined ALPS in 2009 and is currently Senior Vice President of Fund Administration and Relationship Management of ALPS. She has served in that role since January 2020. Prior to that, Ms. Cotten served as Senior Vice President of Relationship Management (2017-2020). Ms. Cotten served as a Vice President in Relationship Management from 2013-2017. Ms. Cotten also serves as President of ALPS Series Trust, Clough Funds Trust, Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund.
Jennell Panella, 1974	Treasurer	Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees	Ms. Panella joined ALPS in June 2012 and is currently Vice President and Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Alpha Alternative Asset Fund, Centre Funds, GraniteShares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. Mr. Uhl formerly served as CCO of the Boulder Growth & Income Fund, Inc., Index Funds and Reality Shares ETF Trust.
Brendan Hamill, 1986	Secretary	Mr. Hamill was elected Secretary of the Trust at the September 14, 2021 meeting of the Board of Trustees.	Mr. Hamill joined ALPS in August 2021, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Hamill was an attorney at Lewis Brisbois Bisgaard & Smith, LLP (law firm) (December 2018-August 2021) and Vedder Price, P.C. (law firm) (August 2015-December 2018). Mr. Hamill also serves as Secretary of ALPS ETF Trust, Secretary of ALPS Variable Investment Trust, Secretary of Principal Real Estate Income Fund, and Assistant Secretary of James Advantage Funds.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until such Trustees successor is elected and appointed, or such Trustee resigns or is deceased. Officers are elected on an annual basis.

*** Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

**** The Fund Complex includes all series of the Trust, currently 29, and any other investment companies for which any Trustee serves as trustee for and for which ALPS Advisors, Red Rocks, Clough Capital, RiverFront, Kotak, or Smith Capital provides investment advisory services (currently 38 funds, 1 fund, 4 funds, 4 funds, 0 funds, and 0 funds, respectively).

60 www.emeraldmutualfunds.com

Emerald Funds Privacy Policy

Who We Are
Who is providing this notice?	Emerald Finance & Banking Innovation Fund, Emerald Growth Fund, Emerald Insights Fund
What We Do
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do the Funds collect my personal information?	We collect your personal information, for example, when you ●     open an account ●     provide account information or give us your contact information ●     make a wire transfer or deposit money
Why can’t I limit all sharing?	Federal law gives you the right to limit only ●     sharing for affiliates’ everyday business purposes-information about your creditworthiness ●     affiliates from using your information to market to you ●     sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ●    The Funds do not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ●    The Funds do not jointly market.
Other Important Information
California residents	If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.
Vermont residents	The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information.

April 30, 2022 | April 30, 2022 61

Emerald Funds Privacy Policy

FACTS	WHAT DO THE FUNDS DO WITH YOUR PERSONAL INFORMATION?
WHY?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
WHAT?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ●   Social Security number and account transactions ●   Account balances and transaction history ●  Wire transfer instructions
HOW?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do the funds share:	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We do not share.
For joint marketing with other financial companies	No	We do not share.
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We do not share.
For non-affiliates to market to you	No	We do not share.

62 www.emeraldmutualfunds.com

Intentionally Left Blank

TABLE OF CONTENTS

Shareholder Letter	1
Performance Update	5
Disclosure of Fund Expenses	35
Portfolio of Investments
Grandeur Peak Emerging Markets Opportunities Fund	38
Grandeur Peak Global Contrarian Fund	41
Grandeur Peak Global Explorer Fund	44
Grandeur Peak Global Micro Cap Fund	50
Grandeur Peak Global Opportunities Fund	53
Grandeur Peak Global Reach Fund	57
Grandeur Peak Global Stalwarts Fund	63
Grandeur Peak International Opportunities Fund	66
Grandeur Peak International Stalwarts Fund	70
Grandeur Peak US Stalwarts Fund	73
Statements of Assets and Liabilities	75
Statements of Operations	77
Statements of Changes in Net Assets
Grandeur Peak Emerging Markets Opportunities Fund	79
Grandeur Peak Global Contrarian Fund	80
Grandeur Peak Global Explorer Fund	81
Grandeur Peak Global Micro Cap Fund	82
Grandeur Peak Global Opportunities Fund	83
Grandeur Peak Global Reach Fund	84
Grandeur Peak Global Stalwarts Fund	85
Grandeur Peak International Opportunities Fund	86
Grandeur Peak International Stalwarts Fund	87
Grandeur Peak US Stalwarts Fund	88
Financial Highlights
Grandeur Peak Emerging Markets Opportunities Fund	89
Grandeur Peak Global Contrarian Fund	91
Grandeur Peak Global Explorer Fund	92
Grandeur Peak Global Micro Cap Fund	93
Grandeur Peak Global Opportunities Fund	94
Grandeur Peak Global Reach Fund	96
Grandeur Peak Global Stalwarts Fund	98
Grandeur Peak International Opportunities Fund	100
Grandeur Peak International Stalwarts Fund	102
Grandeur Peak US Stalwarts Fund	104
Notes to Financial Statements	105
Report of Independent Registered Public Accounting Firm	127
Disclosure Regarding Approval of Fund Advisory Agreement	128
Additional Information	130
Liquidity Risk Management Program	132
Trustees and Officers	133
Privacy Policy	136

Grandeur Peak Funds^® Shareholder Letter

April 30, 2022 (Unaudited)

Dear Fellow Shareholders,

“The mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint of its arc best describes the location of the pendulum ‘on average,’ it actually spends very little of its time there. Instead, it is almost always swinging toward or away from the extremes of its arc. But whenever the pendulum is near either extreme, it is inevitable that it will move back toward the midpoint sooner or later. In fact, it is the movement toward an extreme itself that supplies the energy for the swing back.” (Howard Marks, Memo to Clients, 4/11/1991)¹

In the broadest sense, there really are only two major asset classes: Growth and Income. Investments that fall in the Growth category deliver a return that is derived by the compounded capital appreciation of the asset. The return is realized when the investment is sold for a higher price than what was paid for it. The unrealized return can be monitored over time by “marking the asset to market.”² Investments that fall into this bucket are fine art, gold, diamonds, raw land, venture capital and non-dividend paying stocks, for example. Investments that fall into the Income category deliver a return that is derived by the cash that is returned to the investor over time, commonly referred to as the yield. Loans are a good example of Income investments. You collect interest payments over the life of the loan and at maturity you get your principal back. While there are investments that fall squarely in either the Growth or the Income category, most investments fall on a continuum between the two. Think of a rental property. You collect yield in the form of rent payments over time, and then over time the value of the property hopefully appreciates as well. Dividend paying stocks typically provide growth of capital, as well as a little bit of income along the way. Even bonds, which are primarily Income investments, can at times deliver some capital appreciation depending on changes to interest rates.

These two asset classes correspond directly to the two main goals of any investment portfolio: Growth and Income. Whether you are managing a portfolio for a charitable foundation, an endowment, a retirement plan (either for an individual or a corporate pension), a college fund for a child, or the life savings of a retiree, every portfolio aims to do one of three things: grow bigger, provide current income, or (most likely) both.

Unfortunately for those needing income, yields have been historically low over the past decade.³ Think of a charitable foundation that is required to spend 5% of the value of its endowment every year. With interest rates so low for so long, achieving a 5% spending rate has required a much larger allocation to Growth Assets than may not have been needed if safe, income producing assets were yielding the requisite 5% rate.

If we measure the average annual return on Growth Assets using the Total Return of the MSCI All-Country Investible Market Index (ACWI IMI)⁴ as a proxy over the 10 years from December 31, 2011 through December 31, 2021 we get an annualized average return of 12.42%.⁵ Compare that to the 2.04% average yield on a 10-yr US Treasury Bond over that same period.⁶ Given Bond returns, allocators were pushed into Growth Assets where they were able to achieve their spending budgets and grow their portfolio nicely as well.

Which brings us to the Howard Marks quote above. While the average annualized return on the ACWI IMI may have been 12.42% for the 10-year reference period, the annual returns for each of those 10 years has varied from as high as 27.04% (for 2019) and as low as -9.61% (2018). In the first four months of 2022, the ACWI IMI was down -12.85%. Could it be that allocators have gazed into their crystal balls and have decided that a shift from Growth to Income is the most prudent course of action after reading the economic tea leaves?

Of course, most asset allocators don’t actually think in terms of two broad asset classes of Growth and Income. They assign various investment options to more granular sub-classes, such as Large Cap Equity and Small Cap Equity, and Growth and Value Styles of investing, for example. And there has been a large dispersion among these sub-asset classes of late. Over the 10-year period from December 31, 2011 through December 31, 2021, the US Equity Market has outperformed the broader Global Markets: the MSCI USA Index⁷ compounded at a rate of 16.64% (annualized) vs.

¹ https://www.oaktreecapital.com/docs/default-source/memos/1991-04-11-first-quarter-client-performance.pdf?sfvrsn=d7bd0f65_2

² Marking to market is an accounting practice that involves adjusting the value of an asset to reflect its value as determined by current market conditions.

³ Source: Federal Reserve Economic Data (FRED): https://fred.stlouisfed.org

⁴ The MSCI ACWI Investable Market Index (IMI) captures large, mid and small cap representation across 23 Developed Markets and 24 Emerging Markets countries. The Total Return of the index includes the reinvestment of dividends.

⁵ Source: MSCI

⁶ Source: Federal Reserve Economic Data (FRED): https://fred.stlouisfed.org

⁷ The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. The index covers approximately 85% of the free float-adjusted market capitalization in the US.

Annual Report | April 30, 2022 1

Grandeur Peak Funds^® Shareholder Letter

April 30, 2022 (Unaudited)

the broader ACWI IMI mentioned above at 12.42%. Breaking down the US Markets into Large Cap v. Small Cap and Growth v. Value, we can see the dispersion among these sub-classes over the past 10 years:

From 12/31/2011 – 12/31/2021

Sub-Class	Representative Index	10 yr Annualized Average Return
US Large Cap Growth	S&P 500 Growth8	19.23%
US Large Cap Value	S&P 500 Value9	13.29%
US Small Cap Growth	Russell 2000 Growth10	14.14%
US Small Cap Value	Russell 2000 Value11	12.03%

Source: FactSet

Over the past six months, from November 2021 through April 2022, we’ve seen an even greater dispersion in these sub-classes:

From 10/31/2021 – 4/30/2022

Sub-Class	Representative Index	Total Return
US Large Cap Growth	S&P 500 Growth	-18.02%
US Large Cap Value	S&P 500 Value	1.68%
US Small Cap Growth	Russell 2000 Growth	-23.01%
US Small Cap Value	Russell 2000 Value	-6.30%

Source: FactSet

What we’ve seen in the past six months is that the “growthiest” of the Growth Assets have sold off hard. And in other parts of the world, the dispersion is even starker. For example, as of 4/30/2022, the Mothers section of the Tokyo Stock exchange was down 43.55% since its month-end peak on 11/30/2020, compared to a positive return of 11.97% for the broader Japanese TOPIX index¹² over that same period. The Mothers index (which is an acronym for “Market Of The High-growth and EmeRging Stocks”) is one of the Tokyo Stock Exchange's markets where the shares of startup companies are listed and traded. Meanwhile, the yield on Income Assets (as measured by the 10-yr US Treasury) has climbed from a low of 0.50% in August 2021 to a current rate of 2.94% as of April 30, 2022.¹³

We’re sure you are well aware that the Funds’ portfolios have not been immune to this shift in market sentiment. We’ll address this in more detail later in this letter, but at the heart of the problem is that for the past 10 years, with the exception of a few short periods in 2015 and 2018, the market has rewarded Growth Assets with ever expanding valuations. By November 2021, valuations for Growth Assets had become extremely stretched across most markets. For most of the Grandeur Peak portfolios, this ballooning of valuation was a key driver of outperformance in 2020 and 2021. But now the pendulum is swinging back the other way. While the corrections in valuations we’re seeing across the Funds aren’t surprising per se, the Funds suffered from a quick reversal in the valuation of their holdings despite the fundamentals of companies held by the Funds generally remaining strong.

⁸ The S&P 500 Growth index is a subset of the broader S&P 500 Index, which includes 500 leading companies and covers approximately 80% of the available US market capitalization. Inclusion to the Growth index is based on three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments.

⁹ The S&P 500 Value index is a subset of the broader S&P 500 Index, which includes 500 leading companies and covers approximately 80% of the available US market capitalization. Inclusion to the Value index is based on three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments.

¹⁰ The Russell 2000 Growth Index is a subset of the Russell 2000 Index, which measures the performance of about 2,000 of the smallest publicly traded companies in the US. The Russell 2000 Growth Index includes companies that display signs of above-average growth.

¹¹ The Russell 2000 Value Index is a subset of the Russell 2000 Index, which measures the performance of about 2,000 of the smallest publicly traded companies in the US. Included in the Russell 2000 Value Index are stocks from the Russell 2000 Index with lower price-to-book ratios and lower expected growth rates.

¹² TOPIX (the Tokyo Price Index) is a metric for stock prices on the Tokyo Stock Exchange (TSE). TOPIX is a capitalization-weighted index that lists all firms in the "first section" of the TSE, a section that organizes all large firms on the exchange into one group. The second section of the TSE pools all of the smaller remaining companies.

¹³ Source: CNBC (https://www.cnbc.com/quotes/US10Y)

2 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Shareholder Letter

April 30, 2022 (Unaudited)

We’ve discussed our Quality/Valuation/Momentum (QVM) framework in past letters. This framework is a powerful tool that helps up stay vigilant in our portfolio construction. But striking the right balance between these three metrics is more art than science, and can be tricky to balance in the face of the swinging pendulum.

Fund Performance & Attribution

In hindsight, it’s now easy to see that it would have been smart to give more weight to the Valuation component of our QVM matrix coming into 2022 in order to better protect the Funds’ portfolios from the sudden market shift we’ve experienced. For the most part, we let the Funds’ winners run and trusted that their high quality would continue to justify their valuations. Yes, we trimmed when things felt too pricey, including meaningful trims late in 2021, but we should have perhaps been more aggressive; although taking significant profits is easier said than done. Finding good rotation options, managing liquidity and transaction costs, and realizing capital gains are factors we also weigh in making portfolio changes.

The Funds particularly struggled this year in the Consumer tranche. After a stellar 2020 and early 2021, this year has been very challenging. Our preferred company profile for the Funds has clearly been out of favor. E-commerce in particular, a favorite consumer theme, has not been able to keep up with its rapid growth in the early innings of the pandemic. In hindsight, the market likely over-rewarded these companies at that time. Price multiples became very stretched. We saw the high valuations and we trimmed, but we knew these were the companies we wanted the Funds to hold long-term, so we were willing to ride out the rough year-over-year growth comparisons. This has clearly hurt the Funds’ performance this year.

However, we’re not swayed from our preferred company profiles. We believe these are asset-light, innovative businesses with scalable models and strong balance sheets. The stats of e-commerce retailers held by the Funds imply that many of their newly acquired customers are exhibiting brand loyalty, which we view as a huge positive. We think it will continue to be a challenging sector in the short term, but it now feels like the pendulum has swung too far in penalizing these companies. While multiples have fallen sharply, company fundamentals have been resilient. We believe the challenging environment will allow the Funds’ holdings to improve their positioning, setting them up for long-term success.

We believe this is the time to double down on the Grander Peak process across all industries. Much of our team’s focus during the market sell-off has been on screening, using our watch lists, revisiting the long-term models for each of the Funds’ companies, and staying true to our process. A key opportunity right now is allocating capital, as the correction has made so many companies look attractive. As of 4/30, we’re seeking to focus on the companies that have pulled back due to multiple compression (i.e. having been unfairly punished in our estimation), and not on those with fundamental issues. Our goal remains for the Funds to own what we believe to be the best micro to mid-cap companies in the world.

Specific to direct Russian and Ukrainian holdings, late last year the Emerging Markets Opportunities Fund had exposure to a few companies at an underweight to the benchmark, but nothing in the rest of our funds. We began trimming the largest of these holdings in December and the Fund was fully out of all Russian-related positions by February. We also held a meaningful weight across several of the Funds in a US domiciled and listed global IT Services company with exposure to both Russia and Ukraine, which was also fully exited in Q1.

Emerging Markets Opportunities: For the year, the Institutional share class was down 15.82%, giving back some of last year’s 60.30% gain. The benchmark was down 8.41% for the year. The Fund lost ground in India, and struggled in Brazil and Hong Kong, but outperformed in Russia given the Fund’s underweight there. Across sectors, the Fund struggled in Consumer and was hurt by its overweight to Health Care, while the Fund’s brightest spot was Financials.

Global Contrarian: For the year, the Fund was down 6.51%, giving back some of last year’s 78.51% gain. The benchmark was down 4.26% for the year. The Fund’s overweight and underperformance in Japan drove the underperformance for the Fund. The Fund’s best outperformance came from its US holdings. Across sectors, the Fund was overweight and underperformed in Consumer, but made up some ground in Technology and Financials.

Global Micro Cap: For the year, the Fund was down 24.19%, giving back some of last year’s 102.43% gain. The benchmark was down 11.08% for the year. The Fund underperformed in Asia Pacific, specifically Japan and Australia, and in Western Europe. The Fund saw positive performance with small holdings in Oman, Indonesia, and Georgia, but it was not nearly enough to counterbalance the weakness across much of the world. By Industry, it was the reversal in the Fund’s Consumer names that lead to much of the Fund’s underperformance.

Global Opportunities/International Opportunities: For the year, the Global Opportunities Institutional share class was down -19.30%, giving back some of last year’s +83.44% gain. The benchmark was down -11.08%. The International Opportunities Fund Institutional share class was down 21.38%, giving back some of last year’s 76.29% gain. The benchmark was down 10.15%. The Funds were hurt most by Western Europe, particularly an overweighting and underperformance in Germany. The Funds also saw underperformance in Australia. The Consumer sector was the primary detractor for the Funds, with Health Care delivering the best relative performance for the year.

Annual Report | April 30, 2022 3

Grandeur Peak Funds^® Shareholder Letter

April 30, 2022 (Unaudited)

Global Reach: For the year, the Institutional share class was down 19.99%, giving back some of last year’s 77.81% gain. The benchmark was down 11.08%. The Fund’s overweight and underperformance in Western Europe and Asia Pacific drove the underperformance for the Fund. It was in the Consumer and Tech sectors where the Fund saw the largest sector underperformance.

Global Stalwarts/International Stalwarts: For the year, the Global Stalwarts Institutional share class was down 21.26%, giving back some of last year’s 68.62% gain. The benchmark was down 8.32%. The International Stalwarts Fund Institutional share class was down -18.86%, giving back some of last year’s 67.61% gain. The benchmark was down 12.02%. Asia Pacific was a tough region for the Funds this year, particularly Japan. US performance was a meaningful detractor for the Global Stalwarts Fund. Both Funds struggled in Industrials, while Global Stalwarts also underperformed in Health Care.

US Stalwarts: For the year, the Fund was down 20.93%, giving back some of last year’s 73.67% gain. The benchmark was down 4.91% for the year. The Fund underperformed broadly, with the largest underperformance coming in Health Care and Industrials. The Fund’s largest sector allocation was to Technology, where performance was just slightly below the benchmark.

Business Update

Given the recent volatility in financial markets, we are grateful to have seen minimal asset outflow. What a nice advantage this provides us, allowing us to stay focused on the Funds’ portfolios and the opportunities the sell-off is presenting, knowing that our clients take the same long-term view. Thank you.

With the upcoming college graduating class, Grandeur Peak is pleased to have two of Grandeur Peak’s interns joining us full time. Alexis Watson graduated from BYU’s Marriott School of Business with a BS in Finance. While at BYU, she served as Co-President of the Private Equity & Markets Association and was active in several finance-related clubs. She maintained Dean’s List status (top 5%) over all four years and received the Outstanding Student Award for the undergraduate school of Business, an award given to one student in each program. As a full-time Research Analyst, Alex will continue as a member of the team covering Europe and as part of Grandeur Peak’s Sustainability team. Jacob Grant also graduated with a BS in Finance from Brigham Young University. Originally a part of Grandeur Peak’s Client Relations team, Jacob recently transitioned to Grandeur Peak’s Director of Research (DOR) group. Jacob was involved in the Student Investment Fund at BYU and maintained a 4.0 GPA throughout college. He’s led out in building Grandeur Peak’s Peer Group studies and other projects that have enhanced Grandeur Peak’s Research process.

As travel restrictions continue to ease around the world, we have begun travelling and engaging with management teams in person again. It’s great to be back on the road, and the coming year is filled with planned company visits across many parts of the world.

As always, please feel free to reach out any time with any questions, requests or comments. We appreciate the opportunity to work on your behalf.

Sincerely,

Your Grandeur Peak Team

The objective of all Grandeur Peak Funds is long-term growth of capital.

RISKS: Mutual fund investing involves risks and loss of principal is possible. Investing in small and micro-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investments in emerging markets are subject to the same risks as other foreign securities and may be subject to greater risks than investments in foreign countries with more established economies and securities markets.

Must be proceeded by or accompanied by a prospectus.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Funds or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. The Funds do not accept any liability for losses either direct or consequential caused by the use of this information.

Past performance does not guarantee future results.

ALPS Distributors, Inc. is the Distributor for the Grandeur Peak Funds.

4 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

				Since Inception(a)	Expense Ratio(b)
	1 Year	3 Years	5 Years		Gross	Net(c)
Grandeur Peak Emerging Markets Opportunities Fund – Investor (GPEOX)	-16.01%	7.97%	5.41%	5.80%	1.77%	1.77%
Grandeur Peak Emerging Markets Opportunities Fund – Institutional (GPEIX)	-15.82%	8.23%	5.65%	6.03%	1.52%	1.52%
MSCI Emerging Markets SMID Cap Index(d)	-8.41%	6.78%	5.54%	4.30%
MSCI Emerging Markets IMI Index(e)	-16.56%	3.49%	4.94%	3.94%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of December 16, 2013.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.95% and 1.70% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2022. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2022 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI Emerging Markets SMID Cap Index is designed to measure the equity market performance of small and mid-cap companies across emerging markets. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI Emerging Markets IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across emerging markets. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Annual Report | April 30, 2022 5

Grandeur Peak Emerging Markets Opportunities Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

6 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	68.8%
North America	7.0%
Latin America	9.7%
Europe	4.5%
Africa/Middle East	3.7%
Cash, Cash Equivalents, & Other Net Assets	6.3%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
WNS Holdings, Ltd.	3.5%
Silergy Corp.	2.9%
Dino Polska SA	2.4%
Metropolis Healthcare, Ltd.	2.2%
Genpact, Ltd.	2.1%
Wilcon Depot, Inc.	1.9%
FPT Corp.	1.8%
Bizlink Holding, Inc.	1.5%
Techtronic Industries Co., Ltd.	1.4%
Globant SA	1.4%
Total	21.1%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Annual Report | April 30, 2022 7

Grandeur Peak Global Contrarian Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

		Since Inception(a)	Expense Ratio(b)
	1 Year		Gross	Net(c)
Grandeur Peak Global Contrarian Fund – Institutional (GPGCX)	-6.51%	15.83%	1.87%	1.35%
MSCI All Country World Index Small Cap Value(d)	-4.26%	9.48%
MSCI All Country World Index Small Cap(e)	-11.08%	9.84%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of September 17, 2019.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.35% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) is in effect through August 31, 2022. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2022 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI ACWI Small Cap Value Index is designed to measure small cap companies exhibiting overall value style characteristics across developed and emerging markets globally. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI ACWI Small Cap Index is designed to measure the equity market performance of performance of small-cap companies across developed and emerging markets globally. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

8 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Contrarian Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Annual Report | April 30, 2022 9

Grandeur Peak Global Contrarian Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	30.4%
North America	27.7%
Japan	18.6%
Europe	16.1%
Australia/New Zealand	4.7%
Latin America	4.0%
Africa/Middle East	0.5%
Cash, Cash Equivalents, & Other Net Assets	-2.0%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Seria Co., Ltd.	4.8%
Hackett Group, Inc.	4.2%
Plumas Bancorp	4.1%
Beenos, Inc.	3.6%
Riverstone Holdings, Ltd.	3.5%
Plover Bay Technologies, Ltd.	3.1%
O2Micro International, Ltd.	3.1%
Wistron Information Technology & Services Corp.	2.3%
Bank of NT Butterfield & Son, Ltd.	2.2%
Japan Lifeline Co., Ltd.	2.1%
Total	33.0%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

10 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

	Since Inception(a)	Expense Ratio(b)
		Gross	Net(c)
Grandeur Peak Global Explorer Fund – Institutional (GPGEX)	-22.00%	1.81%	1.25%
MSCI All Country World Index Small Cap(d)	-10.02%
MSCI All Country World Index IMI(e)	-10.98%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested. Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of December 16, 2021.

^(b) Ratios as of the Prospectus dated December 16, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.25% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) is in effect through August 31, 2023. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2023 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI ACWI Small Cap Index is designed to measure the equity market performance of performance of small-cap companies across developed and emerging markets globally. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI ACWI IMI Index T captures large, mid and small cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 9,189 constituents, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Annual Report | April 30, 2022 11

Grandeur Peak Global Explorer Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

12 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
North America	29.0%
Europe	27.3%
Asia ex Japan	20.3%
Japan	10.2%
Latin America	3.4%
Australia/New Zealand	2.6%
Africa/Middle East	0.9%
Cash, Cash Equivalents, & Other Net Assets	6.3%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
First Republic Bank	1.2%
Impax Asset Management Group PLC	1.0%
FPT Corp.	1.0%
Silergy Corp.	0.9%
Musti Group Oyj	0.9%
Dechra Pharmaceuticals PLC	0.9%
CVS Group PLC	0.8%
Endava PLC	0.8%
Figs, Inc.	0.8%
WNS Holdings, Ltd.	0.8%
Total	9.1%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Annual Report | April 30, 2022 13

Grandeur Peak Global Micro Cap Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

				Since Inception(a)	Expense Ratio(b)
	1 Year	3 Years	5 Years		Gross	Net(c)
Grandeur Peak Global Micro Cap Fund – Institutional (GPMCX)	-24.19%*	14.72%	10.40%	11.10%	2.02%	2.00%
MSCI All Country World Index Small Cap(d)	-11.08%	8.34%	7.91%	8.95%
MSCI World Micro Cap Index(e)	-14.69%	9.99%	7.64%	9.05%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

* Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

^(a) Fund inception date of October 20, 2015.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 2.00% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement is in effect through August 31, 2022. The Adviser will be permitted to recover expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. This agreement may not be terminated or modified prior to August 31, 2022 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI ACWI Small Cap Index is designed to measure the equity market performance of performance of small-cap companies across developed and emerging markets globally. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI World Micro Cap Index is designed to measure the equity market performance of micro-cap companies across developed markets globally. It does not include emerging markets. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

14 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Annual Report | April 30, 2022 15

Grandeur Peak Global Micro Cap Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Europe	36.5%
North America	17.8%
Asia ex Japan	20.6%
Japan	15.8%
Australia/New Zealand	3.6%
Africa/Middle East	0.7%
Cash, Cash Equivalents, & Other Net Assets	5.0%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
SwedenCare AB	3.7%
Joint Corp.	1.9%
Fiducian Group, Ltd.	1.8%
Musti Group Oyj	1.8%
Esquire Financial Holdings, Inc.	1.7%
Sun*, Inc.	1.7%
Self Storage Group ASA	1.7%
Beenos, Inc.	1.6%
Bowman Consulting Group, Ltd.	1.5%
LeMaitre Vascular, Inc.	1.5%
Total	18.9%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

16 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

					Since Inception(a)	Expense Ratio(b)
	1 Year	3 Years	5 Years	10 Years		Gross	Net(c)
Grandeur Peak Global Opportunities Fund – Investor (GPGOX)	-19.49%	13.12%	10.96%	12.20%	13.08%	1.60%	1.60%
Grandeur Peak Global Opportunities Fund – Institutional (GPGIX)	-19.30%	13.43%	11.19%	12.46%	13.37%	1.35%	1.35%
MSCI All Country World Index Small Cap(d)	-11.08%	8.34%	7.91%	9.35%	10.23%
MSCI All Country World Index IMI(e)	-5.82%	9.73%	9.73%	9.72%	10.40%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of October 17, 2011.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.75% and 1.50% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2022. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2022 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI ACWI Small Cap Index is designed to measure the equity market performance of performance of small-cap companies across developed and emerging markets globally. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI ACWI IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across developed and emerging markets globally. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Annual Report | April 30, 2022 17

Grandeur Peak Global Opportunities Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

18 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Europe	38.9%
North America	28.6%
Asia ex Japan	18.0%
Japan	9.8%
Latin America	2.1%
Africa/Middle East	1.0%
Australia/New Zealand	0.3%
Cash, Cash Equivalents, & Other Net Assets	1.3%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Endava PLC	2.6%
B&M European Value Retail SA	2.4%
WNS Holdings, Ltd.	2.4%
Littelfuse, Inc.	2.2%
Virbac SA	1.9%
CVS Group PLC	1.8%
Dechra Pharmaceuticals PLC	1.7%
Silergy Corp.	1.7%
Qualys, Inc.	1.5%
Vietnam Technological & Commercial Joint Stock Bank	1.5%
Total	19.7%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Annual Report | April 30, 2022 19

Grandeur Peak Global Reach Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

				Since Inception(a)	Expense Ratio(b)
	1 Year	3 Years	5 Years		Gross	Net(c)
Grandeur Peak Global Reach Fund – Investor (GPROX)	-20.17%	11.04%	9.79%	10.66%	1.52%	1.50%
Grandeur Peak Global Reach Fund – Institutional (GPRIX)	-19.99%	11.30%	10.05%	10.92%	1.27%	1.25%
MSCI All Country World Small Cap Index(d)	-11.08%	8.34%	7.91%	8.66%
MSCI All Country World IMI Index(e)	-5.82%	9.73%	9.73%	9.27%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of June 19, 2013.

^(b) Ratios as of the Supplement dated December 30, 2021, to the Prospectus and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.50% and 1.25% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2023. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2023 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI ACWI Small Cap Index is designed to measure the equity market performance of performance of small-cap companies across developed and emerging markets globally. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI ACWI IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across developed and emerging markets globally. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

20 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Annual Report | April 30, 2022 21

Grandeur Peak Global Reach Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
North America	32.8%
Europe	32.4%
Asia ex Japan	18.0%
Japan	7.1%
Latin America	3.9%
Australia/New Zealand	1.8%
Africa/Middle East	1.2%
Cash, Cash Equivalents, & Other Net Assets	2.8%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Endava PLC	1.5%
Figs, Inc.	1.5%
Vietnam Technological & Commercial Joint Stock Bank	1.3%
B&M European Value Retail SA	1.3%
First Republic Bank	1.2%
Impax Asset Management Group PLC	1.2%
EQT AB	1.1%
Dino Polska SA	1.1%
BayCurrent Consulting, Inc.	1.1%
Silergy Corp.	1.1%
Total	12.4%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

22 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

				Since Inception(a)	Expense Ratio(b)
	1 Year	3 Years	5 Years		Gross	Net(c)
Grandeur Peak Global Stalwarts Fund – Investor (GGSOX)*	-21.45%	8.92%	9.52%	11.07%	1.21%	1.21%
Grandeur Peak Global Stalwarts Fund – Institutional (GGSYX)*	-21.26%	9.18%	9.78%	11.35%	0.96%	0.96%
MSCI All Country World Mid Cap Index(d)	-8.32%	8.24%	8.09%	9.09%
MSCI All Country World Small Cap Index(e)	-11.08%	8.34%	7.91%	9.42%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

* Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

^(a) Fund inception date of September 1, 2015.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.35% and 1.10% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement is in effect through August 31, 2022. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. This agreement may not be terminated or modified prior to August 31, 2022 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI ACWI Mid Cap Index is designed to measure the equity market performance of performance of mid-cap companies across developed and emerging markets globally. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI ACWI Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Annual Report | April 30, 2022 23

Grandeur Peak Global Stalwarts Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

24 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
North America	43.5%
Europe	30.3%
Asia ex Japan	15.8%
Japan	5.5%
Latin America	3.4%
Australia/New Zealand	0.6%
Cash, Cash Equivalents, & Other Net Assets	0.9%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
First Republic Bank	3.7%
Silergy Corp.	3.3%
Littelfuse, Inc.	2.7%
B&M European Value Retail SA	2.7%
Endava PLC	2.6%
Globant SA	2.3%
Dechra Pharmaceuticals PLC	2.3%
WNS Holdings, Ltd.	2.3%
SVB Financial Group	2.2%
Paycom Software, Inc.	2.0%
Total	26.1%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Annual Report | April 30, 2022 25

Grandeur Peak International Opportunities Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

					Since Inception(a)	Expense Ratio(b)
	1 Year	3 Years	5 Years	10 Years		Gross	Net(c)
Grandeur Peak International Opportunities Fund – Investor (GPIOX)	-21.60%	9.11%	7.49%	10.24%	11.11%	1.61%	1.61%
Grandeur Peak International Opportunities Fund – Institutional (GPIIX)	-21.38%	9.37%	7.71%	10.50%	11.36%	1.36%	1.36%
MSCI All Country World Index ex USA Small Cap Index(d)	-10.15%	7.44%	6.24%	7.06%	7.48%
MSCI All Country World IMI ex USA Index(e)	-9.93%	5.13%	5.54%	5.72%	6.12%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of October 17, 2011.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.75% and 1.50% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2022. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2022 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI ACWI ex USA Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally, excluding the United States. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI ACWI ex USA IMI Index is designed to measure the equity market performance of large, mid, and small-cap companies across developed and emerging markets globally, excluding the United States. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

26 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Annual Report | April 30, 2022 27

Grandeur Peak International Opportunities Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Europe	49.2%
Asia ex Japan	22.9%
Japan	13.8%
North America	5.4%
Latin America	2.1%
Australia/New Zealand	1.9%
Africa/Middle East	0.9%
Cash, Cash Equivalents, & Other Net Assets	3.8%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Endava PLC	2.4%
WNS Holdings, Ltd.	2.3%
Virbac SA	2.2%
CVS Group PLC	2.0%
B&M European Value Retail SA	1.9%
Uniphar PLC	1.8%
Silergy Corp.	1.7%
Dechra Pharmaceuticals PLC	1.7%
Ultra Electronics Holdings PLC	1.6%
Metropolis Healthcare, Ltd.	1.5%
Total	19.1%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

28 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

				Since Inception(a)	Expense Ratio(b)
	1 Year	3 Years	5 Years		Gross	Net(c)
Grandeur Peak International Stalwarts Fund – Investor (GISOX)*	-19.07%	9.94%	9.27%	11.27%	1.15%	1.15%
Grandeur Peak International Stalwarts Fund – Institutional (GISYX)*	-18.86%	10.24%	9.55%	11.55%	0.90%	0.90%
MSCI All Country World ex USA Mid Cap Index(d)	-12.02%	4.26%	4.67%	6.17%
MSCI All Country World ex USA Small Index(e)	-10.15%	7.44%	6.24%	7.82%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

* Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

^(a) Fund inception date of September 1, 2015.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursements (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.35% and 1.10% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement is in effect through August 31, 2022. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred This agreement may not be terminated or modified prior to August 31, 2022 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI ACWI ex USA Mid Cap Index is designed to measure the equity market performance of midcap companies across developed and emerging markets globally, excluding the United States. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI ACWI ex USA Small Cap Index is designed to measure the equity market performance of small-cap companies across developed and emerging markets globally, excluding the United States. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Annual Report | April 30, 2022 29

Grandeur Peak International Stalwarts Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represents a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

30 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Europe	48.0%
Asia ex Japan	25.1%
North America	10.6%
Japan	8.4%
Latin America	4.2%
Australia/New Zealand	0.9%
Africa/Middle East	0.3%
Cash, Cash Equivalents, & Other Net Assets	2.5%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Silergy Corp.	4.2%
B&M European Value Retail SA	4.2%
Dechra Pharmaceuticals PLC	3.8%
WNS Holdings, Ltd.	3.5%
Endava PLC	3.3%
Globant SA	2.6%
St. James's Place PLC	2.5%
Alten SA	2.4%
Techtronic Industries Co., Ltd.	2.1%
Dino Polska SA	2.1%
Total	30.7%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Annual Report | April 30, 2022 31

Grandeur Peak US Stalwarts Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

		Since Inception(a)	Expense Ratio(b)
	1 Year		Gross	Net(c)
Grandeur Peak US Stalwarts Fund – Institutional (GUSYX)	-20.93%	32.23%	1.11%	1.00%
MSCI USA Mid Cap Index(d)	-4.91%	36.53%
MSCI USA Small Cap Index(e)	-11.97%	37.26%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of March 19, 2020.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.00% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement (the “Expense Agreement”) is in effect through August 31, 2022. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2022 except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI USA Mid Cap Index is designed to measure the performance of the mid cap segments of the US market. With 339 constituents, the index covers approximately 15% of the free float-adjusted market capitalization in the US. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

^(e) The MSCI USA Small Cap Index is designed to measure the performance of the small cap segment of the US equity market. With 1,740 constituents, the index represents approximately 14% of the free float-adjusted market capitalization in the US. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

32 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak US Stalwarts Fund Performance Update

April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represent a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Annual Report | April 30, 2022 33

Grandeur Peak US Stalwarts Fund Performance Update

April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
North America	88.2%
Asia ex Japan	4.1%
Europe	3.9%
Latin America	2.9%
Cash, Cash Equivalents, & Other Net Assets	0.9%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
First Republic Bank	4.3%
Littelfuse, Inc.	3.3%
Paycom Software, Inc.	3.3%
PJT Partners, Inc.	3.0%
Endava PLC	2.9%
Globant SA	2.9%
SVB Financial Group	2.5%
Global Industrial Co.	2.3%
Pool Corp.	2.3%
Qualys, Inc.	2.2%
Total	29.0%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

34 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Disclosure of Fund Expenses

April 30, 2022

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of November 1, 2021 through April 30, 2022.

Actual Expenses The first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Report | April 30, 2022 35

Grandeur Peak Funds^® Disclosure of Fund Expenses

April 30, 2022

	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expense Ratio(a)	Expenses Paid During period November 1, 2021 - April 30, 2022(b)
Grandeur Peak Emerging Markets Opportunities Fund
Investor Class
Actual	$1,000.00	$800.60	1.70%	$7.59
Hypothetical (5% return before expenses)	$1,000.00	$1,016.36	1.70%	$8.50
Institutional Class
Actual	$1,000.00	$801.70	1.46%	$6.52
Hypothetical (5% return before expenses)	$1,000.00	$1,017.55	1.46%	$7.30
Grandeur Peak Global Contrarian Fund
Institutional Class
Actual	$1,000.00	$872.10	1.35%	$6.27
Hypothetical (5% return before expenses)	$1,000.00	$1,018.10	1.35%	$6.76
Grandeur Peak Global Explorer Fund
Institutional Class
Actual	$1,000.00	$1,000.00	0.93%	$4.61
Hypothetical (5% return before expenses)	$1,000.00	$1,020.18	0.93%	$4.66
Grandeur Peak Global Micro Cap Fund
Institutional Class
Actual	$1,000.00	$719.50	2.01%	$8.57
Hypothetical (5% return before expenses)	$1,000.00	$1,014.83	2.01%	$10.04
Grandeur Peak Global Opportunities Fund
Investor Class
Actual	$1,000.00	$739.30	1.48%	$6.38
Hypothetical (5% return before expenses)	$1,000.00	$1,017.46	1.48%	$7.40
Institutional Class
Actual	$1,000.00	$739.80	1.24%	$5.35
Hypothetical (5% return before expenses)	$1,000.00	$1,018.65	1.24%	$6.21
Grandeur Peak Global Reach Fund
Investor Class
Actual	$1,000.00	$723.60	1.50%	$6.41
Hypothetical (5% return before expenses)	$1,000.00	$1,017.36	1.50%	$7.50
Institutional Class
Actual	$1,000.00	$724.30	1.25%	$5.34
Hypothetical (5% return before expenses)	$1,000.00	$1,018.60	1.25%	$6.26
Grandeur Peak Global Stalwarts Fund
Investor Class
Actual	$1,000.00	$678.50	1.19%	$4.95
Hypothetical (5% return before expenses)	$1,000.00	$1,018.89	1.19%	$5.96
Institutional Class
Actual	$1,000.00	$679.30	0.94%	$3.91
Hypothetical (5% return before expenses)	$1,000.00	$1,020.13	0.94%	$4.71
Grandeur Peak International Opportunities Fund
Investor Class
Actual	$1,000.00	$730.30	1.50%	$6.44
Hypothetical (5% return before expenses)	$1,000.00	$1,017.36	1.50%	$7.50
Institutional Class
Actual	$1,000.00	$731.40	1.26%	$5.41
Hypothetical (5% return before expenses)	$1,000.00	$1,018.55	1.26%	$6.31
Grandeur Peak International Stalwarts Fund
Investor Class
Actual	$1,000.00	$696.60	1.16%	$4.88
Hypothetical (5% return before expenses)	$1,000.00	$1,019.04	1.16%	$5.81
Institutional Class
Actual	$1,000.00	$697.40	0.91%	$3.83
Hypothetical (5% return before expenses)	$1,000.00	$1,020.28	0.91%	$4.56
Grandeur Peak US Stalwarts Fund
Institutional Class
Actual	$1,000.00	$682.50	0.87%	$3.63

36 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Disclosure of Fund Expenses

April 30, 2022

	November 1, 2021 (continued)			November 1, 2021 (continued)
Hypothetical (5% return before expenses)	$1,000.00	$ 1,020.48	0.87%	$4.36

^(a) The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

Annual Report | April 30, 2022 37

Grandeur Peak Emerging Markets Opportunities Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (93.68%)
Argentina (2.07%)
Globant SA(a)		31,131	$	6,723,984
MercadoLibre, Inc.(a)		3,617		3,521,620
				10,245,604
Bangladesh (0.92%)
Square Pharmaceuticals, Ltd.		1,759,296		4,588,078
Brazil (6.61%)
CI&T, Inc., Class A(a)		254,514		3,234,873
Hypera SA(a)		634,000		4,829,426
Instituto Hermes Pardini SA		1,092,400		3,939,662
Locaweb Servicos de Internet SA(a)(b)(c)		1,711,800		2,499,863
Pagseguro Digital, Ltd., Class A(a)		169,251		2,489,682
Patria Investments, Ltd., Class A		334,840		5,461,240
Pet Center Comercio e Participacoes SA		1,165,703		3,600,418
Raia Drogasil SA		825,800		3,494,318
TOTVS SA		499,900		3,221,476
				32,770,958
China (14.17%)
Angelalign Technology, Inc.(b)(c)		202,400		2,847,680
ANTA Sports Products, Ltd.		183,400		2,107,724
Chaoju Eye Care Holdings, Ltd.		2,229,400		1,075,332
CSPC Pharmaceutical Group, Ltd.		4,336,720		4,433,630
Guangzhou KDT Machinery Co., Ltd., Class A		728,171		2,154,861
Guangzhou Kingmed Diagnostics Group Co., Ltd.		161,747		1,989,381
Hangzhou Robam Appliances Co., Ltd., Class A		1,123,400		5,232,115
Hangzhou Tigermed Consulting Co., Ltd., Class A		182,434		2,451,777
JD.com, Inc., Class A(a)		116,300		3,626,066
Li Ning Co., Ltd.		342,900		2,672,621
Man Wah Holdings, Ltd.		4,059,500		3,799,393
ManpowerGroup Greater China, Ltd.(c)		2,266,500		2,570,645
O2Micro International, Ltd., ADR(a)		746,299		2,447,861
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		58,200		2,751,812
Silergy Corp.		162,822		14,496,444
Suofeiya Home Collection Co., Ltd., Class A		1,336,859		4,118,388
TK Group Holdings, Ltd.		10,499,117		3,001,365

	Shares		Value (Note 2)
China (continued)
WuXi AppTec Co., Ltd., Class H(b)(c)		377,200	$	5,130,598
Wuxi Biologics Cayman, Inc.(a)(b)(c)		462,000		3,409,937
				70,317,630
Colombia (1.06%)
Parex Resources, Inc.		269,031		5,243,869
Egypt (0.44%)
African Export-Import Bank, GDR		180,662		538,373
Integrated Diagnostics Holdings PLC(b)(c)		1,484,400		1,630,451
				2,168,824
Greece (1.42%)
JUMBO SA		196,300		3,181,613
Sarantis SA		506,408		3,871,211
				7,052,824
Hong Kong (2.15%)
Plover Bay Technologies, Ltd.(c)		8,956,000		3,692,873
Techtronic Industries Co., Ltd.		522,600		6,975,720
				10,668,593
India (20.99%)
Avenue Supermarts, Ltd.(a)(b)(c)		42,817		2,193,309
Cartrade Tech, Ltd.(a)		138,071		1,162,552
Cera Sanitaryware, Ltd.		91,839		4,990,065
City Union Bank, Ltd.		1,756,435		3,128,841
Computer Age Management Services, Ltd.		203,629		6,538,766
EPL, Ltd.		1,135,862		2,496,884
FSN E-Commerce Ventures, Ltd.(a)		66,552		1,457,159
Gufic Biosciences, Ltd.		926,488		3,184,513
Gulf Oil Lubricants India, Ltd.		157,066		872,770
HCL Technologies, Ltd.		453,603		6,353,408
HDFC Asset Management Co., Ltd.(b)(c)		93,838		2,484,698
HDFC Bank, Ltd.		290,335		5,205,078
Home First Finance Co. India, Ltd.(a)(b)(c)		502,237		4,593,700
IndiaMart InterMesh, Ltd.(b)(c)		73,323		4,666,192
Kotak Mahindra Bank, Ltd.		117,654		2,728,413
L&T Technology Services, Ltd.(b)(c)		70,137		3,709,630
Larsen & Toubro Infotech, Ltd.(b)(c)		53,731		3,363,443
Marico, Ltd.		345,835		2,350,556
Metropolis Healthcare, Ltd.(b)(c)		355,418		11,038,889

See Notes to Financial Statements.

38 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
India (continued)
Nippon Life India Asset Management, Ltd.(b)(c)		1,148,380	$	4,723,590
Polycab India, Ltd.		175,040		5,650,983
Tarsons Products, Ltd.(a)		442,857		4,005,550
WNS Holdings, Ltd., ADR(a)		219,876		17,231,682
				104,130,671
Indonesia (6.37%)
Ace Hardware Indonesia Tbk PT		37,757,000		2,721,671
Arwana Citramulia Tbk PT		45,188,500		3,260,032
Avia Avian Tbk PT		64,626,800		3,655,513
Bank Central Asia Tbk PT		10,552,500		5,918,598
Bank Tabungan Pensiunan Nasional Syariah		17,451,900		4,143,916
Metrodata Electronics Tbk PT		71,485,300		3,521,130
Selamat Sempurna Tbk PT		47,420,300		5,102,826
Ultrajaya Milk Industry & Trading Co. Tbk PT		30,552,300		3,277,149
				31,600,835
Kenya (0.65%)
Safaricom PLC		11,096,600		3,200,892
Malaysia (0.20%)
Scicom MSC Bhd		3,545,500		974,076
Mexico (2.42%)
GMexico Transportes SAB de CV(b)(c)		1,200,100		2,254,175
Grupo Aeroportuario del Centro Norte SAB de CV		632,400		4,407,416
Regional SAB de CV		882,000		5,323,595
				11,985,186
Philippines (4.72%)
AllHome Corp.		20,298,765		3,063,051
Concepcion Industrial Corp.		1,861,792		706,000
Philippine Seven Corp.		1,023,000		1,256,772
Puregold Price Club, Inc.		8,060,000		5,078,321
Robinsons Land Corp.		10,577,000		3,841,910
Wilcon Depot, Inc.		17,692,900		9,489,536
				23,435,590
Poland (3.10%)
Dino Polska SA(a)(b)(c)		181,551		11,744,862
LiveChat Software SA		171,172		3,655,359
				15,400,221
Singapore (0.71%)
Riverstone Holdings, Ltd.		5,069,200		3,537,205
South Africa (2.61%)
Clicks Group, Ltd.		216,900		4,268,916
Italtile, Ltd.		3,636,472		3,936,519

	Shares		Value  (Note 2)
South Africa (continued)
Transaction Capital, Ltd.		1,481,446	$	4,738,188
				12,943,623
South Korea (2.08%)
Hyundai Ezwel Co., Ltd.		327,272		2,768,503
LEENO Industrial, Inc.		19,622		2,719,975
Suprema, Inc.(a)		97,329		1,871,612
Tokai Carbon Korea Co., Ltd.		26,784		2,977,788
				10,337,878
Taiwan (9.79%)
Bioteque Corp.		1,036,000		3,872,772
Brighten Optix Corp.		315,000		2,579,180
eMemory Technology, Inc.		52,700		2,214,819
FineTek Co., Ltd.		683,970		2,126,853
GEM Services, Inc./Tw		1,147,000		3,041,207
M3 Technology, Inc.		565,000		2,958,537
momo.com, Inc.		111,400		2,940,646
Poya International Co., Ltd.		567,840		6,037,805
Realtek Semiconductor Corp.		191,000		2,591,777
Sinbon Electronics Co., Ltd.		462,000		4,058,008
Sporton International, Inc.		869,148		5,342,732
Voltronic Power Technology Corp.		143,108		6,261,102
Wistron Information Technology & Services Corp.		1,552,400		4,543,528
				48,568,966
Thailand (1.87%)
Humanica PCL		9,664,000		3,323,330
Netbay PCL		2,654,200		2,366,487
TQM Corp. PCL		2,463,700		3,572,146
				9,261,963
United States (4.58%)
Bizlink Holding, Inc.		738,000		7,385,217
Frontage Holdings Corp.(a)(b)(c)		16,324,082		4,821,269
Genpact, Ltd.		261,023		10,511,396
				22,717,882
Vietnam (4.75%)
FPT Corp.		1,917,857		8,708,209
Lix Detergent JSC		437,310		945,519
Orient Commercial Joint Stock Bank(a)		4,016,750		4,160,099
Vietnam Dairy Products JSC		22		71
Vietnam Technological & Commercial Joint Stock Bank(a)		3,440,269		6,555,277

See Notes to Financial Statements.

Annual Report | April 30, 2022 39

Grandeur Peak Emerging Markets Opportunities Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Vietnam (continued)
Vincom Retail JSC(a)		2,386,220	$	3,197,729
				23,566,904
TOTAL COMMON STOCKS
(Cost $368,897,624)				464,718,272
TOTAL INVESTMENTS (93.68%)
(Cost $368,897,624)			$	464,718,272
Other Assets In Excess Of Liabilities (6.32%)				31,358,333
NET ASSETS (100.00%)			$	496,076,605

^(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 April 30, 2022, these securities had a total aggregate market value of $71,112,286, representing 14.33% 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 April 30, 2022, the aggregate market value of these securities was $77,375,804, representing 15.60% 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.

Sector Composition (April 30, 2022)
Technology	27.9%
Consumer	21.5%
Health Care	14.5%
Financials	14.2%
Industrials	13.1%
Energy & Materials	2.5%
Cash, Cash Equivalents, & Other Net Assets	6.3%
Total	100%

Industry Composition (April 30, 2022)
IT Services	14.9%
Banks	7.5%
Semiconductors & Semiconductor Equipment	6.1%
Food & Staples Retailing	5.7%
Specialty Retail	5.2%
Electrical Equipment	4.3%
Life Sciences Tools & Services	4.0%
Health Care Providers & Services	3.9%
Pharmaceuticals	3.4%
Health Care Equipment & Supplies	3.2%
Software	3.1%
Household Durables	2.7%
Capital Markets	2.6%
Internet & Direct Marketing Retail	2.5%
Electronic Equipment, Instruments & Components	2.5%
Machinery	2.4%
Professional Services	2.4%
Building Products	1.8%
Real Estate Management & Development	1.5%
Multiline Retail	1.2%
Food Products	1.2%
Oil, Gas & Consumable Fuels	1.1%
Textiles, Apparel & Luxury Goods	1.0%
Auto Components	1.0%
Other Industries (each less than 1%)	8.5%
Cash and Other Assets, Less Liabilities	6.3%
Total	100.0%

See Notes to Financial Statements.

40 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Contrarian Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (101.97%)
Australia (4.69%)
Atturra, Ltd.(a)		1,252,634	$	647,417
Fiducian Group, Ltd.		312,231		1,753,822
Kogan.com, Ltd.		231,477		629,221
QANTM Intellectual Property, Ltd.		2,514,634		1,942,253
				4,972,713
Bangladesh (1.08%)
Square Pharmaceuticals, Ltd.		439,690		1,146,670
Brazil (2.03%)
Patria Investments, Ltd., Class A		132,093		2,154,437
Britain (12.74%)
B&M European Value Retail SA		250,989		1,537,832
boohoo Group PLC(a)		1,500,000		1,518,564
City of London Investment Group PLC		174,447		1,015,808
CVS Group PLC		50,000		1,128,739
FRP Advisory Group PLC		568,197		905,476
IG Group Holdings PLC		160,642		1,641,773
K3 Capital Group PLC		132,654		408,674
Manolete Partners PLC		238,050		758,107
On the Beach Group PLC(a)(b)(c)		350,262		1,004,673
Premier Miton Group PLC		567,200		998,516
Ultra Electronics Holdings PLC		24,251		987,699
Victorian Plumbing Group PLC(a)		2,147,586		1,612,121
				13,517,982
Canada (1.98%)
BioSyent, Inc.(a)		113,187		810,587
Guardian Capital Group, Ltd., Class A		50,000		1,288,678
				2,099,265
China (8.59%)
Chaoju Eye Care Holdings, Ltd.		884,000		426,390
CSPC Pharmaceutical Group, Ltd.		818,000		836,279
ManpowerGroup Greater China, Ltd.(c)		999,000		1,133,057
O2Micro International, Ltd., ADR(a)		999,251		3,277,544
TK Group Holdings, Ltd.		5,575,283		1,593,797
Xin Point Holdings, Ltd.(c)		7,076,984		1,844,727
				9,111,794
Colombia (1.93%)
Parex Resources, Inc.		105,214		2,050,799

	Shares		Value  (Note 2)
France (1.01%)
Neurones		16,588	$	631,734
Thermador Groupe		4,347		440,244
				1,071,978
Greece (1.28%)
Kri-Kri Milk Industry SA		185,964		1,358,783
Hong Kong (3.11%)
Plover Bay Technologies, Ltd.(c)		7,996,939		3,297,418
India (2.01%)
Gulf Oil Lubricants India, Ltd.		92,873		516,068
Mahanagar Gas, Ltd.(c)		52,813		528,534
Time Technoplast, Ltd.		876,580		1,091,615
				2,136,217
Indonesia (1.05%)
Map Aktif Adiperkasa PT(a)		2,890,100		612,485
Selamat Sempurna Tbk PT		4,625,200		497,711
				1,110,196
Italy (0.56%)
Banca Sistema SpA(b)(c)		251,035		534,263
Piovan SpA(b)(c)		6,717		63,775
				598,038
Japan (18.59%)
AIT Corp.		42,000		510,873
Amuse, Inc.		46,000		693,786
Beenos, Inc.		277,900		3,834,877
Central Automotive Products, Ltd.		42,900		690,538
Copro-Holdings Co., Ltd.		82,800		639,932
Gakujo Co., Ltd.		71,000		499,883
Japan Lifeline Co., Ltd.		268,700		2,239,696
MCJ Co., Ltd.		94,500		618,103
Medikit Co., Ltd.		98,600		1,753,273
Naigai Trans Line, Ltd.		42,800		614,506
Seria Co., Ltd.		261,100		5,106,046
Synchro Food Co., Ltd.(a)		250,000		518,730
System Information Co., Ltd.		87,800		652,002
Trancom Co., Ltd.		10,600		552,304
YAMADA Consulting Group Co., Ltd.		88,100		808,545
				19,733,094
Mexico (0.46%)
Regional SAB de CV		80,700		487,091
Netherlands (0.52%)
Flow Traders(b)(c)		16,850		550,083
Philippines (1.66%)
AllHome Corp.		3,200,000		482,875

See Notes to Financial Statements.

Annual Report | April 30, 2022 41

Grandeur Peak Global Contrarian Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Philippines (continued)
Concepcion Industrial Corp.		1,376,400	$	521,937
Pryce Corp.		7,013,600		754,696
				1,759,508
Singapore (3.51%)
Riverstone Holdings, Ltd.		5,343,975		3,728,939
South Africa (0.46%)
Italtile, Ltd.		453,471		490,887
Taiwan (6.25%)
Bioteque Corp.		465,773		1,741,151
FineTek Co., Ltd.		218,924		680,760
Fuzetec Technology Co., Ltd.		309,363		665,384
GEM Services, Inc./Tw		148,000		392,414
Tofu Restaurant Co., Ltd.		150,989		748,569
Wistron Information Technology & Services Corp.		822,600		2,407,566
				6,635,844
United States (25.26%)
Bank of NT Butterfield & Son, Ltd.		73,081		2,340,784
Barrett Business Services, Inc.		14,700		1,057,959
Bizlink Holding, Inc.		150,000		1,501,060
Bowman Consulting Group, Ltd.(a)		49,998		834,467
Cardiovascular Systems, Inc.(a)		72,137		1,348,962
Esquire Financial Holdings, Inc.		45,157		1,625,652
Evolution Petroleum Corp.		249,547		1,574,642
Global Industrial Co.		24,821		765,976
Hackett Group, Inc.		189,998		4,463,053
Healthcare Services Group, Inc.		76,297		1,303,916
Kimball International, Inc., Class B		100,827		774,351
Littelfuse, Inc.		4,989		1,143,728
Ollie's Bargain Outlet Holdings, Inc.(a)		32,007		1,537,936
Plumas Bancorp		123,792		4,357,479
Sprouts Farmers Market, Inc.(a)		47,153		1,405,159
TriMas Corp.		26,356		778,556
				26,813,680
Vietnam (3.20%)
FPT Corp.		267,289		1,213,651
Lix Detergent JSC		91,600		198,051
Orient Commercial Joint Stock Bank(a)		1,073,775		1,112,096

	Shares		Value  (Note 2)
Vietnam (continued)
Vietnam Technological & Commercial Joint Stock Bank(a)		455,100	$	867,172
				3,390,970
TOTAL COMMON STOCKS
(Cost $114,978,992)				108,216,386
TOTAL INVESTMENTS (101.97%)
(Cost $114,978,992)			$	108,216,386
Liabilities In Excess Of Other Assets (-1.97%)				(2,087,865	)
NET ASSETS (100.00%)			$	106,128,521

^(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 April 30, 2022, these securities had a total aggregate market value of $2,152,794, representing 2.03% 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 April 30, 2022, the aggregate market value of these securities was $8,956,530, representing 8.44% 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 Financial Statements.

42 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Contrarian Fund Portfolio of Investments

April 30, 2022

Sector Composition (April 30, 2022)
Consumer	23.5%
Financials	21.2%
Technology	19.6%
Industrials	16.6%
Health Care	14.3%
Energy & Materials	6.3%
Utilities	0.5%
Cash, Cash Equivalents, & Other Net Assets	-2.0%
Total	100%

Industry Composition (April 30, 2022)
Banks	10.7%
Capital Markets	10.5%
Health Care Equipment & Supplies	10.1%
IT Services	8.9%
Multiline Retail	7.6%
Internet & Direct Marketing Retail	7.1%
Professional Services	6.1%
Oil, Gas & Consumable Fuels	4.1%
Semiconductors & Semiconductor Equipment	3.5%
Communications Equipment	3.1%
Pharmaceuticals	2.7%
Auto Components	2.2%
Electrical Equipment	2.0%
Commercial Services & Supplies	2.0%
Containers & Packaging	1.7%
Electronic Equipment, Instruments & Components	1.7%
Hotels, Restaurants & Leisure	1.6%
Machinery	1.6%
Health Care Providers & Services	1.5%
Specialty Retail	1.5%
Food Products	1.3%
Food & Staples Retailing	1.3%
Trading Companies & Distributors	1.1%
Other Industries (each less than 1%)	8.1%
Cash and Other Assets, Less Liabilities	-2.0%
Total	100.0%

See Notes to Financial Statements.

Annual Report | April 30, 2022 43

Grandeur Peak Global Explorer Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (93.72%)
Argentina (0.50%)
Globant SA(a)		220	$	47,518
Australia (2.63%)
Atturra, Ltd.(a)		61,650		31,863
EQT Holdings, Ltd.		1,256		24,425
HUB24, Ltd.		1,168		19,507
Imdex, Ltd.		7,446		13,063
Kogan.com, Ltd.		14,746		40,084
Netwealth Group, Ltd.		2,531		22,917
PeopleIN, Ltd.		12,040		31,997
QANTM Intellectual Property, Ltd.		34,896		26,953
Redbubble, Ltd.(a)		21,783		17,109
Whispir, Ltd.(a)		23,984		20,722
				248,640
Belgium (1.03%)
Melexis NV		523		44,892
Warehouses De Pauw CVA		540		20,774
X-Fab Silicon Foundries SE(a)(b)(c)		4,483		31,737
				97,403
Brazil (2.53%)
Blau Farmaceutica SA		3,620		18,232
CI&T, Inc., Class A(a)		1,501		19,078
Fleury SA		9,519		27,860
Grupo Mateus SA(a)		20,660		19,766
Locaweb Servicos de Internet SA(a)(b)(c)		6,600		9,639
Pagseguro Digital, Ltd., Class A(a)		824		12,121
Patria Investments, Ltd., Class A		3,784		61,717
Pet Center Comercio e Participacoes SA		14,932		46,119
Raia Drogasil SA		5,800		24,542
				239,074
Britain (10.38%)
AB Dynamics PLC		734		13,457
Abcam PLC(a)		1,306		20,265
Ascential PLC(a)		3,506		13,900
B&M European Value Retail SA		12,326		75,523
boohoo Group PLC(a)		17,178		17,391
Bytes Technology Group PLC		2,453		13,794
CVS Group PLC		3,531		79,712
Dechra Pharmaceuticals PLC		1,791		81,160
Diploma PLC		553		18,967
Elixirr International PLC(a)		2,575		24,285
Endava PLC, ADR(a)		789		79,373
Ergomed PLC(a)		1,330		19,624

	Shares		Value  (Note 2)
Britain (continued)
Foresight Group Holdings, Ltd.		8,771	$	41,911
FRP Advisory Group PLC		10,132		16,146
Gresham House PLC		715		8,496
Impax Asset Management Group PLC		8,647		93,515
Intertek Group PLC		429		26,733
JTC PLC(b)(c)		5,436		52,784
K3 Capital Group PLC		10,084		31,066
Keystone Law Group PLC		4,427		37,838
Made.com Group PLC(a)(b)(c)		10,185		7,237
Marlowe PLC(a)		2,224		22,932
On the Beach Group PLC(a)(b)(c)		10,418		29,882
Pensionbee Group PLC(a)		7,202		12,870
Softcat PLC		2,271		40,109
St. James's Place PLC		1,902		30,564
Ultra Electronics Holdings PLC		311		12,667
Victorian Plumbing Group PLC(a)		8,166		6,130
Volution Group PLC		10,511		53,539
				981,870
Canada (0.87%)
Converge Technology Solutions Corp.(a)		3,200		21,497
Docebo, Inc.(a)		330		14,131
Gildan Activewear, Inc.		778		26,363
Guardian Capital Group, Ltd., Class A		392		10,103
Richelieu Hardware, Ltd.		355		10,078
				82,172
China (4.54%)
Angelalign Technology, Inc.(b)(c)		1,200		16,884
CSPC Pharmaceutical Group, Ltd.		18,000		18,402
Guangzhou KDT Machinery Co., Ltd., Class A		3,900		11,541
Guangzhou Kingmed Diagnostics Group Co., Ltd.		2,000		24,599
Hangzhou Robam Appliances Co., Ltd., Class A		8,631		40,198
Man Wah Holdings, Ltd.		45,500		42,585
O2Micro International, Ltd., ADR(a)		8,811		28,900
Shanghai Kindly Medical Instruments Co., Ltd., Class H(c)		5,900		11,468
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		700		33,097
Silergy Corp.		1,000		89,032
Suofeiya Home Collection Co., Ltd., Class A		5,800		17,868

See Notes to Financial Statements.

44 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
China (continued)
Trip.com Group, Ltd.(a)		850	$	20,072
WuXi AppTec Co., Ltd., Class H(b)(c)		3,634		52,343
Wuxi Biologics Cayman, Inc.(a)(b)(c)		3,000		22,142
				429,131
Colombia (0.41%)
Parex Resources, Inc.		1,984		38,672
Denmark (0.10%)
Ringkjoebing Landbobank A/S		73		8,952
Finland (0.98%)
Evli Oyj		467		8,966
Musti Group Oyj(a)		3,537		83,221
				92,187
France (3.31%)
Alten SA		418		56,099
Antin Infrastructure Partners SA(a)		939		24,394
BioMerieux		280		26,657
Bureau Veritas SA		750		21,545
Esker SA		209		35,205
Neurones		240		9,140
Sidetrade		60		8,830
Thermador Groupe		382		38,687
Virbac SA		177		71,463
Wavestone		404		21,249
				313,269
Germany (2.44%)
Atoss Software AG		192		27,899
Bike24 Holding AG(a)		1,000		6,462
Dermapharm Holding SE		873		49,360
hGears AG(a)		350		5,926
Mensch und Maschine Software SE		494		27,684
Nagarro SE(a)		349		49,070
Nexus AG		577		28,139
QIAGEN NV(a)		417		18,919
Westwing Group SE(a)		1,500		17,170
				230,629
Greece (0.36%)
Kri-Kri Milk Industry SA		2,300		16,806
Sarantis SA		2,300		17,582
				34,388
Hong Kong (0.67%)
Plover Bay Technologies, Ltd.(c)		53,861		22,209

	Shares		Value  (Note 2)
Hong Kong (continued)
Techtronic Industries Co., Ltd.		3,100	$	41,379
				63,588
India (4.63%)
Ajanta Pharma, Ltd.		831		18,661
Cartrade Tech, Ltd.(a)		1,500		12,630
Cera Sanitaryware, Ltd.		909		49,390
Computer Age Management Services, Ltd.		900		28,900
EPL, Ltd.		6,200		13,629
Gufic Biosciences, Ltd.		8,300		28,529
Gulf Oil Lubricants India, Ltd.		5,160		28,673
HDFC Asset Management Co., Ltd.(b)(c)		500		13,239
IndiaMart InterMesh, Ltd.(b)(c)		190		12,091
Kotak Mahindra Bank, Ltd.		1,285		29,799
Marico, Ltd.		2,500		16,992
Metropolis Healthcare, Ltd.(b)(c)		1,500		46,588
Nippon Life India Asset Management, Ltd.(b)(c)		7,500		30,850
Polycab India, Ltd.		500		16,142
Tarsons Products, Ltd.(a)		1,800		16,281
WNS Holdings, Ltd., ADR(a)		970		76,019
				438,413
Indonesia (1.88%)
Ace Hardware Indonesia Tbk PT		196,500		14,164
Arwana Citramulia Tbk PT		501,500		36,180
Avia Avian Tbk PT		445,300		25,188
Bank Central Asia Tbk PT		36,500		20,472
Bank Tabungan Pensiunan Nasional Syariah		56,600		13,440
Map Aktif Adiperkasa PT(a)		55,700		11,804
Metrodata Electronics Tbk PT		336,400		16,570
Selamat Sempurna Tbk PT		186,600		20,080
Ultrajaya Milk Industry & Trading Co. Tbk PT		188,000		20,165
				178,063
Ireland (1.12%)
Keywords Studios PLC		1,322		39,963
Uniphar PLC		16,038		66,324
				106,287
Israel (0.22%)
Wix.com, Ltd.(a)		281		21,204
Italy (1.26%)
DiaSorin SpA		99		12,968
FinecoBank Banca Fineco SpA		750		10,426
GVS SpA(b)(c)		2,062		17,175
Interpump Group SpA		1,181		47,748
Piovan SpA(b)(c)		941		8,934

See Notes to Financial Statements.

Annual Report | April 30, 2022 45

Grandeur Peak Global Explorer Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Italy (continued)
Sesa SpA		154	$	22,264
				119,515
Japan (10.17%)
AIT Corp.		800		9,731
BASE, Inc.(a)		4,600		12,509
BayCurrent Consulting, Inc.		200		65,573
Beenos, Inc.		3,000		41,398
Carenet, Inc.		2,800		17,827
Central Automotive Products,
Ltd.		700		11,267
Charm Care Corp.		3,000		29,971
Coconala, Inc.(a)		1,500		9,339
Confidence, Inc.		400		5,846
Cosmos Pharmaceutical Corp.		200		18,632
Create SD Holdings Co., Ltd.		400		9,149
Creema, Ltd.(a)		3,600		20,028
Cyber Security Cloud, Inc.(a)		900		14,030
eGuarantee, Inc.		2,100		34,861
ENECHANGE, Ltd.(a)		2,200		10,042
Enjin Co., Ltd.(a)		1,000		18,353
Freee KK(a)		200		5,771
Future Corp.		1,700		25,256
Gakujo Co., Ltd.		1,700		11,969
GMO Financial Gate, Inc.		100		10,056
GMO Payment Gateway, Inc.		100		8,390
GMO Pepabo, Inc.		900		14,661
gremz, Inc.		1,900		23,713
IR Japan Holdings, Ltd.		300		9,501
Japan Lifeline Co., Ltd.		1,100		9,169
M&A Capital Partners Co., Ltd.(a)		1,200		37,273
M3, Inc.		400		12,952
MarkLines Co., Ltd.		1,200		24,717
MatsukiyoCocokara & Co.		300		9,952
MCJ Co., Ltd.		1,700		11,119
Medikit Co., Ltd.		700		12,447
Meinan M&A Co., Ltd.		800		6,692
Meitec Corp.		500		26,661
MonotaRO Co., Ltd.		1,900		32,638
Naigai Trans Line, Ltd.		1,400		20,101
Nihon M&A Center Holdings, Inc.		3,300		40,636
OBIC Business Consultants Co., Ltd.		600		21,730
Open Door, Inc.(a)		2,500		36,119
Seria Co., Ltd.		3,000		58,668
SMS Co., Ltd.		200		4,770
Sun*, Inc.(a)		3,400		42,408
Synchro Food Co., Ltd.(a)		2,800		5,810
System Information Co., Ltd.		1,500		11,139
TeamSpirit, Inc.(a)		1,000		3,437
Trancom Co., Ltd.		100		5,210
Tsuruha Holdings, Inc.		200		10,222
User Local, Inc.		1,400		18,351
Vega Corp. Co., Ltd.		1,900		9,224

	Shares		Value (Note 2)
Japan (continued)
Visional, Inc.(a)		300	$	16,509
WealthNavi, Inc.(a)		1,200		15,608
YAKUODO Holdings Co., Ltd.		1,500		20,803
				962,238
Luxembourg (0.14%)
Sword Group		316		13,606
Mexico (0.63%)
GMexico Transportes SAB de CV(b)(c)		11,132		20,909
Grupo Aeroportuario del Centro Norte SAB de CV		2,151		14,991
Regional SAB de CV		3,850		23,238
				59,138
Netherlands (0.70%)
Aalberts NV		657		31,925
Shop Apotheke Europe NV(a)(b)(c)		420		34,637
				66,562
Norway (1.26%)
Bouvet ASA		3,852		28,334
CSAM Health Group AS(a)		2,300		12,506
Nordhealth AS, Class A(a)		5,100		11,854
Self Storage Group ASA(a)		13,300		44,384
SmartCraft ASA(a)		13,607		21,761
				118,839
Philippines (1.03%)
AllHome Corp.		196,808		29,698
Puregold Price Club, Inc.		35,797		22,554
Robinsons Land Corp.		32,000		11,623
Wilcon Depot, Inc.		63,033		33,808
				97,683
Poland (1.02%)
Answear.com SA, Class A(a)		1,850		9,976
Dino Polska SA(a)(b)(c)		1,150		74,396
LiveChat Software SA		565		12,065
				96,437
Singapore (0.45%)
Riverstone Holdings, Ltd.		61,445		42,875
South Africa (0.72%)
Clicks Group, Ltd.		698		13,737
Italtile, Ltd.		20,554		22,250
Transaction Capital, Ltd.		9,996		31,971
				67,958
South Korea (0.82%)
Douzone Bizon Co., Ltd.		170		5,441

See Notes to Financial Statements.

46 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
South Korea (continued)
Hyundai Ezwel Co., Ltd.		1,082	$	9,153
LEENO Industrial, Inc.		120		16,634
LG Household & Health Care, Ltd.		10		7,162
MegaStudyEdu Co., Ltd.		147		11,041
Suprema, Inc.(a)		499		9,596
Tokai Carbon Korea Co., Ltd.		162		18,011
				77,038
Sweden (3.17%)
AddLife AB		600		13,257
Beijer Alma AB		876		18,223
Boozt AB(a)(b)(c)		1,231		12,926
Byggfakta Group Nordic Holdco AB(a)		4,150		20,207
Cint Group AB(a)		2,301		18,819
EQT AB		620		17,547
KNOW IT AB		1,619		49,864
Lyko Group AB, Class A(a)(c)		640		12,617
Nordnet AB publ		942		16,339
Sagax AB, Class A		791		21,028
Sdiptech AB, Class B(a)		394		13,798
SwedenCare AB		2,960		33,268
Teqnion AB		3,170		37,771
Vitec Software Group AB, Class B		290		14,614
				300,278
Taiwan (3.56%)
Bioteque Corp.		6,227		23,278
Bizlink Holding, Inc.		2,000		20,014
Brighten Optix Corp.		3,000		24,564
FineTek Co., Ltd.		6,000		18,657
Fuzetec Technology Co., Ltd.		11,000		23,659
GEM Services, Inc./Tw		9,000		23,863
M3 Technology, Inc.		1,000		5,236
momo.com, Inc.		1,000		26,397
Pacific Hospital Supply Co., Ltd.		4,000		9,640
Poya International Co., Ltd.		1,000		10,633
Sinbon Electronics Co., Ltd.		3,000		26,351
Sporton International, Inc.		7,000		43,030
Tofu Restaurant Co., Ltd.		4,011		19,886
Voltronic Power Technology Corp.		1,000		43,751
Wistron Information Technology & Services Corp.		3,000		8,780
Zhen Yu Hardware Co., Ltd.		2,000		8,990
				336,729
Thailand (0.47%)
Humanica PCL		60,700		20,874
Netbay PCL		15,500		13,820

	Shares		Value  (Note 2)
Thailand (continued)
TQM Corp. PCL		7,000	$	10,149
				44,843
United States (27.52%)
Alexandria Real Estate Equities, Inc.		154		28,053
Align Technology, Inc.(a)		59		17,105
Alpha Teknova, Inc.(a)		2,252		25,290
Apollo Global Management, Inc.		833		41,450
Bank of Hawaii Corp.		432		32,115
Bank of NT Butterfield & Son, Ltd.		1,405		45,002
Barrett Business Services, Inc.		200		14,394
Blackline, Inc.(a)		637		42,711
Blackstone, Inc.		204		20,720
Cardiovascular Systems, Inc.(a)		696		13,015
CareDx, Inc.(a)		420		12,785
Castle Biosciences, Inc.(a)		924		20,642
Chewy, Inc., Class A(a)		508		14,762
Coastal Financial Corp.(a)		226		9,275
Digital Realty Trust, Inc.		146		21,334
DigitalOcean Holdings, Inc.(a)		339		13,367
Elastic NV(a)		524		39,897
Equinix, Inc.		34		24,449
Esquire Financial Holdings, Inc.		462		16,632
Etsy, Inc.(a)		444		41,376
Exact Sciences Corp.(a)		451		24,828
ExlService Holdings, Inc.(a)		180		24,507
Fastenal Co.		611		33,794
Figs, Inc., Class A(a)		4,893		76,624
First Hawaiian, Inc.		1,301		30,717
First Republic Bank		767		114,452
Five Below, Inc.(a)		163		25,607
Freshpet, Inc.(a)		202		18,857
Frontage Holdings Corp.(a)(b)(c)		88,500		26,138
Genpact, Ltd.		1,072		43,169
Gitlab, Inc., Class A(a)		319		15,290
Glacier Bancorp, Inc.		825		37,752
Global Industrial Co.		2,091		64,528
Goosehead Insurance, Inc., Class A		593		34,092
Hackett Group, Inc.		1,557		36,574
Heska Corp.(a)		259		28,449
Houlihan Lokey, Inc.		413		34,399
HubSpot, Inc.(a)		113		42,876
I3 Verticals, Inc., Class A(a)		583		16,003
Insperity, Inc.		464		49,207
JFrog, Ltd.(a)		1,918		40,029
Joint Corp.(a)		732		22,341
Kimball International, Inc., Class B		1,225		9,408
LeMaitre Vascular, Inc.		1,013		43,772
LGI Homes, Inc.(a)		371		34,766
Littelfuse, Inc.		197		45,162

See Notes to Financial Statements.

Annual Report | April 30, 2022 47

Grandeur Peak Global Explorer Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
United States (continued)
Lululemon Athletica, Inc.(a)		70	$	24,824
Marcus & Millichap, Inc.		295		13,213
MarketAxess Holdings, Inc.		72		18,980
MaxCyte, Inc.(a)		4,129		22,875
Medpace Holdings, Inc.(a)		322		43,010
Microchip Technology, Inc.		483		31,492
Morningstar, Inc.		94		23,804
MSCI, Inc.		61		25,696
New Relic, Inc.(a)		302		19,108
NV5 Global, Inc.(a)		154		18,449
Ollie's Bargain Outlet Holdings, Inc.(a)		844		40,554
P10, Inc., Class A(a)		5,561		67,288
PagerDuty, Inc.(a)		604		17,256
Paycom Software, Inc.(a)		180		50,665
Paylocity Holding Corp.(a)		251		47,597
PJT Partners, Inc., Class A		1,067		70,411
Plumas Bancorp		408		14,362
Pool Corp.		73		29,581
Power Integrations, Inc.		559		44,720
Qualys, Inc.(a)		509		69,367
Rapid7, Inc.(a)		466		44,512
Revolve Group, Inc.(a)		582		24,595
Rexford Industrial Realty, Inc.		486		37,927
Shoals Technologies Group, Inc., Class A(a)		3,043		30,369
Silicon Laboratories, Inc.(a)		207		27,926
Sprouts Farmers Market, Inc.(a)		650		19,370
Squarespace, Inc., Class A(a)		1,623		32,411
SVB Financial Group(a)		111		54,128
Teladoc Health, Inc.(a)		349		11,782
Terreno Realty Corp.		350		25,462
Traeger, Inc.(a)		4,181		25,044
TriMas Corp.		646		19,083
Ulta Beauty, Inc.(a)		39		15,475
Unity Software, Inc.(a)		103		6,840
WW Grainger, Inc.		40		20,001
YETI Holdings, Inc.(a)		432		21,112
Zendesk, Inc.(a)		219		26,727
				2,603,731
Vietnam (2.20%)
FPT Corp.		20,000		90,812
Lix Detergent JSC		11,700		25,297
Orient Commercial Joint Stock Bank(a)		30,900		32,003
Vietnam Dairy Products JSC		6,800		21,923

	Shares		Value  (Note 2)
Vietnam (continued)
Vietnam Technological & Commercial Joint Stock Bank(a)		20,000	$	38,109
				208,144
TOTAL COMMON STOCKS
(Cost $11,092,170)				8,867,074
TOTAL INVESTMENTS (93.72%)
(Cost $11,092,170)			$	8,867,074
Other Assets In Excess Of Liabilities (6.28%)				593,983
NET ASSETS (100.00%)			$	9,461,057

^(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 April 30, 2022, these securities had a total aggregate market value of $520,531, representing 5.50% 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 April 30, 2022, the aggregate market value of these securities was $566,825, representing 5.99% 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 Financial Statements.

48 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Portfolio of Investments

April 30, 2022

Sector Composition (April 30, 2022)
Technology	26.2%
Financials	18.1%
Consumer	17.6%
Health Care	15.3%
Industrials	15.0%
Energy & Materials	1.5%
	93.7%

Percentages are based upon corporate bonds, U.S. Treasury obligations, common stocks, preferred stocks and convertible preferred stocks as a percentage of net assets.

Industry Composition (April 30, 2022)
IT Services	11.22%
Capital Markets	8.74%
Software	8.48%
Banks	5.63%
Professional Services	5.15%
Health Care Equipment & Supplies	4.25%
Semiconductors & Semiconductor Equipment	3.78%
Internet & Direct Marketing Retail	3.43%
Health Care Providers & Services	3.37%
Specialty Retail	3.20%
Pharmaceuticals	3.19%
Food & Staples Retailing	2.96%
Trading Companies & Distributors	2.83%
Life Sciences Tools & Services	2.74%
Multiline Retail	1.96%
Machinery	1.86%
Household Durables	1.71%
Equity Real Estate Investment Trusts (REITs)	1.68%
Electronic Equipment, Instruments & Components	1.59%
Building Products	1.47%
Electrical Equipment	1.36%
Commercial Services & Supplies	1.21%
Hotels, Restaurants & Leisure	1.12%
Health Care Technology	1.01%
Food Products	1.00%
Other Industries (each less than 1%)	8.78%
Cash, Cash Equivalents, & Other Net Assets	6.28%
Total	100%

See Notes to Financial Statements.

Annual Report | April 30, 2022 49

Grandeur Peak Global Micro Cap Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (94.99%)
Australia (3.65%)
Australian Ethical Investment, Ltd.		44,054	$	179,005
Fiducian Group, Ltd.		172,647		969,769
Kogan.com, Ltd.		178,556		485,367
PeopleIN, Ltd.		114,922		305,410
				1,939,551
Belgium (0.58%)
X-Fab Silicon Foundries SE(a)(b)(c)		43,412		307,333
Britain (13.34%)
AB Dynamics PLC		13,514		247,763
Bytes Technology Group PLC		15,079		84,794
City of London Investment Group PLC		51,167		297,946
CVS Group PLC		11,141		251,506
dotdigital group PLC		111,347		121,392
Elixirr International PLC(a)		77,740		733,156
Foresight Group Holdings, Ltd.		78,753		376,306
FRP Advisory Group PLC		130,567		208,071
Impax Asset Management Group PLC		59,855		647,315
JTC PLC(b)(c)		49,351		479,205
K3 Capital Group PLC		241,532		744,101
Keystone Law Group PLC		61,638		526,831
Made.com Group PLC(a)(b)(c)		154,700		109,925
On the Beach Group PLC(a)(b)(c)		163,775		469,764
Pensionbee Group PLC(a)		153,582		274,454
Premier Miton Group PLC		280,507		493,813
Victorian Plumbing Group PLC(a)		248,056		186,207
Volution Group PLC		105,885		539,338
XPS Pensions Group PLC(c)		173,192		301,626
				7,093,513
Canada (1.08%)
BioSyent, Inc.(a)		48,100		344,467
Guardian Capital Group, Ltd., Class A		9,036		232,890
				577,357
China (1.46%)
O2Micro International, Ltd., ADR(a)		144,479		473,891
TK Group Holdings, Ltd.		1,060,600		303,192
				777,083
Finland (1.77%)
Musti Group Oyj(a)		40,126		944,111
France (2.68%)
Esker SA		1,872		315,327

	Shares		Value  (Note 2)
France (continued)
Neurones		9,400	$	357,988
Thermador Groupe		4,482		453,916
Wavestone		5,647		297,007
				1,424,238
Germany (1.76%)
Bike24 Holding AG(a)		28,553		184,515
Fashionette AG(a)		8,537		51,712
hGears AG(a)		7,308		123,739
Mensch und Maschine Software SE		5,410		303,182
Nexus AG		3,900		190,192
Westwing Group SE(a)		7,430		85,045
				938,385
Greece (2.05%)
Kri-Kri Milk Industry SA		83,721		611,724
Sarantis SA		62,522		477,947
				1,089,671
Hong Kong (1.18%)
Frontage Holdings Corp.(a)(b)(c)		710,000		209,696
Plover Bay Technologies, Ltd.(c)		1,013,500		417,902
				627,598
India (4.19%)
Cera Sanitaryware, Ltd.		7,306		396,971
Gufic Biosciences, Ltd.		212,187		729,326
Gulf Oil Lubricants India, Ltd.		50,712		281,792
Metropolis Healthcare, Ltd.(b)(c)		18,316		568,875
Westlife Development, Ltd.(a)		40,599		251,521
				2,228,485
Indonesia (2.16%)
Arwana Citramulia Tbk PT		7,920,100		571,379
Map Aktif Adiperkasa PT(a)		1,369,500		290,232
Selamat Sempurna Tbk PT		2,650,800		285,249
				1,146,860
Ireland (0.70%)
Uniphar PLC		90,411		373,887
Israel (0.17%)
Max Stock, Ltd.		41,382		92,233
Italy (0.33%)
Piovan SpA(b)(c)		18,758		178,099
Japan (15.81%)
AIT Corp.		35,400		430,593
Beenos, Inc.		60,400		833,489
Carenet, Inc.		30,000		190,999

See Notes to Financial Statements.

50 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Japan (continued)
Central Automotive Products, Ltd.		10,900	$	175,451
Charm Care Corp.		29,600		295,711
Confidence, Inc.		14,800		216,316
Creema, Ltd.(a)		52,800		293,752
eGuarantee, Inc.		26,000		431,612
ENECHANGE, Ltd.(a)		20,200		92,201
GMO Pepabo, Inc.		25,200		410,498
gremz, Inc.		21,300		265,835
Japan Lifeline Co., Ltd.		25,500		212,550
M&A Capital Partners Co., Ltd.(a)		18,700		580,837
MarkLines Co., Ltd.		11,200		230,690
Medikit Co., Ltd.		4,800		85,352
Meinan M&A Co., Ltd.		28,300		236,734
Naigai Trans Line, Ltd.		15,700		225,415
Open Door, Inc.(a)		16,700		241,276
Strike Co., Ltd.		11,900		362,386
Sun*, Inc.(a)		72,600		905,529
Synchro Food Co., Ltd.(a)		110,900		230,109
System Information Co., Ltd.		22,100		164,114
Trancom Co., Ltd.		2,700		140,681
User Local, Inc.		9,300		121,907
Vega Corp. Co., Ltd.		19,100		92,726
WDB coco Co., Ltd.		5,000		195,743
YAKUODO Holdings Co., Ltd.		35,800		496,498
YMIRLINK, Inc.(a)		24,000		245,937
				8,404,941
Luxembourg (0.58%)
Sword Group		7,123		306,695
New Zealand (0.00%)(d)
CBL Corp., Ltd.(e)		159,993		0
Norway (3.18%)
Bouvet ASA		35,333		259,896
Nordhealth AS, Class A(a)		126,774		294,655
Self Storage Group ASA(a)		268,416		895,736
SmartCraft ASA(a)		149,273		238,726
				1,689,013
Oman (0.54%)
Tethys Oil AB		30,300		287,086
Philippines (1.85%)
AllHome Corp.		3,701,098		558,490
Pryce Corp.		3,937,000		423,639
				982,129
Poland (0.47%)
Answear.com SA, Class A(a)		46,403		250,233

	Shares		Value  (Note 2)
Singapore (1.30%)
Riverstone Holdings, Ltd.		992,800	$	692,760
South Korea (0.96%)
Hyundai Ezwel Co., Ltd.		25,910		219,181
MegaStudyEdu Co., Ltd.		2,818		211,654
Suprema, Inc.(a)		4,066		78,188
				509,023
Sweden (9.02%)
Gullberg & Jansson AB		40,871		301,763
KNOW IT AB		17,273		531,995
Lyko Group AB, Class A(a)(c)		17,056		336,242
OEM International AB, Class B		20,560		318,258
Rvrc Holding AB		35,351		272,274
SwedenCare AB		176,576		1,984,570
Teqnion AB		53,700		639,842
Vitec Software Group AB, Class B		8,128		409,584
				4,794,528
Taiwan (6.05%)
Bioteque Corp.		77,000		287,841
Brighten Optix Corp.		44,000		360,266
FineTek Co., Ltd.		111,042		345,293
Fuzetec Technology Co., Ltd.		195,955		421,464
GEM Services, Inc./Tw		182,000		482,563
Poya International Co., Ltd.		12,360		131,423
Sporton International, Inc.		98,761		607,093
Tofu Restaurant Co., Ltd.		68,050		337,376
Wistron Information Technology & Services Corp.		83,000		242,923
				3,216,242
Thailand (0.81%)
Humanica PCL		935,000		321,535
Netbay PCL		125,000		111,450
				432,985
United States (16.71%)
4imprint Group PLC		18,464		627,431
Alpha Teknova, Inc.(a)		52,893		593,988
Barrett Business Services, Inc.		8,530		613,904
Bowman Consulting Group, Ltd.(a)		48,618		811,434
Castle Biosciences, Inc.(a)		3,300		73,722
Coastal Financial Corp.(a)		15,973		655,532
Esquire Financial Holdings, Inc.		25,349		912,564
Evolution Petroleum Corp.		69,420		438,040
Global Industrial Co.		12,150		374,949
Hackett Group, Inc.		24,299		570,784
Heska Corp.(a)		2,287		251,204
Joint Corp.(a)		32,715		998,462
LeMaitre Vascular, Inc.		18,438		796,706

See Notes to Financial Statements.

Annual Report | April 30, 2022 51

Grandeur Peak Global Micro Cap Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
United States (continued)
MaxCyte, Inc.(a)		74,400	$	416,317
Plumas Bancorp		21,261		748,387
				8,883,424
Vietnam (0.61%)
Lix Detergent JSC		150,720		325,876
TOTAL COMMON STOCKS
(Cost $44,557,042)				50,513,339
TOTAL INVESTMENTS (94.99%)
(Cost $44,557,042)			$	50,513,339
Other Assets In Excess Of Liabilities (5.01%)				2,661,987
NET ASSETS (100.00%)			$	53,175,326

^(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 April 30, 2022, these securities had a total aggregate market value of $2,322,897, representing 4.37% 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 April 30, 2022, the aggregate market value of these securities was $3,378,667, representing 6.35% of net assets.

^(d) Less than 0.005%.

^(e) As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also Note 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.

Sector Composition (April 30, 2022)
Industrials	20.0%
Health Care	19.9%
Technology	18.8%
Consumer	18.1%
Financials	15.6%
Energy & Materials	2.6%
Cash, Cash Equivalents, & Other Net Assets	5.0%
Total	100%

Industry Composition (April 30, 2022)
Capital Markets	10.5%
IT Services	7.9%
Professional Services	7.1%
Pharmaceuticals	5.8%
Health Care Equipment & Supplies	5.1%
Health Care Providers & Services	4.9%
Internet & Direct Marketing Retail	4.8%
Software	4.7%
Specialty Retail	4.5%
Banks	4.3%
Trading Companies & Distributors	3.3%
Building Products	2.8%
Life Sciences Tools & Services	2.7%
Semiconductors & Semiconductor Equipment	2.4%
Hotels, Restaurants & Leisure	2.4%
Commercial Services & Supplies	2.2%
Oil, Gas & Consumable Fuels	2.1%
Construction & Engineering	1.5%
Health Care Technology	1.4%
Auto Components	1.2%
Media	1.2%
Food Products	1.1%
Electronic Equipment, Instruments & Components	1.0%
Other Industries (each less than 1%)	10.1%
Cash and Other Assets, Less Liabilities	5.0%
Total	100.0%

See Notes to Financial Statements.

52 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (98.41%)
Argentina (0.88%)
Globant SA(a)		31,558	$	6,816,212
Australia (0.34%)
Fiducian Group, Ltd.		182,850		1,027,080
Kogan.com, Ltd.		581,583		1,580,910
				2,607,990
Bangladesh (0.35%)
Square Pharmaceuticals, Ltd.		1,038,829		2,709,168
Belgium (1.39%)
Melexis NV		70,246		6,029,551
X-Fab Silicon Foundries SE(a)(b)(c)		666,184		4,716,215
				10,745,766
Brazil (1.24%)
Fleury SA		950,200		2,781,054
Instituto Hermes Pardini SA		790,400		2,850,521
Pagseguro Digital, Ltd., Class A(a)		2,000		29,420
Patria Investments, Ltd., Class A		238,699		3,893,181
				9,554,176
Britain (18.81%)
AB Dynamics PLC		60,600		1,111,027
Ascential PLC(a)		1,826,939		7,243,356
B&M European Value Retail SA		3,039,172		18,621,282
boohoo Group PLC(a)		4,279,370		4,332,331
Bytes Technology Group PLC		256,480		1,442,269
City of London Investment Group PLC		393,420		2,290,892
CVS Group PLC		627,924		14,175,251
Dechra Pharmaceuticals PLC		295,702		13,399,847
Diploma PLC		120,490		4,132,662
Elixirr International PLC(a)		59,520		561,326
Endava PLC, ADR(a)		202,205		20,341,823
Foresight Group Holdings, Ltd.		617,350		2,949,891
Impax Asset Management Group PLC		329,840		3,567,128
Intertek Group PLC		106,243		6,620,530
JTC PLC(b)(c)		473,767		4,600,339
K3 Capital Group PLC		1,023,251		3,152,384
Keystone Law Group PLC		54,464		465,514
Made.com Group PLC(a)(b)(c)		316,086		224,600
Marlowe PLC(a)		252,521		2,603,768
On the Beach Group PLC(a)(b)(c)		1,126,330		3,230,706
Premier Miton Group PLC		1,939,173		3,413,779
Sabre Insurance Group PLC(b)(c)		974,131		2,572,335
Softcat PLC		189,050		3,338,868

	Shares		Value  (Note 2)
Britain (continued)
St. James's Place PLC		325,589	$	5,232,083
Ultra Electronics Holdings PLC		245,553		10,000,923
Volution Group PLC		1,099,450		5,600,184
				145,225,098
Canada (1.60%)
Gildan Activewear, Inc.		129,125		4,375,364
Guardian Capital Group, Ltd., Class A		106,150		2,735,863
Richelieu Hardware, Ltd.		185,265		5,259,498
				12,370,725
China (3.75%)
Hangzhou Robam Appliances Co., Ltd., Class A		1,036,425		4,827,038
Man Wah Holdings, Ltd.		3,536,300		3,309,717
O2Micro International, Ltd., ADR(a)		733,006		2,404,260
Silergy Corp.		150,252		13,377,306
Suofeiya Home Collection Co., Ltd., Class A		1,637,833		5,045,582
				28,963,903
Egypt (0.16%)
Integrated Diagnostics
Holdings PLC(b)(c)		1,127,045		1,237,936
Finland (1.25%)
Musti Group Oyj(a)		411,649		9,685,545
France (6.24%)
Alten SA		71,665		9,618,016
Antin Infrastructure Partners SA(a)		71,754		1,864,068
BioMerieux		27,105		2,580,453
Esker SA		33,542		5,649,952
Neurones		110,960		4,225,777
Thermador Groupe		63,244		6,405,064
Virbac SA		36,662		14,802,214
Wavestone		58,543		3,079,099
				48,224,643
Germany (2.43%)
Dermapharm Holding SE		106,728		6,034,479
Fashionette AG(a)		140,250		849,553
Friedrich Vorwerk Group SE(a)		60,903		1,805,004
Nagarro SE(a)		27,170		3,820,167
Nexus AG		78,024		3,805,004
QIAGEN NV(a)		53,600		2,431,832
				18,746,039
India (5.10%)
Cera Sanitaryware, Ltd.		43,524		2,364,873
Computer Age Management Services, Ltd.		164,350		5,277,471

See Notes to Financial Statements.

Annual Report | April 30, 2022 53

Grandeur Peak Global Opportunities Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
India (continued)
Gulf Oil Lubricants India, Ltd.		186,873	$	1,038,399
Metropolis Healthcare, Ltd.(b)(c)		346,724		10,768,863
Nippon Life India Asset Management, Ltd.(b)(c)		367,612		1,512,085
WNS Holdings, Ltd., ADR(a)		235,025		18,418,909
				39,380,600
Indonesia (1.92%)
Ace Hardware Indonesia Tbk PT		51,567,600		3,717,193
Arwana Citramulia Tbk PT		58,214,800		4,199,788
Selamat Sempurna Tbk PT		46,063,400		4,956,812
Ultrajaya Milk Industry & Trading Co. Tbk PT		18,240,200		1,956,509
				14,830,302
Ireland (1.07%)
Irish Residential Properties REIT PLC		1,573,046		2,416,612
Keywords Studios PLC		192,585		5,821,673
				8,238,285
Israel (0.46%)
Wix.com, Ltd.(a)		46,997		3,546,394
Italy (1.09%)
DiaSorin SpA		18,651		2,443,134
Interpump Group SpA		147,692		5,971,166
				8,414,300
Japan (9.79%)
AIT Corp.		366,700		4,460,404
BayCurrent Consulting, Inc.		15,300		5,016,371
Charm Care Corp.		191,500		1,913,129
Create SD Holdings Co., Ltd.		127,500		2,916,326
Funai Soken Holdings, Inc.		110,800		1,858,140
Japan Lifeline Co., Ltd.		564,400		4,704,447
M&A Capital Partners Co., Ltd.(a)		191,800		5,957,458
MarkLines Co., Ltd.		209,500		4,315,141
Medikit Co., Ltd.		83,700		1,488,326
MonotaRO Co., Ltd.		176,500		3,031,926
Naigai Trans Line, Ltd.		98,500		1,414,226
Open Door, Inc.(a)		163,500		2,362,197
Seria Co., Ltd.		458,700		8,970,294
Strike Co., Ltd.		233,200		7,101,548
Sun*, Inc.(a)		367,100		4,578,783
Synchro Food Co., Ltd.(a)		449,300		932,261
System Information Co., Ltd.		135,500		1,006,222
Trancom Co., Ltd.		75,370		3,927,093
Tsuruha Holdings, Inc.		25,200		1,287,922
User Local, Inc.		264,900		3,472,371
Visional, Inc.(a)		12,100		665,885

	Shares		Value  (Note 2)
Japan (continued)
YAKUODO Holdings Co., Ltd.		305,700	$	4,239,646
				75,620,116
Luxembourg (0.23%)
Sword Group		41,691		1,795,088
Mexico (0.94%)
Grupo Herdez SAB de CV		2,088,160		3,122,033
Regional SAB de CV		691,727		4,175,141
				7,297,174
Netherlands (0.96%)
Aalberts NV		74,003		3,595,984
Shop Apotheke Europe NV(a)(b)(c)		45,995		3,793,167
				7,389,151
New Zealand (0.00%)(d)
CBL Corp., Ltd.(e)		1,107,672		1
Norway (0.80%)
Bouvet ASA		196,547		1,445,724
Nordhealth AS, Class A(a)		1,049,587		2,439,508
SmartCraft ASA(a)		1,457,082		2,330,250
				6,215,482
Philippines (1.17%)
AllHome Corp.		3,534,674		533,377
Concepcion Industrial Corp.		1,020,252		386,884
Puregold Price Club, Inc.		8,009,700		5,046,629
Wilcon Depot, Inc.		5,691,200		3,052,459
				9,019,349
Poland (0.91%)
Dino Polska SA(a)(b)(c)		108,194		6,999,265
Singapore (0.99%)
Riverstone Holdings, Ltd.		10,959,200		7,647,151
South Africa (0.34%)
Italtile, Ltd.		2,394,999		2,592,611
South Korea (0.82%)
LEENO Industrial, Inc.		21,162		2,933,447
Tokai Carbon Korea Co., Ltd.		30,419		3,381,920
				6,315,367
Sweden (3.76%)
Beijer Alma AB		234,241		4,872,680
Boozt AB(a)(b)(c)		213,043		2,237,049
Byggfakta Group Nordic Holdco AB(a)		570,528		2,778,046
Cint Group AB(a)		224,379		1,835,105
Hexpol AB		235,268		2,020,050

See Notes to Financial Statements.

54 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Sweden (continued)
KNOW IT AB		176,253	$	5,428,455
Lyko Group AB, Class A(a)(c)		50,031		986,312
Sdiptech AB, Class B(a)		106,157		3,717,764
SwedenCare AB		456,184		5,127,134
				29,002,595
Taiwan (1.83%)
Bioteque Corp.		1,193,000		4,459,669
FineTek Co., Ltd.		173,223		538,649
Fuzetec Technology Co., Ltd.		278,482		598,964
M3 Technology, Inc.		237,000		1,241,015
Poya International Co., Ltd.		137,790		1,465,112
Sporton International, Inc.		784,954		4,825,183
Tofu Restaurant Co., Ltd.		205,000		1,016,343
				14,144,935
United States (25.71%)
4imprint Group PLC		146,389		4,974,487
Bank of Hawaii Corp.		33,131		2,462,959
Bank of NT Butterfield & Son, Ltd.		214,652		6,875,304
Barrett Business Services, Inc.		47,990		3,453,840
Bizlink Holding, Inc.		659,900		6,603,664
Cardiovascular Systems, Inc.(a)		273,494		5,114,338
Castle Biosciences, Inc.(a)		93,653		2,092,208
Elastic NV(a)		12,853		978,627
Esquire Financial Holdings, Inc.		36,196		1,303,056
Figs, Inc., Class A(a)		357,302		5,595,349
First Hawaiian, Inc.		66,271		1,564,658
First Republic Bank		67,366		10,052,354
Five Below, Inc.(a)		21,252		3,338,689
Frontage Holdings Corp.(a)(b)(c)		7,251,983		2,141,851
Genpact, Ltd.		224,300		9,032,561
Glacier Bancorp, Inc.		173,534		7,940,916
Global Industrial Co.		206,845		6,383,237
Hackett Group, Inc.		176,718		4,151,106
Heska Corp.(a)		63,201		6,941,998
Insperity, Inc.		45,012		4,773,523
JFrog, Ltd.(a)		46,004		960,103
LeMaitre Vascular, Inc.		169,968		7,344,317
LGI Homes, Inc.(a)		34,465		3,229,715
Littelfuse, Inc.		74,738		17,133,686
Marcus & Millichap, Inc.		145,306		6,508,256
MaxCyte, Inc.(a)		286,500		1,603,155
Medpace Holdings, Inc.(a)		20,438		2,729,904
NV5 Global, Inc.(a)		54,534		6,533,173
P10, Inc., Class A(a)		510,700		6,179,470
Paycom Software, Inc.(a)		14,583		4,104,677
PJT Partners, Inc., Class A		98,528		6,501,863
Plumas Bancorp		43,088		1,516,698
Power Integrations, Inc.		35,288		2,823,040
Qualys, Inc.(a)		85,102		11,597,701
Rapid7, Inc.(a)		71,327		6,813,155
Silicon Laboratories, Inc.(a)		12,889		1,738,855
SVB Financial Group(a)		5,800		2,828,312

	Shares		Value  (Note 2)
United States (continued)
TriMas Corp.		277,024	$	8,183,289
Ulta Beauty, Inc.(a)		11,052		4,385,434
				198,489,528
Vietnam (2.08%)
Vietnam Dairy Products JSC		1,449,896		4,674,561
Vietnam Technological & Commercial Joint Stock Bank(a)		5,964,004		11,364,140
				16,038,701
TOTAL COMMON STOCKS
(Cost $617,481,703)				759,863,596
PREFERRED STOCKS (0.31%)
United States (0.31%)
Dataminr Inc - Private Placement(a)(e)		96,640		2,406,336
TOTAL PREFERRED STOCKS
(Cost $1,923,136)				2,406,336
TOTAL INVESTMENTS (98.72%)
(Cost $619,443,546)			$	762,269,932
Other Assets In Excess Of Liabilities (1.28%)				9,890,127
NET ASSETS (100.00%)			$	772,160,059

^(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 April 30, 2022, these securities had a total aggregate market value of $44,034,411, representing 5.70% 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 April 30, 2022, the aggregate market value of these securities was $45,020,723, representing 5.83% of net assets.
(d)	Less than 0.005%.
(e)	As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also Note 2 to the financial statements for additional information.

See Notes to Financial Statements.

Annual Report | April 30, 2022 55

Grandeur Peak Global Opportunities Fund Portfolio of Investments

April 30, 2022

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.

Sector Composition (April 30, 2022)
Technology	29.8%
Health Care	18.3%
Consumer	17.5%
Industrials	15.9%
Financials	15.5%
Energy & Materials	1.7%
Cash, Cash Equivalents, & Other Net Assets	1.3%
Total	100%

Industry Composition (April 30, 2022)
IT Services	15.0%
Capital Markets	7.6%
Banks	6.5%
Health Care Equipment & Supplies	6.3%
Pharmaceuticals	5.4%
Software	5.3%
Semiconductors & Semiconductor Equipment	4.9%
Health Care Providers & Services	4.6%
Professional Services	4.1%
Multiline Retail	3.8%
Specialty Retail	3.7%
Food & Staples Retailing	3.2%
Trading Companies & Distributors	3.2%
Electronic Equipment, Instruments & Components	2.4%
Household Durables	2.1%
Machinery	1.9%
Media	1.5%
Building Products	1.5%
Aerospace & Defense	1.3%
Food Products	1.3%
Internet & Direct Marketing Retail	1.2%
Life Sciences Tools & Services	1.2%
Containers & Packaging	1.1%
Electrical Equipment	1.0%
Other Industries (each less than 1%)	8.6%
Cash and Other Assets, Less Liabilities	1.3%
Total	100.0%

See Notes to Financial Statements.

56 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (96.51%)
Argentina (0.73%)
Globant SA(a)		10,803	$	2,333,340
Australia (1.50%)
Australian Ethical Investment, Ltd.		284,710		1,156,862
EQT Holdings, Ltd.		46,750		909,122
Imdex, Ltd.		267,464		469,222
Netwealth Group, Ltd.		89,313		808,688
PeopleIN, Ltd.		343,244		912,187
Redbubble, Ltd.(a)		717,155		563,271
				4,819,352
Bangladesh (0.22%)
Square Pharmaceuticals, Ltd.		276,516		721,128
Belgium (0.81%)
Melexis NV		10,126		869,163
Warehouses De Pauw CVA		30,732		1,182,269
X-Fab Silicon Foundries SE(a)(b)(c)		77,778		550,625
				2,602,057
Brazil (2.18%)
CI&T, Inc., Class A(a)		81,500		1,035,865
Grupo Mateus SA(a)		500,500		478,841
Hypera SA(a)		81,800		623,102
Instituto Hermes Pardini SA		409,200		1,475,750
Locaweb Servicos de Internet SA(a)(b)(c)		271,068		395,860
Patria Investments, Ltd., Class A		77,699		1,267,271
Pet Center Comercio e Participacoes SA		557,157		1,720,848
				6,997,537
Britain (13.56%)
AB Dynamics PLC		93,676		1,717,436
Abcam PLC(a)		65,482		1,016,094
Ascential PLC(a)		67,756		268,636
B&M European Value Retail SA		660,889		4,049,327
Bytes Technology Group PLC		57,053		320,827
CVS Group PLC		100,610		2,271,249
Darktrace PLC(a)		100,612		542,728
Dechra Pharmaceuticals PLC		55,622		2,520,532
Diploma PLC		18,786		644,337
dotdigital group PLC		579,337		631,599
Elixirr International PLC(a)		258,300		2,435,996
Endava PLC, ADR(a)		47,761		4,804,757
Ergomed PLC(a)		39,858		588,087
Foresight Group Holdings, Ltd.		216,892		1,036,377
FRP Advisory Group PLC		347,730		554,141
Gamma Communications PLC		41,298		615,552

	Shares		Value  (Note 2)
Britain (continued)
Gresham House PLC		70,460	$	837,269
Impax Asset Management Group PLC		349,573		3,780,535
Intertek Group PLC		16,019		998,224
JTC PLC(b)(c)		341,843		3,319,339
K3 Capital Group PLC		644,228		1,984,708
Keystone Law Group PLC		209,151		1,787,653
Marlowe PLC(a)		106,336		1,096,440
On the Beach Group PLC(a)(b)(c)		579,035		1,660,873
Pensionbee Group PLC(a)		815,693		1,457,661
Softcat PLC		15,714		277,529
St. James's Place PLC		19,136		307,508
Ultra Electronics Holdings PLC		25,770		1,049,565
Victorian Plumbing Group PLC(a)		427,512		320,919
Volution Group PLC		121,147		617,077
				43,512,975
Canada (0.92%)
Aritzia, Inc.(a)		15,400		548,437
Docebo, Inc.(a)		14,700		629,469
Gildan Activewear, Inc.		25,125		851,354
Richelieu Hardware, Ltd.		15,100		428,675
Ritchie Bros Auctioneers, Inc.		9,003		495,975
				2,953,910
China (4.11%)
Angelalign Technology, Inc.(b)(c)		35,000		492,435
Chaoju Eye Care Holdings, Ltd.		179,600		86,629
CSPC Pharmaceutical Group, Ltd.		769,520		786,716
Guangzhou Kingmed Diagnostics Group Co., Ltd.		29,900		367,750
Haitian International Holdings, Ltd.		355,000		873,807
Hangzhou Robam Appliances Co., Ltd., Class A		102,700		478,314
Man Wah Holdings, Ltd.		1,964,800		1,838,908
ManpowerGroup Greater China, Ltd.(c)		309,500		351,032
O2Micro International, Ltd., ADR(a)		150,009		492,030
Shanghai Kindly Medical Instruments Co., Ltd., Class H(c)		264,400		513,898
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		10,600		501,189
Silergy Corp.		37,925		3,376,556
TK Group Holdings, Ltd.		1,492,400		426,630
WuXi AppTec Co., Ltd., Class H(b)(c)		138,712		1,886,733

See Notes to Financial Statements.

Annual Report | April 30, 2022 57

Grandeur Peak Global Reach Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
China (continued)
Wuxi Biologics Cayman, Inc.(a)(b)(c)		97,000	$	715,939
				13,188,566
Colombia (0.99%)
Parex Resources, Inc.		163,061		3,178,334
Denmark (0.14%)
Ringkjoebing Landbobank A/S		3,693		452,866
Egypt (0.16%)
African Export-Import Bank, GDR		61,584		183,520
Integrated Diagnostics Holdings PLC(b)(c)		291,972		320,700
				504,220
Finland (1.15%)
Evli Oyj		30,212		580,074
Musti Group Oyj(a)		132,344		3,113,876
				3,693,950
France (3.06%)
Alten SA		11,106		1,490,514
Antin Infrastructure Partners SA(a)		38,794		1,007,814
BioMerieux		3,595		342,252
Bureau Veritas SA		20,129		578,241
Esker SA		15,237		2,566,583
Neurones		17,282		658,164
Sidetrade		2,745		403,970
Thermador Groupe		10,310		1,044,150
Virbac SA		4,283		1,729,253
				9,820,941
Germany (2.43%)
Atoss Software AG		1,800		261,548
Bike24 Holding AG(a)		87,529		565,629
Dermapharm Holding SE		17,100		966,846
Fashionette AG(a)		32,442		196,515
Friedrich Vorwerk Group SE(a)		7,108		210,662
hGears AG(a)		43,313		733,375
Mensch und Maschine Software SE		8,301		465,196
MYT Netherlands Parent BV, ADR(a)		29,906		357,078
Nagarro SE(a)		9,411		1,323,209
Nexus AG		11,031		537,950
Puma SE		6,549		481,868
QIAGEN NV(a)		11,559		524,432
UmweltBank AG		19,299		369,789
Westwing Group SE(a)		69,789		798,821
				7,792,918

	Shares		Value  (Note 2)
Greece (0.51%)
Kri-Kri Milk Industry SA		61,300	$	447,901
Sarantis SA		156,915		1,199,529
				1,647,430
Hong Kong (0.86%)
Plover Bay Technologies, Ltd.(c)		3,254,000		1,341,738
Techtronic Industries Co., Ltd.		105,000		1,401,551
				2,743,289
India (4.64%)
Avenue Supermarts, Ltd.(a)(b)(c)		13,393		686,059
Cera Sanitaryware, Ltd.		15,069		818,773
Computer Age Management Services, Ltd.		42,700		1,371,147
EPL, Ltd.		402,114		883,938
Gufic Biosciences, Ltd.		249,687		858,221
Gulf Oil Lubricants India, Ltd.		100,176		556,649
HCL Technologies, Ltd.		43,536		609,789
HDFC Bank, Ltd.		18,170		325,749
IndiaMart InterMesh, Ltd.(b)(c)		7,131		453,809
L&T Technology Services, Ltd.(b)(c)		13,623		720,537
Metropolis Healthcare, Ltd.(b)(c)		97,362		3,023,956
Polycab India, Ltd.		16,674		538,302
Time Technoplast, Ltd.		659,044		820,714
WNS Holdings, Ltd., ADR(a)		41,098		3,220,850
				14,888,493
Indonesia (1.63%)
Ace Hardware Indonesia Tbk PT		6,860,000		494,495
Arwana Citramulia Tbk PT		20,137,200		1,452,757
Avia Avian Tbk PT		13,596,400		769,059
Bank Central Asia Tbk PT		1,100,000		616,959
Selamat Sempurna Tbk PT		11,556,100		1,243,534
Ultrajaya Milk Industry & Trading Co. Tbk PT		6,163,200		661,087
				5,237,891
Ireland (1.17%)
Keywords Studios PLC		52,353		1,582,584
Uniphar PLC		523,697		2,165,704
				3,748,288
Israel (0.44%)
Monday.com, Ltd.(a)		3,736		483,438
Wix.com, Ltd.(a)		12,427		937,742
				1,421,180
Italy (0.52%)
GVS SpA(b)(c)		45,729		380,886
Interpump Group SpA		16,297		658,885

See Notes to Financial Statements.

58 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Italy (continued)
Piovan SpA(b)(c)		66,155	$	628,113
				1,667,884
Japan (7.09%)
AIT Corp.		60,000		729,818
Asahi Intecc Co., Ltd.		22,600		436,721
BayCurrent Consulting, Inc.		10,300		3,377,034
Beenos, Inc.		22,900		316,008
Carenet, Inc.		124,900		795,195
Charm Care Corp.		32,700		326,680
Confidence, Inc.		54,600		798,030
Creema, Ltd.(a)		23,400		130,186
Enjin Co., Ltd.(a)		45,800		840,586
Funai Soken Holdings, Inc.		65,300		1,095,095
geechs, Inc.		37,600		338,646
Insource Co., Ltd.		45,800		780,037
IR Japan Holdings, Ltd.		25,900		820,232
M&A Capital Partners Co., Ltd.(a)		8,200		254,698
MarkLines Co., Ltd.		50,300		1,036,046
Medikit Co., Ltd.		36,500		649,031
MonotaRO Co., Ltd.		33,900		582,336
Naigai Trans Line, Ltd.		43,850		629,582
Nihon M&A Center Holdings, Inc.		58,700		722,821
Open Door, Inc.(a)		49,600		716,605
Prestige International, Inc.		135,800		652,591
Seria Co., Ltd.		61,000		1,192,910
Strike Co., Ltd.		10,600		322,798
Sun*, Inc.(a)		86,800		1,082,643
Synchro Food Co., Ltd.(a)		113,400		235,296
System Information Co., Ltd.		71,800		533,186
Systena Corp.		118,800		373,419
Trancom Co., Ltd.		10,800		562,725
User Local, Inc.		80,600		1,056,524
Vega Corp. Co., Ltd.		12,500		60,685
Visional, Inc.(a)		4,500		247,643
WDB coco Co., Ltd.		11,900		465,868
YAKUODO Holdings Co., Ltd.		43,300		600,513
				22,762,188
Luxembourg (0.11%)
Sword Group		8,334		358,837
Mexico (0.51%)
GMexico Transportes SAB de CV(b)(c)		362,100		680,141
Grupo Aeroportuario del Centro Norte SAB de CV		139,400		971,527
				1,651,668
Netherlands (0.45%)
Aalberts NV		9,359		454,776

	Shares		Value  (Note 2)
Netherlands (continued)
Shop Apotheke Europe NV(a)(b)(c)		11,931	$	983,939
				1,438,715
New Zealand (0.28%)
CBL Corp., Ltd.(d)		819,006		1
NZX, Ltd.		1,080,898		884,362
				884,363
Norway (1.53%)
Bouvet ASA		101,257		744,808
CSAM Health Group AS(a)		40,390		219,620
Nordhealth AS, Class A(a)		190,069		441,769
Nordic Semiconductor ASA(a)		25,476		506,494
Self Storage Group ASA(a)		694,169		2,316,524
SmartCraft ASA(a)		417,293		667,359
				4,896,574
Oman (0.17%)
Tethys Oil AB		57,207		542,025
Philippines (1.42%)
AllHome Corp.		4,337,217		654,479
Concepcion Industrial Corp.		1,793,920		680,263
Pryce Corp.		6,894,800		741,912
Puregold Price Club, Inc.		861,100		542,549
Wilcon Depot, Inc.		3,603,100		1,932,512
				4,551,715
Poland (1.30%)
Answear.com SA, Class A(a)		56,536		304,876
Dino Polska SA(a)(b)(c)		55,057		3,561,737
LiveChat Software SA		14,384		307,169
				4,173,782
Singapore (0.34%)
Riverstone Holdings, Ltd.		1,571,700		1,096,707
South Africa (0.47%)
Clicks Group, Ltd.		40,332		793,794
Italtile, Ltd.		665,000		719,869
				1,513,663
South Korea (0.55%)
Hyundai Ezwel Co., Ltd.		33,500		283,388
LEENO Industrial, Inc.		3,790		525,364
Suprema, Inc.(a)		8,000		153,838
Tokai Carbon Korea Co., Ltd.		7,139		793,699
				1,756,289
Spain (0.00%)(e)
Let's GOWEX SA(d)		10,700		0

See Notes to Financial Statements.

Annual Report | April 30, 2022 59

Grandeur Peak Global Reach Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Sweden (5.34%)
AddLife AB		16,771	$	370,556
Beijer Alma AB		37,072		771,172
Boozt AB(a)(b)(c)		87,256		916,228
Byggfakta Group Nordic Holdco AB(a)		96,749		471,096
Cint Group AB(a)		43,467		355,499
EQT AB		127,298		3,602,765
KNOW IT AB		54,364		1,674,369
Lyko Group AB, Class A(a)(c)		25,574		504,166
Nordnet AB publ		34,622		600,510
Rvrc Holding AB		147,375		1,135,084
Sagax AB, Class A		63,654		1,666,271
SwedenCare AB		191,998		2,157,900
Teqnion AB		163,624		1,949,601
Vitec Software Group AB, Class B		19,425		978,860
				17,154,077
Switzerland (0.33%)
Partners Group Holding AG		986		1,044,664
Taiwan (2.38%)
Bioteque Corp.		284,000		1,061,648
Brighten Optix Corp.		114,000		933,417
Fuzetec Technology Co., Ltd.		227,519		489,352
GEM Services, Inc./Tw		193,000		511,729
M3 Technology, Inc.		79,000		413,672
momo.com, Inc.		12,100		319,406
Pacific Hospital Supply Co., Ltd.		137,317		330,952
Poya International Co., Ltd.		47,380		503,788
Sporton International, Inc.		287,351		1,766,373
Voltronic Power Technology Corp.		17,247		754,571
Wistron Information Technology & Services Corp.		194,000		567,795
				7,652,703
Thailand (0.14%)
Humanica PCL		1,325,700		455,892
United States (30.70%)
4imprint Group PLC		25,771		875,732
Alexandria Real Estate Equities, Inc.		5,200		947,232
Align Technology, Inc.(a)		1,371		397,467
Alpha Teknova, Inc.(a)		91,309		1,025,400
Ashtead Group PLC		8,759		452,904
Bank of Hawaii Corp.		21,885		1,626,931
Bank of NT Butterfield & Son, Ltd.		98,397		3,151,656
Barrett Business Services, Inc.		15,009		1,080,198
Bizlink Holding, Inc.		150,000		1,501,060
Blackline, Inc.(a)		12,897		864,744
Blackstone, Inc.		16,524		1,678,343

	Shares		Value  (Note 2)
United States (continued)
Bowman Consulting Group, Ltd.(a)		60,553	$	1,010,630
Cardiovascular Systems, Inc.(a)		25,298		473,073
CareDx, Inc.(a)		16,376		498,485
Castle Biosciences, Inc.(a)		35,083		783,754
Cloudflare, Inc., Class A(a)		4,357		375,312
Coastal Financial Corp.(a)		27,040		1,109,722
Cross Creek Lucid LP/Partnership Interest(a)(d)		1,000,000		1,000,000
Dexcom, Inc.(a)		1,909		779,979
Digital Realty Trust, Inc.		4,875		712,335
DigitalOcean Holdings, Inc.(a)		10,647		419,811
Elastic NV(a)		12,767		972,079
Equinix, Inc.		1,721		1,237,537
Esquire Financial Holdings, Inc.		29,190		1,050,840
Etsy, Inc.(a)		5,610		522,796
Evolution Petroleum Corp.		205,809		1,298,655
Exact Sciences Corp.(a)		8,472		466,384
ExlService Holdings, Inc.(a)		6,615		900,632
Fastenal Co.		10,088		557,967
Figs, Inc., Class A(a)		304,743		4,772,275
First Hawaiian, Inc.		65,024		1,535,217
First Republic Bank		26,190		3,908,072
Five Below, Inc.(a)		2,945		462,659
Freshpet, Inc.(a)		5,994		559,540
Frontage Holdings Corp.(a)(b)(c)		6,746,000		1,992,411
Genpact, Ltd.		53,711		2,162,942
Gitlab, Inc., Class A(a)		11,077		530,921
Glacier Bancorp, Inc.		27,174		1,243,482
Global Industrial Co.		48,395		1,493,470
Goosehead Insurance, Inc., Class A		11,588		666,194
Hackett Group, Inc.		41,923		984,771
Healthcare Services Group, Inc.		50,208		858,055
Heska Corp.(a)		9,418		1,034,473
Houlihan Lokey, Inc.		13,028		1,085,102
HubSpot, Inc.(a)		2,057		780,488
I3 Verticals, Inc., Class A(a)		20,080		551,196
Insperity, Inc.		15,719		1,667,000
Invesco Solar ETF(a)		51,913		3,334,372
JFrog, Ltd.(a)		54,127		1,129,630
Joint Corp.(a)		7,577		231,250
Knight-Swift Transportation Holdings, Inc.		28,093		1,345,374
KnowBe4, Inc.(a)		21,968		522,838
LeMaitre Vascular, Inc.		23,085		997,503
LGI Homes, Inc.(a)		4,194		393,020
Littelfuse, Inc.		6,857		1,571,967
Lululemon Athletica, Inc.(a)		2,592		919,201
MaxCyte, Inc.(a)		179,902		1,004,872
Medpace Holdings, Inc.(a)		13,331		1,780,622
Metropolitan Bank Holding Corp.(a)		10,933		973,584
Microchip Technology, Inc.		9,426		614,575

See Notes to Financial Statements.

60 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
United States (continued)
Monolithic Power Systems, Inc.		1,838	$	720,937
Morningstar, Inc.		2,550		645,736
MSCI, Inc.		1,145		482,331
New Relic, Inc.(a)		24,164		1,528,856
NV5 Global, Inc.(a)		6,030		722,394
NVIDIA Corp.		2,800		519,316
P10, Inc., Class A(a)		176,600		2,136,860
PagerDuty, Inc.(a)		33,007		943,010
Paycom Software, Inc.(a)		2,856		803,878
Paylocity Holding Corp.(a)		7,394		1,402,124
PJT Partners, Inc., Class A		41,483		2,737,463
Plumas Bancorp		12,600		443,520
Power Integrations, Inc.		8,289		663,120
Qualys, Inc.(a)		15,492		2,111,250
Rapid7, Inc.(a)		21,039		2,009,645
Revolve Group, Inc.(a)		10,993		464,564
Rexford Industrial Realty, Inc.		19,272		1,503,987
Samsonite International SA(a)(b)(c)		254,700		558,192
ServiceNow, Inc.(a)		675		322,717
Silicon Laboratories, Inc.(a)		4,150		559,877
Squarespace, Inc., Class A(a)		32,698		652,979
SVB Financial Group(a)		4,555		2,221,200
Terreno Realty Corp.		20,508		1,491,957
TPG Inc(a)		24,903		632,536
Tradeweb Markets, Inc.		8,647		615,580
TriMas Corp.		22,010		650,175
Ulta Beauty, Inc.(a)		1,825		724,160
Unity Software, Inc.(a)		4,108		272,812
Zendesk, Inc.(a)		9,065		1,106,293
				98,526,203
Vietnam (1.67%)
FPT Corp.		167,900		762,366
Vietnam Dairy Products JSC		164,262		529,591
Vietnam Technological & Commercial Joint Stock Bank(a)		2,138,281		4,074,398
				5,366,355
TOTAL COMMON STOCKS
(Cost $252,920,851)				309,752,969
PREFERRED STOCKS (0.66%)
United States (0.66%)
Dataminr Inc - Private Placement(a)(d)		45,833		1,141,242

	Shares		Value  (Note 2)
United States (continued)
Gusto Inc Series E Preferred(a)(d)		32,241	$	980,126
				2,121,368
TOTAL PREFERRED STOCKS
(Cost $1,892,053)				2,121,368
TOTAL INVESTMENTS (97.17%)
(Cost $254,897,365)			$	311,874,337
Other Assets In Excess Of Liabilities (2.83%)				9,086,453
NET ASSETS (100.00%)			$	320,960,790

^(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 April 30, 2022, these securities had a total aggregate market value of $23,928,512, representing 7.46% 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 April 30, 2022, the aggregate market value of these securities was $26,639,346, representing 8.30% 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 Note 2 to the financial statements for additional information.

^(e) Less than 0.005%.

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 Financial Statements.

Annual Report | April 30, 2022 61

Grandeur Peak Global Reach Fund Portfolio of Investments

April 30, 2022

Sector Composition (April 30, 2022)
Technology	24.9%
Financials	21.0%
Industrials	16.8%
Health Care	15.7%
Consumer	14.6%
Energy & Materials	4.2%
Cash, Cash Equivalents, & Other Net Assets	2.8%
Total	100%

Industry Composition (April 30, 2022)
Capital Markets	10.7%
IT Services	9.9%
Software	8.8%
Banks	7.1%
Professional Services	6.9%
Health Care Equipment & Supplies	4.5%
Specialty Retail	3.9%
Semiconductors & Semiconductor Equipment	3.5%
Health Care Providers & Services	3.4%
Pharmaceuticals	3.3%
Life Sciences Tools & Services	3.2%
Food & Staples Retailing	2.5%
Trading Companies & Distributors	2.3%
Equity Real Estate Investment Trusts (REITs)	2.2%
Multiline Retail	1.9%
Oil, Gas & Consumable Fuels	1.9%
Machinery	1.8%
Internet & Direct Marketing Retail	1.7%
Commercial Services & Supplies	1.6%
Auto Components	1.1%
Building Products	1.0%
Equity Fund	1.0%
Other Industries (each less than 1%)	13.0%
Cash and Other Assets, Less Liabilities	2.8%
Total	100.0%

See Notes to Financial Statements.

62 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (98.57%)
Argentina (2.33%)
Globant SA(a)		36,436	$	7,869,812
Australia (0.59%)
Netwealth Group, Ltd.		218,869		1,981,759
Belgium (1.61%)
Melexis NV		40,067		3,439,142
Warehouses De Pauw CVA		52,142		2,005,918
				5,445,060
Brazil (1.06%)
CI&T, Inc., Class A(a)		93,100		1,183,301
Patria Investments, Ltd., Class A		146,405		2,387,866
				3,571,167
Britain (13.18%)
B&M European Value Retail SA		1,479,684		9,066,158
CVS Group PLC		161,136		3,637,611
Dechra Pharmaceuticals PLC		173,161		7,846,856
Diploma PLC		48,713		1,670,797
Endava PLC, ADR(a)		87,982		8,850,989
Impax Asset Management Group PLC		228,688		2,473,197
Intertek Group PLC		40,698		2,536,095
JTC PLC(b)(c)		155,862		1,513,440
Softcat PLC		70,161		1,239,134
St. James's Place PLC		352,628		5,666,589
				44,500,866
Canada (0.78%)
Aritzia, Inc.(a)		34,800		1,239,326
Ritchie Bros Auctioneers, Inc.		25,225		1,389,645
				2,628,971
China (5.43%)
Angelalign Technology, Inc.(b)(c)		86,000		1,209,983
Hangzhou Robam Appliances Co., Ltd., Class A		349,800		1,629,156
Hangzhou Tigermed Consulting Co., Ltd., Class A		119,400		1,604,647
Silergy Corp.		123,400		10,986,606
WuXi AppTec Co., Ltd., Class H(b)(c)		124,492		1,693,315
Wuxi Biologics Cayman, Inc.(a)(b)(c)		161,600		1,192,740
				18,316,447
Finland (0.29%)
Musti Group Oyj(a)		41,400		974,086

	Shares		Value  (Note 2)
France (4.18%)
Alten SA		36,392	$	4,884,098
Antin Infrastructure Partners SA(a)		57,788		1,501,251
BioMerieux		22,813		2,171,846
Bureau Veritas SA		68,887		1,978,901
Esker SA		3,227		543,569
Virbac SA		7,458		3,011,153
				14,090,818
Germany (1.65%)
Atoss Software AG		8,446		1,227,243
Dermapharm Holding SE		49,500		2,798,766
Nagarro SE(a)		10,920		1,535,378
				5,561,387
Hong Kong (1.75%)
Techtronic Industries Co., Ltd.		442,300		5,903,867
India (5.28%)
Avenue Supermarts, Ltd.(a)(b)(c)		21,403		1,096,373
Computer Age Management Services, Ltd.		73,546		2,361,648
HCL Technologies, Ltd.		104,510		1,463,823
IndiaMart InterMesh, Ltd.(b)(c)		19,488		1,240,194
Metropolis Healthcare, Ltd.(b)(c)		123,964		3,850,185
WNS Holdings, Ltd., ADR(a)		99,534		7,800,480
				17,812,703
Ireland (1.06%)
Keywords Studios PLC		118,876		3,593,515
Italy (2.08%)
DiaSorin SpA		16,206		2,122,858
FinecoBank Banca Fineco SpA		160,663		2,233,440
Interpump Group SpA		30,602		1,237,234
Sesa SpA		9,854		1,424,576
				7,018,108
Japan (5.53%)
BASE, Inc.(a)		288,700		785,077
BayCurrent Consulting, Inc.		10,700		3,508,181
Freee KK(a)		38,400		1,107,967
GMO Payment Gateway, Inc.		13,300		1,115,869
IR Japan Holdings, Ltd.		78,500		2,486,032
M&A Capital Partners Co., Ltd.(a)		52,200		1,621,373
MonotaRO Co., Ltd.		141,400		2,428,976
Nihon M&A Center Holdings, Inc.		355,700		4,380,024
Seria Co., Ltd.		63,000		1,232,022
				18,665,521

See Notes to Financial Statements.

Annual Report | April 30, 2022 63

Grandeur Peak Global Stalwarts Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Mexico (0.53%)
Grupo Aeroportuario del Centro Norte SAB de CV		128,200	$	893,471
Regional SAB de CV		148,933		898,933
				1,792,404
Netherlands (0.38%)
Aalberts NV		26,284		1,277,203
Norway (0.41%)
Nordic Semiconductor ASA(a)		69,696		1,385,643
Philippines (0.44%)
Wilcon Depot, Inc.		2,768,400		1,484,823
Poland (1.41%)
Dino Polska SA(a)(b)(c)		73,768		4,772,185
South Korea (0.40%)
LEENO Industrial, Inc.		9,828		1,362,344
Sweden (3.48%)
Byggfakta Group Nordic Holdco AB(a)		227,398		1,107,259
Cint Group AB(a)		186,193		1,522,797
EQT AB		125,427		3,549,812
Fortnox AB		252,025		1,337,773
Nordnet AB publ		79,393		1,377,052
Sagax AB, Class B		49,968		1,276,405
SwedenCare AB		141,346		1,588,613
				11,759,711
Switzerland (0.52%)
Partners Group Holding AG		1,669		1,768,301
Taiwan (1.75%)
Bizlink Holding, Inc.		129,000		1,290,912
momo.com, Inc.		48,000		1,267,064
Sinbon Electronics Co., Ltd.		151,000		1,326,319
Voltronic Power Technology Corp.		45,975		2,011,447
				5,895,742
United States (41.72%)
Align Technology, Inc.(a)		7,943		2,302,755
Ashtead Group PLC		31,400		1,623,608
Bank of Hawaii Corp.		30,027		2,232,207
Bank of NT Butterfield & Son, Ltd.		96,956		3,105,501
Blackstone, Inc.		33,250		3,377,202
Cardiovascular Systems, Inc.(a)		105,365		1,970,325
Castle Biosciences, Inc.(a)		63,688		1,422,790
Cloudflare, Inc., Class A(a)		18,790		1,618,571
Cross Creek Lucid LP/Partnership Interest(a)(d)		1,300,000		1,300,000

	Shares		Value  (Note 2)
United States (continued)
Datadog, Inc., Class A(a)		11,319	$	1,367,109
Elastic NV(a)		13,179		1,003,449
Equinix, Inc.		2,700		1,941,516
Etsy, Inc.(a)		29,833		2,780,137
Exact Sciences Corp.(a)		20,823		1,146,306
Figs, Inc., Class A(a)		325,940		5,104,220
First Republic Bank		84,299		12,579,097
Five Below, Inc.(a)		15,577		2,447,147
Frontage Holdings Corp.(a)(b)(c)		347,000		102,485
Genpact, Ltd.		104,063		4,190,617
Gitlab, Inc., Class A(a)		33,856		1,622,718
Glacier Bancorp, Inc.		48,265		2,208,606
Global Industrial Co.		102,410		3,160,373
Goosehead Insurance, Inc., Class A		38,339		2,204,109
Heska Corp.(a)		20,663		2,269,624
HubSpot, Inc.(a)		9,095		3,450,916
IDEXX Laboratories, Inc.(a)		4,928		2,121,405
JFrog, Ltd.(a)		77,003		1,607,053
LGI Homes, Inc.(a)		21,154		1,982,341
Littelfuse, Inc.		39,635		9,086,324
Lululemon Athletica, Inc.(a)		12,104		4,292,442
Marcus & Millichap, Inc.		27,360		1,225,454
MaxCyte, Inc.(a)		160,725		890,416
Medpace Holdings, Inc.(a)		20,043		2,677,144
Moelis & Co., Class A		29,682		1,313,725
Monolithic Power Systems, Inc.		5,650		2,216,156
MSCI, Inc.		3,263		1,374,539
Ollie's Bargain Outlet Holdings, Inc.(a)		47,531		2,283,865
P10, Inc., Class A(a)		214,000		2,589,400
PagerDuty, Inc.(a)		36,605		1,045,805
Paycom Software, Inc.(a)		24,092		6,781,175
PJT Partners, Inc., Class A		45,383		2,994,824
Pool Corp.		8,275		3,353,196
Power Integrations, Inc.		33,625		2,690,000
Qualys, Inc.(a)		23,588		3,214,573
Rapid7, Inc.(a)		39,000		3,725,280
Shoals Technologies Group, Inc., Class A(a)		185,854		1,854,823
Silicon Laboratories, Inc.(a)		11,315		1,526,507
Silvergate Capital Corp., Class A(a)		4,000		467,840
SVB Financial Group(a)		15,048		7,338,007
Teladoc Health, Inc.(a)		21,898		739,276
Terreno Realty Corp.		23,971		1,743,890
Unity Software, Inc.(a)		16,937		1,124,786
Zendesk, Inc.(a)		16,471		2,010,121
				140,801,755

See Notes to Financial Statements.

64 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Vietnam (0.73%)
Vietnam Technological & Commercial Joint Stock Bank(a)		1,291,505	$	2,460,904
TOTAL COMMON STOCKS
(Cost $313,493,420)				332,695,102
PREFERRED STOCKS (0.52%)
United States (0.52%)
Dataminr Inc - Private Placement(a)(d)		24,262		604,124
Gusto Inc Series E Preferred(a)(d)		37,637		1,144,165
				1,748,289
TOTAL PREFERRED STOCKS
(Cost $1,626,803)				1,748,289
TOTAL INVESTMENTS (99.09%)
(Cost $315,120,223)			$	334,443,391
Other Assets In Excess Of Liabilities (0.91%)				3,080,124
NET ASSETS (100.00%)			$	337,523,515

^(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 April 30, 2022, these securities had a total aggregate market value of $16,670,900, representing 4.94% 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 April 30, 2022, the aggregate market value of these securities was $16,670,900, representing 4.94% 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 Note 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.

Sector Composition (April 30, 2022)
Technology	35.2%
Financials	24.1%
Health Care	15.8%
Industrials	12.2%
Consumer	11.8%
Cash, Cash Equivalents, & Other Net Assets	0.9%
Total	100%

Industry Composition (April 30, 2022)
IT Services	14.4%
Capital Markets	10.9%
Software	10.4%
Banks	10.0%
Semiconductors & Semiconductor Equipment	6.9%
Health Care Equipment & Supplies	5.7%
Pharmaceuticals	4.5%
Professional Services	4.5%
Multiline Retail	3.8%
Electronic Equipment, Instruments & Components	3.5%
Trading Companies & Distributors	3.0%
Health Care Providers & Services	2.7%
Machinery	2.6%
Life Sciences Tools & Services	2.4%
Specialty Retail	1.8%
Food & Staples Retailing	1.7%
Equity Real Estate Investment Trusts (REITs)	1.7%
Electrical Equipment	1.5%
Textiles, Apparel & Luxury Goods	1.3%
Internet & Direct Marketing Retail	1.1%
Household Durables	1.1%
Distributors	1.0%
Other Industries (each less than 1%)	2.6%
Cash and Other Assets, Less Liabilities	0.9%
Total	100.0%

See Notes to Financial Statements.

Annual Report | April 30, 2022 65

Grandeur Peak International Opportunities Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (96.23%)
Argentina (0.63%)
Globant SA(a)		20,248	$	4,373,365
Australia (1.89%)
Fiducian Group, Ltd.		215,640		1,211,264
HUB24, Ltd.		206,937		3,456,151
Kogan.com, Ltd.		864,692		2,350,482
Netwealth Group, Ltd.		290,554		2,630,833
PeopleIN, Ltd.		1,334,988		3,547,792
				13,196,522
Bangladesh (0.59%)
Square Pharmaceuticals, Ltd.		1,579,730		4,119,787
Belgium (2.06%)
Melexis NV		57,263		4,915,158
Warehouses De Pauw CVA		131,328		5,052,226
X-Fab Silicon Foundries SE(a)(b)(c)		619,724		4,387,304
				14,354,688
Brazil (0.97%)
Locaweb Servicos de Internet SA(a)(b)(c)		1,135,700		1,658,543
Pagseguro Digital, Ltd., Class A(a)		39,875		586,561
Patria Investments, Ltd., Class A		276,899		4,516,223
				6,761,327
Britain (19.29%)
Ascential PLC(a)		1,139,000		4,515,850
B&M European Value Retail SA		2,134,166		13,076,228
boohoo Group PLC(a)		2,044,911		2,070,218
Bytes Technology Group PLC		339,088		1,906,800
CVS Group PLC		629,964		14,221,304
Dechra Pharmaceuticals PLC		263,999		11,963,213
Diploma PLC		136,392		4,678,082
Endava PLC, ADR(a)		167,695		16,870,117
Ergomed PLC(a)		68,317		1,007,986
Foresight Group Holdings, Ltd.		1,289,723		6,162,698
Impax Asset Management Group PLC		877,864		9,493,855
JTC PLC(b)(c)		711,979		6,913,408
K3 Capital Group PLC		1,011,260		3,115,443
Marlowe PLC(a)		385,581		3,975,762
On the Beach Group PLC(a)(b)(c)		1,518,553		4,355,738
Pensionbee Group PLC(a)		1,259,004		2,249,868
Premier Miton Group PLC		1,379,140		2,427,880
Softcat PLC		194,502		3,435,157
St. James's Place PLC		260,511		4,186,306
Ultra Electronics Holdings PLC		271,564		11,060,304

	Shares		Value  (Note 2)
Britain (continued)
Volution Group PLC		1,366,986	$	6,962,912
				134,649,129
Canada (2.07%)
Aritzia, Inc.(a)		77,500		2,759,993
Gildan Activewear, Inc.		161,585		5,475,262
Guardian Capital Group, Ltd., Class A		48,800		1,257,749
Richelieu Hardware, Ltd.		175,450		4,980,860
				14,473,864
China (4.57%)
Hangzhou Robam Appliances Co., Ltd., Class A		977,677		4,553,426
Hangzhou Tigermed Consulting Co., Ltd., Class A		279,100		3,750,896
Man Wah Holdings, Ltd.		3,872,900		3,624,750
O2Micro International, Ltd., ADR(a)		567,170		1,860,317
Silergy Corp.		135,999		12,108,326
Suofeiya Home Collection Co., Ltd., Class A		1,275,900		3,930,595
TK Group Holdings, Ltd.		7,310,000		2,089,698
				31,918,008
Colombia (0.52%)
Parex Resources, Inc.		186,075		3,626,916
Finland (1.25%)
Musti Group Oyj(a)		371,210		8,734,070
France (6.89%)
Alten SA		70,379		9,445,425
Antin Infrastructure Partners SA(a)		71,455		1,856,301
Bureau Veritas SA		157,583		4,526,851
Esker SA		42,460		7,152,136
Neurones		77,697		2,958,996
Thermador Groupe		69,205		7,008,767
Virbac SA		37,419		15,107,851
				48,056,327
Germany (5.27%)
Atoss Software AG		19,398		2,818,619
Bike24 Holding AG(a)		70,627		456,405
Dermapharm Holding SE		137,507		7,774,746
Fashionette AG(a)		121,971		738,830
Friedrich Vorwerk Group SE(a)		94,554		2,802,330
Mensch und Maschine Software SE		79,196		4,438,221
Nagarro SE(a)		55,164		7,756,190
Nexus AG		63,706		3,106,756
PATRIZIA AG		186,894		3,205,891

See Notes to Financial Statements.

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Grandeur Peak International Opportunities Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Germany (continued)
QIAGEN NV(a)		81,231	$	3,685,451
				36,783,439
India (7.96%)
Cera Sanitaryware, Ltd.		47,757		2,594,873
Computer Age Management Services, Ltd.		201,157		6,459,387
EPL, Ltd.		1,115,229		2,451,528
Gulf Oil Lubricants India, Ltd.		101,019		561,333
IndiaMart InterMesh, Ltd.(b)(c)		53,544		3,407,479
L&T Technology Services, Ltd.(b)(c)		48,674		2,574,426
Metropolis Healthcare, Ltd.(b)(c)		344,832		10,710,100
Nippon Life India Asset Management, Ltd.(b)(c)		829,002		3,409,904
Polycab India, Ltd.		144,073		4,651,246
Tarsons Products, Ltd.(a)		303,500		2,745,095
WNS Holdings, Ltd., ADR(a)		204,206		16,003,624
				55,568,995
Indonesia (2.34%)
Ace Hardware Indonesia Tbk PT		17,159,400		1,236,916
Arwana Citramulia Tbk PT		63,783,500		4,601,531
Bank Tabungan Pensiunan Nasional Syariah		16,060,000		3,813,413
Selamat Sempurna Tbk PT		39,450,800		4,245,240
Ultrajaya Milk Industry & Trading Co. Tbk PT		22,958,000		2,462,557
				16,359,657
Ireland (3.31%)
Irish Residential Properties REIT PLC		2,895,293		4,447,931
Keywords Studios PLC		189,679		5,733,827
Uniphar PLC		3,116,612		12,888,480
				23,070,238
Israel (0.26%)
Wix.com, Ltd.(a)		24,258		1,830,509
Italy (1.97%)
FinecoBank Banca Fineco SpA		250,907		3,487,957
GVS SpA(b)(c)		300,176		2,500,224
Interpump Group SpA		133,516		5,398,032
Piovan SpA(b)(c)		246,255		2,338,086
				13,724,299
Japan (13.84%)
AIT Corp.		361,300		4,394,720
BayCurrent Consulting, Inc.		22,900		7,508,163
Charm Care Corp.		480,900		4,804,302
Create SD Holdings Co., Ltd.		115,500		2,641,848
CrowdWorks, Inc.(a)		247,200		1,963,295

	Shares		Value  (Note 2)
Japan (continued)
eGuarantee, Inc.		200,900	$	3,335,029
Funai Soken Holdings, Inc.		281,500		4,720,815
gremz, Inc.		353,900		4,416,861
Japan Lifeline Co., Ltd.		510,800		4,257,674
M&A Capital Partners Co., Ltd.(a)		127,800		3,969,568
MarkLines Co., Ltd.		207,900		4,282,185
MonotaRO Co., Ltd.		153,700		2,640,267
Naigai Trans Line, Ltd.		93,700		1,345,309
Nihon M&A Center Holdings, Inc.		172,200		2,120,439
Open Door, Inc.(a)		198,900		2,873,645
Seria Co., Ltd.		435,900		8,524,419
Strike Co., Ltd.		216,600		6,596,035
Sun*, Inc.(a)		352,600		4,397,927
Synchro Food Co., Ltd.(a)		644,400		1,337,078
System Information Co., Ltd.		423,300		3,143,423
Systena Corp.		822,400		2,585,017
Trancom Co., Ltd.		88,990		4,636,752
Tsuruha Holdings, Inc.		70,700		3,613,338
User Local, Inc.		207,200		2,716,026
Visional, Inc.(a)		17,200		946,548
YAKUODO Holdings Co., Ltd.		202,100		2,802,854
				96,573,537
Luxembourg (0.46%)
Sword Group		75,337		3,243,783
Netherlands (1.30%)
Aalberts NV		111,118		5,399,491
Shop Apotheke Europe NV(a)(b)(c)		44,871		3,700,471
				9,099,962
New Zealand (0.00%)(d)
CBL Corp., Ltd.(e)		1,542,256		1
Norway (1.54%)
Bouvet ASA		187,344		1,378,031
Nordhealth AS, Class A(a)		985,229		2,289,923
Nordic Semiconductor ASA(a)		76,983		1,530,518
Self Storage Group ASA(a)		1,016,072		3,390,752
SmartCraft ASA(a)		1,335,830		2,136,337
				10,725,561
Philippines (1.58%)
Puregold Price Club, Inc.		6,141,500		3,869,542
Robinsons Land Corp.		11,279,400		4,097,044
Wilcon Depot, Inc.		5,738,600		3,077,881
				11,044,467
Poland (1.04%)
Dino Polska SA(a)(b)(c)		112,358		7,268,642

See Notes to Financial Statements.

Annual Report | April 30, 2022 67

Grandeur Peak International Opportunities Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Singapore (0.77%)
Riverstone Holdings, Ltd.		7,661,900	$	5,346,349
South Africa (0.65%)
Italtile, Ltd.		4,209,423		4,556,744
South Korea (1.59%)
Hyundai Ezwel Co., Ltd.		242,703		2,053,105
LEENO Industrial, Inc.		23,508		3,258,647
Suprema, Inc.(a)		130,376		2,507,098
Tokai Carbon Korea Co., Ltd.		29,350		3,263,071
				11,081,921
Sweden (4.80%)
Beijer Alma AB		319,735		6,651,126
Byggfakta Group Nordic Holdco AB(a)		650,446		3,167,187
Cint Group AB(a)		439,658		3,595,785
KNOW IT AB		214,132		6,595,099
Lyko Group AB, Class A(a)(c)		100,753		1,986,246
OEM International AB, Class B		124,515		1,927,428
Sagax AB, Class B		117,372		2,998,202
SwedenCare AB		410,886		4,618,022
Teqnion AB		161,900		1,929,059
				33,468,154
Taiwan (2.43%)
Bioteque Corp.		749,000		2,799,909
Poya International Co., Ltd.		93,974		999,219
Sinbon Electronics Co., Ltd.		148,000		1,299,968
Sporton International, Inc.		1,085,703		6,673,915
Voltronic Power Technology Corp.		56,850		2,487,238
Wistron Information Technology & Services Corp.		929,000		2,718,976
				16,979,225
United States (3.36%)
Bank of NT Butterfield & Son, Ltd.		309,782		9,922,318
Bizlink Holding, Inc.		539,900		5,402,816
Genpact, Ltd.		202,618		8,159,427
				23,484,561
Vietnam (1.03%)
Vietnam Dairy Products JSC		17		55
Vietnam Technological & Commercial Joint Stock Bank(a)		3,772,473		7,188,276
				7,188,331
TOTAL COMMON STOCKS
(Cost $535,721,934)				671,662,378

	Shares	Value  (Note 2)
Vietnam (continued)
TOTAL INVESTMENTS (96.23%)
(Cost $535,721,934)		$	671,662,378
Other Assets In Excess Of Liabilities (3.77%)			26,337,626
NET ASSETS (100.00%)		$	698,000,004

^(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 April 30, 2022, these securities had a total aggregate market value of $53,224,325, representing 7.63% 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 April 30, 2022, the aggregate market value of these securities was $55,210,571, representing 7.91% of net assets.

^(d) Less than 0.005%.

^(e) As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also Note 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.

Sector Composition (April 30, 2022)
Technology	26.3%
Industrials	21.2%
Health Care	16.5%
Financials	15.6%
Consumer	15.3%
Energy & Materials	1.3%
Cash, Cash Equivalents, & Other Net Assets	3.8%
Total	100%

See Notes to Financial Statements.

68 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Portfolio of Investments

April 30, 2022

Industry Composition (April 30, 2022)
IT Services	15.2%
Capital Markets	8.9%
Pharmaceuticals	6.3%
Health Care Providers & Services	6.1%
Professional Services	5.0%
Software	4.7%
Semiconductors & Semiconductor Equipment	4.5%
Trading Companies & Distributors	3.9%
Machinery	3.5%
Banks	3.4%
Food & Staples Retailing	3.4%
Multiline Retail	3.2%
Specialty Retail	3.1%
Building Products	2.1%
Electrical Equipment	1.9%
Health Care Equipment & Supplies	1.8%
Household Durables	1.8%
Commercial Services & Supplies	1.7%
Aerospace & Defense	1.6%
Real Estate Management & Development	1.5%
Life Sciences Tools & Services	1.5%
Equity Real Estate Investment Trusts (REITs)	1.3%
Internet & Direct Marketing Retail	1.1%
Hotels, Restaurants & Leisure	1.0%
Other Industries (each less than 1%)	7.7%
Cash and Other Assets, Less Liabilities	3.8%
Total	100.0%

See Notes to Financial Statements.

Annual Report | April 30, 2022 69

Grandeur Peak International Stalwarts Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (97.45%)
Argentina (2.62%)
Globant SA(a)		198,376	$	42,847,232
Australia (0.91%)
Netwealth Group, Ltd.		1,640,583		14,854,727
Belgium (2.76%)
Melexis NV		317,690		27,268,854
Warehouses De Pauw CVA		465,796		17,919,306
				45,188,160
Brazil (1.54%)
CI&T, Inc., Class A(a)		595,700		7,571,347
Patria Investments, Ltd., Class A		1,076,132		17,551,713
				25,123,060
Britain (20.47%)
Abcam PLC(a)		859,806		13,341,745
B&M European Value Retail SA		11,138,026		68,243,693
CVS Group PLC		974,642		22,002,337
Dechra Pharmaceuticals PLC		1,366,657		61,930,572
Diploma PLC		366,537		12,571,779
Endava PLC, ADR(a)		534,857		53,806,614
Impax Asset Management Group PLC		1,538,341		16,636,731
Intertek Group PLC		395,574		24,650,185
JTC PLC(b)(c)		1,000,275		9,712,799
Softcat PLC		607,446		10,728,282
St. James's Place PLC		2,549,306		40,966,315
				334,591,052
Canada (2.15%)
Aritzia, Inc.(a)		223,500		7,959,464
Gildan Activewear, Inc.		439,684		14,898,567
Ritchie Bros Auctioneers, Inc.		223,924		12,335,973
				35,194,004
China (7.97%)
Angelalign Technology, Inc.(b)(c)		614,500		8,645,749
Hangzhou Robam Appliances Co., Ltd., Class A		2,419,519		11,268,650
Hangzhou Tigermed Consulting Co., Ltd., Class A		534,850		7,187,985
Man Wah Holdings, Ltd.		10,998,400		10,293,694
Silergy Corp.		774,200		68,928,933
WuXi AppTec Co., Ltd., Class H(b)(c)		1,097,312		14,925,415
Wuxi Biologics Cayman, Inc.(a)(b)(c)		1,213,700		8,958,097
				130,208,523

	Shares		Value  (Note 2)
Finland (0.36%)
Musti Group Oyj(a)		249,700	$	5,875,104
France (5.93%)
Alten SA		287,289		38,556,483
Antin Infrastructure Partners SA(a)		350,181		9,097,211
BioMerieux		142,500		13,566,300
Bureau Veritas SA		464,012		13,329,568
Esker SA		19,852		3,343,952
Virbac SA		46,985		18,970,105
				96,863,619
Germany (3.19%)
Atoss Software AG		56,126		8,155,367
Dermapharm Holding SE		296,564		16,767,945
Nagarro SE(a)		73,057		10,271,988
Puma SE		123,122		9,059,169
QIAGEN NV(a)		172,030		7,805,001
				52,059,470
Hong Kong (2.13%)
Techtronic Industries Co., Ltd.		2,610,600		34,846,565
India (9.36%)
Avenue Supermarts, Ltd.(a)(b)(c)		153,919		7,884,532
Computer Age Management Services, Ltd.		478,617		15,368,952
HCL Technologies, Ltd.		733,087		10,268,011
HDFC Bank, Ltd.		677,416		12,144,603
IndiaMart InterMesh, Ltd.(b)(c)		141,821		9,025,327
Marico, Ltd.		830,658		5,645,779
Metropolis Healthcare, Ltd.(b)(c)		820,726		25,490,840
Nippon Life India Asset Management, Ltd.(b)(c)		2,479,979		10,200,809
WNS Holdings, Ltd., ADR(a)		727,336		57,001,322
				153,030,175
Indonesia (0.56%)
Bank Tabungan Pensiunan Nasional Syariah		38,835,900		9,221,501
Ireland (1.63%)
Keywords Studios PLC		881,728		26,653,850
Israel (0.27%)
Wix.com, Ltd.(a)		59,258		4,471,609
Italy (3.17%)
DiaSorin SpA		97,165		12,727,850
FinecoBank Banca Fineco SpA		1,215,472		16,896,756
Interpump Group SpA		278,346		11,253,488
Sesa SpA		75,138		10,862,569
				51,740,663

See Notes to Financial Statements.

70 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
Japan (8.36%)
BASE, Inc.(a)		1,455,700	$	3,958,561
BayCurrent Consulting, Inc.		74,600		24,458,907
Freee KK(a)		174,800		5,043,557
GMO Payment Gateway, Inc.		88,200		7,399,972
IR Japan Holdings, Ltd.		375,500		11,891,784
M&A Capital Partners Co., Ltd.(a)		363,700		11,296,806
MonotaRO Co., Ltd.		1,000,600		17,188,359
Nihon M&A Center Holdings, Inc.		2,409,300		29,667,673
Seria Co., Ltd.		326,900		6,392,825
Systena Corp.		5,535,500		17,399,515
Visional, Inc.(a)		35,800		1,970,141
				136,668,100
Mexico (0.75%)
Grupo Aeroportuario del Centro Norte SAB de CV		919,800		6,410,406
Regional SAB de CV		980,400		5,917,520
				12,327,926
Netherlands (0.95%)
Aalberts NV		319,269		15,514,048
Norway (0.85%)
Nordic Semiconductor ASA(a)		700,914		13,935,041
Philippines (0.76%)
Wilcon Depot, Inc.		23,051,800		12,363,766
Poland (2.12%)
Dino Polska SA(a)(b)(c)		535,225		34,624,673
South Korea (0.65%)
LEENO Industrial, Inc.		76,044		10,541,115
Sweden (5.37%)
Byggfakta Group Nordic Holdco AB(a)		1,799,452		8,761,990
Cint Group AB(a)		907,290		7,420,359
EQT AB		1,113,906		31,525,568
Fortnox AB		1,711,954		9,087,214
Nordnet AB publ		662,879		11,497,474
Sagax AB, Class B		369,196		9,430,907
SwedenCare AB		891,319		10,017,695
				87,741,207
Switzerland (1.25%)
Partners Group Holding AG		19,211		20,354,005
Taiwan (2.69%)
Bizlink Holding, Inc.		877,000		8,776,199
momo.com, Inc.		393,700		10,392,571
Sinbon Electronics Co., Ltd.		1,026,000		9,011,941

	Shares		Value  (Note 2)
Taiwan (continued)
Voltronic Power Technology Corp.		362,490	$	15,859,258
				44,039,969
United States (7.74%)
Ashtead Group PLC		273,370		14,135,216
Bank of NT Butterfield & Son, Ltd.		767,289		24,576,267
Genpact, Ltd.		782,714		31,519,893
JFrog, Ltd.(a)		433,720		9,051,736
Lululemon Athletica, Inc.(a)		82,953		29,417,622
Monolithic Power Systems, Inc.		45,253		17,750,037
				126,450,771
Vietnam (0.94%)
Vietnam Technological & Commercial Joint Stock Bank(a)		8,084,926		15,405,461
TOTAL COMMON STOCKS
(Cost $1,366,419,750)				1,592,735,396
TOTAL INVESTMENTS (97.45%)
(Cost $1,366,419,750)			$	1,592,735,396
Other Assets In Excess Of Liabilities (2.55%)				41,636,163
NET ASSETS (100.00%)			$	1,634,371,559

^(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 April 30, 2022, these securities had a total aggregate market value of $129,468,241, representing 7.92% 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 April 30, 2022, the aggregate market value of these securities was $129,468,241, representing 7.92% 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 Financial Statements.

Annual Report | April 30, 2022 71

Grandeur Peak International Stalwarts Fund Portfolio of Investments

April 30, 2022

Sector Composition (April 30, 2022)
Technology	33.4%
Financials	18.5%
Industrials	16.2%
Health Care	14.9%
Consumer	14.5%
Cash, Cash Equivalents, & Other Net Assets	2.5%
Total	100%

Industry Composition (April 30, 2022)
IT Services	19.5%
Capital Markets	11.7%
Semiconductors & Semiconductor Equipment	8.4%
Pharmaceuticals	6.6%
Professional Services	6.4%
Banks	5.1%
Multiline Retail	4.6%
Software	4.2%
Machinery	3.7%
Trading Companies & Distributors	3.4%
Textiles, Apparel & Luxury Goods	3.3%
Health Care Providers & Services	2.9%
Food & Staples Retailing	2.6%
Life Sciences Tools & Services	2.5%
Health Care Equipment & Supplies	2.1%
Specialty Retail	1.7%
Electrical Equipment	1.5%
Household Durables	1.3%
Electronic Equipment, Instruments & Components	1.3%
Equity Real Estate Investment Trusts (REITs)	1.1%
Other Industries (each less than 1%)	3.6%
Cash and Other Assets, Less Liabilities	2.5%
Total	100.0%

See Notes to Financial Statements.

72 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak US Stalwarts Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
COMMON STOCKS (98.58%)
Argentina (2.88%)
Globant SA(a)		17,540	$	3,788,465
Britain (2.89%)
Endava PLC, ADR(a)		37,802		3,802,880
Canada (1.82%)
Aritzia, Inc.(a)		15,500		551,999
Gildan Activewear, Inc.		18,694		633,441
Ritchie Bros Auctioneers, Inc.		22,050		1,214,735
				2,400,175
China (0.38%)
O2Micro International, Ltd., ADR(a)		152,896		501,499
Germany (0.98%)
QIAGEN NV(a)		28,308		1,284,334
Hong Kong (1.77%)
Techtronic Industries Co., Ltd.		174,400		2,327,910
India (1.99%)
WNS Holdings, Ltd., ADR(a)		33,365		2,614,815
United States (85.87%)
4imprint Group PLC		11,500		390,785
Align Technology, Inc.(a)		5,414		1,569,573
Alpha Teknova, Inc.(a)		44,830		503,441
Ashtead Group PLC		19,700		1,018,633
Bank of Hawaii Corp.		22,135		1,645,516
Bank of NT Butterfield & Son, Ltd.		68,811		2,204,016
Blackline, Inc.(a)		24,942		1,672,361
Blackstone, Inc.		25,076		2,546,969
Cardiovascular Systems, Inc.(a)		66,064		1,235,397
Castle Biosciences, Inc.(a)		40,421		903,005
Chewy, Inc., Class A(a)		36,425		1,058,511
Cloudflare, Inc., Class A(a)		7,813		673,012
Cross Creek Lucid LP/Partnership Interest(a)(b)		700,000		700,000
Datadog, Inc., Class A(a)		4,547		549,187
Dexcom, Inc.(a)		1,663		679,469
Elastic NV(a)		12,054		917,792
Equinix, Inc.		3,300		2,372,964
Etsy, Inc.(a)		23,328		2,173,936
Exact Sciences Corp.(a)		22,687		1,248,919
Fastenal Co.		20,097		1,111,565
Figs, Inc., Class A(a)		185,336		2,902,361
First Hawaiian, Inc.		51,409		1,213,766
First Republic Bank		38,127		5,689,312
Five Below, Inc.(a)		7,975		1,252,873
Frontage Holdings Corp.(a)(c)(d)		2,184,800		645,274
Genpact, Ltd.		71,928		2,896,541

	Shares		Value  (Note 2)
United States (continued)
Gitlab, Inc., Class A(a)		15,683	$	751,686
Glacier Bancorp, Inc.		28,420		1,300,499
Global Industrial Co.		97,699		3,014,991
Goosehead Insurance, Inc., Class A		32,446		1,865,321
Heska Corp.(a)		20,280		2,227,555
Houlihan Lokey, Inc.		20,278		1,688,955
HubSpot, Inc.(a)		5,238		1,987,454
IDEXX Laboratories, Inc.(a)		2,467		1,061,994
JFrog, Ltd.(a)		38,131		795,794
Joint Corp.(a)		21,883		667,869
LeMaitre Vascular, Inc.		40,750		1,760,808
LGI Homes, Inc.(a)		16,651		1,560,365
Littelfuse, Inc.		18,971		4,349,102
Lululemon Athletica, Inc.(a)		7,274		2,579,578
Marcus & Millichap, Inc.		18,956		849,039
MaxCyte, Inc.(a)		90,700		502,478
Medpace Holdings, Inc.(a)		18,739		2,502,968
Microchip Technology, Inc.		14,400		938,880
Moelis & Co., Class A		16,278		720,464
Monolithic Power Systems, Inc.		4,899		1,921,584
Morningstar, Inc.		2,950		747,029
MSCI, Inc.		2,256		950,340
NV5 Global, Inc.(a)		8,401		1,006,440
Ollie's Bargain Outlet Holdings, Inc.(a)		26,203		1,259,054
P10, Inc., Class A(a)		92,500		1,119,250
PagerDuty, Inc.(a)		28,095		802,674
Paycom Software, Inc.(a)		15,417		4,339,422
Paylocity Holding Corp.(a)		6,483		1,229,371
PJT Partners, Inc., Class A		60,474		3,990,679
Pool Corp.		7,309		2,961,753
Power Integrations, Inc.		21,269		1,701,520
Qualys, Inc.(a)		21,588		2,942,012
Rapid7, Inc.(a)		21,878		2,089,787
Rexford Industrial Realty, Inc.		15,850		1,236,934
Shoals Technologies Group, Inc., Class A(a)		115,177		1,149,466
Silicon Laboratories, Inc.(a)		6,877		927,776
Silvergate Capital Corp., Class A(a)		2,100		245,616
SVB Financial Group(a)		6,841		3,335,945
Teladoc Health, Inc.(a)		14,414		486,617
Terreno Realty Corp.		21,699		1,578,602
TriMas Corp.		24,591		726,418
Ulta Beauty, Inc.(a)		4,800		1,904,640
Unity Software, Inc.(a)		7,941		527,362
WW Grainger, Inc.		3,500		1,750,105
Zendesk, Inc.(a)		9,166		1,118,619
				112,949,993
TOTAL COMMON STOCKS
(Cost $142,539,773)				129,670,071

See Notes to Financial Statements.

Annual Report | April 30, 2022 73

Grandeur Peak US Stalwarts Fund Portfolio of Investments

April 30, 2022

	Shares		Value  (Note 2)
United States (continued)
PREFERRED STOCKS (0.48%)
United States (0.48%)
Gusto Inc Series E Preferred(a)(b)		20,595	$	626,088
TOTAL PREFERRED STOCKS
(Cost $625,992)				626,088
TOTAL INVESTMENTS (99.06%)
(Cost $143,165,765)			$	130,296,159
Other Assets In Excess Of Liabilities (0.94%)				1,237,886
NET ASSETS (100.00%)			$	131,534,045

^(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 Note 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 April 30, 2022, these securities had a total aggregate market value of $645,274, representing 0.49% 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 April 30, 2022, the aggregate market value of these securities was $645,274, representing 0.49% 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.

Sector Composition (April 30, 2022)
Technology	34.1%
Financials	27.4%
Health Care	15.3%
Consumer	12.1%
Industrials	9.6%
Energy & Materials	0.6%
Cash, Cash Equivalents, & Other Net Assets	0.9%
Total	100%

Industry Composition (April 30, 2022)
Software	15.4%
Banks	11.9%
IT Services	10.5%
Capital Markets	9.5%
Health Care Equipment & Supplies	8.7%
Trading Companies & Distributors	5.2%
Semiconductors & Semiconductor Equipment	4.6%
Life Sciences Tools & Services	4.1%
Equity Real Estate Investment Trusts (REITs)	4.0%
Electronic Equipment, Instruments & Components	3.3%
Specialty Retail	2.7%
Internet & Direct Marketing Retail	2.5%
Textiles, Apparel & Luxury Goods	2.4%
Distributors	2.3%
Machinery	1.8%
Insurance	1.4%
Household Durables	1.2%
Health Care Providers & Services	1.2%
Multiline Retail	1.0%
Other Industries (each less than 1%)	5.4%
Cash and Other Assets, Less Liabilities	0.9%
Total	100.0%

See Notes to Financial Statements.

74 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Statements of Assets and Liabilities

April 30, 2022

	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
ASSETS
Investments, at value (Cost - see below)	$	464,718,272	$	108,216,386		$	8,867,074		$	50,513,339	$	762,269,932
Cash		23,476,707		–			519,073			2,625,113		5,549,508
Foreign cash, at value (Cost $3,424,321, $799, $61,170, $– and $2,818,828, respectively)		3,424,648		797			61,159			–		2,819,841
Dividends and interest receivable		298,359		250,466			10,915			138,307		1,797,255
Due from Advisor		–		–			3,519			–		–
Receivable for investments sold		8,053,936		3,695,356			–			790,522		12,158,656
Receivable for fund shares subscribed		64,745		140,972			30,486			10		425,670
Deferred offering cost		–		–			36,910			–		–
Prepaid and other assets		2,688		270			1,800			252		18,325
Total assets		500,039,355		112,304,247			9,530,936			54,067,543		785,039,187
LIABILITIES
Payable to custodian due to overdraft		–		3,970,826			–			–		–
Payable for investments purchased		442,279		197,523			10,472			507,147		7,083,232
Foreign capital gains tax		2,545,793		34,927			–			70,517		795,337
Payable for fund shares redeemed		98,488		1,795,855			9,227			126,223		3,933,625
Advisory fees payable		549,980		8,576			9,025			70,557		790,921
Administration fees payable		56,715		29,567			1,430			29,868		67,610
Custodian fees payable		171,646		29,579			7,228			24,461		116,058
Payable for trustee fees and expenses		8,207		9,464			500			2,872		308
Payable for chief compliance officer fee		2,378		4,899			1,500			1,437		3,738
Payable for principal financial officer fees		612		916			512			278		30
Distribution and service fees payable		2,376		–			–			–		20,361
Payable for transfer agency fees		6,400		5,670			7,804			6,083		8,098
Accrued expenses and other liabilities		77,876		87,924			22,181			52,774		59,810
Total liabilities		3,962,750		6,175,726			69,879			892,217		12,879,128
NET ASSETS	$	496,076,605	$	106,128,521		$	9,461,057		$	53,175,326	$	772,160,059
NET ASSETS CONSISTS OF
Paid-in capital (Note 5)	$	411,788,857	$	112,788,392		$	11,807,815		$	49,576,113	$	627,582,062
Total distributable earnings		84,287,748		(6,659,871	)		(2,346,758	)		3,599,213		144,577,997
NET ASSETS	$	496,076,605	$	106,128,521		$	9,461,057		$	53,175,326	$	772,160,059
INVESTMENTS, AT COST	$	368,897,624	$	114,978,992		$	11,092,170		$	44,557,042	$	619,443,546
PRICING OF SHARES
Investor Class
Net Assets	$	10,846,269	$	–		$	–		$	–	$	92,172,954
Net Asset Value, offering and redemption price per share	$	13.21	$	–		$	–		$	–	$	3.70
Shares of beneficial interest outstanding		820,896		–			–			–		24,925,516
Institutional Class
Net Assets	$	485,230,336	$	106,128,521		$	9,461,057		$	53,175,326	$	679,987,105
Net Asset Value, offering and redemption price per share	$	13.35	$	13.60		$	7.80		$	13.49	$	3.79
Shares of beneficial interest outstanding		36,335,848		7,802,895			1,213,140			3,940,672		179,463,174

See Notes to Financial Statements.

Annual Report | April 30, 2022 75

Grandeur Peak Funds^® Statements of Assets and Liabilities

April 30, 2022

	Grandeur Peak Global Reach Fund		Grandeur Peak Global Stalwarts Fund		Grandeur Peak International Opportunities Fund		Grandeur Peak International Stalwarts Fund		Grandeur Peak US Stalwarts Fund
ASSETS
Investments, at value (Cost - see below)	$	311,874,337	$	334,443,391	$	671,662,378	$	1,592,735,396	$	130,296,159
Cash		8,578,218		–		19,406,528		37,234,858		3,039,846
Foreign cash, at value (Cost $106,381, $1,503,650, $208,414, $2,414,922 and $–, respectively)		106,548		1,503,773		209,098		2,416,120		–
Dividends and interest receivable		419,636		517,008		2,033,060		3,415,745		54,848
Receivable for investments sold		3,626,314		5,828,781		7,118,049		28,960,729		208,344
Receivable for fund shares subscribed		696,117		322,588		492,378		1,567,303		143,100
Deferred offering cost		–		–		–		–		8,469
Prepaid and other assets		1,628		1,594		4,204		8,482		1,077
Total assets		325,302,798		342,617,135		700,925,695		1,666,338,633		133,751,843
LIABILITIES
Payable to custodian due to overdraft		–		2,244,490		–		–		–
Payable for investments purchased		2,785,129		1,486,799		–		28,225,410		1,733,720
Foreign capital gains tax		414,007		2,932		1,828,225		779,074		–
Payable for fund shares redeemed		655,893		950,294		82,281		1,209,284		320,348
Advisory fees payable		259,682		245,812		724,617		1,161,464		88,640
Administration fees payable		62,783		37,754		66,100		100,437		18,156
Custodian fees payable		67,947		43,262		114,379		189,291		18,814
Payable for trustee fees and expenses		4,569		1,902		2,033		4,279		608
Payable for chief compliance officer fee		1,925		476		3,576		7,677		127
Payable for principal financial officer fees		442		184		197		414		59
Distribution and service fees payable		7,454		11,802		9,037		11,592		–
Payable for transfer agency fees		7,297		9,064		5,554		20,534		5,936
Accrued expenses and other liabilities		74,880		58,849		89,692		257,618		31,390
Waiver payable		–		–		–		–		–
Total liabilities		4,342,008		5,093,620		2,925,691		31,967,074		2,217,798
NET ASSETS	$	320,960,790	$	337,523,515	$	698,000,004	$	1,634,371,559	$	131,534,045
NET ASSETS CONSISTS OF
Paid-in capital (Note 5)	$	269,925,446	$	321,547,113	$	576,181,343	$	1,426,939,182	$	148,313,941
Total distributable earnings		51,035,344		15,976,402		121,818,661		207,432,377		(16,779,896	)
NET ASSETS	$	320,960,790	$	337,523,515	$	698,000,004	$	1,634,371,559	$	131,534,045
INVESTMENTS, AT COST	$	254,897,365	$	315,120,223	$	535,721,934	$	1,366,419,750	$	143,165,765
PRICING OF SHARES
Investor Class
Net Assets	$	33,458,742	$	51,984,152	$	40,834,987	$	51,249,570	$	–
Net Asset Value, offering and redemption price per share	$	16.01	$	16.51	$	3.57	$	17.91	$	–
Shares of beneficial interest outstanding		2,089,623		3,148,094		11,447,031		2,861,998		–
Institutional Class
Net Assets	$	287,502,048	$	285,539,363	$	657,165,017	$	1,583,121,989	$	131,534,045
Net Asset Value, offering and redemption price per share	$	16.17	$	16.74	$	3.61	$	18.06	$	17.65
Shares of beneficial interest outstanding		17,777,150		17,052,397		182,226,400		87,646,972		7,454,237

See Notes to Financial Statements.

76 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Statements of Operations

For the Year Ended April 30, 2022

	Grandeur Peak Emerging Markets Opportunities Fund			Grandeur Peak Global Contrarian Fund			Grandeur Peak Global Explorer Fund(a)			Grandeur Peak Global Micro Cap   Fund			Grandeur Peak Global Opportunities Fund
INVESTMENT INCOME
Dividends	$	11,041,776		$	2,563,564		$	37,706		$	1,085,551		$	14,501,257
Foreign taxes withheld		(1,281,490	)		(175,628	)		(2,995	)		(96,758	)		(1,249,437	)
Total investment income		9,760,286			2,387,936			34,711			988,793			13,251,820
EXPENSES
Investment advisor fees (Note 6)		8,536,389			888,418			34,693			1,028,483			12,673,856
Administrative fees		197,429			54,183			1,295			50,521			293,116
Distribution and service fees - Investor Class		33,510			–			–			–			291,910
Transfer agent fees		43,278			35,364			3,009			40,527			67,365
Recoupment of previously waived fees		–			–			–			38,463			–
Professional fees		1,251			20,922			10,310			11,219			4,869
Printing fees		9,097			45,701			431			7,899			19,272
Registration fees		72,749			37,907			425			34,885			29,229
Custodian fees		671,745			111,801			3,500			81,098			422,662
Trustee fees and expenses		4,299			9,933			1,000			3,289			6,638
Chief compliance officer fees		7,653			6,008			1,400			2,352			12,462
Principal financial officer fees		1,409			1,101			500			431			2,293
Offering costs		–			–			21,665			–			–
Other expenses		77,752			34,464			1,200			32,662			72,377
Total expenses		9,656,561			1,245,802			79,428			1,331,829			13,896,049
Voluntary waiver of investment advisory fees (Note 6)		(813,138	)		–			–			–			(1,284,771	)
Less fees waived/reimbursed by investment advisor (Note 6)		–			(40,900	)		(39,713	)		–			–
Total net expenses		8,843,423			1,204,902			39,715			1,331,829			12,611,278
NET INVESTMENT INCOME/(LOSS)		916,863			1,183,034			(5,004	)		(343,036	)		640,542
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss) on investments		25,845,548			2,327,255			(130,092	)		3,904,292			80,372,802
Net realized loss on foreign currency transactions		(75,195	)		(54,431	)		(923	)		(22,246	)		(165,968	)
Net realized gain/(loss)		25,770,353			2,272,824			(131,015	)		3,882,046			80,206,834
Net change in unrealized depreciation on investments (net of change in foreign capital gains tax of $(2,230,790), $(31,539), $0, $(222,616) and $(1,488,003), respectively)		(119,818,427	)		(13,457,296	)		(2,225,096	)		(20,691,436	)		(263,629,752	)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies		(11,378	)		(15,793	)		(357	)		(6,190	)		(88,653	)
Net change in unrealized depreciation		(119,829,805	)		(13,473,089	)		(2,225,453	)		(20,697,626	)		(263,718,405	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(94,059,452	)		(11,200,265	)		(2,356,468	)		(16,815,580	)		(183,511,571	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(93,142,589	)	$	(10,017,231	)	$	(2,361,472	)	$	(17,158,616	)	$	(182,871,029	)

^(a) For the period from December 16, 2021 (inception) to April 30, 2022.

See Notes to Financial Statements.

Annual Report | April 30, 2022 77

Grandeur Peak Funds^® Statements of Operations

For the Year Ended April 30, 2022

	Grandeur Peak Global Reach Fund			Grandeur Peak Global Stalwarts Fund			Grandeur Peak International Opportunities Fund			Grandeur Peak International Stalwarts Fund			Grandeur Peak US Stalwarts Fund
INVESTMENT INCOME
Dividends	$	4,987,811		$	4,089,091		$	13,113,259		$	23,944,826		$	1,197,660
Foreign taxes withheld		(417,739	)		(287,032	)		(1,417,997	)		(2,449,496	)		(5,675	)
Total investment income		4,570,072			3,802,059			11,695,262			21,495,330			1,191,985
EXPENSES
Investment advisor fees (Note 6)		4,359,520			3,310,008			11,992,546			16,862,213			1,156,193
Administrative fees		153,447			134,226			279,599			564,038			59,862
Distribution and service fees - Investor Class		117,054			191,864			137,804			175,352			–
Transfer agent fees		54,582			71,179			38,700			150,260			37,778
Recoupment of previously waived fees		–			–			–			–			82,434
Professional fees		8,492			11,848			5,922			9,223			22,626
Printing fees		12,816			11,072			1,685			147,984			7,173
Registration fees		60,324			69,239			109,710			115,185			136
Custodian fees		237,881			161,023			444,669			758,051			32,001
Trustee fees and expenses		6,945			4,313			7,951			17,769			1,719
Chief compliance officer fees		7,189			5,967			12,763			27,860			2,186
Principal financial officer fees		1,320			1,097			2,348			5,124			402
Other expenses		61,203			53,286			75,433			106,383			6,959
Total expenses		5,080,773			4,025,122			13,109,130			18,939,442			1,409,469
Voluntary waiver of investment advisory fees (Note 6)		–			–			(1,148,509	)		–			–
Less fees waived/reimbursed by investment advisor (Note 6)		(54,089	)		–			–			–			–
Total net expenses		5,026,684			4,025,122			11,960,621			18,939,442			1,409,469
NET INVESTMENT INCOME/(LOSS)		(456,612	)		(223,063	)		(265,359	)		2,555,888			(217,484	)
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss) on investments		16,557,391			18,852,917			43,338,508			106,037,352			(2,422,238	)
Net realized loss on foreign currency transactions		(41,445	)		(65,204	)		(208,509	)		(475,229	)		(1,014	)
Net realized gain/(loss)		16,515,946			18,787,713			43,129,999			105,562,123			(2,423,252	)
Net change in unrealized depreciation on investments (net of change in foreign capital gains tax of $(351,567), $(509,501), $(296,657), $(2,935,894) and $0, respectively)		(98,552,345	)		(115,839,034	)		(243,191,455	)		(475,253,351	)		(33,336,010	)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies		(23,301	)		(15,866	)		(88,604	)		(95,045	)		(15	)
Net change in unrealized depreciation		(98,575,646	)		(115,854,900	)		(243,280,059	)		(475,348,396	)		(33,336,025	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(82,059,700	)		(97,067,187	)		(200,150,060	)		(369,786,273	)		(35,759,277	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(82,516,312	)	$	(97,290,250	)	$	(200,415,419	)	$	(367,230,385	)	$	(35,976,761	)

See Notes to Financial Statements.

78 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Statements of
Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment income/(loss)	$	916,863		$	(1,404,176	)
Net realized gain		25,770,353			46,750,517
Net change in unrealized appreciation/(depreciation)		(119,829,805	)		182,572,895
Net increase/(decrease) in net assets resulting from operations		(93,142,589	)		227,919,236
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Investor Class		(1,618,022	)		(2,571	)
Institutional Class		(67,571,163	)		(794,820	)
Return of capital		(549,374	)		–
Net decrease in net assets from distributions		(69,738,559	)		(797,391	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		1,267,340			1,984,236
Distributions reinvested		1,591,129			2,543
Cost of shares redeemed		(3,279,504	)		(2,636,891	)
Redemption fees		–			485
Net decrease from capital shares transactions		(421,035	)		(649,627	)
Institutional Class
Proceeds from sales of shares		49,481,761			110,127,902
Distributions reinvested		63,205,715			730,183
Cost of shares redeemed		(91,861,917	)		(98,220,322	)
Redemption fees		3,893			9,739
Net increase from capital shares transactions		20,829,452			12,647,502
Net increase/(decrease) in net assets		(142,472,731	)		239,119,720
NET ASSETS
Beginning of year		638,549,336			399,429,616
End of year	$	496,076,605		$	638,549,336
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		75,970			122,035
Issued to shareholders in reinvestment of distributions		99,757			156
Redeemed		(202,959	)		(182,150	)
Net decrease in share transactions		(27,232	)		(59,959	)
Institutional Class
Issued		2,900,542			6,753,337
Issued to shareholders in reinvestment of distributions		3,925,821			44,496
Redeemed		(5,465,808	)		(6,761,873	)
Net increase in share transactions		1,360,555			35,960

See Notes to Financial Statements.

Annual Report | April 30, 2022 79

Grandeur Peak Global Contrarian Fund Statements of
Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment income	$	1,183,034		$	401,180
Net realized gain		2,272,824			3,087,368
Net change in unrealized appreciation/(depreciation)		(13,473,089	)		7,660,143
Net increase/(decrease) in net assets resulting from operations		(10,017,231	)		11,148,691
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Institutional Class		(5,635,245	)		(409,394	)
Net decrease in net assets from distributions		(5,635,245	)		(409,394	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Institutional Class
Proceeds from sales of shares		86,906,012			31,456,092
Distributions reinvested		5,276,808			403,668
Cost of shares redeemed		(19,814,461	)		(2,063,549	)
Redemption fees		9,594			6,119
Net increase from capital shares transactions		72,377,953			29,802,330
Net increase in net assets		56,725,477			40,541,627
NET ASSETS
Beginning of year		49,403,044			8,861,417
End of year	$	106,128,521		$	49,403,044
OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		5,617,970			2,350,442
Issued to shareholders in reinvestment of distributions		350,386			30,237
Redeemed		(1,370,653	)		(184,812	)
Net increase in share transactions		4,597,703			2,195,867

See Notes to Financial Statements.

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Grandeur Peak Global Explorer Fund Statements of
Changes in Net Assets

	For the Period December 16, 2021 (Inception) to April 30, 2022
OPERATIONS
Net investment loss	$	(5,004	)
Net realized loss		(131,015	)
Net change in unrealized depreciation		(2,225,453	)
Net decrease in net assets resulting from operations		(2,361,472	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Institutional Class		–
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Institutional Class
Proceeds from sales of shares		12,437,366
Cost of shares redeemed		(616,937	)
Redemption fees		2,100
Net increase from capital shares transactions		11,822,529
Net increase in net assets		9,461,057
NET ASSETS
Beginning of period		–
End of period	$	9,461,057
OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		1,285,196
Redeemed		(72,056	)
Net increase in share transactions		1,213,140

See Notes to Financial Statements.

Annual Report | April 30, 2022 81

Grandeur Peak Global Micro Cap Fund Statements of
Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment loss	$	(343,036	)	$	(293,387	)
Net realized gain		3,882,046			8,082,924
Net change in unrealized appreciation/(depreciation)		(20,697,626	)		23,350,176
Net increase/(decrease) in net assets resulting from operations		(17,158,616	)		31,139,713
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Institutional Class		(9,713,708	)		(4,057,924	)
Net decrease in net assets from distributions		(9,713,708	)		(4,057,924	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Institutional Class
Proceeds from sales of shares		6,982,822			13,038,427
Distributions reinvested		8,977,600			3,771,469
Cost of shares redeemed		(6,287,953	)		(3,150,855	)
Redemption fees		424			–
Net increase from capital shares transactions		9,672,893			13,659,041
Net increase/(decrease) in net assets		(17,199,431	)		40,740,830
NET ASSETS
Beginning of year		70,374,757			29,633,927
End of year	$	53,175,326		$	70,374,757
OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		384,248			706,934
Issued to shareholders in reinvestment of distributions		505,780			213,802
Redeemed		(357,886	)		(195,217	)
Net increase in share transactions		532,142			725,519

See Notes to Financial Statements.

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Grandeur Peak Global Opportunities Fund Statements of
Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment income/(loss)	$	640,542		$	(934,355	)
Net realized gain		80,206,834			168,229,592
Net change in unrealized appreciation/(depreciation)		(263,718,405	)		299,109,843
Net increase/(decrease) in net assets resulting from operations		(182,871,029	)		466,405,080
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Investor Class		(21,606,186	)		(9,200,642	)
Institutional Class		(154,238,516	)		(54,763,378	)
Net decrease in net assets from distributions		(175,844,702	)		(63,964,020	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		13,720,488			13,573,747
Distributions reinvested		20,538,090			8,906,996
Cost of shares redeemed		(30,630,234	)		(43,809,498	)
Redemption fees		1,747			581
Net increase/(decrease) from capital shares transactions		3,630,091			(21,328,174	)
Institutional Class
Proceeds from sales of shares		82,166,481			105,694,563
Distributions reinvested		136,412,929			50,942,882
Cost of shares redeemed		(112,901,232	)		(79,175,222	)
Redemption fees		5,768			1,131
Net increase from capital shares transactions		105,683,946			77,463,354
Net increase/(decrease) in net assets		(249,401,694	)		458,576,240
NET ASSETS
Beginning of year		1,021,561,753			562,985,513
End of year	$	772,160,059		$	1,021,561,753
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		2,715,233			2,966,817
Issued to shareholders in reinvestment of distributions		4,182,910			1,840,288
Redeemed		(5,896,930	)		(9,575,738	)
Net increase/(decrease) in share transactions		1,001,213			(4,768,633	)
Institutional Class
Issued		16,333,444			22,648,748
Issued to shareholders in reinvestment of distributions		27,119,867			10,333,242
Redeemed		(22,636,949	)		(17,308,856	)
Net increase in share transactions		20,816,362			15,673,134

See Notes to Financial Statements.

Annual Report | April 30, 2022 83

Grandeur Peak Global Reach Fund Statements of
Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment loss	$	(456,612	)	$	(558,805	)
Net realized gain		16,515,946			61,926,416
Net change in unrealized appreciation/(depreciation)		(98,575,646	)		109,192,289
Net increase/(decrease) in net assets resulting from operations		(82,516,312	)		170,559,900
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Investor Class		(6,454,970	)		(4,512,695	)
Institutional Class		(51,278,451	)		(21,062,660	)
Net decrease in net assets from distributions		(57,733,421	)		(25,575,355	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		4,516,080			5,613,392
Distributions reinvested		6,242,422			4,404,465
Cost of shares redeemed		(22,081,221	)		(15,781,767	)
Redemption fees		714			922
Net decrease from capital shares transactions		(11,322,005	)		(5,762,988	)
Institutional Class
Proceeds from sales of shares		90,834,951			33,269,428
Distributions reinvested		45,829,430			17,988,818
Cost of shares redeemed		(41,125,069	)		(54,802,889	)
Redemption fees		525			20,130
Net increase/(decrease) from capital shares transactions		95,539,837			(3,524,513	)
Net increase/(decrease) in net assets		(56,031,901	)		135,697,044
NET ASSETS
Beginning of year		376,992,691			241,295,647
End of year	$	320,960,790		$	376,992,691
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		199,535			274,610
Issued to shareholders in reinvestment of distributions		291,566			212,776
Redeemed		(955,939	)		(787,437	)
Net decrease in share transactions		(464,838	)		(300,051	)
Institutional Class
Issued		3,969,683			1,595,452
Issued to shareholders in reinvestment of distributions		2,120,751			864,016
Redeemed		(1,948,673	)		(2,989,136	)
Net increase/(decrease) in share transactions		4,141,761			(529,668	)

See Notes to Financial Statements.

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Grandeur Peak Global Stalwarts Fund Statements of
Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment loss	$	(223,063	)	$	(111,391	)
Net realized gain		18,787,713			36,550,876
Net change in unrealized appreciation/(depreciation)		(115,854,900	)		103,499,300
Net increase/(decrease) in net assets resulting from operations		(97,290,250	)		139,938,785
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Investor Class		(7,942,440	)		(2,718,511	)
Institutional Class		(36,357,966	)		(6,931,888	)
Net decrease in net assets from distributions		(44,300,406	)		(9,650,399	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		22,339,787			27,358,183
Distributions reinvested		7,509,724			2,592,184
Cost of shares redeemed		(59,944,372	)		(57,966,121	)
Redemption fees		7,384			6,566
Net decrease from capital shares transactions		(30,087,477	)		(28,009,188	)
Institutional Class
Proceeds from sales of shares		173,132,185			94,505,187
Distributions reinvested		33,920,668			6,307,636
Cost of shares redeemed		(65,478,111	)		(40,407,995	)
Redemption fees		25,711			6,702
Net increase from capital shares transactions		141,600,453			60,411,530
Net increase/(decrease) in net assets		(30,077,680	)		162,690,728
NET ASSETS
Beginning of year		367,601,195			204,910,467
End of year	$	337,523,515		$	367,601,195
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		935,479			1,379,187
Issued to shareholders in reinvestment of distributions		322,999			122,043
Redeemed		(2,576,843	)		(3,017,181	)
Net decrease in share transactions		(1,318,365	)		(1,515,951	)
Institutional Class
Issued		7,389,417			4,690,459
Issued to shareholders in reinvestment of distributions		1,439,757			294,199
Redeemed		(2,999,583	)		(2,087,109	)
Net increase in share transactions		5,829,591			2,897,549

See Notes to Financial Statements.

Annual Report | April 30, 2022 85

Grandeur Peak International Opportunities Fund Statements of
Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment loss	$	(265,359	)	$	(321,291	)
Net realized gain		43,129,999			103,268,609
Net change in unrealized appreciation/(depreciation)		(243,280,059	)		297,660,032
Net increase/(decrease) in net assets resulting from operations		(200,415,419	)		400,607,350
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Investor Class		(6,995,097	)		(1,935,548	)
Institutional Class		(114,521,322	)		(27,434,147	)
Net decrease in net assets from distributions		(121,516,419	)		(29,369,695	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		6,094,435			12,647,959
Distributions reinvested		6,638,611			1,833,688
Cost of shares redeemed		(22,861,894	)		(14,427,792	)
Redemption fees		103			3,332
Net increase/(decrease) from capital shares transactions		(10,128,745	)		57,187
Institutional Class
Proceeds from sales of shares		80,347,232			159,401,438
Distributions reinvested		102,989,186			25,008,654
Cost of shares redeemed		(126,377,233	)		(97,776,649	)
Redemption fees		858			740
Net increase from capital shares transactions		56,960,043			86,634,183
Net increase/(decrease) in net assets		(275,100,540	)		457,929,025
NET ASSETS
Beginning of year		973,100,544			515,171,519
End of year	$	698,000,004		$	973,100,544
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		1,215,869			2,822,461
Issued to shareholders in reinvestment of distributions		1,380,169			395,191
Redeemed		(4,501,887	)		(3,455,829	)
Net decrease in share transactions		(1,905,849	)		(238,177	)
Institutional Class
Issued		16,355,704			36,023,156
Issued to shareholders in reinvestment of distributions		21,191,191			5,355,172
Redeemed		(28,781,125	)		(22,601,463	)
Net increase in share transactions		8,765,770			18,776,865

See Notes to Financial Statements.

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Grandeur Peak International Stalwarts Fund Statements of
Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment income	$	2,555,888		$	4,320,430
Net realized gain		105,562,123			78,044,169
Net change in unrealized appreciation/(depreciation)		(475,348,396	)		628,501,005
Net increase/(decrease) in net assets resulting from operations		(367,230,385	)		710,865,604
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Investor Class		(6,131,180	)		(134,760	)
Institutional Class		(175,308,794	)		(5,483,373	)
Net decrease in net assets from distributions		(181,439,974	)		(5,618,133	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		7,235,961			25,400,324
Distributions reinvested		6,035,460			132,026
Cost of shares redeemed		(11,277,946	)		(84,393,412	)
Redemption fees		117			3,667
Net increase/(decrease) from capital shares transactions		1,993,592			(58,857,395	)
Institutional Class
Proceeds from sales of shares		427,381,221			682,871,722
Distributions reinvested		166,321,475			5,168,335
Cost of shares redeemed		(446,402,441	)		(253,915,683	)
Redemption fees		17,239			10,688
Net increase from capital shares transactions		147,317,494			434,135,062
Net increase/(decrease) in net assets		(399,359,273	)		1,080,525,138
NET ASSETS
Beginning of year		2,033,730,832			953,205,694
End of year	$	1,634,371,559		$	2,033,730,832
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		292,270			1,403,607
Issued to shareholders in reinvestment of distributions		240,361			6,001
Redeemed		(484,652	)		(4,309,298	)
Net increase/(decrease) in share transactions		47,979			(2,899,690	)
Institutional Class
Issued		18,058,917			33,619,349
Issued to shareholders in reinvestment of distributions		6,571,374			233,756
Redeemed		(18,255,599	)		(12,798,649	)
Net increase in share transactions		6,374,692			21,054,456

See Notes to Financial Statements.

Annual Report | April 30, 2022 87

Grandeur Peak US Stalwarts Fund Statements of
Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment loss	$	(217,484	)	$	(140,023	)
Net realized gain/(loss)		(2,423,252	)		2,016,352
Net change in unrealized appreciation/(depreciation)		(33,336,025	)		18,985,161
Net increase/(decrease) in net assets resulting from operations		(35,976,761	)		20,861,490
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Institutional Class		(2,904,349	)		(267,844	)
Net decrease in net assets from distributions		(2,904,349	)		(267,844	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Institutional Class
Proceeds from sales of shares		59,933,339			100,478,541
Distributions reinvested		2,054,218			195,265
Cost of shares redeemed		(17,719,415	)		(4,590,003	)
Redemption fees		41,072			7,731
Net increase from capital shares transactions		44,309,214			96,091,534
Net increase in net assets		5,428,104			116,685,180
NET ASSETS
Beginning of year		126,105,941			9,420,761
End of year	$	131,534,045		$	126,105,941
OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		2,667,132			5,055,779
Issued to shareholders in reinvestment of distributions		84,675			9,700
Redeemed		(851,248	)		(228,376	)
Net increase in share transactions		1,900,559			4,837,103

See Notes to Financial Statements.

88 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Investor Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	17.70		$	11.07		$	11.82		$	13.05		$	11.55
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.01	)		(0.08	)		0.01			0.01			0.03
Net realized and unrealized gain/(loss) on investments		(2.48	)		6.71			(0.75	)		(1.13	)		1.47
Total income/(loss) from investment operations		(2.49	)		6.63			(0.74	)		(1.12	)		1.50
DISTRIBUTIONS
From net investment income		–			(0.00	)(b)		(0.01	)		(0.02	)		–
From net realized gain on investments		(2.00	)		–			–			(0.09	)		–
Total distributions		(2.00	)		0.00			(0.01	)		(0.11	)		–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		–			0.00	(b)		–			0.00	(b)		–
INCREASE/DECREASE IN NET ASSET VALUE		(4.49	)		6.63			(0.75	)		(1.23	)		1.50
NET ASSET VALUE, END OF PERIOD	$	13.21		$	17.70		$	11.07		$	11.82		$	13.05
TOTAL RETURN		(16.01	)%		59.92	%		(6.29	)%		(8.48	)%		12.99	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	10,846		$	15,011		$	10,056		$	13,869		$	18,668
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.76	%		1.75	%		1.76	%		1.77	%		1.79	%
Expenses (including fees waived/reimbursed by investment advisor)		1.63	%		1.68	%		1.74	%		1.76	%		1.78	%
Net investment income/(loss)		(0.09	)%		(0.50	)%		0.09	%		0.11	%		0.26	%
PORTFOLIO TURNOVER RATE		31	%		35	%		24	%		34	%		33	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

Annual Report | April 30, 2022 89

Grandeur Peak Emerging Markets Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	17.83		$	11.14		$	11.88		$	13.12		$	11.60
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.03			(0.04	)		0.04			0.03			0.06
Net realized and unrealized gain/(loss) on investments		(2.51	)		6.76			(0.75	)		(1.14	)		1.48
Total income/(loss) from investment operations		(2.48	)		6.72			(0.71	)		(1.11	)		1.54
DISTRIBUTIONS
From net investment income		–			(0.01	)		(0.03	)		(0.04	)		(0.02	)
From net realized gain on investments		(2.00	)		(0.02	)		–			(0.09	)		–
Total distributions		(2.00	)		(0.03	)		(0.03	)		(0.13	)		(0.02	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(4.48	)		6.69			(0.74	)		(1.24	)		1.52
NET ASSET VALUE, END OF PERIOD	$	13.35		$	17.83		$	11.14		$	11.88		$	13.12
TOTAL RETURN		(15.82	)%		60.30	%		(6.03	)%		(8.32	)%		13.24	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	485,230		$	623,538		$	389,373		$	452,530		$	471,260
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.52	%		1.52	%		1.53	%		1.53	%		1.55	%
Expenses (including fees waived/reimbursed by investment advisor)		1.39	%		1.45	%		1.51	%		1.52	%		1.54	%
Net investment income/(loss)		0.15	%		(0.27	)%		0.29	%		0.29	%		0.49	%
PORTFOLIO TURNOVER RATE		31	%		35	%		24	%		34	%		33	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

90 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Contrarian Fund Financial Highlights

For a Share Outstanding Throughout the Years or Period Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			For the Period September 18, 2019 (Inception) to April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	15.41		$	8.78		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.20			0.25			0.06
Net realized and unrealized gain/(loss) on investments		(1.12	)		6.61			(1.25	)
Total income/(loss) from investment operations		(0.92	)		6.86			(1.19	)
DISTRIBUTIONS
From net investment income		(0.14	)		(0.23	)		(0.01	)
From net realized gain on investments		(0.75	)		–			(0.02	)
Total distributions		(0.89	)		(0.23	)		(0.03	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(1.81	)		6.63			(1.22	)
NET ASSET VALUE, END OF PERIOD	$	13.60		$	15.41		$	8.78
TOTAL RETURN		(6.51	)%		78.51	%		(11.96	)%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	106,129		$	49,403		$	8,861
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.40	%		1.87	%		4.69	%(d)(e)
Expenses (including fees waived/ reimbursed by investment advisor)		1.35	%		1.35	%		1.35	%(d)(e)
Net investment income		1.33	%		1.91	%		1.05	%(d)
PORTFOLIO TURNOVER RATE		50	%		54	%		34	%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

Annual Report | April 30, 2022 91

Grandeur Peak Global Explorer Fund Financial Highlights

For a Share Outstanding Throughout the Period Presented

Institutional Class	For the Period December 16, 2021 (Inception) to April 30, 2022
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment loss(a)		(0.01	)
Net realized and unrealized loss on investments		(2.19	)
Total loss from investment operations		(2.20	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)
DECREASE IN NET ASSET VALUE		(2.20	)
NET ASSET VALUE, END OF PERIOD	$	7.80
TOTAL RETURN		(22	)%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	9,461
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		2.45	%(d)(e)
Expenses (including fees waived/ reimbursed by investment advisor)		1.25	%(d)(e)
Net investment loss		(0.16	)%(d)
PORTFOLIO TURNOVER RATE		8	%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

92 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	20.65		$	11.05		$	11.31		$	13.12		$	11.98
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.09	)		(0.10	)		0.01			(0.01	)		(0.00	)(b)
Net realized and unrealized gain/(loss) on investments		(4.24	)		11.17			(0.19	)		(1.08	)		2.12
Total income/(loss) from investment operations		(4.33	)		11.07			(0.18	)		(1.09	)		2.12
DISTRIBUTIONS
From net investment income		–			(0.14	)		(0.03	)		–			(0.06	)
From net realized gain on investments		(2.83	)		(1.33	)		(0.05	)		(0.72	)		(0.92	)
Total distributions		(2.83	)		(1.47	)		(0.08	)		(0.72	)		(0.98	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		–			0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(7.16	)		9.60			(0.26	)		(1.81	)		1.14
NET ASSET VALUE, END OF PERIOD	$	13.49		$	20.65		$	11.05		$	11.31		$	13.12
TOTAL RETURN		(24.25	)%		102.43	%		(1.62	)%		(7.67	)%		17.68	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	53,175		$	70,375		$	29,634		$	35,654		$	41,709
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.94	%		2.02	%		2.06	%		2.05	%		2.06	%
Expenses (including fees waived/ reimbursed by investment advisor)		1.94	%		2.00	%		2.00	%		2.00	%		2.00	%
Net investment income/(loss)		(0.50	)%		(0.62	)%		0.09	%		(0.06	)%		0.00	%(c)
PORTFOLIO TURNOVER RATE		36	%		36	%		33	%		37	%		46	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Less than 0.005% of average net assets.

See Notes to Financial Statements. 

Annual Report | April 30, 2022 93

Grandeur Peak Global Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Investor Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	5.51		$	3.24		$	3.48		$	3.95		$	3.52
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.01	)		(0.02	)		(0.01	)(b)		(0.00	)(c)		0.00	(c)
Net realized and unrealized gain/(loss) on investments		(0.82	)		2.66			(0.03	)		(0.14	)		0.65
Total income/(loss) from investment operations		(0.83	)		2.64			(0.04	)		(0.14	)		0.65
DISTRIBUTIONS
From net investment income		–			(0.00	)(c)		–			(0.00	)(c)		–
From net realized gain on investments		(0.98	)		(0.37	)		(0.20	)		(0.33	)		(0.22	)
Total distributions		(0.98	)		(0.37	)		(0.20	)		(0.33	)		(0.22	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)
INCREASE/DECREASE IN NET ASSET VALUE		(1.81	)		2.27			(0.24	)		(0.47	)		0.43
NET ASSET VALUE, END OF PERIOD	$	3.70		$	5.51		$	3.24		$	3.48		$	3.95
TOTAL RETURN		(19.49	)%		82.94	%		(1.73	)%		(1.83	)%		18.41	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	92,173		$	131,739		$	92,843		$	130,745		$	188,379
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.57	%		1.60	%		1.61	%		1.61	%		1.61	%
Expenses (including fees waived/ reimbursed by investment advisor)		1.45	%		1.51	%		1.57	%		1.57	%		1.55	%
Net investment income/(loss)		(0.14	)%		(0.34	)%		(0.17	)%		(0.12	)%		0.03	%
PORTFOLIO TURNOVER RATE		33	%		47	%		41	%		38	%		29	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

^(c) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

94 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	5.61		$	3.29		$	3.52		$	4.00		$	3.56
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.00	(b)		(0.00	)(b)		0.00	(b)		0.00	(b)		0.01
Net realized and unrealized gain/(loss) on investments		(0.84	)		2.70			(0.03	)		(0.14	)		0.65
Total income/(loss) from investment operations		(0.84	)		2.70			(0.03	)		(0.14	)		0.66
DISTRIBUTIONS
From net investment income		(0.00	)(b)		(0.01	)		–			(0.01	)		(0.00	)(b)
From net realized gain on investments		(0.98	)		(0.37	)		(0.20	)		(0.33	)		(0.22	)
Total distributions		(0.98	)		(0.38	)		(0.20	)		(0.34	)		(0.22	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(1.82	)		2.32			(0.23	)		(0.48	)		0.44
NET ASSET VALUE, END OF PERIOD	$	3.79		$	5.61		$	3.29		$	3.52		$	4.00
TOTAL RETURN		(19.30	)%		83.44	%		(1.42	)%		(1.84	)%		18.62	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	679,987		$	889,823		$	470,142		$	523,862		$	591,470
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.34	%		1.35	%		1.37	%		1.37	%		1.36	%
Expenses (including fees waived/ reimbursed by investment advisor)		1.22	%		1.27	%		1.33	%		1.33	%		1.31	%
Net investment income/(loss)		0.09	%		(0.08	)%		0.05	%		0.13	%		0.28	%
PORTFOLIO TURNOVER RATE		33	%		47	%		41	%		38	%		29	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

Annual Report | April 30, 2022 95

Grandeur Peak Global Reach Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Investor Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	23.16		$	14.12		$	14.98		$	16.97		$	14.52
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.07	)		(0.07	)		(0.01	)(b)		0.01			0.01
Net realized and unrealized gain/(loss) on investments		(3.77	)		10.79			(0.44	)		(0.58	)		2.66
Total income/(loss) from investment operations		(3.84	)		10.72			(0.45	)		(0.57	)		2.67
DISTRIBUTIONS
From net investment income		–			(0.01	)		–			(0.00	)(c)		–
From net realized gain on investments		(3.31	)		(1.67	)		(0.41	)		(1.42	)		(0.22	)
Total distributions		(3.31	)		(1.68	)		(0.41	)		(1.42	)		(0.22	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)
INCREASE/DECREASE IN NET ASSET VALUE		(7.15	)		9.04			(0.86	)		(1.99	)		2.45
NET ASSET VALUE, END OF PERIOD	$	16.01		$	23.16		$	14.12		$	14.98		$	16.97
TOTAL RETURN		(20.17	)%		77.38	%		(3.31	)%		(1.61	)%		18.44	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	33,459		$	59,164		$	40,307		$	56,307		$	65,923
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.49	%		1.52	%		1.52	%		1.52	%		1.52	%
Expenses (including fees waived/reimbursed by investment advisor)		1.48	%		1.52	%		1.52	%		1.52	%		1.52	%
Net investment income/(loss)		(0.32	)%		(0.38	)%		(0.04	)%		0.05	%		0.06	%
PORTFOLIO TURNOVER RATE		42	%		41	%		32	%		50	%		43	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

^(c) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

96 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	23.31		$	14.19		$	15.04		$	17.02		$	14.55
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.02	)		(0.03	)		0.03			0.05			0.04
Net realized and unrealized gain/(loss) on investments		(3.81	)		10.86			(0.45	)		(0.58	)		2.67
Total income/(loss) from investment operations		(3.83	)		10.83			(0.42	)		(0.53	)		2.71
DISTRIBUTIONS
From net investment income		–			(0.04	)		(0.02	)		(0.03	)		(0.02	)
From net realized gain on investments		(3.31	)		(1.67	)		(0.41	)		(1.42	)		(0.22	)
Total distributions		(3.31	)		(1.71	)		(0.43	)		(1.45	)		(0.24	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(7.14	)		9.12			(0.85	)		(1.98	)		2.47
NET ASSET VALUE, END OF PERIOD	$	16.17		$	23.31		$	14.19		$	15.04		$	17.02
TOTAL RETURN		(19.99	)%		77.81	%		(3.09	)%		(1.33	)%		18.69	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	287,502		$	317,828		$	200,988		$	272,743		$	302,269
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.25	%		1.27	%		1.27	%		1.27	%		1.28	%
Expenses (including fees waived/reimbursed by investment advisor)		1.24	%		1.27	%		1.27	%		1.27	%		1.28	%
Net investment income/(loss)		(0.09	)%		(0.14	)%		0.21	%		0.29	%		0.27	%
PORTFOLIO TURNOVER RATE		42	%		41	%		32	%		50	%		43	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

Annual Report | April 30, 2022 97

Grandeur Peak Global Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Investor Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	23.26		$	14.26		$	14.83		$	15.06		$	12.76
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.06	)		(0.04	)		(0.01	)(b)		0.01			(0.00	)(c)
Net realized and unrealized gain/(loss) on investments		(4.21	)		9.72			(0.31	)		0.16			2.52
Total income/(loss) from investment operations		(4.27	)		9.68			(0.32	)		0.17			2.52
DISTRIBUTIONS
From net investment income		–			–			(0.00	)(c)		–			–
From net realized gain on investments		(2.48	)		(0.68	)		(0.25	)		(0.40	)		(0.22	)
Total distributions		(2.48	)		(0.68	)		(0.25	)		(0.40	)		(0.22	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)
INCREASE/DECREASE IN NET ASSET VALUE		(6.75	)		9.00			(0.57	)		(0.23	)		2.30
NET ASSET VALUE, END OF PERIOD	$	16.51		$	23.26		$	14.26		$	14.83		$	15.06
TOTAL RETURN		(21.45	)%		68.36	%		(2.22	)%		1.78	%		19.79	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	51,984		$	103,891		$	85,310		$	90,400		$	92,552
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.17	%		1.21	%		1.24	%		1.27	%		1.35	%
Expenses (including fees waived/ reimbursed by investment advisor)		1.17	%		1.21	%		1.24	%		1.27	%		1.35	%
Net investment income/(loss)		(0.24	)%		(0.23	)%		(0.10	)%		0.05	%		(0.03	)%
PORTFOLIO TURNOVER RATE		49	%		50	%		50	%		52	%		30	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

^(c) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

98 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	23.50		$	14.37		$	14.93		$	15.14		$	12.79
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.00	)(b)		0.01			0.03			0.04			0.03
Net realized and unrealized gain/(loss) on investments		(4.28	)		9.80			(0.31	)		0.17			2.54
Total income/(loss) from investment operations		(4.28	)		9.81			(0.28	)		0.21			2.57
DISTRIBUTIONS
From net investment income		–			–			(0.03	)		(0.02	)		–
From net realized gain on investments		(2.48	)		(0.68	)		(0.25	)		(0.40	)		(0.22	)
Total distributions		(2.48	)		(0.68	)		(0.28	)		(0.42	)		(0.22	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(6.76	)		9.13			(0.56	)		(0.21	)		2.35
NET ASSET VALUE, END OF PERIOD	$	16.74		$	23.50		$	14.37		$	14.93		$	15.14
TOTAL RETURN		(21.26	)%		68.74	%		(2.05	)%		2.08	%		20.14	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	285,539		$	263,711		$	119,600		$	108,934		$	95,533
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		0.93	%		0.96	%		0.99	%		1.02	%		1.10	%
Expenses (including fees waived/ reimbursed by investment advisor)		0.93	%		0.96	%		0.99	%		1.02	%		1.10	%
Net investment income/(loss)		(0.01	)%		0.06	%		0.17	%		0.27	%		0.24	%
PORTFOLIO TURNOVER RATE		49	%		50	%		50	%		52	%		30	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

Annual Report | April 30, 2022 99

Grandeur Peak International Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Investor Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	5.17		$	3.04		$	3.34		$	4.10		$	3.55
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.01	)		(0.01	)		0.00	(b)		0.00	(b)		0.01
Net realized and unrealized gain/(loss) on investments		(0.94	)		2.30			(0.18	)		(0.38	)		0.68
Total income/(loss) from investment operations		(0.95	)		2.29			(0.18	)		(0.38	)		0.69
DISTRIBUTIONS
From net investment income		–			(0.01	)		(0.00	)(b)		(0.01	)		(0.01	)
From net realized gain on investments		(0.65	)		(0.15	)		(0.12	)		(0.37	)		(0.13	)
Total distributions		(0.65	)		(0.16	)		(0.12	)		(0.38	)		(0.14	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(1.60	)		2.13			(0.30	)		(0.76	)		0.55
NET ASSET VALUE, END OF PERIOD	$	3.57		$	5.17		$	3.04		$	3.34		$	4.10
TOTAL RETURN		(21.60	)%		75.87	%		(5.79	)%		(7.40	)%		19.30	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	40,835		$	69,041		$	41,351		$	58,070		$	78,686
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.60	%		1.60	%		1.61	%		1.62	%		1.61	%
Expenses (including fees waived/ reimbursed by investment advisor)		1.48	%		1.53	%		1.58	%		1.57	%		1.55	%
Net investment income/(loss)		(0.24	)%		(0.27	)%		0.01	%		0.11	%		0.31	%
PORTFOLIO TURNOVER RATE		26	%		36	%		27	%		34	%		26	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

100 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	5.21		$	3.06		$	3.36		$	4.12		$	3.57
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.00	)(b)		(0.00	)(b)		0.01			0.01			0.02
Net realized and unrealized gain/(loss) on investments		(0.95	)		2.31			(0.18	)		(0.38	)		0.67
Total income/(loss) from investment operations		(0.95	)		2.31			(0.17	)		(0.37	)		0.69
DISTRIBUTIONS
From net investment income		(0.00	)(b)		(0.01	)		(0.01	)		(0.02	)		(0.01	)
From net realized gain on investments		(0.65	)		(0.15	)		(0.12	)		(0.37	)		(0.13	)
Total distributions		(0.65	)		(0.16	)		(0.13	)		(0.39	)		(0.14	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(1.60	)		2.15			(0.30	)		(0.76	)		0.55
NET ASSET VALUE, END OF PERIOD	$	3.61		$	5.21		$	3.06		$	3.36		$	4.12
TOTAL RETURN		(21.38	)%		76.29	%		(5.60	)%		(7.19	)%		19.38	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	657,165		$	904,059		$	473,820		$	653,241		$	813,322
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.35	%		1.36	%		1.37	%		1.37	%		1.37	%
Expenses (including fees waived/reimbursed by investment advisor)		1.23	%		1.28	%		1.34	%		1.32	%		1.30	%
Net investment income/(loss)		(0.01	)%		(0.02	)%		0.24	%		0.41	%		0.54	%
PORTFOLIO TURNOVER RATE		26	%		36	%		27	%		34	%		26	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

Annual Report | April 30, 2022 101

Grandeur Peak International Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Investor Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	24.05		$	14.40		$	14.70		$	15.53		$	13.04
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.03	)		(0.00	)(b)		0.01			0.04			0.05
Net realized and unrealized gain/(loss) on investments		(3.93	)		9.70			(0.29	)		(0.53	)		2.62
Total income/(loss) from investment operations		(3.96	)		9.70			(0.28	)		(0.49	)		2.67
DISTRIBUTIONS
From net investment income		–			–			(0.02	)		(0.05	)		–
From net realized gain on investments		(2.18	)		(0.05	)		–			(0.29	)		(0.18	)
Total distributions		(2.18	)		(0.05	)		(0.02	)		(0.34	)		(0.18	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(6.14	)		9.65			(0.30	)		(0.83	)		2.49
NET ASSET VALUE, END OF PERIOD	$	17.91		$	24.05		$	14.40		$	14.70		$	15.53
TOTAL RETURN		(19.07	)%		67.36	%		(1.91	)%		(2.69	)%		20.50	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	51,250		$	67,688		$	82,289		$	72,204		$	52,478
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.14	%		1.15	%		1.17	%		1.19	%		1.19	%
Expenses (including fees waived/ reimbursed by investment advisor)		1.14	%		1.15	%		1.17	%		1.19	%		1.19	%
Net investment income/(loss)		(0.13	)%		(0.01	)%		0.04	%		0.26	%		0.33	%
PORTFOLIO TURNOVER RATE		43	%		33	%		32	%		42	%		24	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

102 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	24.19		$	14.46		$	14.74		$	15.57		$	13.06
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.03			0.06			0.05			0.07			0.08
Net realized and unrealized gain/(loss) on investments		(3.98	)		9.75			(0.29	)		(0.54	)		2.63
Total income/(loss) from investment operations		(3.95	)		9.81			(0.24	)		(0.47	)		2.71
DISTRIBUTIONS
From net investment income		(0.00	)(b)		(0.03	)		(0.04	)		(0.07	)		(0.02	)
From net realized gain on investments		(2.18	)		(0.05	)		–			(0.29	)		(0.18	)
Total distributions		(2.18	)		(0.08	)		(0.04	)		(0.36	)		(0.20	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(6.13	)		9.73			(0.28	)		(0.83	)		2.51
NET ASSET VALUE, END OF PERIOD	$	18.06		$	24.19		$	14.46		$	14.74		$	15.57
TOTAL RETURN		(18.90	)%		67.84	%		(1.63	)%		(2.50	)%		20.79	%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	1,583,122		$	1,966,043		$	870,916		$	561,100		$	496,358
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		0.89	%		0.90	%		0.92	%		0.94	%		0.94	%
Expenses (including fees waived/ reimbursed by investment advisor)		0.89	%		0.90	%		0.92	%		0.94	%		0.94	%
Net investment income		0.13	%		0.31	%		0.32	%		0.51	%		0.57	%
PORTFOLIO TURNOVER RATE		43	%		33	%		32	%		42	%		24	%

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

See Notes to Financial Statements.

Annual Report | April 30, 2022 103

Grandeur Peak US Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years or Period Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			For the Period March 20, 2020 (Inception) to April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.71		$	13.15		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.03	)		(0.06	)		(0.01	)
Net realized and unrealized gain/(loss) on investments		(4.62	)		9.73			3.16
Total income/(loss) from investment operations		(4.65	)		9.67			3.15
DISTRIBUTIONS
From net investment income		–			(0.00	)(b)		–
From net realized gain on investments		(0.42	)		(0.11	)		–
Total distributions		(0.42	)		(0.11	)		–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.01			0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(5.06	)		9.56			3.15
NET ASSET VALUE, END OF PERIOD	$	17.65		$	22.71		$	13.15
TOTAL RETURN		(20.93	)%		73.67	%		31.50	%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	131,534		$	126,106		$	9,421
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		0.91	%		1.11	%		6.23	%(d)(e)
Expenses (including fees waived/ reimbursed by investment advisor)		0.91	%		1.00	%		1.00	%(d)(e)
Net investment income/(loss)		(0.14	)%		(0.31	)%		(0.53	)%(d)
PORTFOLIO TURNOVER RATE		31	%		24	%		2	%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

104 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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”). As of April 30, 2022, the Trust consists of multiple separate portfolios or series. This annual 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 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 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” or “Grandeur Peak”) 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.

Annual Report | April 30, 2022 105

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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 April 30, 2022:

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
Bangladesh	$	–	$	4,588,078	$	–	$	4,588,078
China		5,018,506		65,299,124		–		70,317,630
Egypt		538,373		1,630,451		–		2,168,824
Greece		–		7,052,824		–		7,052,824
Hong Kong		–		10,668,593		–		10,668,593
India		17,231,682		86,898,989		–		104,130,671
Indonesia		14,757,159		16,843,676		–		31,600,835
Kenya		–		3,200,892		–		3,200,892
Malaysia		–		974,076		–		974,076
Philippines		9,489,536		13,946,054		–		23,435,590
Poland		–		15,400,221		–		15,400,221
South Africa		9,007,104		3,936,519		–		12,943,623
South Korea		–		10,337,878		–		10,337,878
Taiwan		–		48,568,966		–		48,568,966
Thailand		–		9,261,963		–		9,261,963
United States		10,511,396		12,206,486		–		22,717,882
Vietnam		945,519		22,621,385		–		23,566,904
Other*		63,782,822		–		–		63,782,822
Total	$	131,282,097	$	333,436,175	$	–	$	464,718,272

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

106 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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
Australia	$	1,753,822	$	3,218,891	$	–	$	4,972,713
Bangladesh		–		1,146,670		–		1,146,670
Britain		1,407,190		12,110,792		–		13,517,982
China		4,410,601		4,701,193		–		9,111,794
Greece		–		1,358,783		–		1,358,783
Hong Kong		–		3,297,418		–		3,297,418
India		–		2,136,217		–		2,136,217
Indonesia		497,711		612,485		–		1,110,196
Italy		63,775		534,263		–		598,038
Japan		–		19,733,094		–		19,733,094
Netherlands		–		550,083		–		550,083
Philippines		–		1,759,508		–		1,759,508
South Africa		–		490,887		–		490,887
Taiwan		–		6,635,844		–		6,635,844
United States		25,312,620		1,501,060		–		26,813,680
Vietnam		198,051		3,192,919		–		3,390,970
Other*		11,592,509		–		–		11,592,509
Total	$	45,236,279	$	62,980,107	$	–	$	108,216,386

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

Annual Report | April 30, 2022 107

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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
Australia	$	–	$	248,640	$	–	$	248,640
Belgium		–		97,403		–		97,403
Britain		221,857		760,013		–		981,870
China		28,900		400,231		–		429,131
Denmark		–		8,952		–		8,952
Finland		8,966		83,221		–		92,187
France		56,657		256,612		–		313,269
Germany		42,015		188,614		–		230,629
Greece		–		34,388		–		34,388
Hong Kong		–		63,588		–		63,588
India		76,019		362,394		–		438,413
Indonesia		79,597		98,466		–		178,063
Italy		8,934		110,581		–		119,515
Japan		156,815		805,423		–		962,238
Luxembourg		–		13,606		–		13,606
Netherlands		–		66,562		–		66,562
Norway		90,505		28,334		–		118,839
Philippines		33,808		63,875		–		97,683
Poland		9,976		86,461		–		96,437
South Africa		45,708		22,250		–		67,958
South Korea		–		77,038		–		77,038
Sweden		37,771		262,507		–		300,278
Taiwan		–		336,729		–		336,729
Thailand		–		44,843		–		44,843
United States		2,577,593		26,138		–		2,603,731
Vietnam		25,297		182,847		–		208,144
Other*		636,940		–		–		636,940
Total	$	4,137,358	$	4,729,716	$	–	$	8,867,074

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

108 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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
Australia	$	969,769	$	969,782	$	–	$	1,939,551
Belgium		–		307,333		–		307,333
Britain		2,855,188		4,238,325		–		7,093,513
China		473,891		303,192		–		777,083
Finland		–		944,111		–		944,111
France		811,904		612,334		–		1,424,238
Germany		208,784		729,601		–		938,385
Greece		–		1,089,671		–		1,089,671
Hong Kong		–		627,598		–		627,598
India		–		2,228,485		–		2,228,485
Indonesia		285,249		861,611		–		1,146,860
Israel		–		92,233		–		92,233
Japan		–		8,404,941		–		8,404,941
Luxembourg		–		306,695		–		306,695
New Zealand		–		–		0		0
Norway		1,429,117		259,896		–		1,689,013
Oman		–		287,086		–		287,086
Philippines		–		982,129		–		982,129
South Korea		–		509,023		–		509,023
Sweden		1,259,863		3,534,665		–		4,794,528
Taiwan		–		3,216,242		–		3,216,242
Thailand		–		432,985		–		432,985
United States		8,255,993		627,431		–		8,883,424
Other*		2,398,212		–		–		2,398,212
Total	$	18,947,970	$	31,565,369	$	–	$	50,513,339

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

Annual Report | April 30, 2022 109

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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
Australia	$	1,027,080	$	1,580,910	$	–	$	2,607,990
Bangladesh		–		2,709,168		–		2,709,168
Belgium		–		10,745,766		–		10,745,766
Britain		37,037,575		108,187,523		–		145,225,098
China		2,404,260		26,559,643		–		28,963,903
Egypt		–		1,237,936		–		1,237,936
Finland		–		9,685,545		–		9,685,545
France		10,630,841		37,593,802		–		48,224,643
Germany		2,431,832		16,314,207		–		18,746,039
India		18,418,909		20,961,691		–		39,380,600
Indonesia		10,630,514		4,199,788		–		14,830,302
Ireland		5,821,673		2,416,612		–		8,238,285
Italy		–		8,414,300		–		8,414,300
Japan		–		75,620,116		–		75,620,116
Luxembourg		–		1,795,088		–		1,795,088
Netherlands		–		7,389,151		–		7,389,151
New Zealand		–		–		1		1
Norway		4,769,758		1,445,724		–		6,215,482
Philippines		3,052,459		5,966,890		–		9,019,349
Poland		–		6,999,265		–		6,999,265
South Africa		–		2,592,611		–		2,592,611
South Korea		–		6,315,367		–		6,315,367
Sweden		–		29,002,595		–		29,002,595
Taiwan		–		14,144,935		–		14,144,935
United States		184,769,526		13,720,002		–		198,489,528
Vietnam		–		16,038,701		–		16,038,701
Other*		47,231,832		–		–		47,231,832
Preferred Stocks*		–		–		2,406,336		2,406,336
Total	$	328,226,259	$	431,637,336	$	2,406,337	$	762,269,932

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

110 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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
Australia	$	–	$	4,819,352	$	–	$	4,819,352
Bangladesh		–		721,128		–		721,128
Belgium		–		2,602,057		–		2,602,057
Britain		13,147,973		30,365,002		–		43,512,975
China		843,062		12,345,504		–		13,188,566
Denmark		–		452,866		–		452,866
Egypt		183,520		320,700		–		504,220
Finland		580,074		3,113,876		–		3,693,950
France		2,106,284		7,714,657		–		9,820,941
Germany		2,413,706		5,379,212		–		7,792,918
Greece		–		1,647,430		–		1,647,430
Hong Kong		–		2,743,289		–		2,743,289
India		3,220,850		11,667,643		–		14,888,493
Indonesia		3,168,175		2,069,716		–		5,237,891
Italy		628,113		1,039,771		–		1,667,884
Japan		–		22,762,188		–		22,762,188
Luxembourg		–		358,837		–		358,837
Netherlands		–		1,438,715		–		1,438,715
New Zealand		–		884,362		1		884,363
Norway		3,645,272		1,251,302		–		4,896,574
Oman		–		542,025		–		542,025
Philippines		1,932,512		2,619,203		–		4,551,715
Poland		304,876		3,868,906		–		4,173,782
South Africa		793,794		719,869		–		1,513,663
South Korea		–		1,756,289		–		1,756,289
Spain		–		–		0		0
Sweden		1,949,601		15,204,476		–		17,154,077
Switzerland		–		1,044,664		–		1,044,664
Taiwan		–		7,652,703		–		7,652,703
Thailand		–		455,892		–		455,892
United States		92,145,904		5,380,299		1,000,000		98,526,203
Vietnam		–		5,366,355		–		5,366,355
Other*		23,380,964		–		–		23,380,964
Preferred Stocks*		–		–		2,121,368		2,121,368
Total	$	150,444,680	$	158,308,288	$	3,121,369	$	311,874,337

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

Annual Report | April 30, 2022 111

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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
Australia	$	–	$	1,981,759	$	–	$	1,981,759
Belgium		–		5,445,060		–		5,445,060
Britain		8,850,989		35,649,877		–		44,500,866
China		–		18,316,447		–		18,316,447
Finland		–		974,086		–		974,086
France		–		14,090,818		–		14,090,818
Germany		–		5,561,387		–		5,561,387
Hong Kong		–		5,903,867		–		5,903,867
India		7,800,480		10,012,223		–		17,812,703
Italy		–		7,018,108		–		7,018,108
Japan		–		18,665,521		–		18,665,521
Netherlands		–		1,277,203		–		1,277,203
Norway		–		1,385,643		–		1,385,643
Poland		–		4,772,185		–		4,772,185
South Korea		–		1,362,344		–		1,362,344
Sweden		–		11,759,711		–		11,759,711
Switzerland		–		1,768,301		–		1,768,301
Taiwan		–		5,895,742		–		5,895,742
United States		137,775,662		1,726,093		1,300,000		140,801,755
Vietnam		–		2,460,904		–		2,460,904
Other*		20,940,692		–		–		20,940,692
Preferred Stocks*		–		–		1,748,289		1,748,289
Total	$	175,367,823	$	156,027,279	$	3,048,289	$	334,443,391

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

112 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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
Australia	$	1,211,264	$	11,985,258	$	–	$	13,196,522
Bangladesh		–		4,119,787		–		4,119,787
Belgium		–		14,354,688		–		14,354,688
Britain		34,458,700		100,190,429		–		134,649,129
China		1,860,317		30,057,691		–		31,918,008
Finland		–		8,734,070		–		8,734,070
France		9,967,763		38,088,564		–		48,056,327
Germany		6,891,342		29,892,097		–		36,783,439
India		16,003,624		39,565,371		–		55,568,995
Indonesia		7,944,713		8,414,944		–		16,359,657
Ireland		18,622,307		4,447,931		–		23,070,238
Italy		2,338,086		11,386,213		–		13,724,299
Japan		–		96,573,537		–		96,573,537
Luxembourg		–		3,243,783		–		3,243,783
Netherlands		–		9,099,962		–		9,099,962
New Zealand		–		–		1		1
Norway		7,817,012		2,908,549		–		10,725,561
Philippines		3,077,881		7,966,586		–		11,044,467
Poland		–		7,268,642		–		7,268,642
South Africa		–		4,556,744		–		4,556,744
South Korea		–		11,081,921		–		11,081,921
Sweden		3,856,487		29,611,667		–		33,468,154
Taiwan		–		16,979,225		–		16,979,225
United States		18,081,745		5,402,816		–		23,484,561
Vietnam		–		7,188,331		–		7,188,331
Other*		36,412,330		–		–		36,412,330
Total	$	168,543,571	$	503,118,806	$	1	$	671,662,378

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

Annual Report | April 30, 2022 113

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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
Australia	$	–	$	14,854,727	$	–	$	14,854,727
Belgium		–		45,188,160		–		45,188,160
Britain		53,806,614		280,784,438		–		334,591,052
China		–		130,208,523		–		130,208,523
Finland		–		5,875,104		–		5,875,104
France		–		96,863,619		–		96,863,619
Germany		7,805,001		44,254,469		–		52,059,470
Hong Kong		–		34,846,565		–		34,846,565
India		57,001,322		96,028,853		–		153,030,175
Indonesia		–		9,221,501		–		9,221,501
Italy		–		51,740,663		–		51,740,663
Japan		–		136,668,100		–		136,668,100
Netherlands		–		15,514,048		–		15,514,048
Norway		–		13,935,041		–		13,935,041
Poland		–		34,624,673		–		34,624,673
South Korea		–		10,541,115		–		10,541,115
Sweden		–		87,741,207		–		87,741,207
Switzerland		–		20,354,005		–		20,354,005
Taiwan		–		44,039,969		–		44,039,969
United States		112,315,555		14,135,216		–		126,450,771
Vietnam		–		15,405,461		–		15,405,461
Other*		158,981,447		–		–		158,981,447
Total	$	389,909,939	$	1,202,825,457	$	–	$	1,592,735,396

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

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
Hong Kong	$	–	$	2,327,910	$	–	$	2,327,910
United States		110,195,301		2,054,692		700,000		112,949,993
Other*		14,392,168		–		–		14,392,168
Preferred Stocks*		–		–		626,088		626,088
Total	$	124,587,469	$	4,382,602	$	1,326,088	$	130,296,159

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

114 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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, 2021	$	1	$	4,252,160		$	4,252,161
Accrued discount/ premium		–		–			–
Realized Gain/(Loss)		–		–			–
Change in Unrealized Appreciation/(Depreciation)		–		(1,845,824	)		(1,845,824	)
Purchases		–		–			–
Sales Proceeds		–		–			–
Transfer into Level 3		–		–			–
Transfer out of Level 3		–		–			–
Balance as of April 30, 2022	$	1	$	2,406,336		$	2,406,337
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2022	$	–	$	(1,845,824	)	$	(1,845,824	)

Grandeur Peak Global Reach Fund	Foreign Common Stock		Common Stock		Preferred Stocks			Total
Balance as of April 30, 2021	$	–	$	1,000,000	$	2,016,652		$	3,016,652
Accrued discount/ premium		–		–		–			–
Realized Gain/(Loss)		–		–		–			–
Change in Unrealized Appreciation/(Depreciation)		1		–		(875,260	)		(875,260	)
Purchases		–		–		979,976			979,976
Sales Proceeds		–		–		–			–
Transfer into Level 3		–		–		–			–
Transfer out of Level 3		–		–		–			–
Balance as of April 30, 2022	$	1	$	1,000,000	$	2,121,368		$	3,121,369
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2022	$	1	$	–	$	(875,260	)	$	(875,260	)

Grandeur Peak Global Stalwarts Fund	Common Stock		Preferred Stocks			Total
Balance as of April 30, 2021	$	1,300,000	$	1,067,528		$	2,367,528
Accrued discount/ premium		–		–			–
Realized Gain/(Loss)		–		–			–
Change in Unrealized Appreciation/(Depreciation)		–		(463,228	)		(463,228	)
Purchases		–		1,143,989			1,143,989
Sales Proceeds		–		–			–
Transfer into Level 3		–		–			–
Transfer out of Level 3		–		–			–
Balance as of April 30, 2022	$	1,300,000	$	1,748,289		$	3,048,289
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2022	$	–	$	(463,228	)	$	(463,228	)

Grandeur Peak International Opportunities Fund	Common Stock		Total
Balance as of April 30, 2021	$	1	$	1
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 April 30, 2022	$	1	$	1
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2022	$	–	$	–

Annual Report | April 30, 2022 115

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

Grandeur Peak US Stalwarts Fund	Common Stock		Preferred Stocks		Total
Balance as of April 30, 2021	$	700,000	$	–	$	700,000
Accrued discount/ premium		–		–		–
Realized Gain/(Loss)		–		–		–
Change in Unrealized Appreciation/(Depreciation)		–		96		96
Purchases		–		625,992		625,992
Sales Proceeds		–		–		–
Transfer into Level 3		–		–		–
Transfer out of Level 3		–		–		–
Balance as of April 30, 2022	$	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 April 30, 2022	$	–	$	96	$	96

Change in unrealized appreciation/depreciation on Level 3 securities is included on the Statements of Operations under Net change in unrealized appreciation/(depreciation) on investments. Realized gain/(loss) on Level 3 securities is included on the Statements of Operations under Net realized gain/(loss) on investments.

The table below provides additional information about the Level 3 Fair Value Measurements as of April 30, 2022:

Quantitative Information about Level 3 Fair Value Measurements

Grandeur Peak Global Opportunities Fund

Asset Class	Fair Value (USD) at 4/30/2022		Valuation Technique	Unobservable Inputs(a)	Value/Range
Preferred Stocks	$	2,406,336	Market Approach	Enterprise Value-to-Sales Multiple		5.92x

Grandeur Peak Global Reach Fund

Asset Class	Fair Value (USD) at 4/30/2022		Valuation Technique	Unobservable Inputs(a)	Value/Range
Private Investment Funds	$	1,000,000	Cost/Third-Party Valuation	Third-Party Valuation		Cost
Preferred Stocks	$	1,141,242	Market Approach	Enterprise Value-to-Sales Multiple		5.92X
Preferred Stocks	$	980,126	Market Approach	Enterprise Value-to-Sales Multiple		8.32x

Grandeur Peak Global Stalwarts Fund

Asset Class	Fair Value (USD) at 4/30/2022		Valuation Technique	Unobservable Inputs(a)	Value/Range
Private Investment Funds	$	1,300,000	Cost/Third-Party Valuation	Third-Party Valuation		Cost
Preferred Stocks	$	604,124	Market Approach	Enterprise Value-to-Sales Multiple		5.92X
Preferred Stocks	$	1,144,165	Market Approach	Enterprise Value-to-Sales Multiple		8.32x

Grandeur Peak US Stalwarts Fund

Asset Class	Fair Value (USD) at 4/30/2022		Valuation Technique	Unobservable Inputs	Value/Range
Private Investment Funds	$	700,000	Cost/Third-Party Valuation	Third-Party Valuation		Cost
Preferred Stocks	$	626,088	Market Approach	Enterprise Value-to-Sales Multiple		27.04x

116 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

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.

Cash Management Transactions: The Funds subscribe to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of April 30, 2022, the Funds had the following cash balances participating in the BBH CMS:

Fund
Grandeur Peak Emerging Markets Opportunities Fund	$	23,476,707
Grandeur Peak Global Contrarian Fund		–
Grandeur Peak Global Explorer Fund		519,072
Grandeur Peak Global Micro Cap Fund		2,625,113
Grandeur Peak Global Opportunities Fund		5,549,508
Grandeur Peak Global Reach Fund		8,578,218
Grandeur Peak Global Stalwarts Fund		–
Grandeur Peak International Opportunities Fund		19,406,528
Grandeur Peak International Stalwarts Fund		37,234,858
Grandeur Peak US Stalwarts Fund		3,039,530

As of April 30, 2022, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

Fund
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		5
Grandeur Peak Global Reach Fund		72
Grandeur Peak Global Stalwarts Fund		7,476
Grandeur Peak International Opportunities Fund		693
Grandeur Peak International Stalwarts Fund		33,982
Grandeur Peak US Stalwarts Fund		–

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

Annual Report | April 30, 2022 117

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

“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.

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

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

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

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

Trust Expenses: Some expenses of the Trust can be directly attributed to the Funds. Expenses which cannot be directly attributed to the Funds are apportioned among all funds in the Trust based on average net assets of each fund.

Fund and Class Expenses: Expenses that are specific to a Fund or class of shares of a Fund, including distribution fees (Rule 12b-1 fees), are charged directly to that Fund or share class. Expenses that are common to all Funds generally are allocated among the Funds in proportion to their average daily net assets.

Offering Costs: Offering costs, including costs of printing initial prospectuses, legal and registration fees, are being amortized over twelve months from the inception date of the Grandeur Peak Global Explore. Amounts amortized during the period ended April 30, 2022 for the Grandeur Peak Global Explorer Fund are shown on the Statements of Operations.

Federal Income Taxes: The Funds comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Funds are not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2022, the Funds had a liability for unrecognized capital gains tax. These amounts are disclosed as Foreign Capital Gains Tax on the Statements of Assets and Liabilities. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Distributions to Shareholders: Each Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from dividends and other income each Fund receives from their investments, including short term capital gains. Long term capital gain distributions are derived from gains realized when each Fund sells a security it has owned for more than a year. Each Fund may make

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Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

additional distributions and dividends at other times if the portfolio manager believes doing so may be necessary for each Fund to avoid or reduce taxes. The Funds intend to pass through foreign tax credits to shareholders.

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.

Libor Risk: In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Funds' investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On November 30, 2020, the administrator of LIBOR announced its intention to delay the phase out of the majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Funds' transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Funds or the Funds' investments cannot yet be determined.

3. TAX BASIS INFORMATION

Reclassifications: As of April 30, 2022, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and are primarily attributed to tax equalization. The reclassifications were as follows:

Fund	Paid-in Capital			Distributable  earnings
Grandeur Peak Emerging Markets Opportunities Fund	$	–		$	–
Grandeur Peak Global Contrarian Fund		228,956			(228,956	)
Grandeur Peak Global Explorer Fund		(14,714	)		14,714
Grandeur Peak Global Micro Cap Fund		–			–
Grandeur Peak Global Opportunities Fund		4,837,115			(4,837,115	)
Grandeur Peak Global Reach Fund		202,951			(202,951	)
Grandeur Peak Global Stalwarts Fund		(323,126	)		323,126
Grandeur Peak International Opportunities Fund		418,470			(418,470	)
Grandeur Peak International Stalwarts Fund		5,618,724			(5,618,724	)
Grandeur Peak US Stalwarts Fund		(87,613	)		87,613

Tax Basis of Investments: As of April 30, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for Federal tax purposes was as follows:

Fund	Gross  Appreciation  (excess of value  over tax cost)		Gross  Depreciation  (excess of tax  cost over value)			Net  Appreciation/ (Depreciation)  of Foreign Currency			Net Unrealized  Appreciation/ (Depreciation)			Cost of  Investments for  Income Tax  Purposes
Grandeur Peak Emerging Markets Opportunities Fund	$	131,364,622	$	(36,327,115	)	$	(2,554,261	)	$	92,483,246		$	369,680,910
Grandeur Peak Global Contrarian Fund		9,483,013		(16,554,741	)		(50,612	)		(7,122,340	)		115,288,114
Grandeur Peak Global Explorer Fund		86,434		(2,330,643	)		(357	)		(2,244,566	)		11,111,283
Grandeur Peak Global Micro Cap Fund		12,879,528		(7,287,520	)		(75,977	)		5,516,031			44,921,052
Grandeur Peak Global Opportunities Fund		212,192,428		(71,438,931	)		(874,285	)		139,879,212			621,510,055
Grandeur Peak Global Reach Fund		89,561,637		(34,230,031	)		(430,715	)		54,900,891			256,541,675
Grandeur Peak Global Stalwarts Fund		66,104,916		(48,232,742	)		(15,523	)		17,856,651			316,510,347
Grandeur Peak International Opportunities Fund		208,029,813		(73,377,653	)		(1,902,919	)		132,749,241			537,004,243
Grandeur Peak International Stalwarts Fund		358,974,562		(137,609,037	)		(855,747	)		220,509,778			1,371,339,605
Grandeur Peak US Stalwarts Fund		12,615,644		(25,976,185	)		(18	)		(13,360,559	)		143,636,580

Annual Report | April 30, 2022 119

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

Components of Earnings: As of April 30, 2022, components of distributable earnings on a tax basis were as follows:

Fund	Undistributed  Ordinary  Income		Accumulated Capital Gains/(Losses)			Other Accumulated Gain/(Loss)			Net Unrealized Appreciation/ (Depreciation)  on Investments and Foreign Currency			Total Distributable  Earnings
Grandeur Peak Emerging Markets Opportunities Fund	$	–	$	–		$	(8,195,498	)	$	92,483,246		$	84,287,748
Grandeur Peak Global Contrarian Fund		360,503		574,678			(472,712	)		(7,122,340	)		(6,659,871	)
Grandeur Peak Global Explorer Fund		9,710		(110,979	)		(923	)		(2,244,566	)		(2,346,758	)
Grandeur Peak Global Micro Cap Fund		–		–			(1,916,818	)		5,516,031			3,599,213
Grandeur Peak Global Opportunities Fund		–		5,668,254			(969,470	)		139,879,212			144,577,996
Grandeur Peak Global Reach Fund		–		–			(3,865,547	)		54,900,891			51,035,344
Grandeur Peak Global Stalwarts Fund		–		–			(1,880,249	)		17,856,651			15,976,402
Grandeur Peak International Opportunities Fund		–		–			(10,930,580	)		132,749,241			121,818,661
Grandeur Peak International Stalwarts Fund		–		–			(13,077,401	)		220,509,778			207,432,377
Grandeur Peak US Stalwarts Fund		–		–			(3,419,337	)		(13,360,559	)		(16,779,896	)

Tax Basis of Distributions to Shareholders: The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Funds.

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2022 were as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
Grandeur Peak Emerging Markets Opportunities Fund	$	726,332	$	68,462,853	$	549,374
Grandeur Peak Global Contrarian Fund		3,862,022		1,773,223		–
Grandeur Peak Global Explorer Fund		–		–		–
Grandeur Peak Global Micro Cap Fund		805,398		8,908,310		–
Grandeur Peak Global Opportunities Fund		13,505,418		162,339,284		–
Grandeur Peak Global Reach Fund		5,530,237		52,203,184		–
Grandeur Peak Global Stalwarts Fund		4,870,113		39,430,293		–
Grandeur Peak International Opportunities Fund		12,992,299		108,524,120		–
Grandeur Peak International Stalwarts Fund		2,961,918		178,478,056		–
Grandeur Peak US Stalwarts Fund		1,608,892		1,295,457		–

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2021 were as follows:

Fund	Ordinary Income		Long-Term Capital  Gain
Grandeur Peak Emerging Markets Opportunities Fund	$	208,905	$	588,486
Grandeur Peak Global Contrarian Fund		409,394		–
Grandeur Peak Global Explorer Fund		–		–
Grandeur Peak Global Micro Cap Fund		870,224		3,187,700
Grandeur Peak Global Opportunities Fund		7,761,520		56,202,500
Grandeur Peak Global Reach Fund		2,560,410		23,014,944
Grandeur Peak Global Stalwarts Fund		1,116,972		8,533,427
Grandeur Peak International Opportunities Fund		3,394,873		25,974,822
Grandeur Peak International Stalwarts Fund		2,036,831		3,581,302
Grandeur Peak US Stalwarts Fund		267,443		401

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Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

The Fund elects to defer to the period ending April 30, 2023, capital losses recognized during the period 11/1/2021 - 04/30/2022 in the amount of:

Fund	Capital Losses Recognized
Grandeur Peak Emerging Markets Opportunities Fund	$	7,450,143
Grandeur Peak Global Contrarian Fund		472,712
Grandeur Peak Global Explorer Fund		–
Grandeur Peak Global Micro Cap Fund		1,788,561
Grandeur Peak Global Opportunities Fund		–
Grandeur Peak Global Reach Fund		3,448,319
Grandeur Peak Global Stalwarts Fund		1,411,963
Grandeur Peak International Opportunities Fund		10,669,906
Grandeur Peak International Stalwarts Fund		11,825,421
Grandeur Peak US Stalwarts Fund		3,318,162

The following Funds elect to defer to the period ending April 30, 2023, late year ordinary losses in the amount of:

Fund	Ordinary Losses Recognized
Grandeur Peak Emerging Markets Opportunities Fund	$	745,355
Grandeur Peak Global Contrarian Fund		–
Grandeur Peak Global Explorer Fund		923
Grandeur Peak Global Micro Cap Fund		128,257
Grandeur Peak Global Opportunities Fund		969,470
Grandeur Peak Global Reach Fund		417,228
Grandeur Peak Global Stalwarts Fund		468,286
Grandeur Peak International Opportunities Fund		260,674
Grandeur Peak International Stalwarts Fund		1,251,980
Grandeur Peak US Stalwarts Fund		101,175

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short term securities) during the year ended April 30, 2022 were as follows:

Fund	Purchases of Securities		Proceeds From Sales of  Securities
Grandeur Peak Emerging Markets Opportunities Fund	$	187,182,750	$	248,959,911
Grandeur Peak Global Contrarian Fund		114,875,982		43,555,497
Grandeur Peak Global Explorer Fund		11,893,239		670,706
Grandeur Peak Global Micro Cap Fund		24,553,864		27,450,292
Grandeur Peak Global Opportunities Fund		332,279,322		406,458,385
Grandeur Peak Global Reach Fund		183,475,600		164,214,268
Grandeur Peak Global Stalwarts Fund		265,311,391		198,491,315
Grandeur Peak International Opportunities Fund		245,740,113		318,589,414
Grandeur Peak International Stalwarts Fund		874,054,396		923,977,614
Grandeur Peak US Stalwarts Fund		88,130,456		46,609,440

Annual Report | April 30, 2022 121

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

5. SHARES OF BENEFICIAL INTEREST

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Funds of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the share do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

Shares redeemed within 60 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. For the year ended April 30, 2022 and the year ended April 30, 2021, the redemption fees charged by the Funds are presented in the Statements of Changes in Net Assets.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the Advisory Agreement, (the “Advisory Agreement”), each Fund pays the Adviser an annual management fee based on each Fund’s average daily net assets. The management fee is paid on a monthly basis. The following table reflects the Funds’ advisory fee rates.

Fund	Advisory Fee
Grandeur Peak Emerging Markets Opportunities Fund	1.35%
Grandeur Peak Global Contrarian Fund	1.00%
Grandeur Peak Global Explorer Fund	1.10%
Grandeur Peak Global Opportunities Fund	1.25%
Grandeur Peak Global Micro Cap Fund	1.50%
Grandeur Peak Global Reach Fund	1.10%
Grandeur Peak Global Stalwarts Fund	0.80%
Grandeur Peak International Opportunities Fund	1.25%
Grandeur Peak International Stalwarts Fund	0.80%
Grandeur Peak US Stalwarts Fund	0.75%

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Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

The Advisor has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) of the Funds' average daily net assets. This agreement (the “Expense Agreement”) shall continue at least through August 31, 2022. The Expense Agreement may not be terminated or modified prior to August 31, 2022 except with the approval of the Fund’s Board. The following table reflects the Funds’ expense cap.

Fund	Expense Cap	Term of Expense Limit Agreements
Grandeur Peak Emerging Markets Opportunities Fund		September 1, 2020 – August 31, 2021 / September 1, 2021 – August 31, 2022
Investor Class	1.95%
Institutional Class	1.70%
Grandeur Peak Global Contrarian Fund		September 12, 2019 – August 31, 2021 / September 1, 2021 – August 31, 2022
Institutional Class	1.35%
Grandeur Peak Global Explorer Fund		December 16, 2021 - August 31, 2023
Institutional Class	1.25%
Grandeur Peak Global Micro Cap Fund		September 1, 2020 – August 31, 2021 / September 1, 2021 – August 31, 2022
Institutional Class	2.00%
Grandeur Peak Global Opportunities Fund		September 1, 2020 – August 31, 2021 / September 1, 2021 – August 31, 2022
Investor Class	1.75%
Institutional Class	1.50%
Grandeur Peak Global Reach Fund
Investor Class	1.60%	For September 1, 2020 – August 31, 2021 / September 1, 2021 - August 31, 2022
Institutional Class	1.35%
Investor Class	1.50%	For January 1, 2022 - August 31, 2023
Institutional Class	1.25%
Grandeur Peak Global Stalwarts Fund		September 1, 2020 – August 31, 2021 / September 1, 2021 – August 31, 2022
Investor Class	1.35%
Institutional Class	1.10%
Grandeur Peak International Opportunities Fund		September 1, 2020 – August 31, 2021 / September 1, 2021 – August 31, 2022
Investor Class	1.75%
Institutional Class	1.50%
Grandeur Peak International Stalwarts Fund		September 1, 2020 – August 31, 2021 / September 1, 2021 – August 31, 2022
Investor Class	1.35%
Institutional Class	1.10%
Grandeur Peak US Stalwarts Fund		December 23, 2019 - August 31, 2021 / September 1, 2021 – August 31, 2022
Institutional Class	1.00%

The Advisor will be permitted to recapture expenses it has borne through the Expense Agreement to the extent that the Fund’s' expenses in later periods fall below annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Funds’ expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. Fees waived/reimbursed by the Adviser for the year ended April 30, 2022 are disclosed in the Statements of Operations. Fees waived/reimbursed by the Advisor due as of April 30, 2022 are disclosed in the Statement of Assets and Liabilities as Due from Advisor.

Annual Report | April 30, 2022 123

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

In addition to the foregoing contractual arrangements, the Adviser has voluntarily agreed, effective September 1, 2020, to waive, with respect to the Grandeur Peak Global Opportunities Fund and the Grandeur Peak International Opportunities Fund, annual management fees to the extent such fees exceed 1.00% on assets above $500 million (the annual management fee rate with respect to such funds will remain 1.25% on the first $500 million in assets). Previously, the Adviser had voluntarily agreed, effective September 1, 2016, to waive, with respect to the Grandeur Peak Global Opportunities Fund and the Grandeur Peak International Opportunities Fund, annual management fees to the extent such fees exceed 1.10% on assets above $500 million (the annual management fee rate with respect to such funds will remain 1.25% on the first $500 million in assets). The Adviser has also voluntarily agreed, effective September 1, 2020, to waive, with respect to the Grandeur Peak Emerging Markets Opportunities Fund, annual management fees to the extent such fees exceed 1.00% on all assets above $400 million (the annual management fee rate with respect to the Fund will remain 1.35% on the first $400 million in assets). Previously, the Adviser had voluntarily agreed, effective January 1, 2018, to waive, with respect to the Grandeur Peak Emerging Markets Opportunities Fund, annual management fees to the extent such fees exceed 1.20% on all assets above $400 million (the annual management fee rate with respect to the Fund will remain 1.35% on the first $400 million in assets). These voluntary arrangements may be terminated at any time by the Adviser. Voluntary waivers are not subject to recoupment by the Adviser. Voluntary fees waived by the Adviser for the year ended April 30, 2022 are disclosed in the Statements of Operations.

For the year ended April 30, 2022, the fee waivers/reimbursements and/or recoupments, excluding voluntary waivers, were as follows:

Fund	Fees Waived/ Reimbursed By Adviser		Recoupment of Previously Waived Fees By Adviser
Grandeur Peak Emerging Markets Opportunities Fund
Investor Class	$	–	$	–
Institutional Class	–		–
Grandeur Peak Global Contrarian Fund
Institutional Class	$	40,900	$	–
Grandeur Peak Global Explorer Fund
Institutional Class	$	39,713	$	–
Grandeur Peak Global Micro Cap Fund
Institutional Class	$	–	$	38,463
Grandeur Peak Global Opportunities Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak Global Reach Fund
Investor Class	$	4,693	$	–
Institutional Class		49,396		–
Grandeur Peak Global Stalwarts Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak International Opportunities Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak International Stalwarts Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak US Stalwarts Fund
Institutional Class	$	–	$	82,434

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Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

As April 30, 2022, the balances of recoupable expenses for each Fund were as follows:

Fund	Expires  2023		Expires  2024		Expires  2025		Total
Grandeur Peak Emerging Markets Opportunities Fund
Investor Class	$	–	$	–	$	–	$	–
Institutional Class	–		–		–		–
Grandeur Peak Global Contrarian Fund
Institutional Class	$	139,213	$	109,006	$	40,900	$	289,119
Grandeur Peak Global Explorer Fund
Institutional Class	$	–	$	–	$	39,713	$	39,713
Grandeur Peak Global Micro Cap Fund
Institutional Class	$	–	$	–	$	–	$	–
Grandeur Peak Global Opportunities Fund
Investor Class	$	–	$	–	$	–	$	–
Institutional Class		–		–		–		–
Grandeur Peak Global Reach Fund
Investor Class	$	–	$	–	$	4,693	$	4,693
Institutional Class		–		–		49,396		49,396
Grandeur Peak Global Stalwarts Fund
Investor Class	$	–	$	–	$	–	$	–
Institutional Class		–		–		–		–
Grandeur Peak International Opportunities Fund
Investor Class	$	–	$	–	$	–	$	–
Institutional Class		–		–		–		–
Grandeur Peak International Stalwarts Fund
Investor Class	$	–	$	–	$	–	$	–
Institutional Class		–		–		–		–
Grandeur Peak US Stalwarts Fund
Institutional Class	$	–	$	625	$	–	$	625

Administrator Fees and Expenses: ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

Transfer Agent: ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Compliance Services: ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Compliance service fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Principal Financial Officer: ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Fund for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Trustees: The fees and expenses of the Trustees of the Board are presented in the Statements of Operations.

Annual Report | April 30, 2022 125

Grandeur Peak Funds^® Notes to Financial Statements

April 30, 2022

Distributor: ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Funds’ shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of Funds’ shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

Each Fund has adopted a Distribution and Services (Rule 12b-1) Plan pursuant to Rule 12b-1 of the 1940 Act (the “Plan”) for its Investor Class shares. The Plan allows the Funds to use Investor Class assets to pay fees in connection with the distribution and marketing of Investor Class shares and/or the provision of shareholder services to Investor Class shareholders. The Plan permits payment for services in connection with the administration of plans or programs that use Investor Class shares of each Fund as their funding medium and for related expenses. The recipients of such payments may include the Distributor, other affiliates of the Adviser, broker-dealers, financial institutions, plan sponsors and administrators and other financial intermediaries through which investors may purchase shares of the Fund. The Plan permits the Funds to make total payments at an annual rate of up to 0.25% of each Fund’s average daily net assets attributable to its Investor Class shares. The expenses of the Plan are reflected as distribution and service fees in the Statements of Operations.

7. INDEMNIFICATIONS

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. SUBSEQUENT NOTE

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

126 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Financial Investors Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of 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 (the “Funds”), ten of the funds constituting the Financial Investors Trust, including the portfolios of investments, as of April 30, 2022; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak International Opportunities Fund; the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below for Grandeur Peak Global Contrarian Fund, Grandeur Peak US Stalwarts Fund and Grandeur Peak Global Explorer Fund; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting Financial Investors Trust as of April 30, 2022, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the periods listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Individual Fund Comprising the  Financial Investors Trust	Statement of  Operations	Statements of Changes  in Net Assets	Financial Highlights
Grandeur Peak US  Stalwarts Fund	For the year ended  April 30, 2022	For the two years ended  April 30, 2022	For the two years ended April 30, 2022 and the period from March 20, 2020 (Commencement of operations) to April 30, 2020
Grandeur Peak Global  Contrarian Fund	For the year ended  April 30, 2022	For the two years ended  April 30, 2022	For the two years ended April 30, 2022 and the period from September 18, 2019 (Commencement of operations) through April 30, 2020
Grandeur Peak Global Explorer Fund	For the period December 16, 2021 (Inception) to April 30, 2022

Basis for Opinion 

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 29, 2022

We have served as the auditor of one or more investment companies advised by Grandeur Peak Global Advisors, LLC since 2012.

Annual Report | April 30, 2022 127

Grandeur Peak Funds^® Disclosure Regarding Approval of Fund Advisory Agreement

Grandeur Peak Funds 

On September 14, 2021, the Trustees met via electronic means (videoconference)¹ to discuss, among other things, the approval of the Investment Advisory Agreement between the Financial Investors Trust (the “Trust”), with respect to the Grandeur Peak Emerging Markets Opportunities Fund, the Grandeur Peak Global Micro Cap Fund, the Grandeur Peak Global Opportunities Fund, the Grandeur Peak Global Reach Fund, the Grandeur Peak Global Stalwarts Fund, the Grandeur Peak International Opportunities Fund, the Grandeur Peak International Stalwarts Fund, and the Grandeur Peak US Stalwarts Fund (collectively, the “Grandeur Peak Funds”) and Grandeur Peak Global Advisors, LLC (“Grandeur Peak”), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the Investment Advisory Agreement with Grandeur Peak, on behalf of the Grandeur Peak Funds, the Trustees, including the Independent Trustees, considered the following factors with respect to the Grandeur Peak Funds:

Investment Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fees paid by the Trust, on behalf of the Grandeur Peak Funds, to Grandeur Peak, of 1.50% for the Grandeur Peak Global Micro Cap Fund, 1.35% for the Grandeur Peak Emerging Markets Opportunities Fund, 1.25% for the Grandeur Peak Global Opportunities Fund and for the Grandeur Peak International Opportunities Fund, 1.10% for the Grandeur Peak Global Reach Fund, 1.00% for the Grandeur Peak Global Contrarian Fund, 0.80% for the Grandeur Peak Global Stalwarts Fund, 0.75% for the Grandeur Peak US Stalwarts Fund, and 0.80% for the Grandeur Peak International Stalwarts Fund, in light of the extent and quality of the advisory services provided by Grandeur Peak to each such Grandeur Peak Fund.

The Board received and considered information including a comparison of the Investor Class and Institutional Class, as applicable, of each Grandeur Peak Fund’s contractual advisory fee rate with those of funds in the peer group and universe of funds provided by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual advisory fee rate of each class of the Grandeur Peak Global Stalwarts Fund and the Grandeur Peak International Stalwarts Fund was significantly lower than the Data Provider peer group median; the Institutional Class of the Grandeur Peak US Stalwarts Fund was lower than the Data Provider peer group median; the Investor Class of the Grandeur Peak Emerging Markets Opportunities Fund was higher than the Data Provider peer group median; and each remaining class of each Grandeur Peak Fund was significantly higher than the Data Provider peer group median.

Total Net Expense Ratios: The Trustees reviewed and considered that the total net expense ratio of each class of the Grandeur Peak Global Stalwarts Fund and the Grandeur Peak International Stalwarts Fund was significantly lower than the Data Provider peer group median; the Institutional Class of the Grandeur Peak US Stalwarts Fund was lower than the Data Provider peer group median; each class of the Grandeur Peak Emerging Markets Opportunities Fund and the Grandeur Peak Global Opportunities Fund, and the Investor Class of the Grandeur Peak Global Reach Fund, was equal to the Data Provider peer group median; the Investor Class of the Grandeur Peak International Opportunities Fund and the Grandeur Peak Global Contrarian Fund, and the Institutional Class of the Grandeur Peak Global Reach Fund, was higher than the Data Provider peer group median; and the Institutional Class of the Grandeur Peak Global Micro Cap Fund and the Grandeur Peak International Opportunities Fund was significantly higher than the Data Provider peer group median.

Nature, Extent, and Quality of the Services under the Investment Advisory Agreement: The Trustees received and considered information regarding the nature, extent, and quality of services provided to the Grandeur Peak Funds under the Grandeur Peak Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by Grandeur Peak in its presentation, including its Form ADV.

The Trustees reviewed and considered Grandeur Peak’s investment advisory personnel, its history as an asset manager, and its performance and the amount of assets currently under management by Grandeur Peak and its affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by Grandeur Peak, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Grandeur Peak Funds.

The Trustees considered the background and experience of Grandeur Peak’s management in connection with the Grandeur Peak Funds, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of each Grandeur Peak Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, Grandeur Peak’s Code of Ethics.

Performance: The Trustees reviewed performance information of the Investor Class and Institutional Class, as applicable, of each Grandeur Peak Fund for the 3-month, 1-year, 3-year, 5-year, and since inception periods, as applicable, ended June 30, 2021. That review included a comparison of each Grandeur Peak Fund’s performance to the performance of a group of comparable funds selected by the Data Provider.

The Trustees noted that for the 3-month period, the Institutional Class of the Grandeur Peak Emerging Markets Opportunities Fund, the Global Micro Cap Fund and the Global Contrarian Fund outperformed the Data Provider peer group median; and each remaining class of each Grandeur Peak Fund significantly outperformed the Data Provider peer group median during the period.

For the 1-year period, the Trustees noted that each class of the Grandeur Peak Emerging Markets Opportunities Fund outperformed the Data Provider peer group median and each other class of the Grandeur Peak Funds significantly outperformed the Data Provider peer group median.

128 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Disclosure Regarding Approval of Fund Advisory Agreement

The Trustees noted that for each Grandeur Peak Fund with a 3-year period, each class of each Grandeur Peak Fund, significantly outperformed the Data Provider peer group median.

The Trustees noted that for each Grandeur Peak Fund with a 5-year period, each class of the Grandeur Peak Emerging Markets Opportunities Fund and the Institutional Class of the Grandeur Peak International Opportunities Fund outperformed the Data Provider peer group median, and each class of each other Grandeur Peak Fund significantly outperformed the Data Provider peer group median.

Finally, the Trustees noted that for the relevant period since the inception of each Grandeur Peak Fund, each class of each Grandeur Peak Fund significantly outperformed the Data Provider peer group median.

The Trustees also considered Grandeur Peak’s discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by Grandeur Peak regarding fees charged to its other clients utilizing a strategy similar to that employed by the Grandeur Peak Funds.

Profitability: The Trustees received and considered a profitability analysis prepared by Grandeur Peak based on the fees payable under the Grandeur Peak Investment Advisory Agreement with respect to the Grandeur Peak Funds.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Grandeur Peak Funds will be passed along to the shareholders under the proposed agreements.

Other Benefits to the Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by Grandeur Peak from its relationship with the Grandeur Peak Funds, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● the contractual advisory fee rate of each class of the Grandeur Peak Global Stalwarts Fund and the Grandeur Peak International Stalwarts Fund was significantly lower than the Data Provider peer group median; the Institutional Class of the Grandeur Peak US Stalwarts Fund was lower than the Data Provider peer group median; the Investor Class of the Grandeur Peak Emerging Markets Opportunities Fund was higher than the Data Provider peer group median; and each remaining class of each Grandeur Peak Fund was significantly higher than the Data Provider peer group median;

● the total net expense ratio of each class of the Grandeur Peak Global Stalwarts Fund and the Grandeur Peak International Stalwarts Fund was significantly lower than the Data Provider peer group median; the Institutional Class of the Grandeur Peak US Stalwarts Fund was lower than the Data Provider peer group median; each class of the Grandeur Peak Emerging Markets Opportunities Fund and the Grandeur Peak Global Opportunities Fund, and the Investor Class of the Grandeur Peak Global Reach Fund, was equal to the Data Provider peer group median; the Investor Class of the Grandeur Peak International Opportunities Fund and the Grandeur Peak Global Contrarian Fund, and the Institutional Class of the Grandeur Peak Global Reach Fund, was higher than the Data Provider peer group median; and the Institutional Class of the Grandeur Peak Global Micro Cap Fund and the Grandeur Peak International Opportunities Fund was significantly higher than the Data Provider peer group median;

● the nature, extent, and quality of services rendered by Grandeur Peak under the Grandeur Peak Investment Advisory Agreement with respect to each Grandeur Peak Fund were adequate;

● for the period ended June 30, 2021, each class of each of the Grandeur Peak Funds outperformed or significantly outperformed the Data Provider peer group median for the 3-month, 1-year, 3-year, 5-year (as applicable), and since inception periods;

● bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Grandeur Peak’s other clients employing a comparable strategy to any of the Grandeur Peak Funds were not indicative of any unreasonableness with respect to the advisory fee payable by the Grandeur Peak Funds;

● the profit, if any, realized by Grandeur Peak in connection with the operation of any of the Grandeur Peak Funds is not unreasonable; and

● there were no material economies of scale or other incidental benefits accruing to Grandeur Peak in connection with its relationship with any of the Grandeur Peak Funds.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that Grandeur Peak’s compensation for investment advisory services is consistent with the best interests of each of the Grandeur Peak Funds and their shareholders.

¹ This meeting was intended to qualify as an "in-person" meeting of the Board pursuant to relief granted by the SEC in response to the COVID-19 outbreak for the purposes of fulfilling the in-person investment advisory agreement approval requirements under Section 15(c) of the 1940 Act (see Investment Company Act Release No. 33817 (Mar. 13, 2020), Investment Company Act Release No. 33824 (Mar. 25, 2020) and Investment Company Act Release No. 33897 (June 19, 2020)).

Annual Report | April 30, 2022 129

Grandeur Peak Funds^® Additional Information

April 30, 2022 (Unaudited)

1. FUND HOLDINGS

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. The Funds’ Form N-PORT reports are also available upon request by calling 1-855-377-PEAK (7325).

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling 1-855-377-PEAK (7325) and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

The Funds designate the following amounts for federal income tax purposes for the fiscal year ended April 30, 2022:

	Foreign Taxes Paid		Foreign Source Income
Grandeur Peak Global Explorer Fund	$	1,178	$	23,254
Global Opportunities Fund		2,439,774		12,838,150
International Opportunities Fund		1,526,113		13,106,924
Global Reach Fund		0		0
Emerging Markets Opportunities Fund		1,529,448		11,375,953
Global Micro Cap Fund		0		0
Global Stalwarts Fund		0		0
International Stalwarts Fund		5,550,331		24,006,886
Grandeur Peak Global Contrarian Fund		208,585		2,055,435
Grandeur Peak US Stalwarts Fund		0		0

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2021, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

	Dividend Received Deduction			Qualified Dividend Income
Grandeur Peak Global Explorer Fund		0.00	%		0.00	%
Global Opportunities		10.56	%		67.61	%
International Opportunities Fund		0.00	%		61.82	%
Global Reach Fund		12.73	%		50.55	%
Emerging Markets Opportunities Fund		3.47	%		100.00	%
Global Micro Cap Fund		8.07	%		70.65	%
Global Stalwarts Fund		20.08	%		55.77	%
International Stalwarts Fund		9.07	%		100.00	%
Grandeur Peak Global Contrarian Fund		6.22	%		26.91	%
Grandeur Peak US Stalwarts Fund		43.91	%		45.11	%

In early 2022, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

130 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Additional Information

April 30, 2022 (Unaudited)

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Funds designate the following as long-term capital gain dividends:

Grandeur Peak Global Explorer Fund	$	0
Global Opportunities Fund		162,339,284
International Opportunities Fund		108,524,120
Global Reach Fund		52,203,184
Emerging Markets Opportunities Fund		68,462,853
Global Micro Cap Fund		8,908,310
Global Stalwarts Fund		39,430,293
International Stalwarts Fund		178,478,056
Grandeur Peak Global Contrarian Fund		1,773,223
Grandeur Peak US Stalwarts Fund		1,295,457

For the fiscal year ended April 30, 2022, the following long term amounts were utilized as earnings and profits distributed to shareholders on redemptions:

Grandeur Peak Global Explorer Fund	$	0
Global Opportunities Fund		4,837,115
International Opportunities Fund		418,470
Global Reach Fund		693,372
Emerging Markets Opportunities Fund		0
Global Micro Cap Fund		0
Global Stalwarts Fund		0
International Stalwarts Fund		5,618,724
Grandeur Peak Global Contrarian Fund		228,957
Grandeur Peak US Stalwarts Fund		19,706

Annual Report | April 30, 2022 131

Grandeur Peak Funds^® Liquidity Risk Management Program

April 30, 2022 (Unaudited)

The Financial Investors Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each fund in the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment advisers, sub-advisers, and Officers of the Trust. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including a periodic assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 8, 2022, the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program during 2021. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since implementation.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

132 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Trustees and Officers

April 30, 2022 (Unaudited)

The business and affairs of each Fund are managed under the direction of its Board. The Board approves all significant agreements between a Fund and the persons or companies that furnish services to the Fund, including agreements with its distributor, Adviser, Sub-Adviser, administrator, custodian and transfer agent. The day-to-day operations of each Fund are delegated to the Fund’s Adviser, Sub-Adviser and administrator.

The name, address, age and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee.

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 1-855-377-PEAK (7325).

INDEPENDENT TRUSTEES

Name,  Address*  & Year  of Birth	Position(s)  Held with  Fund	Term of Office**  and Length of  Time Served	Principal Occupation(s)  During Past 5 Years***	Number of  Funds in Fund  Complex Overseen by Trustee****	Other Directorships Held by Trustee During  Past 5 Years***
Mary K. Anstine,  1940	Trustee and  Chairman	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees.	Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board.	60	Ms. Anstine is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust through December 2020 (14 funds).
Jeremy W. Deems,  1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund.	61	Mr. Deems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund).
Jerry G. Rutledge,  1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business.	30	Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); and Principal Real Estate Income Fund (1 fund).

Annual Report | April 30, 2022 133

Grandeur Peak Funds^® Trustees and Officers

April 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES

Name,  Address*  & Year  of Birth	Position(s)  Held with  Fund	Term of Office**  and Length of  Time Served	Principal Occupation(s)  During Past 5 Years***	Number of  Funds in Fund  Complex Overseen by Trustee****	Other Directorships Held by Trustee During  Past 5 Years***
Michael “Ross” Shell,  1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). Mr. Shell serves on the Board of Directors of TalkBox, a phone/privacy booth company (since 2018) and DLVR, a package security company (since 2018). Mr. Shell served on the Advisory Board, St. Vrain School District Innovation Center (from 2015- 2018). Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	29	None.

INTERESTED TRUSTEE 

Name,  Address*  & Year  of Birth	Position(s)  Held with  Fund	Term of Office**  and Length of  Time Served	Principal Occupation(s)  During Past 5 Years***	Number of  Funds in Fund  Complex  Overseen by  Trustee****	Other Directorships Held by Trustee During  Past 5 Years***
Edmund J. Burke,  1961	Trustee	Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009.	Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. (“ALPS”), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020). Mr. Burke is deemed an interested Trustee by virtue of his prior positions with the ALPS Companies.	54	Mr. Burke is a Trustee of ALPS ETF Trust (23 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

134 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Trustees and Officers

April 30, 2022 (Unaudited)

OFFICERS

Name, Address*  & Year of Birth	Position(s) Held  with Fund	Term of Office** and  Length of Time Served	Principal Occupation(s)  During Past 5 Years***
Dawn Cotten,  1977	President	Ms. Cotten was appointed President of the Trust at the June 8-9, 2021 meeting of the Board of Trustees.	Ms. Cotten joined ALPS in 2009 and is currently Senior Vice President of Fund Administration and Relationship Management of ALPS. She has served in that role since January 2020. Prior to that, Ms. Cotten served as Senior Vice President of Relationship Management (2017-2020). Ms. Cotten served as a Vice President in Relationship Management from 2013-2017. Ms. Cotten also serves as President of ALPS Series Trust, Clough Funds Trust, Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund.
Jennell Panella,  1974	Treasurer	Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Vice President and Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act.
Ted Uhl,  1974	Chief Compliance Officer  (“CCO”)	Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Alpha Alternative Asset Fund, Centre Funds, GraniteShares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. Mr. Uhl formerly served as CCO of the Boulder Growth & Income Fund, Inc., Index Funds and Reality Shares ETF Trust.
Brendan Hamill,  1986	Secretary	Mr. Hamill was elected Secretary of the Trust at the September 14, 2021 meeting of the Board of Trustees.	Mr. Hamill joined ALPS in August 2021, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Hamill was an attorney at Lewis Brisbois Bisgaard & Smith, LLP (law firm) (December 2018-August 2021) and Vedder Price, P.C. (law firm) (August 2015-December 2018). Mr. Hamill also serves as Secretary of ALPS ETF Trust, Secretary of ALPS Variable Investment Trust, Secretary of Principal Real Estate Income Fund, and Assistant Secretary of James Advantage Funds.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until such Trustees successor is elected and appointed, or such Trustee resigns or is deceased. Officers are elected on an annual basis.

*** Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

**** The Fund Complex includes all series of the Trust, currently 29, and any other investment companies for which any Trustee serves as trustee for and for which Grandeur Peak Global Advisors, LLC provides investment advisory services (currently none).

Annual Report | April 30, 2022 135

Grandeur Peak Funds^® Privacy Policy

April 30, 2022 (Unaudited)

Who We Are
Who is providing this notice?	Grandeur Peak Global Opportunities Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Stalwarts Fund, and Grandeur Peak International Stalwarts Fund.
What We Do
How do the Funds protect my  personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do the Funds collect my  personal information?	We collect your personal information, for example, when you ●     open an account  ●     provide account information or give us your contact information  ●     make a wire transfer or deposit money
Why can't I limit all sharing?	Federal law gives you the right to limit only ●     sharing for affiliates’ everyday business purposes-information about your creditworthiness  ●     affiliates from using your information to market to you  ●     sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ●     The Funds does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ●     The Funds does not jointly market.
Other Important Information
California Residents	If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.
Vermont Residents	The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information.

136 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Privacy Policy

April 30, 2022 (Unaudited)

FACTS	WHAT DO THE FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information.  Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ●    Social Security number and account transactions  ●    Account balances and transaction history  ●    Wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do the Funds share:	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share.
For joint marketing with other financial companies	No	We do not share.
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share.
For nonaffiliates to market to you	No	We do not share.

Annual Report | April 30, 2022 137

 

ANNUAL April 30, 2022

Highland Resolute Fund

Class I RMRGX

Highland Resolute Fund Table of Contents

	PAGE
Shareholder Letter	2
Performance Update	6
Consolidated Disclosure of Fund Expenses	8
Consolidated Schedule of Investments	9
Consolidated Statement of Assets and Liabilities	18
Consolidated Statement of Operations	19
Consolidated Statements of Changes in Net Assets	20
Consolidated Financial Highlights	21
Notes to Consolidated Financial Statements	22
Report of Independent Registered Accounting Firm	33
Additional Information	34
Disclosure Regarding Approval of Fund Advisory Agreements	35
Liquidity Risk Management	37
Trustees & Officers	38
Privacy Policy	42

|  1

Highland Resolute Fund Shareholder Letter

April 30, 2022 (Unaudited)

PERFORMANCE:

April 30, 2022

While Highland remains constructive on equity and equity-like assets, recent economic and market-based data has slowed and the long period of equity outperformance may be nearing an end. Highland’s Diffusion Index framework continues to present mixed signals between underlying economic conditions and capital markets activity, with market-based indicators showing weakness while economic indicators have shown resilience. Employment continues to remain strong and job openings continue to rise as employers seek to fill vacancies, however Institute for Supply Management (ISM) new orders and leading credit indicators have softened on economic uncertainty. Market-based factors, such as equity market momentum, have fallen over recent months as investors weigh the risk of a recession and the persistence of inflation on company earnings and consumer balance sheets. This is a stark reversal from the past decade, as defensive equities have outperformed recently as investors sold cyclical names and positioned into more defensive staples. Bonds have also been caught up in the sell-off as interest rates continue to rise. As the Federal Reserve embarks on its path of tightening financial conditions to tame inflation, Highland is carefully assessing the ramifications¹ that this regime change may have on financial assets.

Highland Resolute Fund ("Fund") returned -9.57% during the first four months of 2022, bringing the trailing one-year return to -1.39%. Since inception the Fund has outperformed the HFRX Global Hedge Fund Index (the "Index") by approximately 140 basis points² annualized. The portfolio’s year-to-date performance has been primarily driven by the Beta sleeve³ which captured more equity downside during the market sell-off. In February, the team lowered the Beta sleeve’s equity exposure to reduce risk which contributed to better relative performance through the end of April. Over the trailing one-year, the Beta sleeve performed in-line with expectations and slightly outperformed US equities. The Alpha sleeve⁴ has been the primary source of underperformance over the trailing one-year period. While the portfolio maintains a low beta coefficient to equity markets, the sleeve underperformed expectations during the market sell-off as asset correlations moved closer to one. The Alpha sleeve’s primary detractor has been the risk- parity strategy which significantly underperformed in 2022 as equities and bonds became positively correlated. The commodity relative value strategy also underperformed expectations as commodity prices rose sharply to start the year, but has contributed to relative performance over the trailing one-year. The European long/short strategy has performed in-line with expectations, outperforming equities on a relative basis through the first four months of 2022 and on an absolute basis over the trailing twelve months. The newest allocation within the Alpha sleeve, a quantitative strategy that utilizes artificial intelligence, was added to the sleeve in early 2022 and has not had a meaningful impact on performance.

When compared to the peer group (Morningstar Multi-Alternative Universe), the Fund has outperformed the Universe materially over longer time horizons. As with the Index, the Universe is very diverse and contains a number of market-neutral and other low net equity strategies that have caused the average net equity exposure for the Universe to be considerably less than our Fund. Due to these structural biases we anticipate the strategy to outperform the Universe in up or range-bound markets and underperform in down markets, which is consistent with the fund’s realized performance. Below is a brief overview of the different portfolio pillars:

Beta Sleeve³ – A portfolio consisting of equity-focused mutual fund strategies seeking equity-like returns. Over the trailing twelve months, the sleeve outperformed the S&P 500 Total Return Index by 3 basis points.

Alpha Sleeve⁴ – The Alpha sleeve outperformed domestic equity markets, but underperformed the team’s expectations through the equity market drawdown. The sleeve is made up of four managers with distinct strategies focusing on European long/short equity, risk-parity, commodities relative value, and event-driven equity.

Past performance is not indicative of future results.

The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe, and includes convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value strategies. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. Investors cannot invest directly in an index.

2

Highland Resolute Fund Shareholder Letter

April 30, 2022 (Unaudited)

HIGHLAND RESOLUTE FUND

The table below notes the performance for the Fund as of quarter end under standard reporting (since inception) as well as of April 30, 2022.

Performance (amounts greater than one year are annualized)

			Standardized Performance Data as of March 31, 2022					Non-Standardized Performance Data  as of April 30, 2022
	YTD	1-Year	3-Year	5-Year	Since Inception  (12/30/11)	YTD	1-Year	3-Year	5-Year	Since Inception  (12/30/11)
Highland Resolute Fund – Class I	-4.83%	6.92%	6.26%	4.53%	4.25%	-9.57%	-1.39%	3.90%	3.47%	3.70%
HFRX Global Hedge Fund Index	-1.35%	0.95%	4.95%	2.90%	2.38%	-2.24%	-1.57%	4.41%	2.63%	2.27%
S&P 500 Index	-4.60%	15.65%	18.89%	15.99%	15.58%	-12.92%	0.21%	13.85%	13.64%	14.44%

	Gross Expense  Ratio	Less Expense  Waivers	Net Expense  Ratio	Net Ratio ex Dividend & Short Expense
Highland Resolute Fund – Class I	2.15%	-1.65%	0.50%	0.42%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 1-855-268-2242. 

The Fund has a redemption fee of 2.00% for shares redeemed within the first 90 days of purchase. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account. 

Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights 

The Adviser has agreed to waive (i) the portion of its 1.50% Management Fee in excess of any sub-advisory fees less (ii) third-party administrative costs charged to the Adviser in connection with the non-recurring addition of a new investment sub-advisor for the Fund or the removal of an existing investment sub-adviser to the Fund (“Sub-Advisory Fees”). Such fee waivers and reimbursements for the Fund (the “Expense Agreement”) shall continue through at least August 31, 2022. The Adviser may not discontinue this agreement to waive fees prior to August 31, 2022 without the approval of the Board of Trustees. 

Net Ratio ex Dividend & Short Expense is the Net Expense Ratio less any Dividend and Interest Expense on Securities Sold Short.

Non-standardized performance is any performance period that doesn’t fall on a quarter end.

Closing:

We continue to seek to add value both in our allocation and manager selection decisions. We appreciate your investment in our Highland Resolute Fund, please feel free to contact us with any questions.

Sincerely,

 

Matthew W. Sampson, CFA & Jason T. Copeland, CFA, CAIA 

Portfolio Managers⁵

¹ Representative of the overall composition of the hedge fund universe.

² Basis Point = 0.01%, 100 basis points would equal 1.0%

³ Beta Sleeve is in place to create sensitivity to the overall equity market.

⁴ Alpha Sleeve is to provide market outperformance.

⁵ Jason T. Copeland is a registered representative of ALPS Distributors, Inc. CFA Institute Marks are trademarks owned by the CFA Institute. CAIA Association grants the right to use the CAIA Certification and Collective Marks to those individuals who have been granted the status of either Full Member or Retired Member by CAIAA.

Annual Report | April 30, 2022 3

Highland Resolute Fund Shareholder Letter

April 30, 2022 (Unaudited)

Underlying Allocation Weights:

Figure 1 lists the long-term target asset allocation for the Fund as well as the allocation as of April 30, 2022.

 

Holdings and allocations subject to change and may not reflect the current or future position of the portfolio.

4

Highland Resolute Fund Shareholder Letter

April 30, 2022 (Unaudited)

IMPORTANT NOTES AND DISCLOSURES

Past performance does not guarantee future results.

Fund prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Fund’s prospectus. Please call 1-855-268-2242 to obtain current performance information and for the current prospectus and statement of additional information. This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

The views of Highland Associates, Inc. and the information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers’ current views. The views expressed are those of the Fund’s adviser only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Highland Associates, Inc. nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Highland Resolute Fund is distributed by ALPS Distributors, Inc.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

Diversification does not eliminate the risk of experiencing investment losses.

RISKS:

The Fund’s strategy may expose it to the risks of investments in Swap Contracts and Other Investment Companies. These risks include, but are not limited to higher expenses, allocation risk, underlying fund risk, transparency risk, and underlying fund managed portfolio risk. Investments which focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors. Swap Risk involves swap agreements and are subject to counterparty default risk and may not perform as intended. Derivatives Risk involves the exercise of skill and judgment. Derivatives may expire worthless or not perform as expected. Equity Risk may cause the value of the securities held by the Fund to fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invest.

The Fund’s investments in non-U.S. issuers may be even more volatile and may present more risks than investments in U.S. issuers.

Commodity Risk may subject the Fund to greater volatility than traditional investments because of global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity. Commodity-linked investments may not move in the same direction and to the same extent as the underlying commodities.

Beta is a measure of the volatility–or systematic risk–of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).

Alpha is referred to as “excess return” or “abnormal rate of return,” which refers to the idea that markets are efficient, and so there is no way to systematically earn returns that exceed the broad market as a whole.

The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe, and includes convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value strategies. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. Investors cannot invest directly in an index.

The S&P 500^® Index is the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. The index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly in an index.

Annual Report | April 30, 2022 5

Highland Resolute Fund Performance Update

April 30, 2022 (Unaudited)

Performance (for the year ended April 30, 2022)

Highland Resolute Fund

Cumulative Total Return (for the period ended April 30, 2022)	1 Year	3 Year	5 Year	10 Year	Since Inception*	Gross Ratio(a)	Net Ratio(a)
Highland Resolute Fund - Class I – NAV**	-1.39%	3.90%	3.47%	3.48%	3.70%	2.15%	0.50%
HFRX Global Hedge Fund Index(b)	-1.57%	4.41%	2.63%	2.02%	2.27%
S&P 500® Index(c)	0.21%	13.85%	13.66%	13.67%	14.43%
Dow Jones U.S. Select Dividend Index(d)	8.01%	11.33%	10.42%	12.29%	12.55%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 1-855-268-2242.

The Fund has a redemption fee of 2.00% for shares redeemed within the first 90 days of purchase. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

The Adviser has agreed to waive (i) the portion of its 1.50% Management Fee in excess of any sub-advisory fees less (ii) third-party administrative costs charged to the Adviser in connection with the non-recurring addition of a new investment sub-advisor for the Fund or the removal of an existing investment sub-adviser to the Fund (“Sub-Advisory Fees”). Such fee waivers and reimbursements for the Fund (the “Expense Agreement”) shall continue through at least August 31, 2022. The Adviser may not discontinue this agreement to waive fees prior to August 31, 2022 without the approval of the Board of Trustees.

* Fund inception date of 12/30/11.

** Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

^(a) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(b) The HFRX Global Hedge Fund Index is an additional index, and is designed to be representative of the overall composition of the hedge fund universe and includes convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage and relative value strategies. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. The index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly in an index.

^(c) The S&P 500^® Index is the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. The index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly in an index.

^(d) The Dow Jones U.S. Select Dividend Index is an additional index, and represents the country’s top stocks by dividend yield, selected annually and subject to screening and buffering criteria. The index is not actively managed and does not reflect any deductions of fees, expenses or taxes. An investor may not invest directly in an index.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Top Ten Holdings**

(For the period ended April 30, 2022)

As a percentage of Net Assets
Vanguard Institutional Index Fund, Institutional Class	27.04%
Parametric Volatility Risk Premium - Defensive Fund	19.05%
WABR Cayman Company Limited	13.47%
Typhon Argos Segregated Portfolio	12.13%
PIMCO Short-Term Fund, Institutional Class	11.35%
Dalton Melchior Segregated Portfolio TRS	10.67%
PIMCO Income Fund, Institutional Class	7.48%
CASTLE RIDGE Long/Short Alpha Segregated Portfolio	6.02%
Rydex S&P 500 2x Strategy Fund	2.21%
Top Ten Holdings	109.42%

** Holdings are subject to change, and may not reflect the current or future position of the portfolio.

6

Highland Resolute Fund Performance Update

April 30, 2022 (Unaudited)

Performance of $10,000 Initial Investment (for the year ended April 30, 2022)

Comparison of change in value of a $10,000 investment

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Annual Report | April 30, 2022 7

Highland Resolute Fund Consolidated Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads), redemption fees; and (2) ongoing costs, including management fees, shareholder service fees and other Fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period of November 1, 2021 to April 30, 2022.

Actual Expenses. The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of the table below under the heading titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as applicable sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Highland Resolute Fund	BEGINNING ACCOUNT VALUE 11/01/21	ENDING ACCOUNT VALUE 04/30/22	EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 11/01/21-04/30/22(b)
Class I
Actual	$ 1,000.00	$ 924.60	0.42%	$   2.00
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.71	0.42%	$   2.11

^(a) Annualized, based on the Fund's most recent fiscal half year expenses.

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

8

Highland Resolute Fund Consolidated Schedule of Investments

April 30, 2022

			Value
Description	Shares		(Note 2)
OPEN-END MUTUAL FUNDS (67.14%)
Parametric Volatility Risk Premium - Defensive Fund		2,909,222	$	39,303,587
PIMCO Income Fund, Institutional Class		1,405,687		15,434,444
PIMCO Short-Term Fund, Institutional Class		2,429,325		23,418,697
Rydex S&P 500 2x Strategy Fund		22,633		4,559,229
Vanguard Institutional Index Fund, Institutional Class(a)		159,297		55,800,009
				138,515,966
TOTAL OPEN-END MUTUAL FUNDS
(Cost 134,492,689)				138,515,966

			Value
Description	Shares		(Note 2)
Short-Term Investments (11.38%)
MONEY MARKET FUNDS (11.38%)
First American Government Obligations Fund, 7-day yield, 0.220%		23,470,064		23,470,064
TOTAL SHORT-TERM INVESTMENTS
(Cost $23,470,064)				23,470,064
TOTAL INVESTMENTS (78.52%)
(Cost $157,962,753)			$	161,986,030
SEGREGATED CASH WITH BROKERS (21.71%)(b)				44,790,006
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.23%)				(471,449	)
NET ASSETS (100.00%)			$	206,304,587

^(a) As of April 30, 2022, 27.05% of the Highland Resolute Fund's net assets were invested in the Vanguard Institutional Index Fund. The financial statements of the Vanguard Institutional Index Fund, including its portfolio of investments, can be found at the SEC's website www.sec.gov and should be read in conjunction with the Highland Resolute Fund's financial statements.

^(b) Includes cash which is being held as collateral for total return swap contracts.

See Notes to Financial Statements.

Annual Report | April 30, 2022 9

Highland Resolute Fund Consolidated Schedule of Investments

April 30, 2022

TOTAL RETURN SWAP CONTRACTS^*

Counterparty	Reference Obligation	Notional Amount		Value		Rate Paid by the Fund	Reference Rate	Termination Date	Unrealized Appreciation/ (Depreciation)
Morgan Stanley	Castle Ridge Long/Short Alpha Segregated Portfolio(a)	$	12,370,719	$	12,370,722	70 bps + FEDEF-1D	33	02/08/2023	$	3
Morgan Stanley	Dalton Melchior Segregated Portfolio(b)		21,997,660		21,997,651	95 bps	N/A	03/20/2023		(9	)
Morgan Stanley	Typhon Argos Segregated Portfolio(c)		25,060,871		25,060,877	85 bps	N/A	09/08/2025		6
Morgan Stanley	WABR Cayman Company Limited(d)		27,793,206		27,793,203	5 bps	N/A	06/30/2022		(3	)
		$	87,222,456	$	87,222,453				$	(3	)

^* For the long positions, the Fund receives payments based on any positive return of the Reference Obligation less the rate paid by the Fund. The Fund makes payments on any negative return of such Reference Obligation plus the rate paid by the Fund. For short positions, the Fund receives payments based on any negative return of the Reference Obligation less the rate paid by the Fund. The Fund makes payments on any positive return of such Reference Obligation plus the rate paid by the Fund. Payments are made monthly.

^(a) Castle Ridge Long/Short Alpha Segregated Portfolio employs a quantitative equity market neutral strategy with an AI-framework. Unlike other AI strategies, Castle Ridge employs a deep-learning system that uses an geno-synthetic algorithm for iterative fractal clustering.

^(b) Dalton Melchior Segregated Portfolio is a global equity long/short strategy that uses a long-biased strategy that is focused on cyclical sectors. The strategy has a net exposure that ranges between 50% and 80%, and long exposure varies between 80% and 100%. The strategy is comprised of large cap stocks listed on exchanges of developed and emerging market countries.

^(c) Typhon Argos is a discretionary multi-manager futures strategy with a bias to relative value strategies and commodity focused teams. The manager utilizes seven sub-strategies including four physical commodities specialists across metals, energy, livestock, and grain categories. The remaining strategies trade multiple commodity or financial futures with various quantitative mean reverting or trend following approaches. No single sub-strategy makes up more than 25% of the total portfolio.

^(d) WABR incorporates an absolute return oriented approach within a risk parity framework. Active absolute return strategies include fundamental long/short equity, credit relative value, discretionary macro, and equity market neutral strategies. The strategy also maintains a passive risk weighted allocation to equities and fixed income, but each of the three allocations is equally risk weighted subject to a 40% limit on the absolute return allocation. Gross equity long exposure will typically be 140% or less, and net equity exposure will vary between 5% and 35%.

See Notes to Financial Statements.

10

Highland Resolute Fund Consolidated Schedule of Investments

April 30, 2022

TYPHON ARGOS SEGREGATED PORTFOLIO

Description	Contracts/ Shares			Notional Value			Expiration Date	Value			Percentage of Value			Counterparty
LONG SECURITIES
COMMODITY FUTURE CONTRACTS
LIVE CATTLE		16		$	865,760		August 2022	$	(10,665	)		-0.04	%	Morgan Stanley & Co. LLC
HIGH GRADE COPPER		17			1,873,613		July 2022		(122,669	)		-0.49	%	Morgan Stanley & Co. LLC
HIGH GRADE COPPER		17			1,873,613		July 2022		(131,219	)		-0.52	%	Morgan Stanley & Co. LLC
GOLD CMX		34			6,523,240		August 2022		(93,160	)		-0.37	%	Morgan Stanley & Co. LLC
GOLD CMX		34			6,523,240		August 2022		(8,160	)		-0.03	%	Morgan Stanley & Co. LLC
LIVE CATTLE		16			865,760		August 2022		(16,644	)		-0.07	%	Morgan Stanley & Co. LLC
HIGH GRADE COPPER		34			3,747,225		July 2022		(26,581	)		-0.11	%	Morgan Stanley & Co. LLC
COMMODITY FUTURE CONTRACTS Total					22,272,451				(409,098	)		-1.63	%
OPTIONS
LIVE CATTLE		80			23,200		October 2022		21,600			0.09	%	Morgan Stanley & Co. LLC
LEAN HOGS		32			46,080		August 2022		46,080			0.18	%	Morgan Stanley & Co. LLC
LEAN HOGS		48			69,120		August 2022		69,120			0.28	%	Morgan Stanley & Co. LLC
LIVE CATTLE		80			23,200		October 2022		21,600			0.09	%	Morgan Stanley & Co. LLC
OPTIONS Total					161,600				158,400			0.63	%
INDEX FUTURES CONTRACTS
MICRO E-MINI NASDAQ 100		13			334,152		June 2022		(11,463	)		-0.05	%	Morgan Stanley & Co. LLC
MICRO E-MINI DOW JONES IND		26			427,466		June 2022		(14,855	)		-0.06	%	Morgan Stanley & Co. LLC
MICRO EMINI S&P 500		13			268,288		June 2022		(3,120	)		-0.01	%	Morgan Stanley & Co. LLC
INDEX FUTURES CONTRACTS Total					1,029,906				(29,438	)		-0.12	%
TOTAL LONG				$	23,463,957			$	(280,136	)		-1.12	%
SECURITIES SOLD SHORT
COMMODITY FUTURE CONTRACTS
HIGH GRADE COPPER		(17	)	$	(1,878,713	)	December 2022	$	136,000			0.54	%	Morgan Stanley & Co. LLC
LIVE CATTLE		(16	)		(911,840	)	October 2022		10,345			0.04	%	Morgan Stanley & Co. LLC
CORN		(43	)		(1,615,188	)	December 2022		(34,938	)		-0.14	%	Morgan Stanley & Co. LLC
CORN		(43	)		(1,615,188	)	December 2022		(9,138	)		-0.04	%	Morgan Stanley & Co. LLC
HIGH GRADE COPPER		(17	)		(1,878,713	)	December 2022		133,875			0.53	%	Morgan Stanley & Co. LLC
GOLD CMX		(17	)		(3,249,890	)	June 2022		33,086			0.13	%	Morgan Stanley & Co. LLC
GOLD CMX		(17	)		(3,249,890	)	June 2022		99,110			0.40	%	Morgan Stanley & Co. LLC
GOLD CMX		(34	)		(6,499,780	)	June 2022		8,840			0.04	%	Morgan Stanley & Co. LLC
LIVE CATTLE		(16	)		(911,840	)	October 2022		13,764			0.05	%	Morgan Stanley & Co. LLC
HIGH GRADE COPPER		(17	)		(1,873,400	)	August 2022		17,189			0.07	%	Morgan Stanley & Co. LLC
HIGH GRADE COPPER		(17	)		(1,873,400	)	August 2022		113			0.00	%	Morgan Stanley & Co. LLC
COMMODITY FUTURE CONTRACTS Total					(25,557,842	)			408,246			1.63	%
OPTIONS
LEAN HOGS		(80	)		(50,400	)	August 2022		(50,400	)		-0.20	%	Morgan Stanley & Co. LLC
CRUDE OIL		(28	)		(57,960	)	December 2022		(57,960	)		-0.23	%	Morgan Stanley & Co. LLC
CRUDE OIL		(28	)		(112,280	)	December 2022		(112,280	)		-0.45	%	Morgan Stanley & Co. LLC
CRUDE OIL		(28	)		(29,680	)	December 2022		(29,680	)		-0.12	%	Morgan Stanley & Co. LLC
CRUDE OIL		(28	)		(54,040	)	August 2022		(54,040	)		-0.22	%	Morgan Stanley & Co. LLC
CRUDE OIL		(28	)		(85,960	)	August 2022		(85,960	)		-0.34	%	Morgan Stanley & Co. LLC
CRUDE OIL		(28	)		(35,280	)	August 2022		(35,280	)		-0.14	%	Morgan Stanley & Co. LLC
CRUDE OIL		(28	)		(79,240	)	December 2022		(79,240	)		-0.32	%	Morgan Stanley & Co. LLC
OPTIONS Total					(504,840	)			(504,840	)		-2.01	%
TOTAL SHORT				$	(26,062,682	)		$	(96,594	)		-0.39	%
REMAINING CASH									25,437,607			101.50	%
Grand Total								$	25,060,877

See Notes to Financial Statements.

Annual Report | April 30, 2022 11

Highland Resolute Fund Consolidated Schedule of Investments

April 30, 2022

DALTON MELCHIOR SEGREGATED PORTFOLIO

Description	Contracts/ Shares	Notional Value		Value		Percentage of Value			Counterparty	Floating Rate/Fixed Rate Amount Paid by Fund	Reference Rate	Termination Date	Unrealized Gain (Loss)
LONG SECURITIES
EQUITY SWAPS
Aalberts NV NV		$	356,055	$	339,483		1.54	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23	$	(16,573	)
Applus Services SA			385,232		344,442		1.57	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(40,789	)
Asr Nederland NV			355,568		442,872		2.01	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		87,304
Breedon Group PLC			379,944		282,330		1.28	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		(97,614	)
Capgemini SE			426,146		439,801		2.00	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		13,655
Cie Financiere Richemo-A Reg			433,585		409,691		1.86	%	Morgan Stanley & Co. LLC	49 bps + 1D SARON	-70 bps	03/28/23		(23,895	)
Corticeira Amorim SA			700,855		659,018		3.00	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(41,837	)
Diageo PLC			507,057		554,832		2.52	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		47,774
Erste Group Bank Ag			576,706		531,372		2.42	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(45,334	)
Ferguson PLC			670,091		620,740		2.82	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		(49,351	)
Finecobank SPA			635,177		578,771		2.63	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(56,407	)
Fluidra SA			1,028,631		957,132		4.35	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(71,499	)
Games Workshop Group PLC			691,884		566,779		2.58	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		(125,106	)
Grafton Group Plc-Uts-Cdi			638,097		517,362		2.35	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		(120,735	)
Howden Joinery Group PLC			772,005		734,589		3.34	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		(37,416	)
Inficon Holding AG-Reg			390,308		326,230		1.48	%	Morgan Stanley & Co. LLC	49 bps + 1D SARON	-70 bps	03/28/23		(64,078	)
Jd Sports Fashion PLC			548,023		422,960		1.92	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		(125,063	)
Jet2 PLC			498,105		570,773		2.59	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		72,667
Laboratorios Farmaceuticos			685,951		745,840		3.39	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		59,889
Lonza Group AG-Reg			434,569		366,146		1.66	%	Morgan Stanley & Co. LLC	49 bps + 1D SARON	-70 bps	03/28/23		(68,423	)
Lotus Bakeries			308,255		321,041		1.46	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		12,786
Merck Kgaa			496,116		521,572		2.37	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/27/23		25,456
Moncler SPA			348,279		324,537		1.48	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(23,742	)
Musti Group Oy			732,351		557,429		2.53	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(174,922	)
Nestle Sa-Reg			550,559		598,113		2.72	%	Morgan Stanley & Co. LLC	49 bps + 1D SARON	-70 bps	03/28/23		47,554
Nordea Bank Abp			301,976		280,909		1.28	%	Morgan Stanley & Co. LLC	55 bps + 1M STIBO	-8 bps	09/09/22		(21,067	)
Piaggio & C. S.P.A.			331,846		269,109		1.22	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(62,737	)
Renishaw PLC			385,740		365,207		1.66	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		(20,533	)
Robertet Sa			667,356		648,609		2.95	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(18,747	)
Sanoma Oyj			436,248		360,534		1.64	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/28/23		(75,714	)
Scout24 SE			861,689		984,756		4.48	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/27/23		123,067
Stabilus SE			356,976		283,319		1.29	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/27/23		(73,657	)
Vivendi SE			1,034,981		1,002,665		4.56	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-52 bps	03/28/23		(32,316	)
Volution Group PLC			459,225		444,694		2.02	%	Morgan Stanley & Co. LLC	59 bps + 1D SONIA	69 bps	03/28/23		(14,532	)
Vonovia SE			664,583		543,389		2.47	%	Morgan Stanley & Co. LLC	55 bps + 1M EURIB	-53 bps	03/27/23		(121,194	)
EQUITY SWAPS Total			19,050,171		17,917,044		81.45	%
TOTAL LONG		$	19,050,171	$	17,917,044		81.45	%

See Notes to Financial Statements.

12

Highland Resolute Fund Consolidated Schedule of Investments

April 30, 2022

Description	Contracts/ Shares			Notional Value			Value			Percentage of Value			Counterparty	Floating Rate/Fixed Rate Amount Paid by Fund	Reference Rate	Termination Date	Unrealized Gain (Loss)
SECURITIES SOLD SHORT
EQUITY SWAPS
Alstom				$	(456,748	)	$	(324,704	)		-1.48	%	Morgan Stanley & Co. LLC	1D EONIA -40 bps	-50 bps	03/28/23	$	132,044
De'Longhi Spa					(656,189	)		(598,126	)		-2.72	%	Morgan Stanley & Co. LLC	1D EONIA -50 bps	-50 bps	03/28/23		58,063
Djs Mid 200 Pr					(3,198,952	)		(2,942,820	)		-13.38	%	Morgan Stanley & Co. LLC	1D EONIA- 43bps	-50 bps	07/29/22		256,132
Electrolux Ab-B(Sto)					(727,054	)		(661,149	)		-3.01	%	Morgan Stanley & Co. LLC	1W STIBO -50 bps	-7 bps	09/09/22		65,905
Ftse 250 Index					(362,959	)		(331,712	)		-1.51	%	Morgan Stanley & Co. LLC	1D SONIA-51bps	69 bps	11/21/22		31,246
Gerresheimer Ag					(630,025	)		(555,276	)		-2.52	%	Morgan Stanley & Co. LLC	1D EONIA -40 bps	-50 bps	03/27/23		74,749
Learning Technologies Group					(427,390	)		(345,938	)		-1.57	%	Morgan Stanley & Co. LLC	1D SONIA -35 bps	69 bps	03/28/23		81,451
Logitech International-Reg					(737,237	)		(686,954	)		-3.12	%	Morgan Stanley & Co. LLC	1D SARON -40 bps	-70 bps	03/28/23		50,283
Maire Tecnimont Spa					(520,276	)		(475,768	)		-2.16	%	Morgan Stanley & Co. LLC	1D EONIA -350 bps	-50 bps	03/28/23		44,508
Melexis Nv					(351,313	)		(343,665	)		-1.56	%	Morgan Stanley & Co. LLC	1D EONIA -50 bps	-50 bps	03/28/23		7,648
Mips Ab					(489,772	)		(481,340	)		-2.19	%	Morgan Stanley & Co. LLC	1W STIBO -50 bps	-7 bps	09/09/22		8,432
Nordex Se					(795,695	)		(738,165	)		-3.36	%	Morgan Stanley & Co. LLC	1D EONIA -87.5 bps	-50 bps	03/27/23		57,530
Stadler Rail Ag					(634,115	)		(610,603	)		-2.78	%	Morgan Stanley & Co. LLC	1D SARON-850 bps	-70 bps	03/28/23		23,512
Stoxx-Dj Small 200 Price					(3,303,749	)		(2,964,729	)		-13.48	%	Morgan Stanley & Co. LLC	1D EONIA-61 bps	-50 bps	07/29/22		339,020
EQUITY SWAPS Total					(13,291,473	)		(12,060,950	)		-54.83	%
INDEX FUTURE CONTRACTS
EURO STOXX 50 JUN22		(137	)		(5,402,784	)		110,452			0.50	%	Morgan Stanley & Co. LLC
INDEX FUTURE CONTRACTS Total								110,452			0.50	%
TOTAL SHORT				$	(18,694,257	)	$	(11,950,498	)		(54.33	%)
REMAINING SECURITIES AND								16,031,102			72.88	%
CASH
Grand Total							$	21,997,651

See Notes to Financial Statements.

Annual Report | April 30, 2022 13

Highland Resolute Fund Consolidated Schedule of Investments

April 30, 2022

WABR CAYMAN COMPANY LIMITED

Description	Contracts/ Shares		Notional Value		Value			Percentage of Value			Counterparty	Floating Rate/Fixed Rate Amount Paid by Fund	Reference Rate	Termination Date	Unrealized Gain(Loss)
LONG SECURITIES
COMMON STOCKS
Acadia Realty REIT		3,786			$	79,205			0.28	%
Anaplan		1,959				127,300			0.46	%
Cerner		1,469				137,601			0.50	%
Ciena		1,594				87,913			0.32	%
Coca Cola Europacific Partners		1,781				88,937			0.32	%
Coherent		300				80,458			0.29	%
Commscope Holding		21,963				132,438			0.48	%
Conocophillips		990				94,520			0.34	%
Douglas Emmett REIT		2,436				71,753			0.26	%
Ericsson Spon Adr Rep 1 Class B		14,096				112,205			0.40	%
Exxon Mobil		1,002				85,438			0.31	%
First Horizon		3,128				70,007			0.25	%
Innovative Industrial Property		563				81,435			0.29	%
Invesco S&P 500 Equal Weight ETF		523				77,180			0.28	%
Microsoft		490				135,953			0.49	%
Motorola Solutions		386				82,389			0.30	%
National Storage Affiliates		1,279				72,377			0.26	%
Netstreit		3,694				79,857			0.29	%
Oracle		1,317				96,694			0.35	%
Palo Alto Networks		122				68,631			0.25	%
Qualcomm		604				84,369			0.30	%
Rogers		273				73,861			0.27	%
Sun Communities REIT		520				91,248			0.33	%
T Mobile		588				72,404			0.26	%
Ventas REIT		2,301				127,811			0.46	%
Zynga Class A		17,286				142,953			0.51	%
COMMON STOCKS Total						2,454,937			8.83	%
EQUITY SWAPS
iSHARES Iboxx High Yield Bond ETF			$	5,866,236		5,373,976			19.34	%	Morgan Stanley & Co. LLC	1D FEDEF - 97 bps	33 bps	12/30/2022		(492,260	)
iSHARES Iboxx Investment Grade ETF				6,013,672		5,232,861			18.83	%	Morgan Stanley & Co. LLC	3 bps + 1D FEDEF	33 bps	12/30/2022		(780,811	)
EQUITY SWAPS Total				11,879,908		10,606,837			38.17	%
INTEREST RATE FUTURE CONTRACTS
10 Yr Us Govt Treasury Note Jun-22		23		2,718,814		(164,288	)		-0.59	%	Morgan Stanley & Co. LLC
Ultra Long Term Us Treasury Bond Jun-22		14		2,315,338		(335,715	)		-1.21	%	Morgan Stanley & Co. LLC
INTEREST RATE FUTURE CONTRACTS Total				5,034,152		(500,003	)		-1.80	%
INDEX FUTURE CONTRACTS
E-Mini Russell 2000 Index Jun-22		24		2,268,680		(182,942	)		-0.66	%	Morgan Stanley & Co. LLC
E-Mini S&P 500 Stock Index Jun-22		22		4,628,409		(150,421	)		-0.54	%	Morgan Stanley & Co. LLC
INDEX FUTURE CONTRACTS Total				6,897,089		(333,363	)		-1.20	%
TOTAL LONG			$	23,811,149	$	12,228,408			44.00	%

See Notes to Financial Statements.

14 

Highland Resolute Fund Consolidated Schedule of Investments

April 30, 2022

Description	Contracts/ Shares			Notional Value	Value			Percentage of Value			Counterparty	Floating Rate/Fixed Rate Amount Paid by Fund	Reference Rate	Termination Date	Unrealized Gain(Loss)
SECURITIES SOLD SHORT
COMMON STOCKS
3M		(604	)		$	(87,076	)		-0.31	%
Dollar General		(311	)			(73,792	)		-0.27	%
Extra Space Storage REIT		(387	)			(73,440	)		-0.26	%
Four Corners Property		(2,984	)			(81,930	)		-0.29	%
HP		(1,985	)			(72,692	)		-0.26	%
Invesco QQQ Trust Series 1 ETF		(1,361	)			(426,284	)		-1.53	%
iSHARES Expanded Technology Sector ETF		(774	)			(232,229	)		-0.84	%
iSHARES Russell 2000 ETF		(2,060	)			(380,993	)		-1.37	%
iSHARES US Technology ETF		(1,218	)			(109,129	)		-0.39	%
Omega Healthcare REIT		(3,272	)			(83,376	)		-0.30	%
Prologis REIT		(560	)			(89,778	)		-0.32	%
Spdr Fund Consumer Staples ETF		(1,374	)			(106,686	)		-0.38	%
Spdr S&P 500 ETF		(830	)			(342,041	)		-1.23	%
Spdr S&P Semiconductor ETF		(457	)			(78,607	)		-0.28	%
United Parcel Service Class B		(432	)			(77,745	)		-0.28	%
Urban Edge Properties		(4,166	)			(77,859	)		-0.28	%
Vaneck Semiconductor ETF		(803	)			(184,545	)		-0.66	%
Vanguard Real Estate ETF		(2,217	)			(230,473	)		-0.83	%
COMMON STOCKS Total						(2,808,675	)		-10.11	%
TOTAL SHORT					$	(2,808,675	)		-10.11	%
REMAINING SECURITIES AND CASH						18,373,470			66.11	%
Grand Total					$	27,793,203

See Notes to Financial Statements.

Annual Report | April 30, 2022 15

Highland Resolute Fund Consolidated Schedule of Investments

April 30, 2022

CASTLE RIDGE LONG/SHORT ALPHA SEGREGATED PORTFOLIO

Description	Contracts/Shares		Value		Percentage of Value
LONG SECURITIES
COMMON STOCKS
Advanced Micro Devices, Inc.		911	$	77,916		0.63	%
Agilon Health, Inc.		4,212		74,845		0.61	%
Altice Usa, Inc.		7,712		71,566		0.58	%
AmerisourceBergen Corp.		503		76,074		0.61	%
Arista Networks, Inc.		652		75,374		0.61	%
Assurant, Inc.		473		86,023		0.70	%
Black Knight, Inc.		1,105		72,714		0.59	%
CBOE Holdings, Inc.		692		78,185		0.63	%
Henry Schein, Inc.		1,125		91,251		0.74	%
Herbalife Ltd		4,924		130,875		1.06	%
Jack Henry & Associates, Inc.		408		77,395		0.63	%
Maravai Lifesciences Holdings, Inc.		2,504		76,955		0.62	%
NCR Corp.		3,042		106,558		0.86	%
New Relic, Inc.		2,041		129,148		1.04	%
Novavax, Inc.		2,818		127,002		1.03	%
NVIDIA Corp		408		75,717		0.61	%
Oak Street Health, Inc.		4,187		75,743		0.61	%
ON Semiconductor Corp.		1,523		79,387		0.64	%
Qualcomm, Inc.		473		66,069		0.53	%
Quidel Corp.		1,289		129,745		1.05	%
Reynolds Consumer Products, Inc.		2,634		77,930		0.63	%
Sealed Air Corp.		1,155		74,165		0.60	%
Shoals Technologies Group, Inc.		7,811		77,958		0.63	%
Solaredge Technologies, Inc.		279		69,815		0.56	%
SS&C Technologies Holdings, Inc.		1,170		75,650		0.61	%
Tandem Diabetes Care, Inc.		787		75,893		0.61	%
Technology Solutions Co.		956		77,331		0.63	%
Tempur Sealy International, Inc.		2,858		77,473		0.63	%
ViaSat Inc.		2,116		77,886		0.63	%
COMMON STOCKS Total				2,462,643		19.91	%
TOTAL LONG			$	2,462,643		19.91	%

See Notes to Financial Statements.

16

Highland Resolute Fund Consolidated Schedule of Investments

April 30, 2022

Description	Contracts/Shares			Value			Percentage of Value
SECURITIES SOLD SHORT
COMMON STOCKS
Amazon.Com, Inc.		(40	)	$	(98,999	)		-0.80	%
Bentley Systems, Inc.		(2,449	)		(103,833	)		-0.84	%
Block, Inc.		(1,324	)		(131,821	)		-1.07	%
Booking Holdings, Inc.		(40	)		(88,034	)		-0.71	%
Broadridge Financial Solutions, Inc.		(468	)		(67,451	)		-0.55	%
Corteva, Inc.		(1,140	)		(65,772	)		-0.53	%
CoStar Group, Inc.		(1,050	)		(66,832	)		-0.54	%
Doordash, Inc.		(841	)		(68,514	)		-0.55	%
EPAM Systems Inc.		(393	)		(104,223	)		-0.84	%
Fidelity National Information Services, Inc.		(1,842	)		(182,642	)		-1.48	%
Five9, Inc.		(1,026	)		(112,917	)		-0.91	%
Global Payments, Inc.		(533	)		(72,970	)		-0.59	%
International Paper Co.		(1,399	)		(64,745	)		-0.52	%
Johnson Controls International PLC		(1,140	)		(68,258	)		-0.55	%
MasterCard, Inc.		(179	)		(65,128	)		-0.53	%
Meta Platforms, Inc.		(478	)		(95,814	)		-0.77	%
Monster Beverage Corp.		(1,050	)		(90,005	)		-0.73	%
Paypal Holdings, Inc.		(1,026	)		(90,180	)		-0.73	%
Phillips 66		(1,299	)		(112,737	)		-0.91	%
Southwest Airlines Co.		(1,663	)		(77,688	)		-0.63	%
Western Digital Corp.		(3,346	)		(177,552	)		-1.44	%
COMMON STOCKS Total					(2,006,115	)		-16.22	%
TOTAL SHORT				$	(2,006,115	)		-16.22	%
REMAINING SECURITIES AND CASH					11,914,194			96.31	%
Grand Total				$	12,370,722

Common Abbreviations:

EONIA - Euro Overnight Index Average

ETF - Exchange Traded Fund.  

EURIBOR - Euro Interbank Offered Rate.

FEDEF - Federal Funds Rate.

LIBOR - London Interbank Offered Rate.

PIMCO - Pacific Investment Management Company.

REIT - Real Estate Investment Trust

SARON - Swiss Average Rate Overnight

S&P - Standard & Poor's.

SONIA - Sterling Overnight Interbank Average Rate.  

SPDR - Standard & Poor's Depositary Receipt.  

STIBO - Stockholm Interbank Offered Rate.

Currency Abbreviations:

EUR - Euro

See Notes to Financial Statements.

Annual Report | April 30, 2022 17

Highland Resolute Fund Consolidated Statement of Assets and Liabilities

April 30, 2022

ASSETS
Investments, at value	$	161,986,030
Unrealized appreciation on total return swap contracts		9
Deposits with brokers for total return swap contracts and written options		44,790,006
Cash		1,858,163
Dividends receivable		58,292
Interest receivable		141
Receivable due from adviser		18
Receivable for total return swap reset		241,687
Other assets		9,338
Total assets		208,943,684
LIABILITIES
Unrealized depreciation on total return swap contracts		12
Shareholder service fees payable		104,534
Payable for interest expense on total return swap contracts		45,543
Payable for total return swap reset		2,289,342
Payable for shares redeemed		2,000
Trustee fees and expenses payable		14,400
Chief compliance officer fees payable		6,416
Principal financial officer fees payable		1,300
Administration fees payable		43,189
Transfer agency fees payable		9,330
Professional fees payable		74,096
Custody fees payable		12,096
Accrued expenses and other liabilities		36,839
Total liabilities		2,639,097
NET ASSETS	$	206,304,587
NET ASSETS CONSIST OF
Paid-in capital (Note 6)	$	210,520,550
Total distributable earnings/(loss)		(4,215,963	)
NET ASSETS	$	206,304,587
INVESTMENTS, AT COST	$	157,962,753
PRICING OF SHARES
Class I:
Net Asset Value, offering and redemption price per share	$	10.86
Net Assets	$	206,304,587
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		18,992,561

See Notes to Financial Statements.

18

Highland Resolute Fund Consolidated Statement of Operations

For the Year Ended April 30, 2022

INVESTMENT INCOME
Dividends	$	1,465,232
Interest		8,372
Foreign taxes withheld		(9,670	)
Total investment income		1,463,934
EXPENSES
Investment advisory fees (Note 7)		2,985,928
Investment advisory fees-subsidiary		295,437
Administration fees		439,313
Transfer agency fees		74,217
Shareholder service fees
Class I		117,287
Professional fees		87,320
Custody fees		24,369
Reports to shareholders and printing fees		11,368
Trustee fees and expenses		17,435
Registration/filing fees		26,732
Chief compliance officer fees		76,556
Principal financial officer fees		15,606
Other		45,722
Total expenses before waivers		4,217,290
Less fees waived/reimbursed by investment adviser (Note 7)
Class I		(2,983,518	)
Waiver of investment advisory fees - subsidiary (Note 7)		(295,437	)
Total net expenses		938,335
NET INVESTMENT INCOME		525,599
Net realized gain on investments		12,572,654
Net realized gain on futures contracts		139,290
Net realized gain on written options		135,466
Net realized loss on total return swap contracts		(3,877,541	)
Net realized gain on foreign currency transactions		467
Total net realized gain		8,970,336
Net change in unrealized appreciation/depreciation on investments		(13,332,240	)
Net change in unrealized appreciation/depreciation on written options		(51,060	)
Net change in unrealized appreciation/depreciation on futures contracts		(765,320	)
Net change in unrealized appreciation/depreciation on total return swap contracts		31,053
Net change in unrealized appreciation/depreciation on translation of assets and liabilities in foreign currency transactions		(640	)
Total net change in unrealized appreciation/depreciation		(14,118,207	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(5,147,871	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,622,272	)

See Notes to Financial Statements.

Annual Report | April 30, 2022 19

Highland Resolute Fund Consolidated Statements of Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment income	$	525,599		$	2,736,909
Net realized gain		8,970,336			23,515,819
Net change in unrealized appreciation/(depreciation)		(14,118,207	)		16,061,220
Net increase/(decrease) in net assets resulting from operations		(4,622,272	)		42,313,948
TOTAL DISTRIBUTIONS (NOTE 4)
Class I		(10,475,416	)		–
Net decrease in net assets from distributions		(10,475,416	)		–
BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Class I		59,139,370			28,612,421
Dividends reinvested
Class I		10,475,416			–
Shares redeemed, net of redemption fees
Class I		(7,654,687	)		(91,284,334	)
Net increase/(decrease) in net assets derived from beneficial interest transactions		61,960,099			(62,671,913	)
Net increase/(decrease) in Net Assets		46,862,411			(20,357,965	)
NET ASSETS:
Beginning of period		159,442,176			179,800,141
End of period	$	206,304,587		$	159,442,176

See Notes to Financial Statements.

20

Highland Resolute Fund Consolidated Financial Highlights

For a share outstanding throughout the years presented

	Class I
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018(a)
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.58		$	9.28		$	10.30		$	10.81		$	11.14
INCOME/(LOSS) FROM OPERATIONS
Net investment income(b)		0.03			0.14			0.19			0.20			0.25
Net realized and unrealized gain/(loss) on investments		(0.14	)		2.16			(1.09	)		(0.22	)		0.38
Total from Operations		(0.11	)		2.30			(0.90	)		(0.02	)		0.63
LESS DISTRIBUTIONS
Net investment income		(0.61	)		–			(0.12	)		(0.15	)		(0.77	)
Net realized gain on investments		–			–			–			(0.34	)		(0.19	)
Total Distributions		(0.61	)		–			(0.12	)		(0.49	)		(0.96	)
REDEMPTION FEES ADDED TO PAID IN CAPITAL		0.00			–			0.00			0.00			–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.72	)		2.30			(1.02	)		(0.51	)		(0.33	)
NET ASSET VALUE, END OF PERIOD	$	10.86		$	11.58		$	9.28		$	10.30		$	10.81
TOTAL RETURN(c)		(1.48	)%		24.78	%		(8.65	)%		0.22	%		5.51	%
RATIOS/SUPPLEMENTAL DATA
Net assets, End of Period (000s)	$	206,305		$	159,442		$	179,800		$	332,435		$	373,865
RATIOS TO AVERAGE NET ASSETS:
Operating expenses excluding reimbursement/waiver(d)		1.97	%(e)(f)		1.94	%(e)(f)		1.90	%(e)(f)		1.89	%(e)(f)		1.94	%(e)(f)
Operating expenses including reimbursement/waiver(d)		0.47	%(e)		0.50	%(e)		0.69	%(e)		0.74	%(e)		0.82	%(e)
Net investment income including reimbursement/waiver(d)		0.26	%		1.37	%		1.89	%		1.95	%		2.24	%
PORTFOLIO TURNOVER RATE		43	%		42	%		103	%		55	%		79	%

^(a) Prior to August 31, 2017 the Highland Resolute Fund was known as the Redmont Resolute Fund.

^(b) Calculated using the average shares method.

^(c) Total investment return is calculated assuming a purchase of a common share at the opening of the first day and a sale at closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total returns would have been lower had certain expenses not been waived during the period. Total investment returns do not reflect brokerage commissions, if any, and are not annualized.

^(d) The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Consolidated Schedule of Investments.

^(e) Dividend and interest expense on securities sold short totaled 0.00%, 0.00%, 0.09%, 0.19% and 0.25% of average net assets for the years ended April 30, 2022, 2021, 2020, 2019 and 2018 , respectively.

^(f) The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (See Note 7 for additional detail). The ratio inclusive of that fee would be 2.12%, 2.06%, 1.99%, 1.97% and 2.01% for the years ended April 30, 2022, 2021, 2020, 2019 and 2018, respectively.

See Notes to Financial Statements.

Annual Report | April 30, 2022 21

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

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 annual report describes the Highland Resolute Fund (the “Fund”). The Fund seeks to provide long-term total return with reduced volatility and reduced correlation to the conventional stock and bond markets. The Fund offers Class I shares.

Basis of Consolidation: Redmont Resolute (the “Subsidiary”), a Cayman Islands exempted company, is a wholly owned subsidiary of the Fund. The Subsidiary’s investment objective is designed to enhance the ability of the Fund to obtain exposure to equities, financial, currency and commodities markets consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary is subject to substantially the same investment policies and investment restrictions as the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain commodity-related investments on behalf of the Fund. Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity markets within the limitations of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and recent IRS revenue rulings, as discussed below under “Federal Income Taxes”. The Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to wholly own and vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. The Fund may invest up to 25% of its total assets in shares of the Subsidiary. As a wholly owned subsidiary of the Fund, all assets and liabilities, income and expenses of the Subsidiary are consolidated in the financial statements and financial highlights of the Fund collectively referred to as the "financial statements" in these notes to the consolidated financial statements. All investments held by the Subsidiary are disclosed in the accounts of the Fund. As of April 30, 2022, net assets of the Fund were $206,304,587, of which $19,910,109 or 9.65%, represented the Fund’s ownership of all issued shares and voting rights of the Subsidiary. The Fund and the Subsidiary are "commodity pools" under the U.S. Commodity Exchange Act, and Highland Associates, Inc. (the "Adviser") is a "commodity pool operator" registered with and regulated by the Commodities Futures Trading Commission (CFTC).

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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is 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 ("FASB") Accounting Standards Codification (ASU) Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Fund and Subsidiary in preparation of the financial statements.

Investment Valuation: The Fund records its investments in securities at fair value. The Fund generally values its securities 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.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees of the Trust (the “Board”), which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers–dealers that make a market in the security. Municipal securities having a remaining maturity of greater than 60 days, are typically valued at the evaluated bid price formulated by an independent pricing service. Corporate Bonds, U.S. Government & Agency, and U.S. Treasury Bonds & Notes 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. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market.

22 

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

Futures contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or comparable over the counter market, and that are freely transferrable, are valued at their closing settlement price on the exchange on which they are primarily traded or based upon the current settlement price for a like instrument acquired on the day on which the instrument is being valued. A settlement price may not be used if the market moves with respect to a particular commodity. Over-the-counter swap contracts for which market quotations are readily available are valued based on quotes received from independent pricing services or one or more dealers that make markets in such securities. When an available price is not obtainable, the last trade price is utilized to value the swap contracts, or price is provided by the swap provider or prime broker. Options contracts listed for trading on a securities exchange or board of trade are valued at the last quoted sales price or, in the absence of a sale at the mean of the last bid and asked price.

Forward currency exchange contracts have a fair value determined by the 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. Foreign exchange rates and forward foreign currency exchange rates may generally be obtained at the close of the NYSE, normally 4:00 p.m. Eastern Time.

When such prices or quotations are not available, or when the Adviser believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

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

Various inputs are used in determining the value of the Fund’s 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 Fund has 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 Fund’s 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 the inputs used to value the Fund’s investments as of April 30, 2022:

Highland Resolute Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Open-End Mutual Funds	$	138,515,966	$	–		$	–	$	138,515,966
Short-Term Investments
Money Market Funds		23,470,064		–			–		23,470,064
Total	$	161,986,030	$	–		$	–	$	161,986,030
Other Financial Instruments**
Assets:
Total Return Swap Contracts	$	–	$	9		$	–	$	9
Liabilities:
Total Return Swap Contracts		–		(12	)		–		(12	)
Total	$	–	$	(3	)	$	–	$	(3	)

Annual Report | April 30, 2022 23

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

^* For detailed descriptions, see the accompanying Consolidated Schedule of Investments.

^** Other financial instruments are derivative instruments reflected in the Consolidated Schedule of Investments. The Total Return Swap Contracts shown in the table are reported at their unrealized appreciation/(depreciation) at the measurement date, which represents the change in the contract’s value from trade date or the last reset date.

As of April 30, 2022, the Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

Trust Expenses: Some expenses of the Trust can be directly attributed to the Fund. Expenses which cannot be directly attributed to the Fund are apportioned among all funds in the Trust based on average net assets of the Fund.

Federal Income Taxes: The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that the Fund will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2022, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. For tax purposes, the Subsidiary is an exempt Cayman Islands investment company and has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a controlled foreign corporation ("CFC") and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of the CFC, to the extent of its earnings and profits, will be included each year in the Fund's taxable income. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Consolidated Statement of Operations.

Concentration of Credit Risk: The Fund places its cash with a banking institution, which is insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Fund does not believe that such deposits are subject to any unusual risk associated with investment activities.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis). Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned using the effective yield method. Dividend income is recognized on the ex-dividend date or, for withholding taxes or certain foreign securities, as soon as information is available to the Fund. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Consolidated Statement of Operations.

Foreign Securities: The Fund 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 re-evaluation 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.

Foreign Currency Translation: Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions.

Short Sales: The Fund may make short sales of securities consistent with its 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.

24

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

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. Losses incurred from engaging in short sales may be unlimited.

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.

Distributions to Shareholders: The Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest and dividends and other income the Fund receives from their investments, including distributions of short term capital gains. Capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than a year. The Fund may make additional distributions and dividends at other times if the Adviser believes doing so may be necessary for the Fund to avoid or reduce taxes.

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.

Libor Risk: In March 2020, the FASB issued ASU No. 2020 04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Fund's investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short term Eurodollar deposits between major international banks. On November 30, 2020, the administrator of LIBOR announced its intention to delay the phase out of the majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund's transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Fund or the Fund's investments cannot yet be determined.

3. DERIVATIVE INSTRUMENTS

Swap Contracts: The Fund may enter into swap transactions for hedging purposes or to seek to increase total return. At the present time, the Fund primarily enters into swap transactions for the purpose of increasing total return. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Fund and/or the termination value at the end of the contract.

Therefore, the Fund considers the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk that are not directly reflected in the amounts recognized in the Consolidated Statement of Assets and Liabilities.

The Fund invests in total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The Fund may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Fund must set aside liquid assets, or engage in other appropriate measures, to cover its obligations under these contracts. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss. Upfront payments made and/or received by the Fund are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are

Annual Report | April 30, 2022 25

Highland Resolute Fund Notes to Consolidated Financial Statements

 April 30, 2022

recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded on the Consolidated Statement of Operations. Swap agreements held at April 30, 2022 are disclosed in the Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern Over the Counter (OTC) financial derivative transactions entered into by the Fund and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early terminate could be material to the financial statements.

Option Contracts: The Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. The Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the CFTC, foreign exchanges. A call option on an asset written by the Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by a Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses which are recorded on the Consolidated Statement of Operations.

Futures: The Fund may enter into futures contracts for hedging purposes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into a futures contract, the Fund is required to deposit an initial margin with the broker in an amount equal to a certain percentage of the contract amount. The Fund receives from or pays to the broker, on a daily basis, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin,” and are recorded by the Fund as unrealized gains or losses. When the futures contract is closed, the Fund records a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The Fund’s potential losses from the use of futures extend beyond its initial investment in such contracts. The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The predominant risk is that the movement of a futures contract’s price may result in a loss, which could render the Fund’s hedging strategy unsuccessful. There is minimal counterparty credit risk since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Risk Exposure: The following tables disclose the amounts related to the Fund’s use of derivative instruments.

The effect of derivative instruments on the Consolidated Statement of Assets and Liabilities as of April 30, 2022, was as follows:

Risk Exposure	Asset Derivatives Statement of Assets and Liabilities Location	Fair Value		Liability Derivatives Statement of Assets and Liabilities Location	Fair Value
Highland Resolute Fund
Equity Risk (Total Return Swap Contracts)	Unrealized appreciation on total return swap contracts	$	3	Unrealized depreciation on total return swap contracts	$	12
Commodity Risk (Total Return Swap Contracts)	Unrealized appreciation on total return swap contracts		6	Unrealized depreciation on total return swap contracts		–
Total		$	9		$	12

26

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

The effect of derivative instruments on the Consolidated Statement of Operations for the year ended April 30, 2022, was as follows:

Risk Exposure	Statement of Operations Location	Realized Gain/(Loss)  on Derivatives  Recognized in Income			Change in Unrealized Appreciation/(Depreciation) on Derivatives  Recognized in Income
Highland Resolute Fund
Equity Risk (Total Return Swap Contracts)	Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/(depreciation) on total return swap contracts	$	(3,061,423	)	$	(17,364	)
Commodity Risk (Total Return Swap Contracts)	Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/(depreciation) on total return swap contracts	$	(777,346	)	$	46,603
Credit Risk  (Total Return Swap Contracts)	Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/(depreciation) on total return swap contracts.	$	(38,772	)	$	1,814
Equity Risk (Written Options)	Net realized gain/(loss) on written options/Net change in unrealized appreciation/(depreciation) on written options		135,466			(51,060	)
Equity Risk (Futures Contracts)	Net realized gain/(loss) on futures contracts/Net change in unrealized appreciation/(depreciation) on futures contracts		139,290			(765,320	)
Total		$	(3,602,785	)	$	(785,327	)

Volume of Derivative Instruments for the Fund during the year ended April 30, 2022, was as follows:

Derivative Type	Unit of Measurement	Monthly Average
Highland Resolute Fund
Equity Risk (Total Return Swap Contracts)	Notional Quantity	63,354,445
Commodity Risk (Total Return Swap Contracts)	Notional Quantity	25,574,863
Credit Risk (Total Return Swap Contracts)	Notional Quantity	10,933

Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of off-set that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

Annual Report | April 30, 2022 27

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

The following table presents financial instruments that are subject to enforceable netting arrangements or other similar agreements as of April 30, 2022:

Highland Resolute Fund

Offsetting of Derivatives Assets   

										Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments Available for Offset(a)			Cash Collateral Received(a)		Net Receivable Amount
Total Return Swap Contracts	$	9	$	–	$	9	$	(9	)	$	–	$	–
Total	$	9	$	–	$	9	$	(9	)	$	–	$	–

Highland Resolute Fund

Offsetting of Derivatives Liabilities

											Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities			Financial Instruments Available for Offset(a)		Cash Collateral  Pledged(a)		Net Payable  Amount
Total Return Swap Contracts	$	(12	)	$	–	$	(12	)	$	9	$	3	$	–
Total	$	(12	)	$	–	$	(12	)	$	9	$	3	$	–

^(a) These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged.

4. TAX BASIS INFORMATION

Reclassifications: U.S. GAAP requires that permanent financial reporting and tax differences be reclassified based on their characterization for federal income tax purposes. As of April 30, 2022, these differences had no effect on net assets and were primarily attributed to differing book and tax treatment of consolidating entries from the Fund’s CFC. The reclassifications were as follows:

Paid-in Capital			Distributable earnings/(loss)
$	(796,590	)	$	796,590

28

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

Tax Basis of Investments: As of April 30, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes were as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net  Appreciation/(Depreciation)  of Foreign Currency			Net Unrealized Appreciation/(Depreciation)		Cost of  Investments for  Income Tax Purposes
Highland Resolute Fund	$	96,475,043	$	(92,981,822	)	$	(260	)	$	3,492,961	$	158,492,815

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to tax deferral of losses on wash sales.

Components of Earnings: As of April 30, 2022, components of distributable earnings were as follows:

	Accumulated Capital Gains/(Losses)			Undistributed Ordinary Income		Net Unrealized  Appreciation/(Depreciation)		Other Cumulative Effect of Timing Differences			Total
Highland Resolute Fund	$	(3,266,385	)	$	0	$	3,492,961	$	(4,442,539	)	$	(4,215,963	)

Tax Basis of Distributions to Shareholders: The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Fund.

The tax character of distributions paid by the Fund for the fiscal year ended April 30, 2022, were as follows:

	Ordinary Income		Long-Term Capital Gains
Highland Resolute Fund	$	10,475,416	$	–

The tax character of distributions paid by the Fund for the fiscal year ended April 30, 2021, were as follows:

	Ordinary Income		Long-Term Capital Gains
Highland Resolute Fund	$	–	$	–

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of April 30, 2022, the Fund elects to carry forward $0 in long-term capital losses and $3,266,385 in short-term capital losses to the next tax year.

The Highland Resolute Fund used capital loss carryovers during year ended April 30, 2022 in the amount of $13,860,869.

The Highland Resolute Fund elects to defer to the period ending April 30, 2023, late year ordinary losses in the amount of $4,442,539.

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities and U.S. Government Obligations during the year ended April 30, 2022, were as follows:

Fund	Purchases of Securities		Proceeds From Sales of Securities
Highland Resolute Fund	$	107,744,517	$	58,070,789

Annual Report | April 30, 2022 29

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

6. BENEFICIAL SHARE TRANSACTIONS

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the shares do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

Transactions in common shares were as follows:

Highland Resolute Fund

Class I:	For the Year Ended April 30, 2022			For the  Year Ended April 30, 2021
Common Shares Outstanding - Beginning of Period		13,771,457			19,374,899
Common Shares Sold		4,990,996			2,863,529
Common Shares Issued as Reinvestment of Dividends		869,329			–
Common Shares Redeemed		(639,221	)		(8,466,971	)
Common Shares Outstanding - End of Period		18,992,561			13,771,457

Shares redeemed within 90 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. Redemption fees are reflected in the “Shares redeemed, net of redemption fees” in the Consolidated Statements of Changes in Net Assets. For the year ended April 30, 2022, and the year ended April 30, 2021, the Fund retained fees as follows:

Fund	For the Year Ended  April 30, 2022		For the Year Ended  April 30, 2021
Highland Resolute Fund	$	59	$	–

7. MANAGEMENT AND RELATED PARTY TRANSACTIONS

Investment Advisory

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Fund’s business affairs. Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets for the Fund. The management fee is paid on a quarterly basis.

The Subsidiary has entered into a separate advisory agreement (the “Subsidiary Advisory Agreement”) with the Adviser for the management of the Subsidiary’s portfolio pursuant to which the Subsidiary is obligated to pay the Adviser a management fee at the same rate that the Fund pays the Adviser for investment advisory services provided to the Fund. The Adviser has agreed to waive the advisory fee it receives from the Fund in an amount equal to the management fee paid by the Subsidiary. This waiver may not be terminated or modified without the consent of the Board. This agreement may not be terminated or modified prior to this date except with the approval of the Board. For the year ended April 30, 2022, this amount equaled $295,437 and is disclosed in the Consolidated Statement of Operations. Fees under the Subsidiary Advisory Agreement are not permitted to be recouped.

The Adviser entered into a Investment Sub-Advisory Agreement with Parametric Portfolio Associates, LLC (“Parametric”). The Adviser determines the allocation of the Fund’s assets with Parametric (the “Sub-Adviser”) and other open-end investment companies. The Fund is not required to invest with any minimum number of sub-advisers or open-end investment companies, and does not have minimum or maximum limitations with respect to allocations of assets to the Sub-Advisers, investment strategy or market sector. The Adviser may change the allocation of the Fund’s assets among the available investment options, and may add or remove sub-advisers, at any time. Each Sub-Adviser is responsible for the day-to-day management of its allocated portion of Fund assets. The Adviser has ultimate responsibility, subject to the oversight of the Board of the Fund, to oversee the Sub- Advisers, and to recommend their hiring, termination and replacement.

Pursuant to each Investment Sub-Advisory Agreement, the Adviser pays the Sub-Adviser an annual sub-advisory management fee which is based on the Fund’s average quarterly market value of the assets managed by the Sub-Adviser. The Adviser is required to pay all fees due to the Sub-Adviser out of the management fee the Adviser receives from the Fund. The following table reflects the Fund’s contractual sub-advisory fee rate.

30

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

Sub-Advisers	Contractual  Sub-Advisory Fee
Parametric Portfolio Associates, LLC(a)	0.30%

^(a) Effective May 13, 2021, Parametric Portfolio Associates, LLC, ceased serving as an investment Sub-Adviser to the Fund.

The Adviser has agreed to waive (i) the portion of its 1.50% Management Fee in excess of any sub-advisory fees less (ii) third-party administrative costs charged to the Adviser in connection with the non-recurring addition of a new investment sub-advisor for the Fund or the removal of an existing investment sub-adviser to the Fund (“Sub-Advisory Fees”). Such fee waivers and reimbursements for the Fund (the “Expense Agreement”) shall continue through at least August 31, 2022. The Adviser may not discontinue this agreement to waive fees prior to August 31, 2022 without the approval of the Board. The Adviser is not permitted to recoup any amounts waived or reimbursed in any prior fiscal period. Fees waived/reimbursed by the Adviser for the year ended April 30, 2022, are disclosed in the Consolidated Statement of Operations.

For the year ended April 30, 2022, the fee waivers and/or reimbursements were as follows:

	Fees Waived/ Reimbursed By Adviser
Highland Resolute Fund - Class I	$	(2,983,518	)

Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Fund, and the Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assists in the Fund’s operations. Officers of the Trust are employees of ALPS. The Fund’s administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Fund for the year ended April 30, 2022, are disclosed in the Consolidated Statement of Operations.

ALPS is reimbursed by the Fund for certain out-of-pocket expenses.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Fund. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts and is also reimbursed by the Fund for certain out-of-pocket expenses. Transfer agent fees paid by the Fund for the year ended April 30, 2022, are disclosed in the Consolidated Statement of Operations.

Compliance Services

ALPS provides services that assist the Fund’s chief compliance officer in monitoring and testing the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Fund. Compliance service fees paid by the Fund for the year ended April 30, 2022, are disclosed in the Consolidated Statement of Operations.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Fund. Principal financial officer fees paid by the Fund for the year ended April 30, 2022, are disclosed in the Consolidated Statement of Operations.

Distributor

ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Fund’s shares pursuant to a Distribution Agreement with the Trust on behalf of the Fund. Shares are sold on a continuous basis by ADI as agent for the Fund, and ADI has agreed to use its best efforts to solicit orders for the sale of Fund’s shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

Shareholder Services Plan

Effective December 12, 2017, the Fund has adopted a Shareholder Services Plan (the “Plan”) with respect to its Class I shares. Under the Plan, the Fund is authorized to pay banks and its affiliates and other institutions, including broker-dealers and Fund affiliates which may include the Distributor, Adviser and/or the transfer agent (“Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.10% of the average daily net asset value of Class I shares of the Fund attributable to or held in the name of the Participating Organizations for its clients as compensation for providing shareholder service activities, which do not include distribution services pursuant to an agreement with Participating Organizations. Any amount of such payment not paid to the Participating Organizations during the Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as

Annual Report | April 30, 2022 31

Highland Resolute Fund Notes to Consolidated Financial Statements

April 30, 2022

practicable. Plan fees are included with shareholder service fees in the Consolidated Statement of Operations. Fees recaptured pursuant to the Plan for the year ended April 30, 2022, are included as an offset to shareholder service fees as disclosed in the Consolidated Statement of Operations.

Trustees

The fees and expenses of the Trustees of the Board are presented in the Consolidated Statement of Operations.

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. SUBSEQUENT EVENT

Subsequent events after the date of the Consolidated Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

32 

Highland Resolute Fund Report of Independent Registered Accounting Firm

April 30, 2022

To the Shareholders of Highland Resolute Fund and Board of Trustees of Financial Investors Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Highland Resolute Fund (the “Fund”), a series of Financial Investors Trust, as of April 30, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the related notes, and the consolidated financial highlights for each of the three years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund’s consolidated financial highlights for the years ended April 30, 2019, and prior, were audited by other auditors whose report dated June 25, 2019, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2020.

 

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 29, 2022

Annual Report | April 30, 2022 33

Highland Resolute Fund Additional Information

April 30, 2022 (Unaudited)

1. FUND HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s Web site at http://www.sec.gov. The Fund's Form N-PORT reports are also available upon request by calling toll-free (855) 268-2242.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

Fund policies and procedures used in determining how to vote proxies and information regarding how each of the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (855) 268-2242 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX INFORMATION

The Fund designates the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2021:

	QDI	DRD
Highland Resolute Fund	26.48%	4.63%

In early 2022, if applicable, shareholders of record received this information for the distribution paid to them by the Fund during the calendar year 2021 via Form 1099. The Fund will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

34

Highland Resolute Fund Disclosure Regarding Approval of Fund Advisory Agreements

April 30, 2022 (Unaudited)

On March 8, 2022, the Trustees met via Zoom video conference to discuss, among other things, the renewal of the Investment Advisory Agreement between Highland (“Highland”) and the Trust, with respect to the Highland Resolute Fund (the “Highland Fund”), dated September 16, 2019 (the “Highland Investment Advisory Agreement”), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the Highland Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Highland Fund:

Investment Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fee paid by the Trust, on behalf of the Highland Fund, to Highland, of 1.50% of the Highland Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by Highland to the Highland Fund.

The Board received and considered information including a comparison of the Highland Fund’s contractual advisory fee rate with those of funds in the peer group of funds provided by the Data Provider. The Trustees noted that the contractual advisory fee rate of the Highland Fund was lower than the Data Provider peer group median.

Total Net Expense Ratios: The Trustees further reviewed and considered that the total net expense ratio of the Highland Fund was lower than the Data Provider peer group median.

Nature, Extent, and Quality of the Services under the Investment Advisory Agreement: The Trustees received and considered information regarding the nature, extent, and quality of services provided to the Highland Fund under the Highland Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by Highland in its presentation, including its Form ADV.

The Trustees reviewed and considered Highland’s investment advisory personnel, its history as an asset manager, and its performance and the amount of assets currently under management by Highland. The Trustees also reviewed the research and decision-making processes utilized by Highland, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Highland Fund.

The Trustees considered the background and experience of Highland’s management in connection with the Highland Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, Highland’s insider trading policies and procedures and its Code of Ethics.

Performance: The Trustees reviewed performance information of the Highland Fund for the 3-month, 1-year, 3-year, 5-year, 10-year, and since inception periods ended December 31, 2021. That review included a comparison of the Highland Fund’s performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that the Highland Fund generally outperformed its peer group for each period.

The Trustees also considered Highland’s discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by Highland regarding fees charged to its other clients utilizing a strategy similar to that employed by the Highland Fund.

Profitability: The Trustees received and considered a profitability analysis prepared by Highland based on the fees payable under the Highland Investment Advisory Agreement.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Highland Fund would be passed along to shareholders.

Other Benefits to the Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by Highland from its relationship with the Highland Fund, including whether soft dollar arrangements were used.

Annual Report | April 30, 2022 35

Highland Resolute Fund Disclosure Regarding Approval of Fund Advisory Agreements

April 30, 2022 (Unaudited)

The Trustees, including all of the Independent Trustees, concluded that:

● The contractual advisory fee rate of the Highland Fund was lower than the Data Provider peer group median.

● The total net expense ratio of the Highland Fund was lower than the Data Provider peer group median.

● The nature, extent, and quality of services rendered by Highland under the Highland Investment Advisory Agreement were adequate.

● For the period ended December 31, 2021, the Highland Fund outperformed its Data Provider peer group for the 3-month, 1-year, 3-year, 5-year, 10-year and since inception periods.

● Bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Highland’s other clients employing a comparable strategy to the Highland Fund were not indicative of any unreasonableness with respect to the advisory fee payable to Highland by the Highland Fund.

● The profit, if any, realized by Highland in connection with the operation of the Highland Fund is not unreasonable.

● There were no material economies of scale or other incidental benefits accruing to Highland in connection with its relationship with the Highland Fund.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that Highland’s compensation for investment advisory services is consistent with the best interests of the Highland Fund and its shareholders.

36

Highland Resolute Fund Liquidity Risk Management

April 30, 2022 (Unaudited)

The Financial Investors Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each fund in the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment advisers, sub-advisers, and Officers of the Trust. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including a periodic assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 8, 2022, the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program during 2021. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since implementation.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

Annual Report | April 30, 2022 37

Highland Resolute Fund	Trustees & Officers
	April 30, 2022 (Unaudited)

The business and affairs of each Fund are managed under the direction of its Board. The Board approves all significant agreements between a Fund and the persons or companies that furnish services to the Fund, including agreements with its distributor, Adviser, Sub-Adviser, administrator, custodian and transfer agent. The day-to-day operations of each Fund are delegated to the Fund’s Adviser, Sub-Adviser and administrator.

The name, address, age and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee.

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 855-268-2242.

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Mary K. Anstine, 1940	Trustee and Chairman	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special .meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees.	Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board.	59	Ms. Anstine is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust through December 2020 (14 funds).
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund.	59	Mr. Deems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund).

38

Highland Resolute Fund	Trustees & Officers
	April 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Jerry G. Rutledge, 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business.	30	Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); and Principal Real Estate Income Fund (1 fund).
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). Mr. Shell serves on the Board of Directors of TalkBox, a phone/privacy booth company (since 2018) and DLVR, a package security company (since 2018). Mr. Shell served on the Advisory Board, St. Vrain School District Innovation Center (from 2015- 2018). Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	29	None.

Annual Report | April 30, 2022 39

Highland Resolute Fund	Trustees & Officers
	April 30, 2022 (Unaudited)

INTERESTED TRUSTEE

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Edmund J. Burke, 1961	Trustee	Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009.	Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. (“ALPS”), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020). Mr. Burke is deemed an interested Trustee by virtue of his prior positions with the ALPS Companies.	54	Mr. Burke is a Trustee of ALPS ETF Trust (23 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

40

Highland Resolute Fund	Trustees & Officers
	April 30, 2022 (Unaudited)

OFFICERS

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***
Dawn Cotten, 1977	President	Ms. Cotten was appointed President of the Trust at the June 8-9, 2021 meeting of the Board of Trustees.	Ms. Cotten joined ALPS in 2009 and is currently Senior Vice President of Fund Administration and Relationship Management of ALPS. She has served in that role since January 2020. Prior to that, Ms. Cotten served as Senior Vice President of Relationship Management (2017-2020). Ms. Cotten served as a Vice President in Relationship Management from 2013-2017. Ms. Cotten also serves as President of ALPS Series Trust, Clough Funds Trust, Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund.
Jennell Panella, 1974	Treasurer	Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Vice President and Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Alpha Alternative Asset Fund, Centre Funds, GraniteShares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. Mr. Uhl formerly served as CCO of the Boulder Growth & Income Fund, Inc., Index Funds and Reality Shares ETF Trust.
Brendan Hamill, 1986	Secretary	Mr. Hamill was elected Secretary of the Trust at the September 14, 2021 meeting of the Board of Trustees.	Mr. Hamill joined ALPS in August 2021, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Hamill was an attorney at Lewis Brisbois Bisgaard & Smith, LLP (law firm) (December 2018-August 2021) and Vedder Price, P.C. (law firm) (August 2015-December 2018). Mr. Hamill also serves as Secretary of ALPS ETF Trust, Secretary of ALPS Variable Investment Trust, Secretary of Principal Real Estate Income Fund, and Assistant Secretary of James Advantage Funds.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until such Trustees successor is elected and appointed, or such Trustee resigns or is deceased. Officers are elected on an annual basis.

*** Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

**** The Fund Complex includes all series of the Trust, currently 29, and any other investment companies for which any Trustee serves as trustee for and for which Seafarer Capital Partners, LLC provides investment advisory services (currently none).

Annual Report | April 30, 2022 41

Highland Resolute Fund	Privacy Policy
	April 30, 2022 (Unaudited)

Who We Are
Who is providing this notice?	Highland Resolute Fund
What We Do
How does the Fund protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does the Fund collect my personal information?	We collect your personal information, for example, when you
	●	open an account
	●	provide account information or give us your contact information
	●	make a wire transfer or deposit money
Why can’t I limit all sharing?	Federal law gives you the right to limit only
	●	sharing for affiliates’ everyday business purposes-information about your creditworthiness
	●	affiliates from using your information to market to you
	●	sharing for non-affiliates to market to you
	State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	●	The Fund does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you.
	●	The Fund does not jointly market.
Other Important Information
California Residents	If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.
Vermont Residents	The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information.

42

Highland Resolute Fund	Privacy Policy
	April 30, 2022 (Unaudited)

FACTS	WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information.
	Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	●       Social Security number and account transactions
	●       Account balances and transaction history
	●       Wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Fund chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does the Fund share:	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share.
For joint marketing with other financial companies	No	We do not share.
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share.
For nonaffiliates to market to you	No	We do not share.

Annual Report | April 30, 2022 43

  TABLE OF CONTENTS

Shareholder Letter	1
Performance Update	6
Disclosure of Fund Expenses	12
Portfolio of Investments
Rondure New World Fund	13
Rondure Overseas Fund	16
Statements of Assets and Liabilities	19
Statements of Operations	20
Statement of Changes in Net Assets
Rondure New World Fund	21
Rondure Overseas Fund	22
Financial Highlights
Rondure New World Fund	23
Rondure Overseas Fund	25
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	35
Additional Information	36
Liquidity Risk Management Program	37
Trustees and Officers	38
Privacy Policy	42

Rondure Funds Shareholder Letter

April 30, 2022 (Unaudited)

Dear Fellow Shareholders,

The South is the New East

“People speak sometimes about the "bestial" cruelty of man, but that is terribly unjust and offensive to beasts, no animal could ever be so cruel as a man, so artfully, so artistically cruel.” ― Fyodor Dostoyevsky

Flying Geese

The flying geese paradigm was developed in the 1930s by a Japanese economist named Kaname Akamatsu. The theory remained unpopular for a long time—not because there was no truth to it—but because it was theorized by an aggressor nation—Japan. The theory resurfaced again once the bitterness of WW2 began to fade in the 1960s. It is one of my favorites, and it serves as a theoretical input for Rondure’s country-based risk and opportunity framework (i.e. we are bottom-up investors, but we also believe that the best compounding opportunities happen in countries with landscapes that are conducive to growth).

Akamatsu’s theory is simple. Like the pattern of flying geese, there is a similar dynamism to comparative advantage in economic development. Technological development and production starts in one country, the point goose, (like Japan in the East and the UK in the West) and as the cost of producing goods rises, production migrates to a neighboring country with a better cost structure for commoditized goods. In the case of Japan, as labor costs increased, production moved to Taiwan, South Korea, Malaysia, Thailand, Indonesia, China, and now the Philippines, Vietnam, and India. The point goose becomes a consumer nation, and the greater distance you are from the point goose the longer it takes to develop. With the right mix of politics, leadership, demography, and resources, geography is a key input for development.

The world has been stuck in the same flying goose pattern for a number of years—US as the point goose, China as the next goose, with China trying to overtake the US as the world’s leading global economy. I think we are stuck for a few reasons:

1. Countries use currency manipulation to offset the rising cost of labor (this appears to be occurring in Japan at this moment with the yen weakening faster than we have seen in more than a decade). A depreciating currency prolongs economic transitions longer than rising wages would dictate.

2. China is just big. When China came on stream as a producer, which was coincidentally roughly the same time as the Berlin wall falling and the Soviet Union collapsing, billions of new cheap workers were brought into the global economy simultaneously. It has taken decades for the global economy to absorb the deflationary pressure of billions of new workers competing for global jobs in a flat world. Hence, the geese didn’t flock, (i.e., comparative advantage recycling stalled out for countries in Africa and SE Asia, including India). In addition, other potential rising nations’ population size, except India, just wasn’t a threat to China. Externalities, (e.g. carbon impact on the environment), and their associated costs were ignored as well. The US, as point goose, has been solely focused on consumption-driven sales and cheap labor from China driving higher profit margins (public company short-termism and politics in the US made the old relationship with China sticky). We are just now waking up to the social and environmental costs of this model. China is aging though now, and the working-age population has been shrinking since 2015. The demographic dividend has played out, leaving many wondering if China is destined to grow old before it grows rich.

3. Robots and automation technologies have the potential to impede the flying geese theory as companies choose automation over transitioning to lower labor cost countries. As workers are replaced by machines, companies are able to maintain profitability. This will be a long-term theme.

4. Complacency bred comfort. No one was thinking about country risks—the risk of relying almost solely on autocratic nations for necessities. We existed in a sublimely peaceful period for years (or politically and economically incapable of confronting the truth of two big nations—Russia and China—who have demonstrated and largely spelled out their intentions—it is when, not if with Taiwan). Rondure takes cold comfort in the fact that the Rondure funds had no direct exposure to Russia/Ukraine at the start of the war. We were worried about the late cyclicality in the market bumping into a tougher Federal Reserve, so we trimmed or sold a number of commodity stocks, and the Rondure funds mostly escaped the direct Russia/Ukraine impact due to our country-based lens that has always made us worry about Russia (and China/Taiwan) from a top-down perspective.

A light bulb went off for me recently, especially when Adam Rowbotham, one of our wonderful traders, made a comment about Mexico. He said the South is the new East in so many ways. These changes have tremendous consequences for many portfolios that have been positioned for the same flight pattern for the last decade plus—easy money driving up growth and multiples for stocks and globalization driving up margins. Are we finally at the point where the countries that were the best backdrop for the compounding of capital are changing? We think the case is strong for at

Annual Report | April 30, 2022 1

Rondure Funds	Shareholder Letter
	April 30, 2022 (Unaudited)

least this year, but perhaps, the secular landscape is changing as well. For instance, China is not as easy a bull case as it once was, as noted above, and has lingering questions with respect to whether investors want their financial investments to support autocratic nations. Plus, regulation in China has made investment outcomes more binary, and winning by not losing is one of our core principles of investing.

Chaos Theory/Frogs

One of the most famous haikus of all time is Matsuo Basho’s Frog Haiku. The original Japanese is:

Furuike ya, kawazu tobikomu, mizu no oto.

This short and sweet poem about a frog is one of the most debated translations of all time. For me, it goes something like this:

An old pond 

A frog leaps 

The water splashes (more literally maybe the sound of water)

The point of the poem is that all it takes is the simple leap of a frog into a pond to cause ripples in a system.

The poem also reminds me of the George Soros theory of reflexivity, which is basically investing in stock markets is like playing golf on a moving course. The landscape for investing changes and with that our view of the stocks in the market must evolve dynamically within a system that is never in equilibrium. As much as we’d like to solely be bottom-up, as international and emerging investors we have to think about where we are making investments both in a financial and an ESG context.

In the past few years, dozens of frogs have been leaping. It started more than two years ago with the initial Covid-19 onset disrupting global supply chains and sparking inflation, but has included events like: far too accommodative monetary and fiscal policy in the US creating excessive demand and inflated asset prices, a war in Russia/Ukraine which has further disrupted the supply of commodities and exasperated inflationary pressures, currency volatility (beggar-thy-nation¹ currency policies again, and a yen that hasn’t been this beaten up since 2007), and ongoing Covid-19 issues in China, creating the current lockdown of close to 400 million citizens. The last one we do not think is being adequately incorporated into another round of supply chain issues.

The US has a fever. We still think this is true. The Federal Reserve has two mandates. The first is controlling unemployment. They have done a good job here (maybe too good). The second is price stability, and while the war in Russia/Ukraine amplifies this problem, when we look around at housing demand, services demand, the price of eggs and bacon, we think the Federal Reserve (aka Team Transitory) has failed and is still failing at price stability. The war cements this problem, and until the Federal Reserve gets inflation under control, we are approaching the markets with caution.

Here are things we think need to change for the correction in stock markets to subside:

1. There is no alternative to stocks (there is still far too much bull market sentiment).

2. FOMO (fear of missing out or chasing narrative instead of fundamentals).

3. Buy-the-dip in all the same growth stocks (narrative).

4. Or all three of the above are fine courses of action still, if inflation miraculously starts to fall (we do think the easiest comparisons for oil and commodities are behind us so the law of large numbers should help).

But there is still a bull market mentality that does not seem appropriate given all the ripples we are seeing.

We do not want to sound too negative here either. Some of this is happening or has happened already, but liquidity still feels too ample, and we see money swinging from inflation (risk-on and late cycle) to buy the dip in growth (risk-on in the other direction) as a sign that the market is still stuck in its old ways. We are consciously articulating portfolios that we hope beat to different drums. We do see some good but select opportunities in this market, and of course, we would always prefer to pay less for stocks, so we are more excited about opportunities today than we were a quarter ago, but the Federal Reserve still has wood to chop and that has global implications for discount rates and growth.

2 1.855.775.3337 | www.rondureglobal.com

Rondure Funds Shareholder Letter

April 30, 2022 (Unaudited)

Viva Mexico

Given all we have stated about changing global dynamics, we believe it is a year of new themes with one of the strongest being Mexico. Here are a few of the things we have tried to articulate in the funds’ portfolios as of 4/30 based on our world view and bottom-up analysis of stocks:

• The war in Russia/Ukraine has extended global inflationary pressure. Yet, the commodity and energy stocks have already run. We are not chasing the late cycle trade. We are careful in our purchases.

• Close to 400 million citizens are locked down in China. China’s economy presents a global growth risk and also a source of more inflationary pressure, given the likelihood that supply chains continue to be challenged. On the other hand, more aggressive fiscal and monetary stimulus might be around the corner as a driver for stocks. We continue to selectively find new ideas in this market, but we are balancing this with the knowledge that the Chinese economy is likely to be weak in the near term with the focus on the real economy not the financial one and containing Covid. As of the end of the fiscal period, the funds remained underweight this market. We are trying to balance the top-down risk of investing in an autocratic country with the bottom-up potential of a number of good companies. We believe this is an evolving investment case.

• We believe the world continues to face a number of challenges including inflation, Covid-19 in some parts still, war, and supply chain disruptions. We believe strongly in the theme of de-globalization. The South might become the new East with a strong case for owning Mexican stocks. This is a region we love. We also love the Covid reopening stories of Indonesia, Malaysia, and Thailand in the short run, and perhaps, more production will rotate to these same countries in the long run given the increasing need to diversify production away from China.

• We prefer Canada for its proximity to the US, and we prefer Australia and New Zealand for their willingness to take a more aggressive approach to tackling inflation. All of the above are real or metaphorical island investments. We are finding lots of ideas in Canada. The top-down so far is better-than what we are finding bottom up in Australia. We do see some names that are getting to our price target for entry.

• Europe is problematic with inflationary pressure due to war and easy money, and Japan is still largely locked down for political reasons and has a weak currency with the risk of inflation on the horizon as well. We believe Covid is partially being used as a political excuse in this market. Both regions keep using easy money instead of structural reform—perennial kick-the-can economies. The bull case is stock- by-stock. We see valuations getting cheaper by the day.

• But in both the developed and the developing world, we think it is a year for periphery countries and periphery stocks.

• We think India is still a great secular story. We have been more guarded about valuations in the short run.

• We think Vietnam is also a wonderful long-term story, and valuations are supportive of an overweight today.

• We are still patiently waiting and adding to quality growth names for the long haul that are pulling back, as investors incorporate lower margins and higher interest rates into their models. Valuations at the best of the best companies are better but still not a bargain. We are selectively adding. We are finding great busted IPOs, but we believe our best themes are the periphery countries, de-globalization, the year of Mexico, forgotten IPOs, and India and Vietnam for the long run.

• As of 4/30, the Funds still have higher cash weights than normal to take advantage of what we still see as a volatile period.

Team News

Industry veteran Sunshine Alexis Stein joined our team a few months ago. She brings more than 15 years of experience in client relations, operations, and marketing. She is a breath of fresh air for our research team and a brilliant strategic thinker.

On the research side, Lydia So is departing Rondure Global Advisors in mid-May for personal reasons. The team will miss her, she is an amazing person and a brilliant mind. We wish her the very best as she embarks on her next chapter. While we are not in a rush to hire, if the world opens faster or we believe we need more people, we have a pipeline of talent we have been following and we will add accordingly. For now, though, our senior team is doing great stock work and finding lots of new ideas. We also have the ability to leverage the research expertise our partner firm, Grandeur Peak Global Advisors.

Annual Report | April 30, 2022 3

Rondure Funds Shareholder Letter

April 30, 2022 (Unaudited)

In the short-term, Rondure Global Advisors has a summer internship program starting at the end of May. Three students from the University of Kansas’ Women in Finance Program (WIF) will join us at our Salt Lake City office. Alongside members of our investment team, they will work on a number of projects that mostly focus on our investment research but also include overall business-related projects. Our program is part of our commitment to both bettering our research and improving the state of diversity in our industry.

This leads me to our next bit of news. Rondure is an early signatory of the CFA Institute’s new Diversity, Equity, and Inclusion (DEI) Code. We have always embraced DEI as a foundational philosophy of the firm, but now we have an official policy.

Finally, one of the surprises for us as analysts during this Covid period is how long global travel has been delayed. The good news is we took our first trip recently—to Mexico. However, we do not anticipate broad, aggressive travel starting anytime soon. Many of our markets are still closed. We have learned to do more remotely, and we think a balance between travel and technology is good for the environment in the long run.

Fund Performance & Attribution

See full performance on pages 6 and 9.

Rondure New World: For the year, the Institutional share class returned -10.21%, giving up some of last year’s +37.11% gain. The benchmark was down -18.06%, so we feel quite good about the Fund’s relative performance. Asia Pacific was a region of outperformance for the Fund, as was Mexico and Eastern Europe, at least in part because of our lack of Exposure to Russia. The Fund’s worst relative performance was in the Africa/Middle East region. The Fund continued to be significantly overweight in the Consumer segment during the period, which had a tough year, but the Fund was able to outperform. Financials was the Fund’s weakest industry, but the Fund was fortunately quite underweight there.

When the US Securities and Exchange Commission announced recently that it was going to ban foreign companies that did not comply with US auditing rules from listing and staying listed in the US, Chinese companies took a beating. As all Chinese listings in the US went into a tailspin, China quickly announced they would try to meet US demands. The algorithms and computers that were short Chinese equities took the comments at face value. We do not think much has changed. It is when, not if China goes after Taiwan. China’s economy is weak from aggressive Covid tactics and tough to predict regulations. We know North Asian culture, in general, is a do as I do not as I say culture (though China has clearly stated its future geopolitical intentions), but it is a region of contradictions. Hence, we are still proceeding with caution. Chinese valuations are better today, but our favorite names are still not absolute bargains. Near the end of the fiscal period, we added cautiously to our favorite names and some busted IPOs. One of our favorite busted IPOs is Angelalign—China’s Invisalign. We are wary though that the big counter-rally intra-quarter was a dead cat bounce in a bear market for China.

As of the date of this report, the Fund remains overweight Mexico for the de-globalization, reshoring theme. We think travel to Europe is less enticing now with what is happening in Russia/Ukraine. The Fund also has overweights to Indonesia, Malaysia, Thailand, and Vietnam for both the reopening and flying geese themes, the later driven not only by comparative advantage, but also a move away from China for risk diversification. The Fund still holds India for the long run.

We still believe we are in a period of purgatory for both growth stocks (as discount rates rise) and inflation stocks (as the Fed tries to slow the economy). Hence, while it hasn’t worked yet, we think consumer staples is a nice place to be for the next year.

The Fund continues to have higher cash than normal as of 4/30. We are still practicing patience, but we like the names we are finding. We are still excited about the Fund’s absolute long-term positioning, and we think we offer a differentiated portfolio: smaller capitalization than most, more periphery exposure, and a focus on long duration growth. We think emerging markets are still a place where active can set themselves apart and add value. We believe we are small and nimble enough to capture the changing moment as well.

Rondure Overseas (“Overseas”): For the year, the Institutional share class returned -14.15%, giving up some of last year’s 37.85% gain. The Fund’s benchmark was down 7.70%. We were not able to make up elsewhere for the Fund’s underperformance in Japan, China, and Western Europe. The Fund remained roughly twice the weight of the benchmark in the Consumer segment during the period, and slightly outpaced the benchmark there, but it was a tough year for Consumer, so it was still a detractor to the Fund’s portfolio.

4 1.855.775.3337 | www.rondureglobal.com

Rondure Funds Shareholder Letter

April 30, 2022 (Unaudited)

It was a tougher relative year for Overseas. This is in part due to the fact that the Fund’s index, the MSCI EAFE Index, isn’t a perfect reflection of the Fund’s portfolio. The Fund is smaller cap with a bigger growth tilt, while the MSCI EAFE is an old economy index in what I mentioned was an old economy quarter—late cycle sectors were strong and that was amplified by the inflationary impact of the war as well. So, you can basically boil the performance down to two things: 1) the Fund was underweight inflation sectors that are big in the index; and 2) the overweight to growth hurt security selection.

Exiting the period, Overseas remained overweight consumer staples for the same reasons mentioned for New World.

Sincerely,

The Rondure Global Advisors Research Team

¹ Beggar-thy-nation refers to the idea of improving the economy of one nation at the expense of another.

The objective of all Rondure Funds is long-term growth of capital.

RISKS: Mutual fund investing involves risks and loss of principal is possible. Investing in small and micro-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investments in emerging markets are subject to the same risks as other foreign securities and may be subject to greater risks than investments in foreign countries with more established economies and securities markets.

Must be proceeded by or accompanied by a prospectus.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Funds or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. The Funds do not accept any liability for losses either direct or consequential caused by the use of this information.

Past performance does not guarantee future results.

ALPS Distributors, Inc. is the Distributor for the Rondure Funds.

Annual Report | April 30, 2022 5

Rondure New World Fund Performance Update

April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

	1 Year	3 Year	Since Inception(a)	Expense Ratio(b)
				Gross	Net(c)
Rondure New World Fund – Institutional (RNWIX)	-10.21%	4.50%	4.52%	1.32%	1.10%
Rondure New World Fund – Investor (RNWOX)	-10.41%	4.25%	4.27%	1.63%	1.35%
MSCI Emerging Markets Index(d)	-18.06%	2.60%	4.65%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-775-3337.

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of May 1, 2017.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Rondure Global Advisors, LLC (the "Advisor"), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.35% and 1.10% of the Fund's average daily net assets for the Fund's Investor Class Shares and Institutional Class Shares, respectively. This agreement (the "Expense Agreement") shall continue at least through August 31, 2022. The Advisor will be permitted to recapture, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified by the Advisor prior to August 31, 2022, except with the approval of the Fund's Board of Trustees.

^(d) The MSCI Emerging Markets Index is an unmanaged total return index, reported in U.S. Dollars, based on share prices and reinvested dividends of approximately 800 companies from 24 emerging market countries. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

6 1.855.775.3337 | www.rondureglobal.com

Rondure New World Fund	Performance Update
	April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Annual Report | April 30, 2022 7

Rondure New World Fund	Performance Update
	April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	74.5%
North America	11.2%
Latin America	4.8%
Africa/Middle East	4.3%
Europe	0.7%
Cash, Cash Equivalents, & Other Net Assets	4.5%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Taiwan Semiconductor Manufacturing Co., Ltd.	3.6%
Tata Consultancy Services, Ltd.	3.4%
Wal-Mart de Mexico SAB de CV	2.7%
HDFC Bank, Ltd.	2.7%
Samsung Electronics Co., Ltd.	2.4%
Bumrungrad Hospital PCL	2.2%
HCL Technologies, Ltd.	2.2%
President Chain Store Corp.	2.1%
Grupo Aeroportuario del Centro Norte SAB de CV	2.0%
B3 SA - Brasil Bolsa Balcao	2.0%
Total	25.3%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

8        1.855.775.3337 | www.rondureglobal.com

Rondure Overseas Fund	Performance Update
	April 30, 2022 (Unaudited)

Annualized Total Return Performance for the periods ended April 30, 2022

	1 Year	3 Year	Since Inception(a)	Expense Ratio(b)
				Gross	Net(c)
Rondure Overseas Fund – Institutional (ROSIX)(d)	-14.15%	3.56%	4.81%	1.70%	0.85%
Rondure Overseas Fund – Investor (ROSOX)	-14.31%	3.35%	4.57%	2.01%	1.10%
MSCI EAFE Index(e)	-7.70%	4.93%	5.22%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-775-3337.

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of May 1, 2017.

^(b) Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

^(c) Rondure Global Advisors, LLC (the "Advisor"), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.10% and 0.85% of the Fund's average daily net assets for the Fund's Investor Class Shares and Institutional Class Shares, respectively. This agreement (the "Expense Agreement") shall continue at least through August 31, 2022. The Advisor will be permitted to recapture, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified by the Advisor prior to August 31, 2022, except with the approval of the Fund's Board of Trustees.

^(d) Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

^(e) The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 22 developed market countries excluding the US and Canada. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

Annual Report | April 30, 2022 9

Rondure Overseas Fund	Performance Update
	April 30, 2022 (Unaudited)

Growth of $10,000 for the period ended April 30, 2022

The chart shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

10 1.855.775.3337 | www.rondureglobal.com

Rondure Overseas Fund	Performance Update
	April 30, 2022 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Europe	45.2%
North America	18.9%
Japan	9.0%
Asia ex Japan	8.3%
Australia/New Zealand	6.7%
Latin America	2.4%
Africa/Middle East	1.0%
Cash, Cash Equivalents, & Other Net Assets	8.5%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Metro, Inc./CN	3.1%
Unicharm Corp.	3.1%
Bunzl PLC	3.0%
Chocoladefabriken Lindt & Spruengli AG	2.2%
Heineken Malaysia Bhd	2.0%
Ferrari NV	2.0%
Alimentation Couche-Tard, Inc.	2.0%
Fortis, Inc.	2.0%
Dollarama, Inc.	1.9%
TGS ASA	1.7%
Total	23.0%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Annual Report | April 30, 2022 11

Rondure Funds	Disclosure of Fund Expenses
	April 30, 2022 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of November 1, 2021 through April 30, 2022.

Actual Expenses The first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expense Ratio(a)	Expenses Paid During Period November 1, 2021 - April 30, 2022(b)
Rondure New World Fund
Institutional Class
Actual	$1,000.00	$869.70	1.10%	$5.10
Hypothetical (5% return before expenses)	$1,000.00	$1,019.34	1.10%	$5.51
Investor Class
Actual	$1,000.00	$868.90	1.35%	$6.26
Hypothetical (5% return before expenses)	$1,000.00	$1,018.10	1.35%	$6.76
Rondure Overseas Fund
Institutional Class
Actual	$1,000.00	$806.20	0.85%	$3.81
Hypothetical (5% return before expenses)	$1,000.00	$1,020.58	0.85%	$4.26
Investor Class
Actual	$1,000.00	$805.70	1.10%	$4.92
Hypothetical (5% return before expenses)	$1,000.00	$1,019.34	1.10%	$5.51

^(a) The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

12        1.855.775.3337 | www.rondureglobal.com

Rondure New World Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS (95.53%)
Bangladesh (0.53%)
Square Pharmaceuticals, Ltd.		439,773	$	1,146,886
Brazil (4.81%)
B3 SA - Brasil Bolsa Balcao		1,614,400		4,342,989
Pet Center Comercio e Participacoes SA		636,000		1,964,365
TOTVS SA		231,000		1,488,619
WEG SA		443,900		2,720,531
				10,516,504
China (9.95%)
Angelalign Technology, Inc.(b)(c)		81,800		1,150,891
ANTA Sports Products, Ltd.		88,900		1,021,683
China Resources Beer Holdings Co., Ltd.		140,000		822,338
Hangzhou Oxygen Plant Group Co., Ltd., Class A		278,200		1,096,343
Kweichow Moutai Co., Ltd., Class A		4,400		1,218,262
LONGi Green Energy Technology Co., Ltd., Class A		388,840		3,943,996
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		25,000		1,182,050
Sichuan Swellfun Co., Ltd., Class A		132,500		1,408,708
Silergy Corp.		23,000		2,047,747
Tsingtao Brewery Co., Ltd., Class H		322,000		2,606,964
WuXi AppTec Co., Ltd., Class H(b)(c)		75,340		1,024,759
Yifeng Pharmacy Chain Co., Ltd., Class A		155,900		866,181
Yum China Holdings, Inc.		80,867		3,347,508
				21,737,430
Greece (0.29%)
JUMBO SA		39,200		635,350

	Shares		Value (Note 2)
Hong Kong (1.48%)
Hong Kong Exchanges & Clearing, Ltd.		76,400	$	3,240,810
India (21.45%)
3M India, Ltd.(a)		1,575		409,403
Asian Paints, Ltd.		36,352		1,532,316
Blue Dart Express, Ltd.		7,516		668,967
Colgate-Palmolive India, Ltd.		46,704		1,007,871
Crompton Greaves
Consumer Electricals, Ltd.		358,201		1,793,166
Dabur India, Ltd.		180,000		1,303,090
Divi's Laboratories, Ltd.		65,356		3,825,805
HCL Technologies, Ltd.		335,640		4,701,155
HDFC Bank, Ltd.		328,831		5,895,228
Honeywell Automation India, Ltd.		355		185,328
Marico, Ltd.		31,400		213,418
Nestle India, Ltd.		7,995		1,906,213
Nippon Life India Asset Management, Ltd.(b)(c)		681,352		2,802,581
Oracle Financial Services Software, Ltd.		20,000		925,885
Pidilite Industries, Ltd.		13,575		429,104
Schaeffler India, Ltd.		117,500		3,528,112
SKF India, Ltd.		46,424		2,036,254
Tata Consultancy Services, Ltd.		161,592		7,447,508
Tech Mahindra, Ltd.		212,443		3,469,647
United Breweries, Ltd.		66,362		1,373,826
United Spirits, Ltd.(a)		127,406		1,428,403
				46,883,280
Indonesia (4.84%)
Ace Hardware Indonesia Tbk PT		16,291,700		1,174,369
Avia Avian Tbk PT		29,435,200		1,664,956
Bank Central Asia Tbk PT		2,078,000		1,165,491
Bank Rakyat Indonesia Persero Tbk PT		3,484,900		1,161,124
Indofood CBP Sukses Makmur Tbk PT		4,499,100		2,366,851
Sumber Alfaria Trijaya Tbk PT		13,423,000		1,583,495

See Notes to Financial Statements.

Annual Report | April 30, 2022 13

Rondure New World Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
Indonesia (continued)
Unilever Indonesia Tbk PT		5,453,100	$	1,459,598
				10,575,884
Kenya (1.63%)
Safaricom PLC		12,374,200		3,569,425
Malaysia (6.18%)
Carlsberg Brewery Malaysia Bhd		631,000		3,202,013
Genting Bhd		2,597,800		2,749,396
Heineken Malaysia Bhd		663,000		3,609,303
MR DIY Group M Bhd(b)(c)		2,778,500		2,233,395
Public Bank Bhd		1,601,000		1,720,831
				13,514,938
Mexico (11.25%)
Becle SAB de CV		924,500		2,304,171
GMexico Transportes SAB de CV(b)(c)		2,290,203		4,301,741
Grupo Aeroportuario del Centro Norte SAB de CV		628,833		4,382,556
Grupo Aeroportuario del Pacifico SAB de CV, Class B		256,300		3,948,526
Grupo Aeroportuario del Sureste SAB de CV, Class B		167,290		3,648,056
Wal-Mart de Mexico SAB de CV		1,691,700		5,996,161
				24,581,211
Philippines (4.42%)
International Container
Terminal Services, Inc.		778,800		3,197,747
Monde Nissin Corp.(a)(b)(c)		4,037,000		1,003,740
Philippine Seven Corp.		1,678,447		2,061,999
Wilcon Depot, Inc.		6,319,700		3,389,553
				9,653,039
Poland (0.41%)
Dino Polska SA(a)(b)(c)		13,912		899,992

	Shares		Value (Note 2)
South Africa (1.55%)
Clicks Group, Ltd.		172,634	$	3,397,695
South Korea (4.32%)
Kangwon Land, Inc.(a)		104,824		2,202,827
LG Household & Health Care, Ltd.		1,664		1,191,725
NAVER Corp.		3,858		859,404
Samsung Electronics Co., Ltd.		97,398		5,190,688
				9,444,644
Sri Lanka (0.28%)
Lion Brewery Ceylon PLC		472,256		610,475
Taiwan (11.36%)
Airtac International Group		59,857		1,624,410
Chroma ATE, Inc.		254,000		1,411,981
MediaTek, Inc.		86,000		2,370,848
momo.com, Inc.		35,400		934,460
Poya International Co., Ltd.		81,680		868,498
President Chain Store Corp.		486,000		4,496,781
Sinbon Electronics Co., Ltd.		393,700		3,458,091
Taiwan FamilyMart Co., Ltd.		274,000		1,851,095
Taiwan Semiconductor Manufacturing Co., Ltd.		432,000		7,811,709
				24,827,873
Thailand (6.01%)
Airports of Thailand PCL		721,000		1,393,311
Bangkok Dusit Medical Services PCL, Class F		1,685,000		1,261,286
Bumrungrad Hospital PCL		1,046,300		4,875,155
CP ALL PCL		1,116,800		2,105,656
Home Product Center PCL		1,620,000		704,318
TOA Paint Thailand PCL		3,321,000		2,801,024
				13,140,750
United Arab Emirates (1.08%)
Aramex PJSC		2,133,000		2,360,418
Vietnam (3.69%)
FPT Corp.		399,190		1,812,559
Saigon Beer Alcohol Beverage Corp.		175,120		1,231,140
Vietnam Dairy Products JSC		1,014,278		3,270,100

See Notes to Financial Statements.

14 1.855.775.3337 | www.rondureglobal.com

Rondure New World Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
Vietnam (continued)
Vincom Retail JSC(a)		1,305,705	$	1,749,751
				8,063,550
TOTAL COMMON STOCKS
(Cost $192,464,147)				208,800,154
TOTAL INVESTMENTS (95.53%)
(Cost $192,464,147)			$	208,800,154
Other Assets In Excess Of Liabilities (4.47%)				9,770,027
NET ASSETS (100.00%)			$	218,570,181

^(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 April 30, 2022, these securities had a total aggregate market value of $13,417,099 representing 6.14% 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 April 30, 2022, the aggregate market value of those securities was $13,417,099, representing 6.14% of net assets.

Sector Composition (April 30, 2022)

Consumer	36.6%
Technology	23.2%
Industrials	15.6%
Financials	10.1%
Health Care	6.5%
Energy & Materials	3.5%
Cash, Cash Equivalents, & Other Net Assets	4.5%
Total	100%

Industry Composition (April 30, 2022) 

Food & Staples Retailing	10.7%
Beverages	9.1%
IT Services	8.0%
Transportation Infrastructure	7.6%
Semiconductors & Semiconductor Equipment	7.4%
Capital Markets	4.8%
Specialty Retail	4.5%
Banks	4.5%
Food Products	4.1%
Hotels, Restaurants & Leisure	3.8%
Chemicals	3.5%
Machinery	3.2%
Health Care Providers & Services	2.8%
Technology Hardware, Storage & Peripherals	2.4%
Electronic Equipment, Instruments & Components	2.3%
Life Sciences Tools & Services	2.2%
Road & Rail	2.0%
Wireless Telecommunication Services	1.6%
Personal Products	1.6%
Air Freight & Logistics	1.4%
Electrical Equipment	1.2%
Software	1.1%
Health Care Equipment & Supplies	1.0%
Other Industries (each less than 1%)	4.7%
Cash and Other Assets, Less Liabilities	4.5%
Total	100.0%

See Notes to Financial Statements.

Annual Report | April 30, 2022 15

Rondure Overseas Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS (91.54%)
Australia (5.12%)
ASX, Ltd.		4,515	$	272,975
Cochlear, Ltd.		1,806		290,887
Domino's Pizza Enterprises, Ltd.		1,812		94,987
REA Group, Ltd.		4,117		368,833
Sonic Healthcare, Ltd.		9,914		256,041
				1,283,723
Austria (0.91%)
Mayr Melnhof Karton AG		1,300		228,757
Belgium (2.78%)
Lotus Bakeries NV		38		216,205
Melexis NV		2,672		229,350
Warehouses De Pauw CVA		6,544		251,750
				697,305
Brazil (2.41%)
B3 SA - Brasil Bolsa Balcao		86,500		232,699
WEG SA		60,600		371,399
				604,098
Britain (12.42%)
Abcam PLC(a)		19,704		305,750
B&M European Value Retail SA		27,823		170,474
Bunzl PLC		19,687		759,537
Cranswick PLC		10,123		402,534
Diploma PLC		10,695		366,826
Greggs PLC		7,096		207,033
Halma PLC		6,408		196,697
Intertek Group PLC		2,911		181,399
Rightmove PLC		25,493		195,967
Softcat PLC		12,489		220,572
Spirax-Sarco Engineering PLC		717		108,192
				3,114,981
Canada (11.83%)
Alimentation Couche-Tard, Inc.		11,116		494,862
Dollarama, Inc.		8,391		466,497
FirstService Corp.		1,900		236,907
Fortis, Inc.		10,154		494,085

	Shares		Value (Note 2)
Canada (continued)
Gildan Activewear, Inc.		7,066	$	239,429
Metro, Inc./CN		14,330		787,640
Ritchie Bros Auctioneers, Inc.		4,500		247,865
				2,967,285
Denmark (2.71%)
Coloplast A/S, Class B		2,189		294,921
Royal Unibrew A/S		4,473		385,533
				680,454
France (2.28%)
Bureau Veritas SA		10,490		301,344
Virbac SA		669		270,107
				571,451
Germany (4.99%)
Carl Zeiss Meditec AG		1,593		200,089
CTS Eventim AG & Co., KGaA(a)		4,742		325,473
MTU Aero Engines AG		794		160,123
Puma SE		3,947		290,416
Symrise AG		2,316		275,591
				1,251,692
India (1.54%)
WNS Holdings, Ltd., ADR(a)		4,942		387,305
Indonesia (1.53%)
Avia Avian Tbk PT		3,364,300		190,296
Sumber Alfaria Trijaya Tbk PT		1,633,200		192,667
				382,963
Ireland (1.16%)
ICON PLC, ADR(a)		1,283		290,227
Italy (6.44%)
Davide Campari-Milano NV		22,163		250,070
DiaSorin SpA		1,900		248,885
Ferrari NV		2,356		496,068
Recordati Industria Chimica
e Farmaceutica SpA		7,864		378,954

See Notes to Financial Statements.

16 1.855.775.3337 | www.rondureglobal.com

Rondure Overseas Fund Portfolio of Investments

April 30, 2022

	Shares		Value (Note 2)
Italy (continued)
Sesa SpA		1,672	$	241,718
				1,615,695
Japan (8.98%)
Asahi Intecc Co., Ltd.		10,200		197,104
MatsukiyoCocokara & Co.		5,000		165,277
MonotaRO Co., Ltd.		18,500		317,794
Nihon M&A Center Holdings, Inc.		15,200		187,170
OBIC Business Consultants Co., Ltd.		11,100		398,955
Seria Co., Ltd.		1,500		29,334
Sysmex Corp.		2,700		177,113
Unicharm Corp.		22,400		779,341
				2,252,088
Malaysia (2.82%)
Heineken Malaysia Bhd		93,800		510,637
MR DIY Group M Bhd(b)(c)		245,600		197,417
				708,054
Mexico (6.12%)
Becle SAB de CV		165,000		411,237
GMexico Transportes SAB de CV(b)(c)		198,300		372,471
Grupo Aeroportuario del
Centro Norte SAB de CV		56,500		393,768
Grupo Aeroportuario del Pacifico SAB de CV, Class B		23,300		358,957
				1,536,433
Netherlands (1.44%)
Euronext NV(b)(c)		4,521		362,233
New Zealand (1.55%)
Mainfreight, Ltd.		7,410		387,864
Norway (1.69%)
TGS ASA		27,481		423,943
Philippines (1.05%)
Wilcon Depot, Inc.		491,200		263,454

	Shares		Value (Note 2)
South Africa (1.04%)
Clicks Group, Ltd.		13,253	$	260,839
Sweden (4.39%)
Assa Abloy AB, Class B		12,952		327,325
Axfood AB		13,759		407,155
Loomis AB		14,745		367,383
				1,101,863
Switzerland (3.98%)
Chocoladefabriken Lindt & Spruengli AG		49		549,535
Flughafen Zurich AG(a)		1,524		257,706
Partners Group Holding AG		181		191,769
				999,010
Taiwan (1.37%)
Sinbon Electronics Co., Ltd.		39,000		342,559
United States (0.99%)
Genpact, Ltd.		6,158		247,983
TOTAL COMMON STOCKS
(Cost $21,427,422)				22,962,259
TOTAL INVESTMENTS (91.54%)
(Cost $21,427,422)			$	22,962,259
Other Assets In Excess Of Liabilities (8.46%)				2,121,000
NET ASSETS (100.00%)			$	25,083,259

^(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 April 30, 2022, these securities had a total aggregate market value of $932,121 representing 3.72% of net assets.

See Notes to Financial Statements.

Annual Report | April 30, 2022 17

Rondure Overseas Fund Portfolio of Investments

April 30, 2022

^(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 April 30, 2022, the aggregate market value of those securities was $932,121, representing 3.72% of net assets.

Sector Composition (April 30, 2022)

Consumer	33.0%
Industrials	21.8%
Technology	12.6%
Health Care	11.6%
Financials	6.1%
Energy & Materials	4.4%
Utilities	2.0%
Cash, Cash Equivalents, & Other Net Assets	8.5%
Total	100%

Industry Composition (April 30, 2022) 

Food & Staples Retailing	9.2%
Beverages	6.1%
Trading Companies & Distributors	5.8%
Health Care Equipment & Supplies	5.6%
Food Products	4.7%
Capital Markets	4.2%
Transportation Infrastructure	4.0%
IT Services	3.4%
Household Products	3.1%
Electronic Equipment, Instruments & Components	3.1%
Multiline Retail	2.7%
Pharmaceuticals	2.6%
Professional Services	2.6%
Commercial Services & Supplies	2.5%
Interactive Media & Services	2.3%
Textiles, Apparel & Luxury Goods	2.1%
Automobiles	2.0%
Electric Utilities	2.0%
Specialty Retail	1.9%
Chemicals	1.8%
Energy Equipment & Services	1.7%
Air Freight & Logistics	1.6%
Software	1.6%
Road & Rail	1.5%
Electrical Equipment	1.5%
Entertainment	1.3%
Building Products	1.3%
Biotechnology	1.2%
Life Sciences Tools & Services	1.2%
Hotels, Restaurants & Leisure	1.2%
Equity Real Estate Investment Trusts (REITs)	1.0%
Health Care Providers & Services	1.0%
Other Industries (each less than 1%)	3.7%
Cash and Other Assets, Less Liabilities	8.5%
Total	100.0%

See Notes to Financial Statements. 

18        1.855.775.3337 | www.rondureglobal.com

Rondure Funds	Statements of Assets and Liabilities
	April 30, 2022

	Rondure New World Fund		Rondure Overseas Fund
ASSETS
Investments, at value (Cost - see below)	$	208,800,154	$	22,962,259
Foreign cash, at value (Cost $46,323 and $7,102, respectively)		46,283		7,101
Cash		11,537,971		1,931,966
Dividends and interest receivable		319,156		75,999
Receivable for investments sold		–		341,753
Receivable for fund shares subscribed		44,234		10,484
Prepaid and other assets		992		216
Total assets		220,748,790		25,329,778
LIABILITIES
Payable for investments purchased		455,473		70,433
Foreign capital gains tax		1,306,012		–
Payable for fund shares redeemed		60,681		58,415
Advisory fees payable		109,037		14,082
Administration fees payable		52,945		19,334
Custodian fees payable		60,012		7,115
Payable for professional fees		25,701		35,228
Payable for trustee fees and expenses		8,875		1,042
Payable for chief compliance officer fee		5,520		649
Payable for principal financial officer fees		3,465		408
Distribution and service fees payable - Investor Class		3,467		817
Payable for transfer agency fees		46,459		16,160
Accrued expenses and other liabilities		40,962		22,836
Total liabilities		2,178,609		246,519
NET ASSETS	$	218,570,181	$	25,083,259
NET ASSETS CONSISTS OF
Paid-in capital (Note 5)	$	201,013,948	$	23,328,478
Total distributable earnings		17,556,233		1,754,781
NET ASSETS	$	218,570,181	$	25,083,259
INVESTMENTS, AT COST	$	192,464,147	$	21,427,423
PRICING OF SHARES
Institutional Class
Net Assets	$	202,141,766	$	21,183,955
Net Asset Value, offering and redemption price per share	$	12.12	$	11.70
Shares of beneficial interest outstanding		16,678,144		1,810,155
Investor Class
Net Assets	$	16,428,415	$	3,899,304
Net Asset Value, offering and redemption price per share	$	12.07	$	11.68
Shares of beneficial interest outstanding		1,361,558		333,877

See Notes to Financial Statements.

Annual Report | April 30, 2022 19

Rondure Funds	Statements of Operations
	For the Year Ended April 30, 2022

	Rondure New World Fund			Rondure Overseas Fund
INVESTMENT INCOME
Dividends	$	4,891,814		$	346,562
Foreign taxes withheld		(620,989	)		(35,078	)
Other Income		1,388			–
Total investment income		4,272,213			311,484
EXPENSES
Investment advisor fees (Note 6)		2,042,647			200,775
Administrative fees		252,131			43,903
Distribution and service fees - Investor Class		57,009			10,708
Transfer agent fees		312,201			76,746
Professional fees		47,782			34,875
Printing fees		26,392			1,135
Registration fees		56,429			48,173
Custodian fees		243,113			28,495
Trustee fees and expenses		10,671			1,523
Chief compliance officer fees		32,544			3,895
Principal financial officer fees		13,953			1,653
Other expenses		22,339			10,098
Total expenses		3,117,211			461,979
Less fees waived/reimbursed by investment advisor (Note 6)		(417,176	)		(207,632	)
Total net expenses		2,700,035			254,347
NET INVESTMENT INCOME		1,572,178			57,137
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain on investments		6,151,725			1,523,630
Net realized loss on foreign currency transactions		(88,359	)		(3,936	)
Net realized gain		6,063,366			1,519,694
Net change in unrealized depreciation on investments (net of change in foreign capital gains tax of $457,507 and $0, respectively)		(32,328,484	)		(5,570,804	)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies		(4,768	)		(4,611	)
Net change in unrealized depreciation		(32,333,252	)		(5,575,415	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(26,269,886	)		(4,055,721	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(24,697,708	)	$	(3,998,584	)

See Notes to Financial Statements.

20 1.855.775.3337 | www.rondureglobal.com

Rondure New World Fund Statement of Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment income	$	1,572,178		$	837,536
Net realized gain		6,063,366			5,215,541
Net change in unrealized appreciation/(depreciation)		(32,333,252	)		47,959,807
Net increase/(decrease) in net assets resulting from operations		(24,697,708	)		54,012,884
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
From distributable earnings
Institutional Class		(989,816	)		(724,741	)
Investor Class		(61,430	)		(67,304	)
Net decrease in net assets from distributions		(1,051,246	)		(792,045	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Institutional Class
Proceeds from sales of shares		40,715,555			58,214,092
Distributions reinvested		965,931			707,032
Cost of shares redeemed		(25,404,581	)		(14,561,301	)
Redemption fees		604			10,421
Net increase from capital shares transactions		16,277,509			44,370,244
Investor Class
Proceeds from sales of shares		3,038,124			8,807,686
Distributions reinvested		61,101			67,123
Cost of shares redeemed		(10,490,696	)		(8,100,996	)
Redemption fees		430			1,084
Net increase/(decrease) from capital shares transactions		(7,391,041	)		774,897
Net increase/(decrease) in net assets		(16,862,486	)		98,365,980
NET ASSETS
Beginning of period		235,432,667			137,066,687
End of period	$	218,570,181		$	235,432,667
OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		3,010,835			4,615,909
Issued to shareholders in reinvestment of distributions		70,097			53,604
Redeemed		(1,855,120	)		(1,173,436	)
Net increase in share transactions		1,225,812			3,496,077
Investor Class
Issued		227,446			687,756
Issued to shareholders in reinvestment of distributions		4,450			5,104
Redeemed		(787,705	)		(632,251	)
Net increase/(decrease) in share transactions		(555,809	)		60,609

See Notes to Financial Statements.

Annual Report | April 30, 2022 21

Rondure Overseas Fund Statement of Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net investment income	$	57,137		$	118,898
Net realized gain		1,519,694			1,760,791
Net change in unrealized appreciation/(depreciation)		(5,575,415	)		6,012,881
Net increase/(decrease) in net assets resulting from operations		(3,998,584	)		7,892,570
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
From distributable earnings
Institutional Class		(998,357	)		(110,149	)
Investor Class		(167,252	)		(11,833	)
Net decrease in net assets from distributions		(1,165,609	)		(121,982	)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Institutional Class
Proceeds from sales of shares		3,754,957			6,502,316
Distributions reinvested		987,065			108,604
Cost of shares redeemed		(6,871,302	)		(2,409,017	)
Redemption fees		247			8
Net increase/(decrease) from capital shares transactions		(2,129,033	)		4,201,911
Investor Class
Proceeds from sales of shares		1,322,038			1,766,564
Distributions reinvested		167,252			11,832
Cost of shares redeemed		(977,792	)		(1,270,752	)
Redemption fees		509			167
Net increase from capital shares transactions		512,007			507,811
Net increase/(decrease) in net assets		(6,781,219	)		12,480,310
NET ASSETS
Beginning of period		31,864,478			19,384,168
End of period	$	25,083,259		$	31,864,478
OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		263,254			520,727
Issued to shareholders in reinvestment of distributions		67,793			7,968
Redeemed		(473,872	)		(196,876	)
Net increase/(decrease) in share transactions		(142,825	)		331,819
Investor Class
Issued		95,574			140,115
Issued to shareholders in reinvestment of distributions		11,503			868
Redeemed		(67,802	)		(100,434	)
Net increase in share transactions		39,275			40,549

See Notes to Financial Statements.

22 1.855.775.3337 | www.rondureglobal.com

Rondure New World Fund – Institutional Class Financial Highlights

For a Share Outstanding Throughout the Years or Periods Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			For the Period May 2, 2017 (Commencement of Operations) to April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	13.56		$	9.93		$	10.80		$	11.25		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.09			0.06			0.09			0.09			0.05
Net realized and unrealized gain/(loss) on investments		(1.47	)		3.62			(0.87	)		(0.45	)		1.23
Total income/(loss) from investment operations		(1.38	)		3.68			(0.78	)		(0.36	)		1.28
DISTRIBUTIONS
From net investment income		(0.06	)		(0.05	)		(0.09	)		(0.09	)		(0.03	)
From net realized gain on investments		–			–			–			–			(0.00	)(b)
Total distributions		(0.06	)		(0.05	)		(0.09	)		(0.09	)		(0.03	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(1.44	)		3.63			(0.87	)		(0.45	)		1.25
NET ASSET VALUE, END OF PERIOD	$	12.12		$	13.56		$	9.93		$	10.80		$	11.25
TOTAL RETURN		(10.21	)%		37.11	%		(7.31	)%		(3.09	)%		12.78	%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	202,142		$	209,531		$	118,685		$	110,800		$	100,760
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.27	%		1.32	%		1.43	%		1.46	%		1.62	%(d)
Expenses (including fees waived/ reimbursed by investment advisor)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%(d)
Net investment income		0.68	%		0.48	%		0.83	%		0.87	%		0.43	%(d)
PORTFOLIO TURNOVER RATE		29	%		36	%		27	%		37	%		13	%(c)

(a)	Per share numbers have been calculated using the average shares method.
(b)	Less than $0.005 or ($0.005) per share.
(c)	Not Annualized.
(d)	Annualized.

See Notes to Financial Statements.

Annual Report | April 30, 2022 23

Rondure New World Fund – Investor Class	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

Investor Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			For the Period May 2, 2017 (Commencement of Operations) to April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	13.51		$	9.90		$	10.78		$	11.24		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.06			0.03			0.06			0.07			0.03
Net realized and unrealized gain/(loss) on investments		(1.46	)		3.61			(0.87	)		(0.46	)		1.22
Total income/(loss) from investment operations		(1.40	)		3.64			(0.81	)		(0.39	)		1.25
DISTRIBUTIONS
From net investment income		(0.04	)		(0.03	)		(0.07	)		(0.07	)		(0.01	)
From net realized gain on investments		–			–			–			–			(0.00	)(b)
Total distributions		(0.04	)		(0.03	)		(0.07	)		(0.07	)		(0.01	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(1.44	)		3.61			(0.88	)		(0.46	)		1.24
NET ASSET VALUE, END OF PERIOD	$	12.07		$	13.51		$	9.90		$	10.78		$	11.24
TOTAL RETURN		(10.41	)%		36.83	%		(7.56	)%		(3.37	)%		12.53	%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	16,428		$	25,901		$	18,382		$	20,595		$	24,233
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.58	%		1.63	%		1.72	%		1.76	%		1.91	%(d)
Expenses (including fees waived/ reimbursed by investment advisor)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%(d)
Net investment income		0.45	%		0.25	%		0.59	%		0.66	%		0.24	%(d)
PORTFOLIO TURNOVER RATE		29	%		36	%		27	%		37	%		13	%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

24 1.855.775.3337 | www.rondureglobal.com

Rondure Overseas Fund – Institutional Class	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

Institutional Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			For the Period May 2, 2017 (Commencement of Operations) to April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.18		$	10.34		$	11.11		$	11.46		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.03			0.06			0.10			0.10			0.10
Net realized and unrealized gain/(loss) on investments		(1.92	)		3.84			(0.76	)		(0.31	)		1.48
Total income/(loss) from investment operations		(1.89	)		3.90			(0.66	)		(0.21	)		1.58
DISTRIBUTIONS
From net investment income		(0.04	)		(0.06	)		(0.11	)		(0.11	)		(0.04	)
From net realized gain on investments		(0.55	)		–			–			(0.03	)		(0.08	)
Total distributions		(0.59	)		(0.06	)		(0.11	)		(0.14	)		(0.12	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(2.48	)		3.84			(0.77	)		(0.35	)		1.46
NET ASSET VALUE, END OF PERIOD	$	11.70		$	14.18		$	10.34		$	11.11		$	11.46
TOTAL RETURN		(14.15	)%		37.71	%		(6.06	)%		(1.76	)%		15.88	%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	21,184		$	27,692		$	16,758		$	18,845		$	14,283
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.56	%		1.70	%		1.73	%		1.72	%		2.57	%(d)
Expenses (including fees waived/ reimbursed by investment advisor)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%(d)
Net investment income		0.24	%		0.49	%		0.89	%		0.95	%		0.92	%(d)
PORTFOLIO TURNOVER RATE		103	%		51	%		66	%		40	%		14	%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

Annual Report | April 30, 2022 25

Rondure Overseas Fund – Investor Class	Financial Highlights
For a Share Outstanding Throughout the Years or Periods Presented

Investor Class	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			For the Period May 2, 2017 (Commencement of Operations) to April 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.16		$	10.34		$	11.12		$	11.48		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.00	)(b)		0.03			0.07			0.08			0.09
Net realized and unrealized gain/(loss) on investments		(1.92	)		3.83			(0.76	)		(0.32	)		1.46
Total income/(loss) from investment operations		(1.92	)		3.86			(0.69	)		(0.24	)		1.55
DISTRIBUTIONS
From net investment income		(0.01	)		(0.04	)		(0.09	)		(0.09	)		–
From net realized gain on investments		(0.55	)		–			–			(0.03	)		(0.08	)
Total distributions		(0.56	)		(0.04	)		(0.09	)		(0.12	)		(0.08	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.01
INCREASE/DECREASE IN NET ASSET VALUE		(2.48	)		3.82			(0.78	)		(0.36	)		1.48
NET ASSET VALUE, END OF PERIOD	$	11.68		$	14.16		$	10.34		$	11.12		$	11.48
TOTAL RETURN		(14.31	)%		37.34	%		(6.28	)%		(1.98	)%		15.63	%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	3,899		$	4,173		$	2,626		$	3,922		$	5,189
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.88	%		2.01	%		2.06	%		2.04	%		2.45	%(d)
Expenses (including fees waived/ reimbursed by investment advisor)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%(d)
Net investment income/(loss)		(0.03	)%		0.23	%		0.61	%		0.74	%		0.82	%(d)
PORTFOLIO TURNOVER RATE		103	%		51	%		66	%		40	%		14	%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

26 1.855.775.3337 | www.rondureglobal.com

Rondure Funds	Notes to Financial Statements
	April 30, 2022

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”). As of April 30, 2022, the Trust consists of multiple separate Portfolios or series. This annual report describes the Rondure New World Fund and the Rondure Overseas Fund (individually a “Fund” and collectively, the “Funds”). The Funds seek long-term growth of capital. The Funds offer Investor Class 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 its financial statements.

Investment Valuation: The Funds generally value their securities 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.

The Funds may invest in warrants to participate in an anticipated increase in the market value of the security. A warrant entitles the holder to buy a security at a set price during a set period of time. If such market value increases, the warrant may be exercised and sold at a gain. A loss will be incurred if the market value decreases or if the term of the warrant expires before it is exercised. Warrants convey no rights to dividends or voting. An implied pricing method is used to value the rights.

When such prices or quotations are not available, or when Rondure Global Advisors, LLC (the “Advisor” or “Rondure”) 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.

Annual Report | April 30, 2022 27

Rondure Funds	Notes to Financial Statements
	April 30, 2022

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 April 30, 2022:

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Rondure New World Fund
Common Stocks
Bangladesh	$	–	$	1,146,886	$	–	$	1,146,886
China		–		21,737,430		–		21,737,430
Greece		–		635,350		–		635,350
Hong Kong		–		3,240,810		–		3,240,810
India		–		46,883,280		–		46,883,280
Indonesia		2,839,325		7,736,559		–		10,575,884
Kenya		–		3,569,425		–		3,569,425
Malaysia		3,609,303		9,905,635		–		13,514,938
Philippines		4,393,293		5,259,746		–		9,653,039
Poland		–		899,992		–		899,992
South Korea		–		9,444,644		–		9,444,644
Sri Lanka		–		610,475		–		610,475
Taiwan		–		24,827,873		–		24,827,873
Thailand		–		13,140,750		–		13,140,750
United Arab Emirates		–		2,360,418		–		2,360,418
Vietnam		–		8,063,550		–		8,063,550
Other*		38,495,410		–		–		38,495,410
Total	$	49,337,331	$	159,462,823	$	–	$	208,800,154

28 1.855.775.3337 | www.rondureglobal.com

Rondure Funds	Notes to Financial Statements
	April 30, 2022

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Rondure Overseas Fund
Common Stocks
Australia	$	–	$	1,283,723	$	–	$	1,283,723
Austria		–		228,757		–		228,757
Belgium		–		697,305		–		697,305
Britain		–		3,114,981		–		3,114,981
Denmark		–		680,454		–		680,454
France		–		571,451		–		571,451
Germany		–		1,251,692		–		1,251,692
Indonesia		190,296		192,667		–		382,963
Italy		–		1,615,695		–		1,615,695
Japan		–		2,252,088		–		2,252,088
Malaysia		510,637		197,417		–		708,054
Netherlands		–		362,233		–		362,233
New Zealand		–		387,864		–		387,864
Norway		–		423,943		–		423,943
Sweden		–		1,101,863		–		1,101,863
Switzerland		–		999,010		–		999,010
Taiwan		–		342,559		–		342,559
Other*		6,557,624		–		–		6,557,624
Total	$	7,258,557	$	15,703,702	$	–	$	22,962,259

* For a detailed country breakdown, see the accompanying Portfolio of Investments.

For the year ended April 30, 2022, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value. There were no transfers in/out of Level 3 securities during the year ended April 30, 2022.

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.

Cash Management Transactions: The Funds subscribe to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of April 30, 2022, the Funds had the following cash balances participating in the BBH CMS:

Fund
Rondure New World Fund	$	11,537,971
Rondure Overseas Fund		1,931,966

Annual Report | April 30, 2022 29

Rondure Funds	Notes to Financial Statements
	April 30, 2022

As of April 30, 2022, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

Fund
Rondure New World Fund	$	–
Rondure Overseas Fund		–

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.

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 are separately disclosed.

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.

Trust Expenses: Some expenses of the Trust can be directly attributed to the Funds. Expenses which cannot be directly attributed to the Funds are apportioned among all funds in the Trust based on average net assets of each fund.

Fund and Class Expenses: Expenses that are specific to a Fund or class of shares of a Fund, including distribution fees (Rule 12b-1 fees), are charged directly to that Fund or share class. Expenses that are common to all Funds generally are allocated among the Funds in proportion to their average daily net assets.

Federal Income Taxes: The Funds comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Funds are not subject to income taxes to the extent such distributions are made.

Distributions to Shareholders: Each Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from dividends and other income each Fund receives from their investments, including short term capital gains. Long term capital gain distributions are derived from gains realized when each Fund sells a security it has owned for more than a year. Each Fund may make additional distributions and dividends at other times if the portfolio manager believes doing so may be necessary for each Fund to avoid or reduce taxes. The Funds intend to pass through foreign tax credits to shareholders.

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.

30 1.855.775.3337 | www.rondureglobal.com

Rondure Funds	Notes to Financial Statements
	April 30, 2022

3. TAX BASIS INFORMATION

Tax Basis of Investments: As of April 30, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for Federal tax purposes was as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Appreciation/ (Depreciation) of Foreign Currency			Net Unrealized Appreciation		Cost of Investments for Income Tax Purposes
Rondure New World Fund	$	33,034,195	$	(16,799,421	)	$	(1,310,185	)	$	14,924,589	$	192,565,380
Rondure Overseas Fund		2,235,977		(782,993	)		(3,178	)		1,449,806		21,505,013

Components of Earnings: As of April 30, 2022, components of distributable earnings on a tax basis were as follows:

	Rondure New World Fund		Rondure Overseas Fund
Undistributed ordinary income	$	322,118	$	–
Accumulated capital gains		2,309,526		304,975
Net unrealized appreciation on investments		14,924,589		1,449,806
Total distributable earnings	$	17,556,233	$	1,754,781

The Rondure New World Fund used capital loss carryovers during the period ending April 30, 2022, in the amount of $6,197,634.

The Rondure Overseas Fund used capital loss carryovers during the period ending April 30, 2022, in the amount of $184,853.

Tax Basis of Distributions to Shareholders: The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Funds.

The tax characters of distributions paid by the Funds for the year ended April 30, 2022, were as follows:

Fund	Ordinary Income		Long-Term Capital Gain
Rondure New World Fund	$	1,051,246	$	–
Rondure Overseas Fund		125,873		1,039,736

The tax characters of distributions paid by the Funds for the year ended April 30, 2021, were as follows:

Fund	Ordinary Income		Long-Term Capital Gain
Rondure New World Fund	$	792,045	$	–
Rondure Overseas Fund		121,982		–

Annual Report | April 30, 2022 31

Rondure Funds	Notes to Financial Statements
	April 30, 2022

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short term securities) during the year ended April 30, 2022 were as follows:

Fund	Purchases of Securities		Proceeds From Sales of Securities
Rondure New World Fund	$	74,106,732	$	67,773,614
Rondure Overseas Fund		28,186,410		32,858,302

5. SHARES OF BENEFICIAL INTEREST

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Funds of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the share do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

Shares redeemed within 60 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. For the year ended April 30, 2022, the redemption fees charged by the Funds are presented in the Statement of Changes in Net Assets.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Advisor, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Advisor manages the investments of the Funds in accordance with the Funds’ investment objective, policies and limitations and investment guidelines established jointly by the Advisor and the Trustees. Pursuant to the Advisory Agreement, (the “Advisory Agreement”), each Fund pays the Advisor an annual management fee based on each Fund’s average daily net assets. The management fee is paid on a monthly basis. The following table reflects the Funds’ advisory fee rates.

Fund	Advisory Fee
Rondure New World Fund	0.85%
Rondure Overseas Fund	0.70%

The Advisor has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.35% and 1.10% of the Rondure New World Fund's average daily net assets for the Investor Class Shares and Institutional Class Shares, respectively, and 1.10% and 0.85% of the Rondure Overseas Fund's average daily net assets for the Investor Class Shares and Institutional Class Shares, respectively. This agreement (the "Expense Agreement") shall continue at least through August 31, 2022. The Advisor will be permitted to recapture, on a class- by class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Expense Agreement may not be terminated or modified by the Advisor prior to August 31, 2022, except with the approval of the Fund's Board of Trustees. Fees waived/reimbursed by Advisor for the year ended April 30, 2022, are disclosed in the Statements of Operations.

32 1.855.775.3337 | www.rondureglobal.com

Rondure Funds	Notes to Financial Statements
	April 30, 2022

Fund	Term of Expense Limit Agreements
Rondure New World Fund	September 1, 2021-August 31, 2022/September 1, 2020-August 31, 2021
Institutional Class
Investor Class
Rondure Overseas Fund	September 1, 2021-August 31, 2022/September 1, 2020-August 31, 2021
Institutional Class
Investor Class

For the year ended April 30, 2022, the fee waivers/reimbursements and/or recoupments were as follows:

Fund	Fees Waived/Reimbursed By Adviser
Rondure New World Fund
Institutional Class	$	365,825
Investor Class		51,351
Rondure Overseas Fund
Institutional Class	$	174,297
Investor Class		33,335

Fund	Expires 2023		Expires 2024		Expires 2025		Total
Rondure New World Fund
Institutional Class	$	385,786	$	364,149	$	365,825	$	1,115,760
Investor Class		73,814		66,219		51,351		191,384
Rondure Overseas Fund
Institutional Class	$	162,555	$	192,733	$	174,297	$	529,585
Investor Class		33,740		32,020		33,335		99,095

Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the year ended April 30, 2022, are disclosed in the Statements of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended April 30, 2022, are disclosed in the Statements of Operations.

Compliance Services

ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Compliance service fees paid by the Funds for the year ended April 30, 2022, are disclosed in the Statements of Operations.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Fund for the year ended April 30, 2022, are disclosed in the Statements of Operations.

Annual Report | April 30, 2022 33

Rondure Funds	Notes to Financial Statements
	April 30, 2022

Distributor

ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Funds’ shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of each Fund’s shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

Each Fund has adopted a Distribution and Services (Rule 12b-1) Plan pursuant to Rule 12b-1 of the 1940 Act (the “Plan”) for its Investor Class shares. The Plan allows the Funds to use Investor Class assets to pay fees in connection with the distribution and marketing of Investor Class shares and/or the provision of shareholder services to Investor Class shareholders. The Plan permits payment for services in connection with the administration of plans or programs that use Investor Class shares of each Fund as their funding medium and for related expenses. The recipients of such payments may include the Distributor, other affiliates of the Advisor, broker-dealers, financial institutions, plan sponsors and administrators and other financial intermediaries through which investors may purchase shares of the Fund. The Plan permits the Funds to make total payments at an annual rate of up to 0.25% of each Fund’s average daily net assets attributable to its Investor Class shares. The expenses of the Plan are reflected as distribution and service fees in the Statements of Operations.

Trustees

The fees and expenses of the Trustees of the Board are presented in the Statements of Operations.

7. INDEMNIFICATIONS

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

34 1.855.775.3337 | www.rondureglobal.com

	Report of Independent Registered
Rondure Funds	Public Accounting Firm

To the shareholders and the Board of Trustees of Financial Investors Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Rondure New World Fund and Rondure Overseas Fund, two of the funds constituting the Financial Investors Trust (the "Funds"), including the portfolios of investments, as of April 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period May 2, 2017 (commencement of operations) to April 30, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period May 2, 2017 (commencement of operations) to April 30, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 29, 2022

We have served as the auditor of one or more investment companies advised by Rondure Global Advisors, LLC since 2018.

Annual Report | April 30, 2022 35

Rondure Funds	Additional Information
	April 30, 2022 (Unaudited)

1. FUND HOLDINGS

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the Commission’s Web site at http://www.sec.gov. The Funds’ Form N-PORT reports are also available upon request by calling toll-free (855) 775-3337.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 1-855-775-3337 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

The Funds designate the following amounts for federal income tax purposes for the fiscal year ended April 30, 2022:

	Foreign Taxes Paid		Foreign Source Income
Rondure Overseas Fund	$	33,634	$	351,420
Rondure New World Fund	$	582,150	$	4,800,573

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2021, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

	Dividend Received Deduction	Qualified Dividend Income
Rondure Overseas Fund	5.07%	100.00%
Rondure New World Fund	5.77%	100.00%

In early 2022, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Rondure Overseas Fund designated $1,039,736 as long-term capital gain dividends.

36 1.855.775.3337 | www.rondureglobal.com

Rondure Funds	Liquidity Risk Management Program
	April 30, 2022 (Unaudited)

The Financial Investors Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each fund in the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment advisers, sub-advisers, and Officers of the Trust. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including a periodic assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 8, 2022, the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program during 2021. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since implementation.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

Annual Report | April 30, 2022 37

Rondure Funds	Trustees and Officers
	April 30, 2022 (Unaudited)

The business and affairs of each Fund are managed under the direction of its Board. The Board approves all significant agreements between a Fund and the persons or companies that furnish services to the Fund, including agreements with its distributor, Adviser, Sub-Adviser, administrator, custodian and transfer agent. The day-to-day operations of each Fund are delegated to the Fund’s Adviser, Sub-Adviser and administrator.

The name, address, age and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee.

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 855-775-3337.

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Mary K. Anstine, 1940	Trustee and Chairman	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees.	Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board.	60	Ms. Anstine is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust through December 2020 (14 funds).
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund.	61	Mr. Deems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund).

38 1.855.775.3337 | www.rondureglobal.com

Rondure Funds	Trustees and Officers
	April 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Jerry G. Rutledge, 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business.	30	Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); and Principal Real Estate Income Fund (1 fund).
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). Mr. Shell serves on the Board of Directors of TalkBox, a phone/privacy booth company (since 2018) and DLVR, a package security company (since 2018). Mr. Shell served on the Advisory Board, St. Vrain School District Innovation Center (from 2015- 2018). Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	29	None.

Annual Report | April 30, 2022 39

Rondure Funds	Trustees and Officers
	April 30, 2022 (Unaudited)

INTERESTED TRUSTEE

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Edmund J. Burke, 1961	Trustee	Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009.	Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. (“ALPS”), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020). Mr. Burke is deemed an interested Trustee by virtue of his prior positions with the ALPS Companies.	54	Mr. Burke is a Trustee of ALPS ETF Trust (23 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

40 1.855.775.3337 | www.rondureglobal.com

Rondure Funds	Trustees and Officers
	April 30, 2022 (Unaudited)

OFFICERS

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***
Dawn Cotten, 1977	President	Ms. Cotten was appointed President of the Trust at the June 8-9, 2021 meeting of the Board of Trustees.	Ms. Cotten joined ALPS in 2009 and is currently Senior Vice President of Fund Administration and Relationship Management of ALPS. She has served in that role since January 2020. Prior to that, Ms. Cotten served as Senior Vice President of Relationship Management (2017-2020). Ms. Cotten served as a Vice President in Relationship Management from 2013-2017. Ms. Cotten also serves as President of ALPS Series Trust, Clough Funds Trust, Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund.
Jennell Panella, 1974	Treasurer	Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees	Ms. Panella joined ALPS in June 2012 and is currently Vice President and Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Alpha Alternative Asset Fund, Centre Funds, GraniteShares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. Mr. Uhl formerly served as CCO of the Boulder Growth & Income Fund, Inc., Index Funds and Reality Shares ETF Trust.
Brendan Hamill, 1986	Secretary	Mr. Hamill was elected Secretary of the Trust at the September 14, 2021 meeting of the Board of Trustees.	Mr. Hamill joined ALPS in August 2021, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Hamill was an attorney at Lewis Brisbois Bisgaard & Smith, LLP (law firm) (December 2018-August 2021) and Vedder Price, P.C. (law firm) (August 2015-December 2018). Mr. Hamill also serves as Secretary of ALPS ETF Trust, Secretary of ALPS Variable Investment Trust, Secretary of Principal Real Estate Income Fund, and Assistant Secretary of James Advantage Funds.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until such Trustees successor is elected and appointed, or such Trustee resigns or is deceased. Officers are elected on an annual basis.

*** Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

**** The Fund Complex includes all series of the Trust, currently 29, and any other investment companies for which any Trustee serves as trustee for and for which Rondure Global Advisors, LLC provides investment advisory services (currently none).

Annual Report | April 30, 2022 41

Rondure Funds	Privacy Policy
	April 30, 2022 (Unaudited)

Who We Are
Who is providing this notice?	Rondure New World Fund and Rondure Overseas Fund.
What We Do
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do the Funds collect my personal information?	We collect your personal information, for example, when you
	•	open an account
	•	provide account information or give us your contact information
	•	make a wire transfer or deposit money
Why can’t I limit all sharing?	Federal law gives you the right to limit only
	•	sharing for affiliates’ everyday business purposes-information about your creditworthiness
	•	affiliates from using your information to market to you
	•	sharing for non-affiliates to market to you
	State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	•	The Funds does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you.
	•	The Funds does not jointly market.
Other Important Information
California Residents	If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.
Vermont Residents	The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information.

42 1.855.775.3337 | www.rondureglobal.com 

Rondure Funds	Privacy Policy
	April 30, 2022 (Unaudited)

FACTS	WHAT DO THE FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	•       Social Security number and account transactions
	•       Account balances and transaction history
	•       Wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do the Funds share:	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share.
For joint marketing with other financial companies	No	We do not share.
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share.
For nonaffiliates to market to you	No	We do not share.

Annual Report | April 30, 2022 43

 

Contact Us

Mail:	Rondure Funds, P.O. Box 13664, Denver, CO 80201	E-Mail:	rondureglobal@alpsinc.com
Phone:	1.855.775.3337	Web:	www.rondureglobal.com

 

TABLE OF CONTENTS

Letter to Shareholders	1
Performance Review
Seafarer Overseas Growth and Income Fund	2
Seafarer Overseas Value Fund	7
Disclosure of Fund Expenses	13
Portfolio of Investments	15
Statements of Assets and Liabilities	24
Statements of Operations	25
Statements of Changes in Net Assets	26
Financial Highlights	28
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	46
Additional Information	47
Approval of Fund Advisory Agreement	48
Liquidity Risk Management Program	51
Trustees and Officers	52
Privacy Policy	56

Seafarer Funds Letter to Shareholders

April 30, 2022

LETTER TO SHAREHOLDERS

For the Letter to Shareholders for the fiscal year ended April 30, 2022, please see:

www.seafarerfunds.com/letters-to-shareholders/2022/04/annual

This link is provided for reference only. The content of the Letter to Shareholders is not incorporated by reference into this report.

Annual Report – April 30, 2022 1

Seafarer Overseas Growth and Income Fund Performance Review

April 30, 2022

SEAFARER OVERSEAS GROWTH AND INCOME FUND

PERFORMANCE REVIEW

May 15, 2022

This report addresses the 2021-2022 fiscal year (May 1, 2021 to April 30, 2022) for the Seafarer Overseas Growth and Income Fund (the “Growth and Income Fund” or the “Fund”).

During the fiscal year, the Fund returned -14.41%, while the Fund’s benchmark indices, the Morningstar Emerging Markets Net Return USD Index and the MSCI Emerging Markets Total Return USD Index, returned -15.71% and -18.06%, respectively.¹ By way of broader comparison, the S&P 500 Index gained 0.21%.

The Fund began the fiscal year with a net asset value (NAV) of $15.39 per share. During the ensuing twelve months, the Fund paid two distributions: $0.213 per share in June 2021 and $0.957 per share in December 2021. Those payments brought the cumulative distribution per share, as measured from the Fund’s inception to the end of the fiscal year, to $4.499. The Fund finished the fiscal year with a value of $12.13 per share.²

From the Fund’s inception (February 15, 2012) through the end of the fiscal year (April 30, 2022), the Fund generated an annualized rate of return of 5.65%.³ Over the same period, the benchmark indices, the Morningstar Emerging Markets Net Return USD Index and MSCI Emerging Markets Total Return USD Index, rose at annualized rates of 3.34% and 2.94%, respectively.

* * *

The fiscal year was characterized by sustained tumult and volatility, both for the Growth and Income Fund and the benchmark indices. The Fund and benchmarks all fell during the period, and Chinese shares were primarily responsible for the volatility in the emerging market asset class.

Chinese stock prices fell markedly beginning in July 2021 as the Xi administration implemented major policy interventions affecting a swathe of industries. For many years now, Seafarer’s research indicated that large Chinese companies – especially those engaged in technology and internet businesses – suffered costly intrusions by the Chinese state. This finding held true even if such companies were ostensibly “privately owned” (i.e., companies that are publicly listed, but which are owned and controlled by private sector individuals and groups, rather than the “public” state). The government’s tendency to intervene in business is nothing new in China, and Seafarer’s team has observed it many times before. Yet under the Xi administration, a change seemed to take place: the state’s intrusions into the private sector grew more frequent, broad, substantive and unpredictable.

Observing this change, Seafarer did not seek to ban or limit Chinese stocks within the Fund’s portfolio – Seafarer does not make “top down” investment decisions, but rather evaluates the merits of each investment opportunity individually. The Fund continued to invest in China – including within the technology sector – but evermore selectively. As a result, the Fund’s exposure to China stocks has been substantially lower than that of both benchmark indices for some time.

Then, markets swooned as Russia invaded Ukraine at the end of February 2022. The Fund managed to avoid some of the losses that ensued, as it has never been invested directly in Russian stocks.

Throughout the fiscal year, Chinese securities were the key contributor to emerging market volatility, a reflection of growing concerns about the overall health of China’s economy. Even as the Fund avoided some of the most pronounced swings in price movements, it was not spared. Two of the top detractors to Fund performance for the fiscal year are based in mainland China: China Literature, a digital publisher and literary content platform, and Jiangsu Hengrui, one of China’s largest and most innovative chemical pharmaceutical firms. Hengrui’s shares apparently declined because one of its key anti-cancer therapies underwent a scheduled price renegotiation. We expect that Hengrui has sufficient cost controls to substantially blunt the impact of renegotiated prices.

2 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Performance Review

April 30, 2022

Two other top detractors to the Fund’s total return were South Korean holdings: Hyundai Mobis, a manufacturer of auto parts and systems, and Samsung Electronics, a semiconductor company.

The top contributor to the Fund’s total return was Pacific Basin, a dry bulk shipping company based in Hong Kong. Pacific Basin performed well as shipping rates remained elevated and as the company continued to exhibit strong capital discipline and corporate governance. Other top contributors included Emaar Properties (one of the largest property developers in the United Arab Emirates), Sanlam (a South Africa-based insurance carrier), and Itaú (a Brazilian bank).

The outlook for the emerging markets remains uncertain, and much obviously hinges on a resolution to Russia’s war in Ukraine. Having said that, it is still possible to find compelling and sustainable investment ideas across the asset class. Our investment team is staying the course, we have several research projects underway, and we continue with what we have been doing for over a decade now: pursuing lasting progress in the developing markets.

Thank you for entrusting us with your capital. We are honored to serve as your investment adviser in the emerging markets.

Andrew Foster 

Portfolio Manager, Seafarer Overseas Growth and Income Fund 

Seafarer Capital Partners, LLC

The Morningstar Emerging Markets Net Return USD Index measures the performance of emerging markets targeting the top 97% of stocks by market capitalization. The index does not incorporate Morningstar’s environmental, social, or governance (ESG) criteria. Index code: MEMMN. The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF. The S&P 500 Total Return Index is a stock market index based on the market capitalizations of 500 large companies with common stock listed on the NYSE or NASDAQ. It is not possible to invest directly in an index.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives. Diversification does not ensure a profit or guarantee against loss.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect Seafarer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

¹ References to the “Fund” pertain to the Fund’s Institutional share class (ticker: SIGIX). The Investor share class (ticker: SFGIX) returned -14.48% during the fiscal year.

² The Fund’s Investor share class began the fiscal year with a net asset value of $15.31 per share. The Fund paid two distributions: $0.211 per share in June 2021 and $0.950 per share in December 2021. The Fund finished the fiscal year with a value of $12.06 per share.

³ The Fund’s Investor share class generated an annualized rate of return of 5.53% from the Fund’s inception through the end of the fiscal year.

Annual Report – April 30, 2022 3

Seafarer Overseas Growth and Income Fund Performance Review

April 30, 2022

Total Returns

As of April 30, 2022	1 Year	3 Year	5 Year	7 Year	10 Year	Since Inception Annualized1	Gross Expense Ratio2
Investor Class (SFGIX)	-14.48%	6.01%	4.26%	3.29%	5.46%	5.53%	1.02%
Institutional Class (SIGIX)	-14.41%	6.11%	4.35%	3.40%	5.58%	5.65%	0.92%
Morningstar Emerging Markets
Net Return USD Index3	-15.71%	3.76%	5.14%	3.46%	3.69%	3.34%
MSCI Emerging Markets
Total Return USD Index4	-18.06%	2.60%	4.69%	3.12%	3.26%	2.94%

Fund performance is presented in U.S. dollar terms, with U.S. jurisdiction distributions reinvested on a gross (pre-tax) basis. For the Morningstar index, performance is calculated to reflect the reinvestment of dividends, capital gains, and other corporate actions net of foreign jurisdiction withholding taxes. For the MSCI index, performance is calculated to reflect the reinvestment of dividends, capital gains, and other corporate actions gross of foreign jurisdiction withholding taxes (i.e., such taxes are ignored). The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Prior to August 31, 2016, shares of the Fund redeemed or exchanged within 90 days of purchase were subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. To obtain the Fund’s most recent month-end performance, visit seafarerfunds.com or call (855) 732-9220.

¹ Inception Date: February 15, 2012.

² Ratios as of Prospectus dated August 31, 2021. Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (inclusive of acquired fund fees and expenses, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.15% and 1.05% of the Fund’s average daily net assets for the Investor and Institutional share classes, respectively. This agreement is in effect through August 31, 2022.

³ The Morningstar Emerging Markets Net Return USD Index measures the performance of emerging markets targeting the top 97% of stocks by market capitalization. The index does not incorporate Morningstar’s environmental, social, or governance (ESG) criteria. Index code: MEMMN. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

⁴ The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

4 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Performance Review

April 30, 2022

Performance of a $10,000 Investment Since Inception

 

^* Inception Date: February 15, 2012.

The chart shown above represents historical performance of a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends and/or distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance of which is not reflected in the chart above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Investment Objective

The Seafarer Overseas Growth and Income Fund seeks to provide long-term capital appreciation along with some current income. The Fund seeks to mitigate adverse volatility in returns as a secondary objective.

Strategy

The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including dividend-paying common stocks, preferred stocks, and fixed-income securities.

The Fund seeks to offer investors a relatively stable means of participating in developing countries’ growth prospects, while attempting to mitigate adverse volatility in returns.

Annual Report – April 30, 2022 5

Seafarer Overseas Growth and Income Fund Performance Review

April 30, 2022

Portfolio Composition by Region	% Net Assets
East & South Asia	64.8%
Emerging Europe	7.5%
Latin America	13.3%
Middle East & Africa	10.4%
Other	1.8%
Cash & Other Assets, Less Liabilities	2.2%
Total	100.0%

Portfolio Composition by Sector	% Net Assets
Communication Services	7.0%
Consumer Discretionary	11.0%
Consumer Staples	17.7%
Energy	1.9%
Financials	12.3%
Health Care	12.9%
Industrials	8.1%
Information Technology	19.4%
Materials	2.3%
Real Estate	2.8%
Utilities	2.4%
Cash & Other Assets, Less Liabilities	2.2%
Total	100.0%

Top 10 Holdings	% Net Assets
Hyundai Mobis Co., Ltd.	4.7%
Samsung Biologics Co., Ltd.	4.7%
Samsung Electronics Co., Ltd.	4.7%
Rohm Co., Ltd.	4.6%
Sanlam, Ltd.	4.1%
Venture Corp., Ltd.	4.0%
Richter Gedeon Nyrt	3.9%
Coway Co., Ltd.	3.5%
Itau Unibanco Holding SA	3.3%
Ambev SA	3.2%
Total	40.7%
Total Number of Holdings	48

Holdings are subject to change, and may not reflect the current or future position of the portfolio.
Source: ALPS Fund Services, Inc.

6 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Performance Review

April 30, 2022

SEAFARER OVERSEAS VALUE FUND

PERFORMANCE REVIEW

May 15, 2022

This report addresses the the 2021-2022 fiscal year (May 1, 2021 to April 30, 2022) for the Seafarer Overseas Value Fund (the “Value Fund” or the “Fund”).

During the fiscal year, the Fund gained 1.08%, while the Fund’s benchmark indices, the Morningstar Emerging Markets Net Return USD Index and the MSCI Emerging Markets Total Return USD Index, returned -15.71% and -18.06%, respectively.¹ By way of broader comparison, the S&P 500 Index gained 0.21%.

The Fund began the fiscal year with a net asset value (NAV) of $13.18 per share. The Fund paid a distribution of $0.463 per share in December 2021. That payment brought the cumulative distribution per share, as measured from the Fund’s inception to the end of the fiscal year, to $1.867. The Fund finished the fiscal year with a value of $12.86 per share.²

From the Fund’s inception (May 31, 2016) through the end of the fiscal year (April 30, 2022), the Fund generated an annualized rate of return of 7.18%.³ Over the same period, the benchmark indices, the Morningstar Emerging Markets Net Return USD Index and MSCI Emerging Markets Total Return USD Index, rose at annualized rates of 8.09% and 7.83%, respectively.

* * *

For the fiscal year, the Value Fund delivered a modest positive return while the emerging market benchmark indexes declined by double digits. While the Fund’s performance relative to the benchmark indices is pleasing, I would draw attention to the more important fact that the Fund’s NAV appreciated in absolute terms. The point is not to diminish the usefulness of benchmarks, but to remind investors that, in my opinion, what they need is the appreciation of their savings in real terms, after the impact of inflation, not to “keep up” with a market construct. Please refer to the Letter to Shareholders in the Seafarer Funds Semi-annual Report as of October 31, 2021 for an extended discussion on the topic of investor needs versus wants.⁴

In my estimation, there is no overriding “theme” or “explanatory variable” that accounts for the Fund’s appreciation during this period. The Fund’s top contributors represented a diversified set of investment return drivers, which relate less to sectors and countries and more to actual sources of stock-specific investment return.

The top contributor to the Fund’s performance during the fiscal year was PetroVietnam Fertilizer and Chemical, a Vietnamese fertilizer manufacturer (Management Change and Asset Productivity sources of value; Seafarer’s seven sources of value,⁵ hereafter referenced using parenthesized italics, are defined in Figure 1). While the appreciation of urea prices during the year is a market factor that contributed to the stock’s performance, in my opinion it served to amplify the return of an extraordinarily cheap stock that the Fund purchased for reasons unrelated to the price of urea: a cash-rich balance sheet, rising production volume from a new plant that manufactures higher value-added products, coupled with a high cash flow yield.⁶

Annual Report – April 30, 2022 7

Seafarer Overseas Value Fund Performance Review

April 30, 2022

Figure 1. Sources of Value

Seafarer has identified seven distinct sources of value in emerging markets that may give rise to viable opportunities for long-term, value-oriented investments.

 

Pacific Basin (Asset Productivity), a dry bulk shipping company headquartered in Hong Kong, stood out as another top contributor. In the fiscal year, this stock continued its long-running positive contribution to the Fund’s NAV. I am drawn to this stock because of its return of excess cash to shareholders (a testament to the company’s strong capital discipline and corporate governance), company and industry fleet dynamics, and valuation.

Other notable positive contributors to Fund performance during this fiscal year include the following: 

Petrovietnam Technical Services (Management Change and Asset Productivity), a Vietnam-based oil services company; First Pacific (Breakup Value), a consumer and infrastructure conglomerate operating in Southeast Asia; and Emaar Properties (Breakup Value), a property developer and investment company operating in the United Arab Emirates.

On the negative side of the ledger, top detractors to Fund performance in the period correlated strongly with impacts from Covid-19 and the war in Ukraine. The top detractor, Melco International (Breakup Value and Asset Productivity), a Macau casino owner and operator, suffered from Covid -related travel restrictions to Macau. The Russia-Ukraine conflict most directly impacted Global Ports (Asset Productivity and Deleveraging), a Russian port owner and operator. While the attraction of this investment centered around the company’s enviable asset base in terms of the strategic location of its ports, my risk assessment focused on how this corporation operated outside of “Putin’s sphere of influence.” In other words, unlike most of Russia’s largest companies in the financial, resource, and industrial sectors, this company did not answer to Russia’s president (as far as I could tell), and thus was and would continue to be free of sanction risk by the West. The war upended that risk assessment. Nevertheless, the Fund mitigated said risk through position sizing, with Global Ports comprising 1.1% of the Fund’s net assets as of December 31, 2021. Effective March 3, 2022, trading was halted in Russian securities, including this holding. As of April 30, 2022 the Fund retained its position in the stock and it represented 0.0% of net assets.⁷ The other Fund holding with material operations in Russia was Mondi (Structural Shift), a global (U.K.-based) paper and packaging company that derived 12% of revenue from Russia in 2021.⁸

Notwithstanding the fact that several top detractors correlated with market-related factors, overall I was satisfied that the Value Fund delivered its total return during the fiscal year in a manner that emphasized stock selection.

8 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Performance Review

April 30, 2022

Thank you for entrusting us with your capital. We are honored to serve as your investment adviser in the emerging markets.

Paul Espinosa

Portfolio Manager, Seafarer Overseas Value Fund

Seafarer Capital Partners, LLC

The Morningstar Emerging Markets Net Return USD Index measures the performance of emerging markets targeting the top 97% of stocks by market capitalization. The index does not incorporate Morningstar’s environmental, social, or governance (ESG) criteria. Index code: MEMMN. The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF. The S&P 500 Total Return Index is a stock market index based on the market capitalizations of 500 large companies with common stock listed on the NYSE or NASDAQ. It is not possible to invest directly in an index.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives. Diversification does not ensure a profit or guarantee against loss.

Information on the Seafarer website and references to Seafarer publications are provided for textual reference only, and are not incorporated by reference into this report.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect Seafarer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

¹ References to the “Fund” pertain to the Fund’s Institutional share class (ticker: SIVLX). The Investor share class (ticker: SFVLX) returned 0.94% during the fiscal year. Adjustments in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) were applied during the financial statement preparation. As a result of the adjustments, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes. For the fiscal year ended April 30, 2022, the total return for the Institutional share class increased from 1.01% to 1.08%, and the total return for the Investor share class increased from 0.87% to 0.94%.

² The Fund’s Investor share class began the fiscal year with a net asset value of $13.16 per share; it paid an annual distribution of $0.455 per share in December 2021; and it finished the fiscal year with a value of $12.83 per share. Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation and increased the Institutional share class net asset value from $12.85 to $12.86 and increased the Investor share class net asset value from $12.82 to $12.83.

³ The Fund’s Investor share class generated an annualized rate of return of 7.07% from the Fund’s inception through the end of the fiscal year. Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation and increased the annualized return since inception of the Institutional share class from 7.16% to 7.18% and increased the annualized return since inception of the Investor share class from 7.05% to 7.07%.

⁴ www.seafarerfunds.com/letters-to-shareholders/2021/10/semi-annual

⁵ Additional information on Seafarer’s seven sources of value is available in the white paper On Value in the Emerging Markets (www.seafarerfunds.com/value-in-em).

⁶ Cash flow yield is cash flow generated by an asset during an accounting period divided by the price of said asset.

⁷ For more information, see the Message to Shareholders Regarding the Conflict in Ukraine (www.seafarerfunds.com/message-to-shareholders/2022/02/24).

⁸ Source: Mondi PLC. Data as of 10 March 2022.

Annual Report – April 30, 2022 9

Seafarer Overseas Value Fund Performance Review

April 30, 2022

Total Returns

As of April 30, 2022	1 Year	3 Year	5 Year	Since Inception Annualized1	Net Expense Ratio2
Investor Class (SFVLX)3	0.94%	6.74%	5.58%	7.07%	1.15%
Institutional Class (SIVLX) 3	1.08%	6.82%	5.70%	7.18%	1.05%
Morningstar Emerging Markets Net Return USD Index4	-15.71%	3.76%	5.14%	8.09%
MSCI Emerging Markets Total Return USD Index5	-18.06%	2.60%	4.69%	7.83%

Gross expense ratio: 1.57% for Investor Class; 1.47% for Institutional Class.²

Fund performance is presented in U.S. dollar terms, with U.S. jurisdiction distributions reinvested on a gross (pre-tax) basis. For the Morningstar index, performance is calculated to reflect the reinvestment of dividends, capital gains, and other corporate actions net of foreign jurisdiction withholding taxes. For the MSCI index, performance is calculated to reflect the reinvestment of dividends, capital gains, and other corporate actions gross of foreign jurisdiction withholding taxes (i.e., such taxes are ignored). The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Prior to August 31, 2016, shares of the Fund redeemed or exchanged within 90 days of purchase were subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. To obtain the Fund’s most recent month-end performance, visit seafarerfunds.com or call (855) 732-9220.

¹ Inception Date: May 31, 2016.

² Ratios as of Prospectus dated August 31, 2021. Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (inclusive of acquired fund fees and expenses, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.15% and 1.05% of the Fund’s average daily net assets for the Investor and Institutional share classes, respectively. This agreement is in effect through August 31, 2022.

³ Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation. As a result of the adjustments, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes.

⁴ The Morningstar Emerging Markets Net Return USD Index measures the performance of emerging markets targeting the top 97% of stocks by market capitalization. The index does not incorporate Morningstar’s environmental, social, or governance (ESG) criteria. Index code: MEMMN. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

⁵ The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

10 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Performance Review

April 30, 2022

Performance of a $10,000 Investment Since Inception

 

^* Inception Date: May 31, 2016.

The chart shown above represents historical performance of a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2022. All returns reflect reinvested dividends and/or distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance of which is not reflected in the chart above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Investment Objective

The Seafarer Overseas Value Fund seeks to provide long-term capital appreciation.

Strategy

The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including common stocks, preferred stocks, and fixed-income securities.

The Fund’s portfolio is comprised of securities identified through a bottom-up security selection process based on fundamental research. The Fund seeks to produce a minimum long-term rate of return by investing in securities priced at a discount to their intrinsic value.

Annual Report – April 30, 2022 11

Seafarer Overseas Value Fund Performance Review

April 30, 2022

Portfolio Composition by Region	% Net Assets
East & South Asia	56.0%
Emerging Europe	6.6%
Latin America	12.9%
Middle East & Africa	11.6%
Other	2.6%
Cash & Other Assets, Less Liabilities	10.3%
Total	100.0%

Portfolio Composition by Sector	% Net Assets
Communication Services	4.7%
Consumer Discretionary	10.1%
Consumer Staples	23.3%
Energy	6.1%
Financials	14.0%
Industrials	15.7%
Information Technology	3.2%
Materials	6.7%
Real Estate	3.4%
Utilities	2.5%
Cash & Other Assets, Less Liabilities	10.3%
Total	100.0%

Top 10 Holdings	% Net Assets
Qatar Gas Transport Co., Ltd.	4.2%
National Central Cooling Co. PJSC	4.0%
WH Group, Ltd.	3.5%
Moneta Money Bank AS	3.4%
Emaar Properties PJSC	3.4%
Pacific Basin Shipping, Ltd.	3.3%
Itau Unibanco Holding SA	3.2%
Wilmar International, Ltd.	3.2%
Samsung SDI Co., Ltd.	3.2%
Georgia Capital PLC	3.2%
Total	34.6%
Total Number of Holdings	34

Holdings are subject to change, and may not reflect the current or future position of the portfolio.
Source: ALPS Fund Services, Inc.

12 (855) 732-9220 seafarerfunds.com

Seafarer Funds Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

DISCLOSURE OF FUND EXPENSES

As a shareholder of a Fund you will incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on November 1, 2021 and held until April 30, 2022.

Actual Expenses. For each Fund and share class, the first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. For each Fund and share class, the second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note the expenses shown in the following table are meant to highlight your ongoing costs only and do not reflect transaction costs. Therefore, for each Fund and share class, the second line of the following table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Report – April 30, 2022 13

Seafarer Funds Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

	Beginning Account Value 11/01/21		Ending Account Value 04/30/22		Expense Ratio(a)			Expenses Paid During Period 11/01/21 - 04/30/22(b)
SEAFARER OVERSEAS GROWTH AND INCOME FUND
Investor Class
Actual	$	1,000.00	$	887.90		1.01	%	$	4.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.79		1.01	%	$	5.06
Institutional Class
Actual	$	1,000.00	$	888.30		0.92	%	$	4.31
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.23		0.92	%	$	4.61
SEAFARER OVERSEAS VALUE FUND
Investor Class
Actual	$	1,000.00	$	966.10		1.15	%	$	5.61
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09		1.15	%	$	5.76
Institutional Class
Actual	$	1,000.00	$	966.10		1.05	%	$	5.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.59		1.05	%	$	5.26

^(a) Annualized, based on the Fund's most recent fiscal half year expenses.

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

14 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2022

	Currency		Shares		Value
COMMON STOCKS (93.1%)
Brazil (8.0%)
Ambev SA, ADR		USD		18,800,000	$	54,708,000
Itau Unibanco Holding SA, ADR		USD		12,500,000		59,875,000
Odontoprev SA		BRL		8,800,000		18,262,321
XP, Inc., Class A(a)		USD		679,000		16,710,190
Total Brazil						149,555,511
China / Hong Kong (21.3%)
China Foods, Ltd.		HKD		90,314,000		32,260,881
China Literature, Ltd.(a)		HKD		13,000,000		54,627,604
Dairy Farm International Holdings, Ltd.		USD		10,000,000		27,008,470
First Pacific Co., Ltd.		HKD		69,000,000		27,821,201
Greatview Aseptic Packaging Co., Ltd.		HKD		31,867,000		8,690,631
Jardine Matheson Holdings, Ltd.		USD		867,700		46,100,901
Jiangsu Hengrui Medicine Co., Ltd., Class A		CNY		8,999,881		40,094,792
Pacific Basin Shipping, Ltd.		HKD		95,000,000		43,587,010
Pico Far East Holdings, Ltd.		HKD		53,796,000		7,972,345
Shangri-La Asia, Ltd.(a)		HKD		44,000,000		33,314,230
Want Want China Holdings, Ltd.		HKD		40,500,000		36,558,014
WH Group, Ltd.		HKD		30,064,500		20,762,535
Xinhua Winshare Publishing and Media Co., Ltd., Class H		HKD		30,002,000		21,340,854
Total China / Hong Kong						400,139,468
Czech Republic (3.0%)
Avast PLC		GBP		3,750,000		26,595,076
Moneta Money Bank AS		CZK		8,062,815		30,242,922
Total Czech Republic						56,837,998
Hungary (3.5%)
Richter Gedeon Nyrt		HUF		3,250,000		64,844,264
Total Hungary						64,844,264
Japan (4.1%)
Rohm Co., Ltd.		JPY		1,100,000		76,846,956
Total Japan						76,846,956
Mexico (3.8%)
Bolsa Mexicana de Valores SAB de CV		MXN		10,250,000		20,518,585

Annual Report – April 30, 2022 15

Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2022

	Currency		Shares		Value
Mexico (continued)
Coca-Cola Femsa SAB de CV, ADR		USD		930,000	$	50,778,000
Total Mexico						71,296,585
Peru (1.6%)
Credicorp, Ltd.		USD		213,000		29,583,570
Total Peru						29,583,570
Poland (1.0%)
CD Projekt SA		PLN		680,000		18,404,132
Total Poland						18,404,132
Qatar (1.9%)
Qatar Gas Transport Co., Ltd.		QAR		37,613,950		35,323,597
Total Qatar						35,323,597
Singapore (6.1%)
Venture Corp., Ltd.		SGD		6,000,000		73,655,565
Wilmar International, Ltd.		SGD		12,800,000		40,802,480
Total Singapore						114,458,045
South Africa (4.0%)
Sanlam, Ltd.		ZAR		18,000,000		74,565,788
Total South Africa						74,565,788
South Korea (21.5%)
Coway Co., Ltd.		KRW		1,115,000		62,451,314
Hyundai Mobis Co., Ltd.		KRW		545,000		88,664,481
Innocean Worldwide, Inc.		KRW		540,000		20,816,895
Koh Young Technology, Inc.		KRW		340,000		5,149,198
NAVER Corp.		KRW		132,500		29,515,573
Orion Corp.		KRW		565,000		42,111,935
Samsung Biologics Co., Ltd.(a)		KRW		133,624		88,136,911
Samsung C&T Corp.		KRW		200,000		18,094,863
Samsung SDI Co., Ltd.		KRW		93,000		44,300,980
Sindoh Co., Ltd.		KRW		190,000		4,952,012
Total South Korea						404,194,162

16 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2022

	Currency		Shares		Value
Taiwan (3.0%)
Accton Technology Corp.		TWD		5,950,000	$	46,409,235
Bizlink Holding, Inc.		TWD		1,000,000		10,007,068
Total Taiwan						56,416,303
Thailand (1.6%)
Bangkok Dusit Medical Services PCL, Class F		THB		40,000,000		29,941,514
Total Thailand						29,941,514
United Arab Emirates (4.5%)
Emaar Properties PJSC		AED		30,776,280		53,084,531
National Central Cooling Co. PJSC		AED		48,197,778		32,280,130
Total United Arab Emirates						85,364,661
United Kingdom (1.8%)
Mondi PLC		GBP		1,800,000		33,814,749
Total United Kingdom						33,814,749
Vietnam (2.4%)
PetroVietnam Gas JSC		VND		9,875,000		45,056,052
Total Vietnam						45,056,052
TOTAL COMMON STOCKS
(Cost $1,856,851,298)						1,746,643,355
PREFERRED STOCKS (4.7%)
South Korea (4.7%)
Samsung C&T Corp.		KRW		29,000		2,505,965
Samsung Electronics Co., Ltd.		KRW		1,840,000		86,265,893
Total South Korea						88,771,858
TOTAL PREFERRED STOCKS
(Cost $70,794,055)						88,771,858
TOTAL INVESTMENTS
(Cost $1,927,645,353) (97.8%)					$	1,835,415,213
Cash and Other Assets, Less Liabilities (2.2%)						41,460,956
NET ASSETS (100.0%)					$	1,876,876,169

Annual Report – April 30, 2022 17

Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2022

Principal Amount is stated in local currency unless otherwise noted.

^(a) Non-income producing security.

Currency Abbreviations
AED	-	United Arab Emirates Dirham
BRL	-	Brazil Real
CNY	-	China Yuan
CZK	-	Czech Republic Koruna
HKD	-	Hong Kong Dollar
HUF	-	Hungary Forint
GBP	-	United Kingdom Pound
JPY	-	Japan Yen
KRW	-	South Korea Won
MXN	-	Mexico Peso
QAR	-	Qatar Riyal
PLN	-	Poland Zloty
SGD	-	Singapore Dollar
THB	-	Thailand Baht
TWD	-	Taiwan New Dollar
USD	-	United States Dollar
VND	-	Vietnam Dong
ZAR	-	South Africa Rand

For Fund compliance purposes, the Fund's geographical classifications refer to any one or more of the 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.

18 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2022

Industry Composition
Food Products	9.0%
Beverages	7.2%
Banks	6.4%
Electronic Equipment, Instruments & Components	6.3%
Pharmaceuticals	5.6%
Technology Hardware, Storage & Peripherals	4.9%
Auto Components	4.7%
Life Sciences Tools & Services	4.7%
Media	4.4%
Semiconductors & Semiconductor	4.4%
Insurance	4.0%
Industrial Conglomerates	3.6%
Household Durables	3.3%
Real Estate Management & Development	2.8%
Health Care Providers & Services	2.6%
Communications Equipment	2.5%
Gas Utilities	2.4%
Marine	2.3%
Capital Markets	2.0%
Oil, Gas & Consumable Fuels	1.9%
Paper & Forest Products	1.8%
Hotels, Restaurants & Leisure	1.8%
Building Products	1.7%
Interactive Media & Services	1.6%
Food & Staples Retailing	1.4%
Software	1.4%
Distributors	1.1%
Entertainment	1.0%
Electrical Equipment	0.5%
Containers & Packaging	0.5%
Cash and Other Assets, Less Liabilities	2.2%
Total	100%

See accompanying Notes to Financial Statements.

Annual Report – April 30, 2022 19

Seafarer Overseas Value Fund Portfolio of Investments

April 30, 2022

	Currency		Shares		Value
COMMON STOCKS (89.3%)
Brazil (8.4%)
Ambev SA, ADR		USD		435,000	$	1,265,850
Itau Unibanco Holding SA, ADR		USD		284,000		1,360,360
XP, Inc., Class A(a)		USD		36,200		890,882
Total Brazil						3,517,092
China / Hong Kong (34.3%)
China Foods, Ltd.		HKD		3,691,000		1,318,455
China Yangtze Power Co., Ltd., Class A		CNY		301,990		1,038,047
Dairy Farm International Holdings, Ltd.		USD		485,000		1,309,911
First Pacific Co., Ltd.		HKD		3,090,000		1,245,906
Giordano International, Ltd.		HKD		5,200,000		1,085,363
Greatview Aseptic Packaging Co., Ltd.		HKD		1,953,000		532,614
Jardine Matheson Holdings, Ltd.		USD		22,000		1,168,860
Melco International Development, Ltd.(a)		HKD		1,266,000		999,584
Pacific Basin Shipping, Ltd.		HKD		3,000,000		1,376,432
Pico Far East Holdings, Ltd.		HKD		5,538,000		820,709
Shangri-La Asia, Ltd.(a)		HKD		1,650,000		1,249,283
Want Want China Holdings, Ltd.		HKD		867,000		782,612
WH Group, Ltd.		HKD		2,116,000		1,461,309
Total China / Hong Kong						14,389,085
Czech Republic (3.4%)
Moneta Money Bank AS		CZK		383,257		1,437,564
Total Czech Republic						1,437,564
Georgia (3.2%)
Georgia Capital PLC(a)		GBP		174,174		1,320,565
Total Georgia						1,320,565
Mexico (2.5%)
Coca-Cola Femsa SAB de CV, ADR		USD		19,000		1,037,400
Total Mexico						1,037,400
Peru (2.0%)
Credicorp, Ltd.		USD		6,100		847,229
Total Peru						847,229

20 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Portfolio of Investments

April 30, 2022

	Currency		Shares		Value
Qatar (4.2%)
Qatar Gas Transport Co., Ltd.		QAR		1,860,000	$	1,746,743
Total Qatar						1,746,743
Russia (0.0%)(b)
Global Ports Investments PLC, GDR(a)(c)		USD		100,000		1,000
Total Russia						1,000
Singapore (8.3%)
Genting Singapore, Ltd.		SGD		1,500,000		870,887
HRnetgroup, Ltd.		SGD		2,171,900		1,251,265
Wilmar International, Ltd.		SGD		422,000		1,345,207
Total Singapore						3,467,359
South Korea (8.2%)
Innocean Worldwide, Inc.		KRW		30,000		1,156,494
Samsung C&T Corp.		KRW		10,500		949,980
Samsung SDI Co., Ltd.		KRW		2,800		1,333,793
Total South Korea						3,440,267
United Arab Emirates (7.4%)
Emaar Properties PJSC		AED		823,437		1,420,307
National Central Cooling Co. PJSC		AED		2,481,138		1,661,725
Total United Arab Emirates						3,082,032
United Kingdom (2.7%)
Mondi PLC		GBP		59,000		1,108,372
Total United Kingdom						1,108,372
Vietnam (4.7%)
Petrovietnam Fertilizer & Chemicals JSC		VND		400,000		1,164,291
PetroVietnam Technical Services Corp.		VND		743,080		790,416
Total Vietnam						1,954,707
TOTAL COMMON STOCKS
(Cost $36,009,580)						37,349,415

Annual Report – April 30, 2022 21

Seafarer Overseas Value Fund Portfolio of Investments

April 30, 2022

	Currency		Shares		Value
PREFERRED STOCKS (0.4%)
South Korea (0.4%)
Samsung C&T Corp.		KRW		1,800	$	155,543
Total South Korea						155,543
TOTAL PREFERRED STOCKS
(Cost $184,192)						155,543
TOTAL INVESTMENTS
(Cost $36,193,772) (89.7%)					$	37,504,958
Cash and Other Assets, Less Liabilities (10.3%)						4,305,389
NET ASSETS (100.0%)					$	41,810,347

Principal Amount is stated in local currency unless otherwise noted.

^(a) Non-income producing security.

^(b) Less than 0.05%.

^(c) As a result of the use of significant unobservable inputs to determine fair value, this investment has been classified as a Level 3 security. See also Note 2 to the financial statements for additional information.

Currency Abbreviations

AED	-	United Arab Emirates Dirham
CNY	-	China Yuan
CZK	-	Czech Republic Koruna
GBP	-	United Kingdom Pound
HKD	-	Hong Kong Dollar
KRW	-	South Korea Won
QAR	-	Qatar Riyal
SGD	-	Singapore Dollar
USD	-	United States Dollar
VND	-	Vietnam Dong

For Fund compliance purposes, the Fund's geographical classifications refer to any one or more of the 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.

22 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Portfolio of Investments

April 30, 2022

Industry Composition
Food Products	11.6%
Banks	8.7%
Beverages	8.7%
Hotels, Restaurants & Leisure	7.5%
Industrial Conglomerates	5.4%
Capital Markets	5.3%
Media	4.7%
Oil, Gas & Consumable Fuels	4.2%
Building Products	4.0%
Real Estate Management & Devel	3.4%
Marine	3.3%
Electronic Equipment, Instruments & Components	3.2%
Food & Staples Retailing	3.0%
Professional Services	3.0%
Chemicals	2.7%
Paper & Forest Products	2.7%
Specialty Retail	2.6%
Independent Power and Renewable Electricity Producers	2.5%
Energy Equipment & Services	1.9%
Containers & Packaging	1.3%
Transportation Infrastructure	0.0%
Cash and Other Assets, Less Liabilities	10.3%
Total	100%

See accompanying Notes to Financial Statements.

Annual Report – April 30, 2022 23

Seafarer Funds	Statements of Assets and Liabilities
	April 30, 2022

	Seafarer Overseas Growth and Income Fund			Seafarer Overseas Value Fund
ASSETS:
Investments, at value	$	1,835,415,213		$	37,504,958
Cash		20,791,373			3,904,814
Foreign currency, at value (Cost $7,037,829 and $17,579)		7,026,815			17,419
Receivable for shares sold		2,997,359			66,000
Interest and dividends receivable		17,950,041			544,539
Prepaid expenses and other assets		26,862			2,636
Total Assets		1,884,207,663			42,040,366
LIABILITIES:
Payable for investments purchased		3,655,964			124,084
Administrative fees payable		96,984			12,076
Shareholder service plan fees payable		265,399			3,702
Payable for shares redeemed		1,224,251			–
Investment advisory fees payable		1,164,971			8,764
Payable for chief compliance officer fees		4,281			4,281
Trustee fees and expenses payable		102,605			2,145
Payable for principal financial officer fees		1,300			1,300
Audit and tax fees payable		26,633			22,303
Accrued expenses and other liabilities		789,106			51,364
Total Liabilities		7,331,494			230,019
NET ASSETS	$	1,876,876,169		$	41,810,347
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)	$	1,945,214,558		$	40,214,320
Total distributable earnings		(68,338,389	)		1,596,027
NET ASSETS	$	1,876,876,169		$	41,810,347
INVESTMENTS, AT COST	$	1,927,645,353		$	36,193,772
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	12.06		$	12.83
Net Assets	$	197,522,669		$	405,389
Shares of beneficial interest outstanding		16,374,478			31,608
Institutional Class:
Net Asset Value, offering and redemption price per share	$	12.13		$	12.86
Net Assets	$	1,679,353,500		$	41,404,958
Shares of beneficial interest outstanding		138,411,595			3,220,346

See accompanying Notes to Financial Statements.

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Seafarer Funds	Statements of Operations
	Year Ended April 30, 2022

	Seafarer Overseas Growth and Income Fund			Seafarer Overseas Value Fund
INVESTMENT INCOME:
Dividends	$	72,388,642		$	1,700,337
Foreign taxes withheld		(4,165,677	)		(63,365	)
Total investment income		68,222,965			1,636,972
EXPENSES:
Investment advisory fees (Note 6)		14,939,572			273,594
Administrative and transfer agency fees		605,055			61,528
Trustee fees and expenses		104,229			2,151
Registration/filing fees		56,407			25,133
Shareholder service plan fees
Investor Class		329,338			–
Institutional Class		960,758			15,655
Legal fees		23,282			454
Audit and tax fees		14,067			21,597
Reports to shareholders and printing fees		49,214			3,473
Custody fees		1,434,268			66,901
Chief compliance officer fees		25,537			25,537
Principal financial officer fees		7,803			7,803
Insurance expense		18,199			305
Miscellaneous		30,462			6,171
Total expenses		18,598,191			510,302
Less fees waived/reimbursed by investment adviser (Note 6)
Investor Class		–			(1,439	)
Institutional Class		–			(118,111	)
Total net expenses		18,598,191			390,752
NET INVESTMENT INCOME:		49,624,774			1,246,220
Net realized gain on investments		24,284,351			618,285
Net realized loss on foreign currency transactions		(434,181	)		(7,059	)
Net realized gain		23,850,170			611,226
Net change in unrealized depreciation on investments		(380,534,819	)		(1,635,877	)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currency transactions		(139,451	)		(1,024	)
Net unrealized depreciation		(380,674,270	)		(1,636,901	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS		(356,824,100	)		(1,025,675	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(307,199,326	)	$	220,545

See accompanying Notes to Financial Statements.

Annual Report – April 30, 2022 25

Seafarer Overseas Growth and Income Fund Statements of Changes in Net Assets

	Year Ended April 30, 2022			Year Ended April 30, 2021
OPERATIONS:
Net investment income	$	49,624,774		$	23,431,458
Net realized gain		23,850,170			239,124,481
Net change in unrealized appreciation/(depreciation)		(380,674,270	)		375,324,236
Net increase/(decrease) in net assets resulting from operations		(307,199,326	)		637,880,175
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
Total amount of distribution
Investor Class		(17,787,543	)		(4,680,063	)
Institutional Class		(144,664,614	)		(34,813,314	)
Net decrease in net assets from distributions		(162,452,157	)		(39,493,377	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):
Shares sold
Investor Class		38,570,989			38,474,164
Institutional Class		540,242,470			464,212,754
Dividends reinvested
Investor Class		17,421,787			4,604,440
Institutional Class		93,502,418			25,200,873
Shares redeemed
Investor Class		(35,887,904	)		(40,379,453	)
Institutional Class		(363,636,757	)		(289,743,396	)
Net increase in net assets derived from beneficial interest transactions		290,213,003			202,369,382
Net increase/(decrease) in net assets		(179,438,480	)		800,756,180
NET ASSETS:
Beginning of period		2,056,314,649			1,255,558,469
End of period	$	1,876,876,169		$	2,056,314,649
Other Information:
SHARE TRANSACTIONS:
Investor Class
Sold		2,760,044			2,871,389
Distributions reinvested		1,272,567			345,067
Redeemed		(2,594,775	)		(3,215,757	)
Net increase in shares outstanding		1,437,836			699
Institutional Class
Sold		39,311,074			33,422,168
Distributions reinvested		6,789,037			1,872,812
Redeemed		(26,450,507	)		(22,867,042	)
Net increase in shares outstanding		19,649,604			12,427,938

See accompanying Notes to Financial Statements.

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Seafarer Overseas Value Fund Statements of Changes in Net Assets

	Year Ended April 30, 2022			Year Ended April 30, 2021
OPERATIONS:
Net investment income	$	1,246,220		$	651,551
Net realized gain		611,226			519,942
Net change in unrealized appreciation/(depreciation)		(1,636,901	)		8,930,496
Net increase in net assets resulting from operations		220,545			10,101,989
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
Total amount of distribution
Investor Class		(14,510	)		(5,163	)
Institutional Class		(1,233,386	)		(422,933	)
Net decrease in net assets from distributions		(1,247,896	)		(428,096	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):
Shares sold
Investor Class		54,435			79,650
Institutional Class		10,922,366			5,691,263
Dividends reinvested
Investor Class		14,510			4,809
Institutional Class		1,219,306			417,800
Shares redeemed
Investor Class		(83,501	)		(49,983	)
Institutional Class		(4,435,153	)		(10,506,690	)
Net increase/(decrease) in net assets derived from beneficial interest transactions		7,691,963			(4,363,151	)
Net increase in net assets		6,664,612			5,310,742
NET ASSETS:
Beginning of period		35,145,735			29,834,993
End of period	$	41,810,347		$	35,145,735
Other Information:
SHARE TRANSACTIONS:
Investor Class
Sold		4,063			7,441
Distributions reinvested		1,131			401
Redeemed		(6,367	)		(4,480	)
Net increase/(decrease) in shares outstanding		(1,173	)		3,362
Institutional Class
Sold		827,773			481,808
Distributions reinvested		94,813			34,759
Redeemed		(335,440	)		(1,002,045	)
Net increase/(decrease) in shares outstanding		587,146			(485,478	)

See accompanying Notes to Financial Statements.

Annual Report – April 30, 2022 27

Seafarer Overseas Growth and Income Fund

Investor Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS:

From net investment income

From net realized gains on investments

Total distributions

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(b)

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s)

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver

Operating expenses including reimbursement/waiver

Net investment income including reimbursement/waiver

PORTFOLIO TURNOVER RATE^(d)

^(a) Calculated using the average shares method.

^(b) Total returns are for the periods indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(c) Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation and decreased the total return from 8.12% to 8.03%.

^(d) Portfolio turnover rate for periods less than one full year have not been annualized.

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Financial Highlights

For a share outstanding through the years presented

Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
$	15.31		$	10.31		$	11.56		$	13.11		$	12.51
	0.33			0.18			0.21			0.36			0.28
	(2.42	)		5.14			(1.15	)		(1.02	)		0.72
	(2.09	)		5.32			(0.94	)		(0.66	)		1.00
	(0.28	)		(0.17	)		(0.31	)		(0.01	)		(0.37	)
	(0.88	)		(0.15	)		–			(0.88	)		(0.03	)
	(1.16	)		(0.32	)		(0.31	)		(0.89	)		(0.40	)
	(3.25	)		5.00			(1.25	)		(1.55	)		0.60
$	12.06		$	15.31		$	10.31		$	11.56		$	13.11
	(14.48	%)		52.15	%		(8.44	%)		(4.36	%)		8.03	%(c)
$	197,523		$	228,690		$	154,017		$	233,072		$	894,241
	1.00	%		1.02	%		1.02	%		0.99	%		0.97	%
	1.00	%		1.02	%		1.02	%		0.99	%		0.97	%
	2.33	%		1.35	%		1.88	%		3.02	%		2.12	%
	16	%		47	%		29	%		52	%		23	%

See accompanying Notes to Financial Statements.

Annual Report – April 30, 2022 29

Seafarer Overseas Growth and Income Fund

Institutional Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS:

From net investment income

From net realized gains on investments

Total distributions

REDEMPTION FEES ADDED TO PAID IN CAPITAL

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(c)

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s)

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver

Operating expenses including reimbursement/waiver

Net investment income including reimbursement/waiver

PORTFOLIO TURNOVER RATE^(d)

^(a) Calculated using the average shares method.

^(b) Less than $0.005 per share.

^(c) Total returns are for the periods indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(d) Portfolio turnover rate for periods less than one full year have not been annualized.

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Financial Highlights

For a share outstanding through the years presented

Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
$	15.39		$	10.36		$	11.61		$	13.14		$	12.54
	0.35			0.20			0.22			0.29			0.28
	(2.44	)		5.16			(1.16	)		(0.93	)		0.73
	(2.09	)		5.36			(0.94	)		(0.64	)		1.01
	(0.29	)		(0.18	)		(0.31	)		(0.01	)		(0.38	)
	(0.88	)		(0.15	)		–			(0.88	)		(0.03	)
	(1.17	)		(0.33	)		(0.31	)		(0.89	)		(0.41	)
	–			0.00	(b)		–			–			–
	(3.26	)		5.03			(1.25	)		(1.53	)		0.60
$	12.13		$	15.39		$	10.36		$	11.61		$	13.14
	(14.41	%)		52.28	%		(8.34	%)		(4.17	%)		8.08	%
$	1,679,354		$	1,827,624		$	1,101,542		$	1,304,491		$	2,134,051
	0.91	%		0.92	%		0.92	%		0.90	%		0.87	%
	0.91	%		0.92	%		0.92	%		0.90	%		0.87	%
	2.46	%		1.47	%		1.91	%		2.45	%		2.09	%
	16	%		47	%		29	%		52	%		23	%

See accompanying Notes to Financial Statements.

Annual Report – April 30, 2022 31

Seafarer Overseas Value Fund

Investor Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS:

From net investment income

From net realized gains on investments

Total distributions

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(c)

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s)

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver

Operating expenses including reimbursement/waiver

Net investment income including reimbursement/waiver

PORTFOLIO TURNOVER RATE^(d)

^(a) Calculated using the average shares method.

^(b) Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation and increased the net asset value from $12.82 to $12.83. As a result of the adjustments, the total return increased from 0.87% to 0.94%.

^(c) Total returns are for the periods indicated and have not been annualized. In some periods, total returns would have been lower had certain expenses not been waived during the periods. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(d) Portfolio turnover rate for periods less than one full year have not been annualized.

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Financial Highlights

For a share outstanding through the years presented

Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
$	13.16		$	9.46		$	11.41		$	11.95		$	11.30
	0.42			0.22			0.29			0.29			0.35
	(0.29	)		3.64			(1.88	)		(0.51	)		0.72
	0.13			3.86			(1.59	)		(0.22	)		1.07
	(0.42	)		(0.16	)		(0.31	)		(0.29	)		(0.42	)
	(0.04	)		–			(0.05	)		(0.03	)		–
	(0.46	)		(0.16	)		(0.36	)		(0.32	)		(0.42	)
	(0.33	)		3.70			(1.95	)		(0.54	)		0.65
$	12.83	(b)	$	13.16		$	9.46		$	11.41		$	11.95
	0.94	%(b)		40.96	%		(14.54	%)		(1.50	%)		9.55	%
$	405		$	431		$	278		$	327		$	311
	1.48	%		1.49	%		1.44	%		1.45	%		1.80	%
	1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
	3.15	%		1.99	%		2.61	%		2.59	%		2.91	%
	14	%		24	%		25	%		3	%		3	%

See accompanying Notes to Financial Statements.

Annual Report – April 30, 2022 33

Seafarer Overseas Value Fund

Institutional Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS:

From net investment income

From net realized gains on investments

Total distributions

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(c)

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s)

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver

Operating expenses including reimbursement/waiver

Net investment income including reimbursement/waiver

PORTFOLIO TURNOVER RATE^(e)

^(a) Calculated using the average shares method.

^(b) Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation and increased the net asset value from $12.85 to $12.86. As a result of the adjustments, the total return increased from 1.01% to 1.08%.

^(c) Total returns are for the periods indicated and have not been annualized. In some periods, total returns would have been lower had certain expenses not been waived during the periods. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(d) Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation and increased the total return from 9.64% to 9.74%.

^(e) Portfolio turnover rate for periods less than one full year have not been annualized.

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Financial Highlights

For a share outstanding through the years presented

Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
$	13.18		$	9.48		$	11.43		$	11.96		$	11.28
	0.46			0.25			0.30			0.30			0.35
	(0.32	)		3.62			(1.88	)		(0.50	)		0.74
	0.14			3.87			(1.58	)		(0.20	)		1.09
	(0.42	)		(0.17	)		(0.32	)		(0.30	)		(0.41	)
	(0.04	)		–			(0.05	)		(0.03	)		–
	(0.46	)		(0.17	)		(0.37	)		(0.33	)		(0.41	)
	(0.32	)		3.70			(1.95	)		(0.53	)		0.68
$	12.86	(b)	$	13.18		$	9.48		$	11.43		$	11.96
	1.08	%(b)		40.98	%		(14.47	%)		(1.34	%)		9.74	%(d)
$	41,405		$	34,714		$	29,557		$	28,849		$	25,291
	1.37	%		1.51	%		1.42	%		1.48	%		1.76	%
	1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
	3.43	%		2.19	%		2.63	%		2.65	%		2.90	%
	14	%		24	%		25	%		3	%		3	%

See accompanying Notes to Financial Statements.

Annual Report – April 30, 2022 35

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

NOTES TO FINANCIAL STATEMENTS

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 annual report describes the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund (individually a “Fund” and collectively, the “Funds”). The Seafarer Overseas Growth and Income Fund seeks to provide long-term capital appreciation along with some current income; it also seeks to mitigate adverse volatility in returns as a secondary objective. The Seafarer Overseas Value Fund seeks to provide long-term capital appreciation. The Funds each offer Investor Class 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 follow 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

Each Fund generally values its securities 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 exchange traded funds, 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 but before the close of the NYSE, such that the securities’ value would likely change. In such an event, the fair values 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”) . Each Fund uses 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 the 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 market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more broker-dealers that make a market in the security. Corporate bonds and convertible bonds are valued using market models that consider trade data, quotations from dealers and active market

36 (855) 732-9220  seafarerfunds.com

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Publicly traded foreign government debt securities and foreign corporate bonds are typically traded internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market.

Forward currency exchange contracts have a market 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 the Trust’s Valuation Committee believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

Certain foreign countries impose a tax on capital gains which is accrued by each Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

Fair Value Measurements

Each Fund discloses the classification of its 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. Such inputs 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, which are developed based on the information available and the reporting entity’s best efforts to interpret such information.

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.

Annual Report – April 30, 2022 37

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

The following is a summary of the inputs used to value each Fund as of April 30, 2022:

Investments in Securities at Value(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Seafarer Overseas Growth and Income Fund
Common Stocks
Brazil	$	149,555,511	$	–	$	–	$	149,555,511
China / Hong Kong		54,791,532		345,347,936		–		400,139,468
Czech Republic		56,837,998		–		–		56,837,998
Hungary		–		64,844,264		–		64,844,264
Japan		–		76,846,956		–		76,846,956
Mexico		71,296,585		–		–		71,296,585
Peru		29,583,570		–		–		29,583,570
Poland		–		18,404,132		–		18,404,132
Qatar		35,323,597		–		–		35,323,597
Singapore		–		114,458,045		–		114,458,045
South Africa		–		74,565,788		–		74,565,788
South Korea		–		404,194,162		–		404,194,162
Taiwan		–		56,416,303		–		56,416,303
Thailand		–		29,941,514		–		29,941,514
United Arab Emirates		32,280,130		53,084,531		–		85,364,661
United Kingdom		–		33,814,749		–		33,814,749
Vietnam		–		45,056,052		–		45,056,052
Preferred Stocks		–		88,771,858		–		88,771,858
Total	$	429,668,923	$	1,405,746,290	$	–	$	1,835,415,213

38 (855) 732-9220  seafarerfunds.com

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

Investments in Securities at Value(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Seafarer Overseas Value Fund
Common Stocks
Brazil	$	3,517,092	$	–	$	–	$	3,517,092
China / Hong Kong		1,701,474		12,687,611		–		14,389,085
Czech Republic		1,437,564		–		–		1,437,564
Georgia		–		1,320,565		–		1,320,565
Mexico		1,037,400		–		–		1,037,400
Peru		847,229		–		–		847,229
Qatar		1,746,743		–		–		1,746,743
Russia		–		–		1,000		1,000
Singapore		–		3,467,359		–		3,467,359
South Korea		–		3,440,267		–		3,440,267
United Arab Emirates		1,661,725		1,420,307		–		3,082,032
United Kingdom		–		1,108,372		–		1,108,372
Vietnam		–		1,954,707		–		1,954,707
Preferred Stocks		–		155,543		–		155,543
Total	$	11,949,227	$	25,554,731	$	1,000	$	37,504,958

^(a) For detailed descriptions of securities by country, see the accompanying Portfolio of Investments.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Asset Type	Balance as of April 30, 2021		Accrued Discount/ Premium		Return of Capital		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Purchases		Sales Proceeds		Transfer into Level 3		Transfer Out of Level 3		Balance as of April 30, 2022		Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2022
Common Stocks	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	1,000	$	–	$	1,000	$	(361,649	)
Total	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	1,000	$	–	$	1,000	$	(361,649	)

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 basis. 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 share class in proportion to its average daily net assets.

Annual Report – April 30, 2022 39

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

Cash Management Transactions

Each of the Funds subscribes to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign currency, at value. As of April 30, 2022, the Funds had the following cash balances participating in the BBH CMS:

Fund
Seafarer Overseas Growth and Income Fund	$	20,791,373
Seafarer Overseas Value Fund		3,904,814

As of April 30, 2022, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

Fund
Seafarer Overseas Growth and Income Fund	$	–
Seafarer Overseas Value Fund		–

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 revaluation 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.

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

Each Fund 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 a contract 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, the Fund records a realized gain or loss 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.

Trust Expenses

Some expenses of the Trust can be directly attributed to the Funds. Expenses that cannot be directly attributed to the Funds are apportioned among all funds in the Trust based on the average daily net assets of each fund.

40 (855) 732-9220  seafarerfunds.com

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

Fund and Class Expenses

Expenses that are specific to a Fund or class of shares of a Fund, including shareholder servicing fees, are charged directly to that Fund or share class. Expenses that are common to all Funds are generally allocated among the Funds in proportion to their average daily net assets.

Income Taxes

Each Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Funds are not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing due date of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Distributions to Shareholders

In general, the Seafarer Overseas Growth and Income Fund’s policy is to distribute to its shareholders substantially all net investment income paid out via semi-annual dividends, in June and December. The Seafarer Overseas Value Fund’s policy is to distribute to its shareholders substantially all net investment income via one annual dividend in December. It is also each Fund’s policy to distribute annually all net realized short-term and long-term capital gains, if any, after offsetting any capital loss carryovers. Income dividend distributions are derived from dividends and other income each Fund receives from its investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when a Fund sells a security it has owned for more than one year. Each Fund may make additional distributions at other times if the Fund believes doing so may be necessary for the Fund to share tax obligations more ratably and more equitably across shareholders over time.

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 the Funds invest), and thereby could adversely affect the performance of the Funds’ 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, presents material uncertainty and risk with respect to the performance of the Funds’ investments.

3. Tax Basis Information

Reclassifications

As of April 30, 2022, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to equalization. The reclassifications were as follows:

Fund	Paid-in Capital		Distributable Earnings
Seafarer Overseas Growth and Income Fund	$	2,348,001	$	(2,348,001	)
Seafarer Overseas Value Fund		10,048		(10,048	)

Annual Report – April 30, 2022 41

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

Tax Basis of Investments

As of April 30, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation), and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

Fund	Cost of  Investments		Appreciation		Gross Unrealized Gross Unrealized Depreciation			Net Appreciation/ (Depreciation) on Foreign Currencies			Net Unrealized Appreciation/  (Depreciation)
Seafarer Overseas Growth and Income Fund
	$	1,938,005,115	$	176,733,482	$	(279,323,383	)	$	(108,079	)	$	(102,697,980	)
Seafarer Overseas Value Fund
		36,503,217		6,730,180		(5,728,439	)		(1,189	)		1,000,552

Components of Distributable Earnings

As of April 30, 2022, components of distributable earnings were as follows:

Seafarer Overseas Growth and Income Fund
Accumulated net investment income	$	12,489,428
Accumulated net realized gain		21,870,163
Net unrealized depreciation on investments		(102,697,980	)
Total distributable earnings	$	(68,338,389	)

Seafarer Overseas Value Fund
Accumulated net investment income	$	595,475
Accumulated net realized gain		–
Net unrealized appreciation on investments		1,000,552
Total distributable earnings	$	1,596,027

Capital Losses

The Seafarer Overseas Value Fund used capital loss carryovers during the fiscal year ended April 30, 2022 in the amount of $515,853.

Tax Basis of Distributions to Shareholders

The character of distributions made during the fiscal year from net investment income or net realized gains may differ from the ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain is recorded by a Fund.

42 (855) 732-9220  seafarerfunds.com

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2022 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain
Seafarer Overseas Growth and Income Fund	$	39,950,471	$	122,501,686
Seafarer Overseas Value Fund		1,145,464		102,432

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2021 was as follows:

Fund	Ordinary Income		Long-Term Capital  Gain
Seafarer Overseas Growth and Income Fund	$	21,456,087	$	18,037,291
Seafarer Overseas Value Fund		428,096		–

4. Securities Transactions

The cost of purchases and proceeds from sales of securities excluding short-term securities during the year ended April 30, 2022 were as follows:

Fund	Purchases of Securities		Proceeds from Sales  of Securities
Seafarer Overseas Growth and Income Fund	$	541,817,668	$	322,353,929
Seafarer Overseas Value Fund		10,186,278		4,987,065

5. Shares of Beneficial Interest

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of shares of the Funds of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the shares do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

6. Management and Related Party Transactions

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objectives, policies, limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the investment advisory agreement, the Funds, in the aggregate, pay the Adviser an annual management fee of 0.75% of the aggregate average daily net assets of the Funds up to $1.5 billion and 0.70% of the aggregate average daily net assets of the Funds over $1.5 billion. Each Fund pays the Adviser a monthly fee at the annual rate using the applicable management fee calculated based on the Fund’s pro rata share of the Funds’ combined average daily net assets.

Effective September 1, 2015, the Adviser contractually, through successive one-year agreements, agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (excluding brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.15% and 1.05% of the Funds’ average daily net assets for the Investor and Institutional share classes, respectively. The current agreement (the “Expense Agreement”) is in effect through August 31, 2022. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Funds’ expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. The Funds will not be obligated to pay any such deferred fees and expenses more than three years after

Annual Report – April 30, 2022 43

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

the date of the waiver. This agreement may not be terminated or modified prior to August 31, 2022, except with the approval of the Funds’ Board. During the year ended April 30, 2022, the Adviser agreed that it will only seek to recoup waived management fees and will not recoup any reimbursed expenses. As of April 30, 2022, the Adviser had recouped all available waived management fees from the Seafarer Overseas Growth and Income Fund.

For the year ended April 30, 2022, the fee waivers and/or reimbursements were as follows for the Seafarer Overseas Value Fund:

Fund	Fees Waived/ Reimbursed By Adviser		Recoupment of Past Waived Fees By Adviser
Seafarer Overseas Value Fund
Investor Class	$	1,439	$	–
Institutional Class		118,111		–

As of April 30, 2022 the balances of recoupable expenses for each class were as follows for the Funds:

Fund	Expires 2023		Expires 2024		Expires  2025		Total
Seafarer Overseas Growth and Income Fund
Investor Class	$	–	$	–	$	–	$	–
Institutional Class		–		–		–		–
Seafarer Overseas Value Fund
Investor Class	$	912	$	1,259	$	1,439	$	3,610
Institutional Class		129,046		134,851		118,111		382,008

Fund Administrator

ALPS Fund Services, Inc. (“ALPS” and the “Administrator”) provides administrative, fund accounting and other services to the Funds under the Administration, Bookkeeping and Pricing Services Agreement with the Trust.

The Funds’ administrative fee is accrued on a daily basis and paid monthly. The Administrator is also reimbursed by the Funds for certain out-of-pocket expenses. Administration fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds (“Transfer Agent”). ALPS is paid an annual base fee per Fund and a fee based on the number of shareholder accounts. The Transfer Agent is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Compliance Services

ALPS provides compliance services to the Funds under the Chief Compliance Officer Services Agreement with the Trust. ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in accordance with the requirements of Rule 38a-1 under the 1940 Act. ALPS is paid an annual base fee and is reimbursed for certain out-of-pocket expenses. Compliance service fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

44 (855) 732-9220  seafarerfunds.com

Seafarer Funds	Notes to Financial Statements
	April 30, 2022

Principal Financial Officer

ALPS provides principal financial officer services to the Funds under the Principal Financial Officer Services Agreement with the Trust. Under this Agreement, ALPS is paid an annual base fee and is reimbursed for certain out-of -pocket expenses. Principal financial officer fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Distributor

ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Funds’ shares pursuant to the Distribution Agreement with the Trust. Under a side letter agreement, the Adviser pays ADI an annual base fee per Fund for the distribution services. The Adviser also reimburses ADI for certain out-of-pocket expenses. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of the Funds’ shares, although it is not obliged to sell any particular amount of shares. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

Shareholder Service Plan for Investor Class and Institutional Class Shares

Each Fund has adopted a Shareholder Services Plan (a “Services Plan”) for each of its share classes. Under the Services Plan, each Fund is authorized to enter into shareholder service agreements with investment advisers, financial institutions and other service providers (“Participating Organizations”) to maintain and provide certain administrative and servicing functions in relation to the accounts of shareholders. Shareholder service arrangements typically include processing orders for shares, generating account and confirmation statements, sub-accounting, account maintenance, tax reporting, and disbursing cash dividends as well as other investment or administrative services required for a particular Participating Organizations’ products, programs, platform and accounts. The Services Plan will cause each Fund to pay an aggregate fee, not to exceed on an annual basis 0.15% and 0.05% of the average daily net asset value of the Investor and Institutional share classes, respectively. Such payments will be made on assets attributable to or held in the name of a Participating Organization, on behalf of its clients as compensation for providing service activities pursuant to an agreement with the Participating Organization. Any amount of such payment not paid to a Participating Organization for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Trustees

The fees and expenses of the Trustees of the Board are presented in the Statements of Operations.

7. Indemnifications

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the extent permissible under the applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

Annual Report – April 30, 2022 45

Seafarer Funds Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Financial Investors Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Seafarer Overseas Growth and Income Fund and Seafarer Overseas Value Fund, two of the funds constituting the Financial Investors Trust (the "Funds"), including the portfolios of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 29, 2022

We have served as the auditor of one or more investment companies advised by Seafarer Capital Partners, LLC since 2012.

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Seafarer Funds	Additional Information
	April 30, 2022 (Unaudited)

ADDITIONAL INFORMATION

1. Fund Holdings

The Funds file their complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the Commission’s Web site at http://www.sec.gov. The Funds’ Form N-PORT reports are also available upon request by calling toll-free (855) 732-9220.

2. Fund Proxy Voting Policies, Procedures and Summaries

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ended June 30 are available without charge, (1) upon request, by calling toll-free (855) 732-9220 and (2) on the SEC’s website at http://www.sec.gov.

3. Index Provider Disclosure

The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar Emerging Markets Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

4. Tax Designations (Unaudited)

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2021:

	Dividends	Qualified
	Received Deduction	Dividend Income
Seafarer Overseas Growth and Income Fund	0.00%	46.43%
Seafarer Overseas Value Fund	0.00%	14.35%

In early 2022, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

The Funds hereby designate the following numbers as long-term capital gain distributions:

	Long-term Capital Gain Distributions
Seafarer Overseas Growth and Income Fund	$	122,501,686
Seafarer Overseas Value Fund		102,432

The Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund designate foreign taxes paid in the amounts of $2,674,701 and $20,634 and foreign source income in the amounts of $61,206,995 and $1,365,790 respectively, for federal income tax purposes for the year ended April 30, 2022.

Please consult a tax advisor if you have questions about federal or state income tax laws, or how to prepare your tax returns.

Annual Report – April 30, 2022 47

Seafarer Funds	Approval of Fund Advisory Agreement
	April 30, 2022 (Unaudited)

SEAFARER FUNDS APPROVAL OF FUND ADVISORY AGREEMENT

On December 14, 2021, the Trustees met via Zoom video conference to discuss, among other things, the renewal of the Investment Advisory Agreement between Seafarer Capital Partners, LLC (“Seafarer”) and the Trust, with respect to the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund (together, the “Seafarer Funds”), dated January 30, 2012, as amended (the “Seafarer Investment Advisory Agreement”), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the Seafarer Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Seafarer Funds:

Investment Advisory Fee Rate:

The Trustees reviewed and considered the contractual annual advisory fees paid by the Trust, on behalf of the Seafarer Funds, to Seafarer, of 0.75% of the aggregate average daily net assets of the Funds up to $1.5 billion and 0.70% of the aggregate average daily net assets of the Funds over $1.5 billion, in light of the extent and quality of the advisory services provided by Seafarer to each of the Seafarer Funds.

The Board received and considered information including a comparison of the contractual advisory fee rate of the Investor Class and Institutional Class of each Seafarer Fund with those of funds in the peer group of funds provided by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual advisory fee rate of each Class of the Seafarer Funds was lower than the Data Provider peer group median.

Total Net Expense Ratios:

The Trustees further reviewed and considered that the total net expense ratio of each Class of both Seafarer Funds was lower than the Data Provider peer group median. Rule 12b-1 Fees in peer group funds were excluded for the purpose of the comparison.

Nature, Extent, and Quality of the Services under the Investment Advisory Agreement:

The Trustees received and considered information regarding the nature, extent, and quality of services provided to the Seafarer Funds under the Seafarer Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by Seafarer in its presentation, including its Form ADV. The Trustees reviewed and considered Seafarer’s investment advisory personnel, its history as an asset manager, and its performance and the amount of assets currently under management by Seafarer. The Trustees also reviewed the research and decision-making processes utilized by Seafarer, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Seafarer Funds.

The Trustees considered the background and experience of Seafarer’s management in connection with the Seafarer Funds, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of each Seafarer Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, Seafarer’s insider trading policies and procedures and its Code of Ethics.

Performance:

The Trustees reviewed performance information for each Class of the Seafarer Funds for the 3-month, 1-year, 3-year, 5-year, and since inception periods ended September 30, 2021. That review included a comparison of each Seafarer Fund’s performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that both Classes of the Seafarer Overseas Growth and Income Fund outperformed the Data Provider peer group median for each of the 3-month, 3-year and since inception periods and underperformed the Data Provider peer group median for the 5-year

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Seafarer Funds	Approval of Fund Advisory Agreement
	April 30, 2022 (Unaudited)

period. The Trustees noted that the Institutional Class of the Seafarer Overseas Growth and Income Fund performed equal to the Data Provider peer group median for the 1-year period and that the Investor Class of the Seafarer Overseas Growth and Income Class outperformed the Data Provider peer group median for the 1-year period.

The Trustees noted that both Classes of the Seafarer Overseas Value Fund outperformed the Data Provider peer group median for the 3-month period and underperformed the Data Provider peer group median for the since inception period. The Trustees noted that the Institutional Class of the Seafarer Overseas Value Fund outperformed the Data Provider peer group median for the 3-year period, performed equal to the Data Provider peer group median for the 5-year period, and underperformed the Data Provider peer group median for the 1-year period. The Trustees noted that the Investor Class of the Seafarer Overseas Value Fund outperformed the Data Provider peer group median for the 1-year period, performed equal to the Data Provider peer group median for the 3-year period, and underperformed the Data Provider peer group median for the 5-year period. The Trustees also considered Seafarer’s discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts:

The Trustees noted that Seafarer’s only clients were the Seafarer Funds.

Profitability:

The Trustees received and considered a profitability analysis prepared by Seafarer based on the fees payable under the Seafarer Investment Advisory Agreement.

Economies of Scale:

The Trustees considered whether economies of scale in the provision of services to the Seafarer Funds will be passed along to the shareholders under the proposed agreement.

Other Benefits to the Adviser:

The Trustees reviewed and considered any other incidental benefits derived or to be derived by Seafarer from its relationship with the Seafarer Funds, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● the contractual advisory fee rate of each Class of both Seafarer Funds was lower than the Data Provider peer group median;

● the total net expense ratio of each Class of both Seafarer Funds was lower than the Data Provider peer group median;

● the nature, extent, and quality of services rendered by Seafarer under the Seafarer Investment Advisory Agreement with respect to each Seafarer Fund were adequate;

● for the period ended September 30, 2021, in the independent analysis prepared by the Data Provider, each Class of the Seafarer Overseas Growth and Income Fund outperformed the Data Provider peer group median for each of the 3-month, 3-year and since inception periods and underperformed the Data Provider peer group median for the 5-year period; the Institutional Class of the Seafarer Overseas Growth and Income Fund performed equal to the Data Provider peer group median for the 1-year period and the Investor Class of the Seafarer Overseas Growth and Income Class outperformed the Data Provider peer group median for the 1-year period; each Class of the Seafarer Overseas Value Fund outperformed the Data Provider peer group median for the 3-month period and underperformed the Data Provider peer group median for the since inception period; the Institutional Class of the Seafarer Overseas Value Fund outperformed the Data Provider peer group median for the 3-year period, performed equal to the Data Provider peer group median for the 5-year period, and underperformed the Data Provider peer group median for the 1-year period; and the Investor Class of the Seafarer Overseas Value Fund outperformed the Data Provider peer group

Annual Report – April 30, 2022 49

Seafarer Funds	Approval of Fund Advisory Agreement
	April 30, 2022 (Unaudited)

	median for the 1-year period, performed equal to the Data Provider peer group median for the 3-year period, and underperformed the Data Provider peer group median for the 5-year period;
●	Seafarer had no other accounts with comparable investment objectives and strategies to the Seafarer Funds;

● the profit, if any, realized by Seafarer in connection with the operation of any of the Seafarer Funds is not unreasonable; and

● there were no material economies of scale or other incidental benefits accruing to Seafarer in connection with its relationship with any of the Seafarer Funds.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that Seafarer’s compensation for investment advisory services is consistent with the best interests of each of the Seafarer Funds and their shareholders.

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Seafarer Funds	Liquidity Risk Management Program
	April 30, 2022 (Unaudited)

The Financial Investors Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each fund in the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment advisers, sub-advisers, and Officers of the Trust. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including a periodic assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 8, 2022, the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program during 2021. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since implementation.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

Annual Report – April 30, 2022 51

Seafarer Funds	Trustees and Officers
	April 30, 2022 (Unaudited)

The business and affairs of each Fund are managed under the direction of its Board. The Board approves all significant agreements between a Fund and the persons or companies that furnish services to the Fund, including agreements with its distributor, Adviser, Sub-Adviser, administrator, custodian and transfer agent. The day-to-day operations of each Fund are delegated to the Fund’s Adviser, Sub-Adviser and administrator.

The name, address, age and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee.

Additional information regarding the Funds’ trustees is included in the Statement of Additional Information, which can be obtained without charge at seafarerfunds.com or by calling 855-732-9220.

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Mary K. Anstine, 1940	Trustee and Chairman	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees.	Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board.	59	Ms. Anstine is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust through December 2020 (14 funds).
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund.	59	Mr. Deems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund).

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Seafarer Funds	Trustees and Officers
	April 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Jerry G. Rutledge, 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business.	30	Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); and Principal Real Estate Income Fund (1 fund).
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders  held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). Mr. Shell serves on the Board of Directors of TalkBox, a phone/privacy booth company (since 2018) and DLVR, a package security company (since 2018). Mr. Shell served on the Advisory Board, St. Vrain School District Innovation Center (from 2015-2018). Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	29	None.

Annual Report – April 30, 2022 53

Seafarer Funds	Trustees and Officers
	April 30, 2022 (Unaudited)

INTERESTED TRUSTEE

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Edmund J. Burke, 1961	Trustee	Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009.	Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. (“ALPS”), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020). Mr. Burke is deemed an interested Trustee by virtue of his prior positions with the ALPS Companies.	54	Mr. Burke is a Trustee of ALPS ETF Trust (23 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

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Seafarer Funds	Trustees and Officers
	April 30, 2022 (Unaudited)

OFFICERS

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***
Dawn Cotten, 1977	President	Ms. Cotten was appointed President of the Trust at the June 8-9, 2021 meeting of the Board of Trustees.	Ms. Cotten joined ALPS in 2009 and is currently Senior Vice President of Fund Administration and Relationship Management of ALPS. She has served in that role since January 2020. Prior to that, Ms. Cotten served as Senior Vice President of Relationship Management (2017-2020). Ms. Cotten served as a Vice President in Relationship Management from 2013-2017. Ms. Cotten also serves as President of ALPS Series Trust, Clough Funds Trust, Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund.
Jennell Panella, 1974	Treasurer	Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees	Ms. Panella joined ALPS in June 2012 and is currently Vice President and Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Alpha Alternative Asset Fund, Centre Funds, GraniteShares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. Mr. Uhl formerly served as CCO of the Boulder Growth & Income Fund, Inc., Index Funds and Reality Shares ETF Trust.
Brendan Hamill, 1986	Secretary	Mr. Hamill was elected Secretary of the Trust at the September 14, 2021 meeting of the Board of Trustees.	Mr. Hamill joined ALPS in August 2021, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Hamill was an attorney at Lewis Brisbois Bisgaard & Smith, LLP (law firm) (December 2018-August 2021) and Vedder Price, P.C. (law firm) (August 2015- December 2018). Mr. Hamill also serves as Secretary of ALPS ETF Trust, Secretary of ALPS Variable Investment Trust, Secretary of Principal Real Estate Income Fund, and Assistant Secretary of James Advantage Funds.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until such Trustees successor is elected and appointed, or such Trustee resigns or is deceased. Officers are elected on an annual basis.

*** Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

**** The Fund Complex includes all series of the Trust, currently 29, and any other investment companies for which any Trustee serves as trustee for and for which Seafarer Capital Partners, LLC provides investment advisory services (currently none).

Annual Report – April 30, 2022 55

Seafarer Funds	Privacy Policy
	April 30, 2022 (Unaudited)

FACTS	WHAT DO THE FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	•      Social Security number and account transactions
	•      Account balances and transaction history
	•      Wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do we share:	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share.
For joint marketing with other financial companies	No	We do not share.
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share.
For nonaffiliates to market to you	No	We do not share.

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Seafarer Funds	Privacy Policy
	April 30, 2022 (Unaudited)

Who We Are
Who is providing this notice?	Seafarer Overseas Growth and Income Fund and Seafarer Overseas Value Fund.
What We Do
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do the Funds collect my personal information?	We collect your personal information, for example, when you
	•	open an account
	•	provide account information or give us your contact information
	•	make a wire transfer or deposit money
Why can’t I limit all sharing?	Federal law gives you the right to limit only
	•	sharing for affiliates’ everyday business purposes-information about your creditworthiness
	•	affiliates from using your information to market to you
	•	sharing for non-affiliates to market to you
	State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	•	The Funds do not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you.
	•	The Funds do not jointly market.
Other Important Information
California Residents	If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.
Vermont Residents	The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information.

Annual Report – April 30, 2022 57

 

Table of Contents

CONTENTS	PAGE
Shareholder Letter	1
Fund Overview
Vulcan Value Partners Fund	5
Vulcan Value Partners Small Cap Fund	9
Disclosure of Fund Expenses
Vulcan Value Partners Fund	7
Vulcan Value Partners Small Cap Fund	11
Statements of Investments
Vulcan Value Partners Fund	13
Vulcan Value Partners Small Cap Fund	15
Statements of Assets and Liabilities	18
Statements of Operations	20
Statements of Changes in Net Assets
Vulcan Value Partners Fund	21
Vulcan Value Partners Small Cap Fund	22
Financial Highlights
Vulcan Value Partners Fund	24
Vulcan Value Partners Small Cap Fund	28
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	42
Additional Information	43
Disclosure Regarding Approval of Fund Advisory Agreements	44
Liquidity Risk Management Program	47
Trustees and Officers	48
Privacy Policy	52

Shareholder Letter

April 30, 2022 (Unaudited)

PORTFOLIO REVIEW

General 

Vulcan Value Partners Fund returned -22.93% versus 1.32% for the Russell 1000^® Value Index, the Fund’s primary benchmark, and 0.21% for the S&P 500^® Index, the Fund’s secondary benchmark, for the year ended April 30, 2022. The Vulcan Value Partners Small Cap Fund returned -21.58% versus -6.59% for the Russell 2000^® Value Index, the Fund’s primary benchmark, and -16.87% for the Russell 2000^® Index, the Fund’s secondary benchmark, for the year ended April 30, 2022.

As we have often said, we place no weight on short-term results, good or bad, and neither should you. In fact, we have made and will continue to make decisions that could negatively impact short- term performance when we think we can improve the Fund’s long-term returns and mitigate risk. We encourage you to place more weight on the Fund’s longer-term historical results and a great deal of weight on the Fund’s long-term prospects.

We generally define material contributors and detractors as companies having a greater than 1% impact on the Fund’s portfolio.

Performance data quoted represents past performance. Past performance does not guarantee future results.

Vulcan Value Partners Fund Review 

In the discussion that follows, we highlight a few holdings in the Vulcan Value Partners Fund. There were no material contributors over the one-year period ending April 30, 2022. Material detractors over the same period include Wayfair Inc., AppLovin Corp., Amazon.com Inc., Upstart Holdings Inc., Meta Platforms Inc., Qorvo Inc., Skyworks Solutions Inc., and Lam Research Corp.

AppLovin Corp. materially detracted from performance during this period. AppLovin owns a portfolio of over 350 mobile games and operates a software platform that enables third-party gaming apps to advertise and monetize effectively. The two segments create a mutually beneficial relationship. AppLovin collects and uses data gathered from its own portfolio of gaming apps to enhance the ad placement capabilities of its software platform. AppLovin recently acquired Twitter’s MoPub monetization platform at what we believe to be a very attractive price, which should provide additional scale. The stock traded down after earnings due to weaker than expected guidance in the owned games segment and increased spending on new growth initiatives. However, the company expects its software platform revenue to increase at a high double-digit rate in its fiscal year 2022. Moreover, software is the company’s most profitable business with an 80% contribution margin. Shortly after earnings, the company announced a $750 million share repurchase authorization which we think is an excellent capital allocation decision.

Lam Research Corp., a new position during the period, designs and manufactures equipment used in the fabrication of semiconductors. The Fund would not invest in all companies in the semiconductor industry as many companies have more commoditized products. However, some of the semiconductor capital equipment companies are an exception. The Fund purchased a competitor, Applied Materials, in the second quarter of 2021 and purchased Lam Research during the third quarter of 2021. Consolidation within the industry has improved the company’s competitive position and key shifts in the industry are driving demand for more complex capital equipment. Among these shifts are an acceleration in the digital transformation of the global economy, the slowing of Moore's

Annual Report | April 30, 2022 1

Shareholder Letter

April 30, 2022 (Unaudited)

law, and increased application of artificial intelligence. We believe the company generates robust free cash flow and has experienced strong and improving margins. We are delighted to have the opportunity to purchase Lam Research in the Fund with what we believe to be a substantial margin of safety.

The Fund sold General Electric during the period. General Electric is a company we followed for a long time. In the past, we removed GE from the MVP list due to management’s poor capital allocation decisions which resulted in value instability. Larry Culp, the former CEO of Danaher, became CEO of General Electric in 2018. The company implemented a vast restructuring program to simplify the industrial side of its business, sold off non-core assets, paid down debt with the proceeds, and drastically shrunk GE Capital. These restructuring activities allowed its world-class jet engine and healthcare businesses to shine through, and improved value stability. As a result, we added the company back to the MVP list. While the pandemic negatively impacted General Electric’s aviation business in the short run, it also gave the Fund the opportunity to buy General Electric in the second quarter of 2020 with what we believe to be a substantial margin of safety. GE is a good example of a competitively entrenched, yet slower growing MVP business. As its stock price rose rapidly over the last year, its value growth did not keep up, and the price to value gap closed quickly. As the margin of safety diminished, we sold the Fund’s position in GE and allocated to more discounted companies.

Vulcan Value Partners Small Cap Fund Review 

In the discussion that follows, we highlight a few holdings in the Vulcan Value Partners Small Cap Fund. Material contributors over the one-year period ending April 30, 2022 include Upstart Holdings Inc. and Meggitt plc. Material detractors over the one-year period ending April 30, 2022 include Porch Group Inc., Cerence Inc., SmartRent Inc., Victoria plc, PROG Holdings Inc., Virtus Investment Partners Inc. and Sdiptech AB.

Meggitt was a material contributor during the period, and we sold the Fund’s position. Meggitt is a U.K.-based aerospace manufacturer with four business segments: airframe systems, engine systems, energy and equipment, and services and support. Its products are essential to aviation safety and reliability. In August, Parker-Hannifin announced it would acquire Meggitt for a price higher than our estimate of its fair value. Following our discipline, we sold the Fund’s position in Meggitt because it no longer had a margin of safety.

Cerence Inc. was a material detractor during the period. Cerence Inc. is a premier provider of automotive voice assistance solutions using speech recognition and natural language understanding. Its technology is installed in over half of vehicles manufactured globally. A number of events have negatively affected the stock price over the past several months. Global supply chain shortages have impacted automobile production, the company’s CEO unexpectedly resigned, and the new CEO, Stefan Ortmanns, lowered guidance. These developments have been disappointing; however, we believe Cerence’s competitive moat remains unchanged. As the automobile supply chains begin to normalize, we expect growth to return to pre-Covid levels.

SmartRent Inc. was a new purchase during the period and a material detractor. SmartRent provides both the hardware and the software that enables the digital transformation of multi-family apartments. The software provides capabilities including access control, energy management, self-guided tours, parking management, and leak detection. Renters can access a subscription-based app to manage access control and all connected devices inside their apartment. Recent supply chain issues continue to affect new hardware installations which has negatively impacted the company’s

2 www.vulcanvaluepartners.com

Shareholder Letter

 April 30, 2022 (Unaudited)

revenue growth. SmartRent’s customers include fifteen of the twenty largest multi-family operators who continue to invest into the technology roadmaps and future property upgrades which gives us confidence that the long-term investment case remains intact. We believe SmartRent is a competitively entrenched industry leader that continues to compound its value at attractive rates over our long-term time horizon for the Fund.

Closing 

Partners (“Vulcan”). Vulcan has three new partners this year. They are Ashley Mendelsohn, Louis Anderson, and Colin Casey. Ashley is Vulcan’s Chief Compliance Officer, and her leadership extends well beyond her job description. Louis is Vulcan’s Controller, and his modeling is so good that he would also make an outstanding analyst. We make better decisions because of Louis. Colin became a permanent analyst two years ago. He has become a partner this year because of his thoughtful leadership and teamwork.

In addition to naming three new partners, Vulcan has also promoted Taylor Cline and Brad Headley to permanent analysts. Taylor joined Vulcan a couple of years ago after having worked as a credit analyst. He made an especially important contribution to Vulcan’s research team during the early days of the pandemic, and he has become an excellent equity analyst. Brad has shown passion and initiative since the first day he joined Vulcan. He is thoughtful qualitatively and able to substantiate his work quantitatively.

We know that periods of short-term underperformance can cause consternation. Our interests are aligned, as we are invested alongside of you. We are continuing to follow our process with discipline. We believe our values not only are stable, but they are also growing. With stock prices down, we believe the Fund’s margin of safety is among its most attractive levels in our firm’s history. We very well could experience continued downward stock price volatility which we believe will only improve the Fund’s margin of safety further and enhance the Fund’s prospective long-term returns.

We thank you, our client partners, for your confidence in us and your stable capital which allows us to execute our investment philosophy. We look forward to updating you again soon.

C.T. Fitzpatrick 

Chief Executive Officer 

Vulcan Value Partners, LLC

Past performance does not guarantee future results. The Funds’ prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Funds’ prospectus. Please call 877.421.5078 to obtain current performance information and for the current prospectus and statement of additional information. This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

The views of the Vulcan Value Partners, LLC and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Funds or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at

Annual Report | April 30, 2022 3

Shareholder Letter

April 30, 2022 (Unaudited)

the time of compilation. Neither Vulcan Value Partners, LLC nor the Funds accept any liability for losses either direct or consequential caused by the use of this information.

The Funds are distributed by ALPS Distributors, Inc.

The Funds are subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Funds may not achieve their objectives.

Margin of Safety is a favorable difference between the price of a company’s shares and the estimated fair value of those shares.

The price to value ratio is a calculation that compares the price of a company’s stock to our appraisal of the company’s intrinsic value.

Fair, or intrinsic, value is our estimate of the price a willing buyer would pay and a willing seller would accept, assuming neither was compelled to enter into a transaction.

4 www.vulcanvaluepartners.com

Fund Overview

April 30, 2022 (Unaudited)

VULCAN VALUE PARTNERS FUND

Annualized Total Returns (as of 4/30/22)

						Since	Expense Ratios(1)
	6 Month	1 Year	3 Year	5 Year	10 Year	Inception*	Total	Net(2)
Vulcan Value Partners Fund-Investor Class(3)	-30.05%	-22.93%	5.79%	7.34%	10.00%	10.50%	1.06%	1.06%
Vulcan Value Partners Fund-Institutional Class	-29.95%	-22.74%	–	–	–	6.08%	1.11%	0.85%
S&P 500® Total Return Index(4)	-9.65%	0.21%	13.85%	13.66%	13.67%	13.34%
Russell 1000® Value Index(5)	-3.94%	1.32%	9.58%	9.06%	11.17%	11.05%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1.877-421-5078.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested. Returns for periods less than 1 year are cumulative.

* Inception Dates – Investor Class: 12/30/09, Institutional Class: 5/01/19

⁽¹⁾ Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

⁽²⁾ Vulcan Value Partners, LLC (“Vulcan” or the “Adviser”) has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% and 0.85% of the Fund’s average daily net assets with respect to Investor Class shares and Institutional Class shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2022. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreements to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreements or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Adviser may not discontinue or modify this waiver prior to August 31, 2022 without the approval by the Fund's Board of Trustees.

⁽³⁾ The initial share class of the Fund was redesignated as Investor Class shares effective April 23, 2019.

⁽⁴⁾ The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

⁽⁵⁾ The Russell 1000^® Value Index is presented here as an additional index, and measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® companies with lower price-to-book ratios and lower expected growth values. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

Annual Report | April 30, 2022 5

Fund Overview

April 30, 2022 (Unaudited)

Growth of $10,000 Initial Investment (for the period ended April 30, 2022)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Industry Allocation (as a % of Net Assets)*

Top Ten Holdings (as a % of Net Assets)*

TransDigm Group, Inc.	7.87%
Mastercard, Inc.	7.50%
Amazon.com, Inc.	6.59%
Splunk, Inc.	5.03%
Applied Materials, Inc.	4.99%

CoStar Group, Inc.	4.77%
Upstart Holdings, Inc.	4.69%
Qorvo, Inc.	4.63%
Skyworks Solutions, Inc.	4.60%
Meta Platforms, Inc.	4.60%
Top Ten Holdings	55.27%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

6 www.vulcanvaluepartners.com

Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

As a shareholder of the Vulcan Value Partners Fund (the “Fund”), you will incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on November 1, 2021 and held until April 30, 2022.

Actual Expenses. The first line of each table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note the expenses shown in the table are meant to highlight ongoing Fund costs only and do not reflect transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table below is useful in comparing your ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Report | April 30, 2022 7

Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

Vulcan Value Partners Fund

	Beginning Account Value 11/1/21		Ending Account Value 4/30/22		Expense Ratio(a)			Expenses Paid During period 11/1/21 - 4/30/22(b)
VULCAN VALUE
PARTNERS FUND
Investor Class
Actual	$	1,000.00	$	699.50		1.07	%	$	4.51
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.49		1.07	%	$	5.36
Institutional Class
Actual	$	1,000.00	$	700.50		0.85	%	$	3.58
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58		0.85	%	$	4.26

^(a) The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

8 www.vulcanvaluepartners.com

Fund Overview

April 30, 2022 (Unaudited)

VULCAN VALUE PARTNERS SMALL CAP FUND

Annualized Total Returns (as of 4/30/22)

						Since	Expense Ratios(1)
	6 Month	1 Year	3 Year	5 Year	10 Year	Inception*	Total	Net(2)
Vulcan Value Partners Small Cap Fund – Investor Class(3)	-35.56%	-21.58%	2.44%	3.03%	8.44%	10.01%	1.25%	1.25%
Vulcan Value Partners Small Cap Fund – Institutional Class	-35.49%	-21.40%	–	–	–	2.96%	1.27%	1.00%
Russell 2000® Value Index(4)	-9.50%	-6.59%	8.38%	6.75%	9.81%	10.03%
Russell 2000® Index(5)	-18.38%	-16.87%	6.73%	7.24%	10.06%	10.60%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1.877-421-5078.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested. Returns for periods less than 1 year are cumulative.

* Inception Dates – Investor Class: 12/30/09, Institutional Class: 5/01/19

⁽¹⁾ Ratios as of the Prospectus dated August 31, 2021 and may differ from the ratios presented in the Financial Highlights.

⁽²⁾ Vulcan Value Partners, LLC (“Vulcan” or the “Adviser”) has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% and 1.00% of the Fund’s average daily net assets with respect to Investor Class shares and Institutional Class shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2022. The Adviser will be permitted to recapture expenses it has borne through the Expense Agreements to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreements or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Adviser may not discontinue or modify this waiver prior to August 31, 2022 without the approval by the Fund's Board of Trustees.

⁽³⁾ The initial share class of the Fund was redesignated as Investor Class shares effective April 23, 2019.

⁽⁴⁾ The Russell 2000^® Value Index is presented here as the primary index, and measures the performance of small-cap value segment of the U.S.equity universe. It includes those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

⁽⁵⁾ The Russell 2000^® Index is presented here as an additional index, and measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

Annual Report | April 30, 2022 9

Fund Overview

April 30, 2022 (Unaudited)

Growth of $10,000 Initial Investment (for the period ended April 30, 2022)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Industry Allocation (as a % of Net Assets)*

Top Ten Holdings (as a % of Net Assets)*

Cushman & Wakefield PLC	6.69%
Ibstock PLC	5.37%
Sdiptech AB	5.22%
Littelfuse, Inc.	5.20%
SmartRent, Inc.	5.06%

Park Hotels & Resorts, Inc.	4.89%
Victoria PLC	4.78%
PROG Holdings, Inc.	4.78%
Upstart Holdings, Inc.	4.55%
Ituran Location and Control, Ltd.	4.55%
Top Ten Holdings	51.09%

* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

10 www.vulcanvaluepartners.com

Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

As a shareholder of the Vulcan Value Partners Small Cap Fund (the “Fund”), you will incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on November 1, 2021 and held until April 30, 2022.

Actual Expenses. The first line of each table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note the expenses shown in the table are meant to highlight ongoing Fund costs only and do not reflect transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table below is useful in comparing your ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Report | April 30, 2022 11

Disclosure of Fund Expenses

April 30, 2022 (Unaudited)

Vulcan Value Partners Small Cap Fund

	Beginning Account Value 11/1/21	Ending Account Value 4/30/22	Expense Ratio(a)	Expenses Paid During period 11/1/21 - 4/30/22(b)
VULCAN VALUE
PARTNERS SMALL
CAP FUND
Investor Class
Actual	$1,000.00	$644.40	1.25%	$5.10
Hypothetical (5% return before expenses)	$1,000.00	$1,018.60	1.25%	$6.26
Institutional Class
Actual	$1,000.00	$645.10	1.00%	$4.08
Hypothetical (5% return before expenses)	$1,000.00	$1,019.84	1.00%	$5.01

^(a) The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

12 www.vulcanvaluepartners.com

Vulcan Value Partners Fund	Statement of Investments
		April 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS (99.06%)
Communications (17.89%)
Internet (17.89%)
Alphabet, Inc., Class C(a)		23,165	$	53,263,979
Amazon.com, Inc.(a)		37,217		92,507,692
Meta Platforms, Inc., Class A(a)		322,087		64,568,781
Wayfair, Inc., Class A(a)		530,740		40,835,136
				251,175,588
TOTAL COMMUNICATIONS				251,175,588
Consumer, Non-cyclical (4.77%)
Commercial Services (4.77%)
CoStar Group, Inc.(a)		1,052,209		66,941,536
TOTAL CONSUMER, NON-CYCLICAL				66,941,536
Financial (24.86%)
Diversified Financial Services (16.30%)
Mastercard, Inc., Class A		289,704		105,272,640
Upstart Holdings, Inc.(a)		877,672		65,842,953
Visa, Inc., Class A		270,542		57,660,616
				228,776,209
Private Equity (8.56%)
Carlyle Group, Inc.		1,672,478		60,694,227
KKR & Co., Inc., Class A		1,167,789		59,522,205
				120,216,432
TOTAL FINANCIAL				348,992,641
Industrial (12.43%)
Aerospace/Defense (12.43%)
HEICO Corp., Class A		548,481		63,974,824
TransDigm Group, Inc.(a)		185,726		110,471,682
				174,446,506
TOTAL INDUSTRIAL				174,446,506
Technology (39.11%)
Semiconductors (21.26%)
Applied Materials, Inc.		635,076		70,080,637
Lam Research Corp.		125,335		58,376,030
NVIDIA Corp.		218,084		40,448,039
Qorvo, Inc.(a)		571,661		65,043,588

Annual Report | April 30, 2022 13

Statement of Investments Vulcan Value Partners Fund

April 30, 2022

	Shares		Value (Note 2)
Technology (continued)
Semiconductors (continued)
Skyworks Solutions, Inc.		570,223	$	64,606,266
				298,554,560
Software (17.85%)
AppLovin Corp., Class A(a)		1,514,740		57,787,331
Microsoft Corp.		215,322		59,756,162
Salesforce, Inc.(a)		354,569		62,382,870
Splunk, Inc.(a)		578,862		70,632,741
				250,559,104
TOTAL TECHNOLOGY				549,113,664
TOTAL COMMON STOCKS
(Cost $1,442,669,462)				1,390,669,935

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (1.65%)
Money Market Fund (1.65%)
Invesco Government & Agency Portfolio, Institutional Class		0.349	%		23,163,963		23,163,963
TOTAL SHORT TERM INVESTMENTS
(Cost $23,163,963)							23,163,963
TOTAL INVESTMENTS (100.71%)
(Cost $1,465,833,425)						$	1,413,833,898
Liabilities In Excess Of Other Assets (-0.71%)							(10,006,658	)
NET ASSETS (100.00%)						$	1,403,827,240

^(a)       Non-Income Producing Security.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry 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 industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

See Accompanying Notes to Financial Statements.

14 www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund Statement of Investments

April 30, 2022

	Shares		Value (Note 2)
COMMON STOCKS (98.17%)
Consumer, Cyclical (7.32%)
Home Furnishings (7.32%)
MillerKnoll, Inc.		1,003,665	$	31,846,291
Sleep Number Corp.(a)		918,865		37,269,164
				69,115,455
TOTAL CONSUMER, CYCLICAL				69,115,455
Consumer, Non-cyclical (31.66%)
Commercial Services (23.18%)
ABM Industries, Inc.		654,480		31,591,750
Colliers International Group, Inc.		252,214		27,806,593
ISS A/S(a)		2,542,037		42,522,303
PROG Holdings, Inc.(a)		1,701,813		45,046,990
Savills PLC		1,648,182		22,445,252
Sdiptech AB, Class B(a)		1,394,704		49,229,275
				218,642,163
Food (4.52%)
Premium Brands Holdings Corp.		522,579		42,663,827
Healthcare-Services (3.96%)
Medpace Holdings, Inc.(a)		279,391		37,318,256
TOTAL CONSUMER, NON-CYCLICAL				298,624,246
Financial (20.33%)
Diversified Financial Services (8.75%)
Upstart Holdings, Inc.(a)		572,237		42,929,220
Virtus Investment Partners, Inc.		223,330		39,565,143
				82,494,363
Real Estate (6.69%)
Cushman & Wakefield PLC(a)		3,527,577		63,143,628
REITS (4.89%)
Park Hotels & Resorts, Inc.		2,341,264		46,146,313
TOTAL FINANCIAL				191,784,304
Industrial (32.55%)
Building Materials (18.55%)
Forterra PLC		10,069,461		31,528,001
Ibstock PLC		21,241,019		50,614,555
SmartRent, Inc.(a)		9,821,691		47,733,418

Annual Report | April 30, 2022 15

Statement of Investments Vulcan Value Partners Small Cap Fund

April 30, 2022

	Shares		Value (Note 2)
Industrial (continued)
Building Materials (continued)
Victoria PLC(a)		5,602,694	$	45,088,703
				174,964,677
Electrical Components & Equipment (9.45%)
EnerSys		613,150		40,136,799
Littelfuse, Inc.		213,937		49,045,057
				89,181,856
Electronics (4.55%)
Ituran Location and Control, Ltd.		1,911,688		42,898,279
TOTAL INDUSTRIAL				307,044,812
Technology (6.31%)
Software (6.31%)
Cerence, Inc.(a)		996,924		29,409,258
Porch Group, Inc.(a)		8,136,077		30,103,485
				59,512,743
TOTAL TECHNOLOGY				59,512,743
TOTAL COMMON STOCKS
(Cost $1,148,164,417)				926,081,560

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (1.53%)
Money Market Fund (1.53%)
Invesco Government & Agency Portfolio, Institutional Class		0.349	%		14,411,371		14,411,371
TOTAL SHORT TERM INVESTMENTS
(Cost $14,411,371)							14,411,371
TOTAL INVESTMENTS (99.70%)
(Cost $1,162,575,788)						$	940,492,931
Other Assets In Excess Of Liabilities (0.30%)							2,815,289
NET ASSETS (100.00%)						$	943,308,220

^(a) Non-Income Producing Security.

16 www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund Statement of Investments

April 30, 2022

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry 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 industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

See Accompanying Notes to Financial Statements.

Annual Report | April 30, 2022 17

Statements of Assets and Liabilities

April 30, 2022

	Vulcan Value Partners Fund			Vulcan Value Partners Small Cap Fund
ASSETS:
Investments, at value	$	1,413,833,898		$	940,492,931
Cash		–			242,038
Receivable for shares sold		857,400			921,040
Dividends receivable		556,784			3,020,186
Other assets		169,897			103,614
Total assets		1,415,417,979			944,779,809
LIABILITIES:
Payable for shares redeemed		10,192,413			500,455
Payable to adviser		1,096,304			743,650
Payable for administration fees		39,607			27,843
Payable for transfer agency fees		101,019			60,699
Payable for delegated transfer agent equivalent services fees		6,781			4,182
Payable for professional fees		38,059			32,082
Payable for trustee fees and expenses		41,771			25,166
Payable for principal financial officer fees		809			491
Accrued expenses and other liabilities		73,976			77,021
Total liabilities		11,590,739			1,471,589
NET ASSETS	$	1,403,827,240		$	943,308,220
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)	$	1,410,429,697		$	1,140,026,154
Total distributable earnings		(6,602,457	)		(196,717,934	)
NET ASSETS	$	1,403,827,240		$	943,308,220
INVESTMENTS, AT COST	$	1,465,833,425		$	1,162,575,788

See Accompanying Notes to Financial Statements.

18 www.vulcanvaluepartners.com

Statements of Assets and Liabilities

April 30, 2022

	Vulcan Value Partners Fund		Vulcan Value Partners Small Cap Fund
PRICING OF SHARES:
Investor Class:
Net Asset Value, offering and redemption price per share	$	20.74	$	14.47
Net Assets	$	437,470,414	$	221,909,705
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		21,090,426		15,333,585
Institutional Class:
Net Asset Value, offering and redemption price per share		20.84		14.57
Net Assets		966,356,826		721,398,515
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		46,377,001		49,499,688

See Accompanying Notes to Financial Statements.

Annual Report | April 30, 2022 19

Statements of Operations

For the Year Ended April 30, 2022

	Vulcan Value Partners Fund			Vulcan Value Partners Small Cap Fund
INVESTMENT INCOME:
Dividends	$	9,891,477		$	9,807,711
Foreign taxes withheld		(420,503	)		(382,902	)
Total investment income		9,470,974			9,424,809
EXPENSES:
Investment advisory fees (Note 6)		18,474,482			13,474,909
Administrative fees		504,904			326,119
Transfer agency fees		79,494			99,865
Delegated transfer agent equivalent services fees
Investor Class		40,325			27,408
Institutional Class		605,225			417,829
Professional fees		41,847			36,165
Custodian fees		134,670			160,264
Principal financial officer fees		9,585			6,049
Trustee fees and expenses		97,975			62,187
Recoupment of previously waived fees
Investor Class (Note 6)		–			70,568
ReFlow Fees (Note 2)		30,304			–
Other		128,660			121,670
Total expenses before waiver		20,147,471			14,803,033
Less fees waived/reimbursed by investment adviser (Note 6) Institutional Class		(3,157,496	)		(2,306,194	)
Total net expenses		16,989,975			12,496,839
NET INVESTMENT LOSS		(7,519,001	)		(3,072,030	)
Net realized gain on investments(a)		254,134,359			265,267,603
Net realized loss on foreign currency transactions		(75,117	)		(275,512	)
Net realized gain		254,059,242			264,992,091
Net change in unrealized depreciation of investments		(659,057,303	)		(518,584,804	)
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(39,737	)		(113,738	)
Net change in unrealized depreciation		(659,097,040	)		(518,698,542	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(405,037,798	)		(253,706,451	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(412,556,799	)	$	(256,778,481	)

^(a) See Note 2 for gain/(loss) on In-Kind transactions.

See Accompanying Notes to Financial Statements.

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Vulcan Value Partners Fund Statements of Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS:
Net investment loss	$	(7,519,001	)	$	(6,230,774	)
Net realized gain		254,059,242			192,779,278
Net change in unrealized appreciation/(depreciation)		(659,097,040	)		470,301,214
Net increase/(decrease) in net assets resulting from operations		(412,556,799	)		656,849,718
DISTRIBUTIONS TO SHAREHOLDERS (Note 3):
From distributable earnings
Investor Class		(65,496,496	)		(19,870,128	)
Institutional Class		(133,007,059	)		(31,231,578	)
Net decrease in net assets from distributions		(198,503,555	)		(51,101,706	)
SHARE TRANSACTIONS (Note 5):
Investor Class
Proceeds from sales of shares		89,289,313			45,405,149
Issued to shareholders in reinvestment of distributions		55,317,235			16,646,680
Cost of shares redeemed, net of redemption fees		(134,816,619	)		(170,166,165	)
Institutional Class
Proceeds from sales of shares		381,028,754			334,177,937
Issued to shareholders in reinvestment of distributions		124,895,847			28,723,974
Cost of shares redeemed, net of redemption fees		(272,791,356	)		(357,606,665	)
Net increase/(decrease) from share transactions		242,923,174			(102,819,090	)
Net increase/(decrease) in net assets		(368,137,180	)		502,928,922
NET ASSETS:
Beginning of year		1,771,964,420			1,269,035,498
End of year	$	1,403,827,240		$	1,771,964,420

See Accompanying Notes to Financial Statements.

Annual Report | April 30, 2022 21

Vulcan Value Partners Small Cap Fund Statements of Changes in Net Assets

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS:
Net investment loss	$	(3,072,030	)	$	(2,999,731	)
Net realized gain		264,992,091			75,767,413
Net change in unrealized appreciation/(depreciation)		(518,698,542	)		341,624,279
Net increase/(decrease) in net assets resulting from operations		(256,778,481	)		414,391,961
DISTRIBUTIONS TO SHAREHOLDERS (Note 3):
From distributable earnings
Investor Class		(63,198,831	)		(230,257	)
Institutional Class		(183,523,538	)		(806,241	)
Net decrease in net assets from distributions		(246,722,369	)		(1,036,498	)
SHARE TRANSACTIONS (Note 5):
Investor Class
Proceeds from sales of shares		28,148,318			79,124,618
Issued to shareholders in reinvestment of distributions		55,885,124			178,374
Cost of shares redeemed, net of redemption fees		(51,333,248	)		(73,500,292	)
Institutional Class
Proceeds from sales of shares		524,072,122			337,038,134
Issued to shareholders in reinvestment of distributions		125,805,942			690,932
Cost of shares redeemed, net of redemption fees		(257,048,753	)		(136,486,323	)
Net increase from share transactions		425,529,505			207,045,443
Net increase/(decrease) in net assets		(77,971,345	)		620,400,906
NET ASSETS:
Beginning of year		1,021,279,565			400,878,659
End of year	$	943,308,220		$	1,021,279,565

See Accompanying Notes to Financial Statements.

22 www.vulcanvaluepartners.com

Intentionally Left Blank

Financial Highlights

For a share outstanding throughout the period or years presented.

Investor Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME/(LOSS) FROM OPERATIONS:

Net investment income/(loss)^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income

From net realized gains on investments

Total distributions

Redemption fees added to paid-in capital

Increase/(decrease) in net asset value

NET ASSET VALUE, END OF YEAR

Total return

RATIOS AND SUPPLEMENTAL DATA:

Net assets, end of year (000’s)

Ratio of expenses to average net assets without fee waivers/reimbursements

Ratio of expenses to average net assets including fee waivers/reimbursements

Net investment income/(loss) to average net assets including fee waivers/reimbursements

Portfolio turnover rate

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 per share.

See Accompanying Notes to Financial Statements.

24 www.vulcanvaluepartners.com

Vulcan Value Partners Fund

For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
$	29.87		$	19.50		$	21.05		$	21.39		$	19.30
	(0.16	)		(0.14	)		0.03			0.08			0.09
	(5.75	)		11.42			(0.53	)		1.13			2.35
	(5.91	)		11.28			(0.50	)		1.21			2.44
	–			0.00	(b)		0.00	(b)		(0.13	)		(0.12	)
	(3.22	)		(0.91	)		(1.05	)		(1.42	)		(0.23	)
	(3.22	)		(0.91	)		(1.05	)		(1.55	)		(0.35	)
	–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	(9.13	)		10.37			(1.55	)		(0.34	)		2.09
$	20.74		$	29.87		$	19.50		$	21.05		$	21.39
	(22.93	%)		58.62	%		(3.15	%)		6.80	%		12.72	%
$	437,470		$	624,789		$	500,309		$	1,284,556		$	1,314,519
	1.06	%		1.08	%		1.09	%		1.08	%		1.08	%
	1.06	%		1.08	%		1.09	%		1.08	%		1.08	%
	(0.54	%)		(0.57	%)		0.12	%		0.38	%		0.46	%
	49	%		67	%		80	%		73	%		50	%

See Accompanying Notes to Financial Statements.

Annual Report | April 30, 2022 25

Financial Highlights Vulcan Value Partners Fund

For a share outstanding throughout the years presented.

Institutional Class	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period May 1, 2019 (Inception) to April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	29.93		$	19.52		$	21.02
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)(a)		(0.10	)		(0.09	)		0.09
Net realized and unrealized gain/(loss) on investments		(5.77	)		11.46			(0.51	)
Total from investment operations		(5.87	)		11.37			(0.42	)
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		–			(0.05	)		(0.03	)
From net realized gains on investments		(3.22	)		(0.91	)		(1.05	)
Total distributions		(3.22	)		(0.96	)		(1.08	)
Redemption fees added to paid-in capital		–			0.00	(b)		0.00	(b)
Increase/(decrease) in net asset value		(9.09	)		10.41			(1.50	)
NET ASSET VALUE, END OF YEAR	$	20.84		$	29.93		$	19.52
Total return		(22.74	%)		59.02	%		(2.83	%)(c)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of year (000’s)	$	966,357		$	1,147,175		$	768,726
Ratio of expenses to average net assets  without fee waivers/reimbursements		1.11	%		1.12	%		1.14	%(d)
Ratio of expenses to average net assets including fee waivers/reimbursements		0.85	%		0.85	%		0.85	%(d)
Net investment income/(loss) to average net assets including fee waivers/reimbursements		(0.34	%)		(0.36	%)		0.40	%(d)
Portfolio turnover rate		49	%		67	%		80	%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 per share.

^(c) Not Annualized.

^(d) Annualized.

See Accompanying Notes to Financial Statements.

26 www.vulcanvaluepartners.com

Intentionally Left Blank

Financial Highlights

For a share outstanding throughout the years presented.

Investor Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME/(LOSS) FROM OPERATIONS:

Net investment income/(loss)^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income

From net realized gains on investments

Total distributions

Redemption fees added to paid-in capital

Increase/(decrease) in net asset value

NET ASSET VALUE, END OF YEAR

Total return

RATIOS AND SUPPLEMENTAL DATA:

Net assets, end of year (000’s)

Ratio of expenses to average net assets without fee waivers/reimbursements

Ratio of expenses to average net assets including fee waivers/reimbursements

Net investment income/(loss) to average net assets including fee waivers/reimbursements

Portfolio turnover rate

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 per share.

See Accompanying Notes to Financial Statements.

28 www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund

For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
$	22.62		$	12.01		$	17.31		$	19.52		$	20.16
	(0.10	)		(0.10	)		0.12			0.10			0.02
	(3.22	)		10.73			(4.57	)		0.38			0.59
	(3.32	)		10.63			(4.45	)		0.48			0.61
	–			(0.02	)		(0.08	)		(0.12	)		(0.03	)
	(4.83	)		–			(0.77	)		(2.57	)		(1.22	)
	(4.83	)		(0.02	)		(0.85	)		(2.69	)		(1.25	)
	–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	(8.15	)		10.61			(5.30	)		(2.21	)		(0.64	)
$	14.47		$	22.62		$	12.01		$	17.31		$	19.52
	(21.58	%)		88.51	%		(27.28	%)		4.76	%		3.08	%
$	221,910		$	310,600		$	153,249		$	543,174		$	1,196,558
	1.25	%		1.25	%		1.26	%		1.27	%		1.24	%
	1.25	%		1.25	%		1.25	%		1.25	%		1.24	%
	(0.47	%)		(0.65	%)		0.75	%		0.54	%		0.08	%
	69	%		75	%		102	%		68	%		68	%

Annual Report | April 30, 2022 29

Financial Highlights Vulcan Value Partners Small Cap Fund

For a share outstanding throughout the periods presented.

Institutional Class	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period May 1, 2019 (Inception) to April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.70		$	12.03		$	17.18
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)(a)		(0.04	)		(0.06	)		0.12
Net realized and unrealized gain/(loss) on investments		(3.26	)		10.77			(4.41	)
Total from investment operations		(3.30	)		10.71			(4.29	)
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		–			(0.04	)		(0.09	)
From net realized gains on investments		(4.83	)		–			(0.77	)
Total distributions		(4.83	)		(0.04	)		(0.86	)
Redemption fees added to paid-in capital		–			0.00	(b)		0.00	(b)
Increase/(decrease) in net asset value		(8.13	)		10.67			(5.15	)
NET ASSET VALUE, END OF YEAR	$	14.57		$	22.70		$	12.03
Total return		(21.40	%)		89.07	%		(26.56	%)(c)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of year (000’s)	$	721,399		$	710,679		$	247,629
Ratio of expenses to average net assets without fee waivers/reimbursements		1.27	%		1.29	%		1.32	%(d)
Ratio of expenses to average net assets including fee waivers/reimbursements		1.00	%		1.00	%		1.00	%(d)
Net investment income/(loss) to average net assets including fee waivers/reimbursements		(0.19	%)		(0.39	%)		0.76	%(d)
Portfolio turnover rate		69	%		75	%		102	%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 per share.

^(c) Not Annualized.

^(d) Annualized.

See Accompanying Notes to Financial Statements.

30 www.vulcanvaluepartners.com

Notes to Financial Statements

April 30, 2022

1. ORGANIZATION

Financial Investors Trust (the “Trust”) is organized as a Delaware statutory trust and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of multiple separate portfolios or series. This annual report describes the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (each a “Fund” and collectively, the “Funds”). The Funds seek to achieve long-term capital appreciation. The Funds offer Investor Class 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”), including policies specific to investment companies. 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 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.

The market price for debt obligations is generally the quote supplied by an independent third-party pricing service approved by the Board of Trustees of the Trust (the “Board” or the “Trustees”), which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a quote, or if the quote supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more broker–dealers that make a market in the security.

Equity securities that are primarily traded on foreign securities exchanges are valued at the preceding closing values of such securities on their respective exchanges, except when an occurrence subsequent to the time a value was so established is likely to have changed such value. In such an event, the fair values 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.

Annual Report | April 30, 2022 31

Notes to Financial Statements

April 30, 2022

When such prices or quotations are not available, or when Vulcan Value Partners, LLC (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

Fair Value Measurements: A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. 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 are inputs that 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 are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. 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 input used to value each Fund’s investments as of April 30, 2022:

Vulcan Value Partners Fund:

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks(a)	$	1,390,669,935	$	–	$	–	$	1,390,669,935
Short Term Investments		23,163,963		–		–		23,163,963
TOTAL	$	1,413,833,898	$	–	$	–	$	1,413,833,898

Vulcan Value Partners Small Cap Fund:

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks(a)	$	926,081,560	$	–	$	–	$	926,081,560
Short Term Investments		14,411,371		–		–		14,411,371
TOTAL	$	940,492,931	$	–	$	–	$	940,492,931

^(a) For detailed descriptions, see the accompanying Statements of Investments.

32 www.vulcanvaluepartners.com

Notes to Financial Statements

April 30, 2022

For the year ended April 30, 2022, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

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 basis, which is the same basis the Funds use 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.

ReFlow Liquidity Program: Each Fund may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC (“ReFlow”) provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. ReFlow will purchase shares of the Fund at net asset value and will not be subject to any investment minimums. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net subscriptions, at the end of a maximum holding period determined by ReFlow (currently 28 days), or at other times as the Fund may request. ReFlow may choose to redeem its position in the Fund with an in-kind transfer of securities, instead of cash, enabling the Fund to avoid a realization of capital gains on the securities it transfers. ReFlow will not be subject to any short-term redemption fees. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.20% of the value of the Fund shares purchased by ReFlow although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. There is no assurance that ReFlow will have sufficient funds available to meet the Funds’ liquidity needs on a particular day. During the year ended April 30, 2022, only the Vulcan Value Partners Fund participated in ReFlow. Fees associated with ReFlow are disclosed in the Statements of Operations.

Real Estate Investment Trusts (“REITs”): The Funds may invest a portion of their assets in REITs and are subject to certain risks associated with direct investment in REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Code”), or its failure to maintain exemption from registration under the 1940 Act. A Fund’s investments in REITs may result in such Fund’s receipt of cash in excess of the REITs’ earnings. If the Fund receives such distributions all or a portion of these distributions will constitute a return of capital to such Fund. Receiving a return of capital distribution from REITs will reduce the amount of income available to be distributed to Fund shareholders. Income from

Annual Report | April 30, 2022 33

Notes to Financial Statements

April 30, 2022

REITs generally will not be eligible for treatment as qualified dividend income. As the final character of the distributions is not known until reported by the REITs on their 1099s, the Funds utilize an average of the prior year’s reallocation information as an estimate for the current year character of distributions.

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.

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.

In-Kind Redemptions: During the year ended April 30, 2022, the Vulcan Value Partners Fund distributed portfolio securities rather than cash as payment for certain redemptions of fund shares (in-kind redemptions) in the amount of $94,317,099. For financial reporting purposes, the Vulcan Value Partners Fund recognized gains on the in-kind redemptions in the amount of $65,126,694. During the year ended April 30, 2022, the Vulcan Value Partners Small Cap Fund distributed portfolio securities rather than cash as payment for certain redemptions of fund shares (in-kind redemptions) in the amount of $25,978,307. For financial reporting purposes, the Vulcan Value Partners Small Cap Fund recognized gains on the in-kind redemptions in the amount of $14,348,330. For tax purposes, the gains are not recognized.

Trust Expenses: Some expenses of the Trust can be directly attributed to the Funds. Expenses which cannot be directly attributed are apportioned among all funds in the Trust based on average net assets of each fund.

Fund Expenses: Expenses that are specific to a Fund are charged directly to that Fund.

Federal Income Taxes: Each Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Funds are not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal

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Notes to Financial Statements

April 30, 2022

purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Distributions to Shareholders: Each Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from dividends and other income each Fund receives from its investments, including short-term capital gains. Long term capital gain distributions are derived from gains realized when each Fund sells a security it has owned for more than a year. Each Fund may make additional distributions and dividends at other times if the portfolio manager believes doing so may be necessary for each Fund to avoid or reduce taxes.

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.

Libor Risk: In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Funds’ investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On November 30, 2020, the administrator of LIBOR announced its intention to delay the phase out of the majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Funds’ transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Funds or the Funds’ investments cannot yet be determined.

3. TAX BASIS INFORMATION

Reclassifications: As of April 30, 2022 permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to in-kind redemptions. The reclassifications were as follows:

Fund	Paid-in Capital		Distributable earnings
Vulcan Value Partners Fund	$	64,790,632	$	(64,790,632)
Vulcan Value Partners Small Cap Fund		13,913,157		(13,913,157)

Annual Report | April 30, 2022 35

Notes to Financial Statements

April 30, 2022

Tax Basis of Investments: As of April 30, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for federal tax purposes was as follows:

	Vulcan Value Partners Fund			Vulcan Value Partners Small Cap Fund
Gross appreciation
(excess of value over tax cost)	$	277,602,787		$	76,963,232
Gross depreciation
(excess of tax cost over value)		(333,494,054	)		(320,430,121	)
Net depreciation of foreign currency		(39,736	)		(103,253	)
Net unrealized appreciation/(depreciation)	$	(55,931,003	)	$	(243,570,142	)
Cost of investments for income tax purposes	$	1,469,725,165		$	1,183,959,820

Components of Earnings: As of April 30, 2022, components of distributable earnings were as follows:

	Vulcan Value Partners Fund			Vulcan Value Partners Small Cap Fund
Undistributed ordinary income	$	29,911,413		$	–
Accumulated capital gains		19,417,133			56,610,621
Net unrealized depreciation on investments		(55,931,003	)		(243,570,142	)
Other cumulative effect of timing differences		–			(9,758,413	)
Total	$	(6,602,457	)	$	(196,717,934	)

Tax Basis of Distributions to Shareholders: The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by each Fund.

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2022 were as follows:

	Ordinary Income		Long-Term Capital Gain
2022
Vulcan Value Partners Fund	$	62,751,029	$	135,752,526
Vulcan Value Partners Small Cap Fund		205,802,260		40,920,109

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Notes to Financial Statements

April 30, 2022

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2021 were as follows:

	Ordinary Income		Long-Term Capital Gain
2021
Vulcan Value Partners Fund	$	1,593,194	$	49,508,512
Vulcan Value Partners Small Cap Fund		1,036,498		–

The Fund elects to defer to the period ending April 30, 2023, capital losses recognized during the period 11/1/2021 - 04/30/2022 in the amount of:

Fund	Capital Losses Recognized
Vulcan Value Partners Small Cap Fund	$	9,758,413

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities and in- kind redemptions) during the year ended April 30, 2022 were as follows:

Fund	Purchases of Securities		Proceeds From Sales of Securities
Vulcan Value Partners Fund	$	923,310,866	$	788,653,639
Vulcan Value Partners Small Cap Fund		1,001,856,274		751,580,655

The cost of purchases in Kind, proceeds from sales in Kind along with their Realized gains/(loss) during the year ended April 30, 2022 were as follows:

Fund	Purchases		Proceeds		Net Realized Gain/(Loss)
Vulcan Value Partners Fund	$	–	$	94,317,099	$	65,126,694
Vulcan Value Partners Small Cap Fund		–		25,978,307		14,348,330

5. SHARES OF BENEFICIAL INTEREST

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Funds of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the shares do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

Transactions in shares of capital stock for the dates listed below were as follows:

Annual Report | April 30, 2022 37

Notes to Financial Statements

April 30, 2022

Vulcan Value Partners Fund

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
Shares Sold
Investor Class		3,027,298			1,913,376
Institutional Class		13,549,095			13,337,480
Shares Issued in Reinvestment of Dividends
Investor Class		1,889,895			644,471
Institutional Class		4,252,497			1,110,749
Less Shares Redeemed
Investor Class		(4,743,347	)		(7,304,502	)
Institutional Class		(9,750,118	)		(15,501,238	)
Net Increase/(Decrease)		8,225,320			(5,799,664	)

Vulcan Value Partners Small Cap Fund

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
Shares Sold
Investor Class		1,308,205			5,516,025
Institutional Class		24,765,908			19,908,018
Shares Issued in Reinvestment of Dividends
Investor Class		2,615,120			10,164
Institutional Class		5,851,439			39,257
Less Shares Redeemed
Investor Class		(2,321,686	)		(4,556,028	)
Institutional Class		(12,431,204	)		(9,214,837	)
Net Increase		19,787,782			11,702,599

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with each Fund’s investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board. Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Funds pay the Adviser an annual management fee of 1.00% and 1.15% for Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund, respectively, based on each Fund’s average daily net assets. The management fee is paid on a monthly basis.

With respect to the Funds’ Investor Class, to the extent the Total Annual Fund Operating Expenses with respect to either Fund (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) (“Designated Annual Fund Operating Expenses”) exceed 1.25% of such Fund’s average daily net assets for a particular fiscal year of the Fund, the Adviser will reduce the Management Fee and/or Other Expenses otherwise payable to the Adviser with respect to such Fund for such fiscal year by an amount equal to such excess, and/or the Adviser shall reimburse the Fund by the amount of such excess.

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Notes to Financial Statements

April 30, 2022

With respect to the Funds’ Institutional Class, to the extent the Total Annual Fund Operating Expenses with respect to either Fund (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) (“Designated Annual Fund Operating Expenses”) exceed 0.85% and 1.00% of the Vulcan Value Partners Fund’s and the Vulcan Value Partners Small Cap Fund’s average daily net assets, respectively, for a particular fiscal year of the Fund, the Adviser will reduce the Management Fee and/or Other Expenses otherwise payable to the Adviser with respect to such Fund for such fiscal year by an amount equal to such excess, and/or the Adviser shall reimburse the Fund by the amount of such excess.

The Adviser agrees that the foregoing fee waiver and reimbursement agreement for each Fund are effective as of September 1, 2021 and shall continue through August 31, 2022.

The Adviser will be permitted to recapture expenses it has borne through this letter agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this letter agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred.

For the year ended April 30, 2022, the fee waivers and/or reimbursements and recoupment amounts were as follows:

Fund	Fees Waived/Reimbursed By Adviser			Recoupment of Previously Waived Fees by Adviser
Vulcan Value Partners Fund
Investor	$	–		$	–
Institutional		(3,157,496	)		–
Vulcan Value Partners Small Cap Fund
Investor		–			70,568
Institutional		(2,306,194	)		–

As of April 30, 2022, the balances of recoupable expenses for each Fund were as follows:

Fund	Expires 2023		Expires 2024		Expires 2025		Total
Vulcan Value Partners Fund
Investor	$	–	$	–	$	–	$	–
Institutional		1,571,670		2,373,402		3,157,496		7,102,568
Vulcan Value Partners Small Cap Fund
Investor		23,651		9,343		–		32,994
Institutional		594,605		1,148,576		2,306,194		4,049,375

Annual Report | April 30, 2022 39

Notes to Financial Statements 

April 30, 2022

Fund Administrator Fees and Expenses: ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to fund accounting and fund administration and generally assist in each Fund’s operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

Transfer Agent: ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Compliance Services: ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Vulcan pays this fee on behalf of the Funds.

Principal Financial Officer: ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Fund for the year ended April 30, 2022 are disclosed in the Statements of Operations.

Distributor: ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of each Fund’s shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of each Fund’s shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission. Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of the Funds. Transactions may be processed through the National Securities Clearing Corporation (“NSCC”) or similar systems or processed on a manual basis. These fees are paid by the Funds to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Funds converts from a networking structure to an omnibus account structure or otherwise experiences increased costs, fees borne by the Funds may increase. Fees are disclosed on the Statements of Operations as “Delegated transfer agent equivalent services fees”.

Trustees: The fees and expenses of the Trustees of the Board are presented in the Statements of Operations.

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Notes to Financial Statements

April 30, 2022

7. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. SUBSEQUENT EVENT

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Annual Report | April 30, 2022 41

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Financial Investors Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund, two of the funds constituting the Financial Investors Trust (the "Funds"), including the statements of investments, as of April 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado 

June 29, 2022

We have served as the auditor of one or more investment companies advised by Vulcan Value Partners, LLC since 2010.

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Additional Information

April 30, 2022 (Unaudited)

1. FUND HOLDINGS

The Funds file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. The Funds’ Form N-PORT reports are also available upon request by calling (toll-free) (866) 759-5679.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (866)-759-5679 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

The Funds designate the following for federal income tax purposes for the calendar year ended December 31, 2021:

	Qualified Dividend Income	Dividend Received Deduction
Vulcan Value Partners Fund	13.79%	11.74%
Vulcan Value Partners Small Cap Fund	3.28%	1.71%

In early 2022, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Vulcan Value Partners Fund designated $135,752,526 as long-term capital gain dividends.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Vulcan Value Small Cap Fund designated $40,920,109 as long-term capital gain dividends.

Annual Report | April 30, 2022 43

Disclosure Regarding Approval of Fund Advisory Agreements

April 30, 2022 (Unaudited)

On December 14, 2021, the Trustees met via Zoom video conference to discuss, among other things, the renewal of the Investment Advisory Agreement between Vulcan Value Partners, LLC (“Vulcan”) and the Trust, with respect to the Vulcan Value Partners Fund and the Vulcan Value Partners Small Cap Fund (together, the “Vulcan Funds”), dated December 30, 2009, as amended (the “Vulcan Investment Advisory Agreement”), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the Vulcan Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Vulcan Funds:

Investment Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fees paid by the Trust, on behalf of the Vulcan Funds, to Vulcan, of 1.00% for the Vulcan Value Partners Fund and 1.15% for the Vulcan Value Partners Small Cap Fund, in light of the extent and quality of the advisory services provided by Vulcan to each of the Vulcan Funds.

The Board received and considered information including a comparison of the Investor Class and Institutional Class of each Vulcan Fund’s contractual advisory fee rate with those of funds in the peer group of funds provided based on an independent analysis by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual advisory fee rate of both classes of both Vulcan Funds was higher than the Data Provider peer group median. The Trustees also reviewed and considered the supplemental comparison prepared by the Data Provider at the request of Vulcan.

Total Net Expense Ratios: The Trustees further reviewed and considered that the total net expense ratios of the Institutional Class and the Investor Class of the Vulcan Value Partners Fund were higher than the Data Provider peer group median, the total net expense ratio of the Investor Class of the Vulcan Value Partners Small Cap Fund was higher than the Data Provider peer group median, and the Institutional share class of the Vulcan Value Partners Small Cap Fund was equal to the Data Provider peer group median. The Trustees also reviewed and considered the supplemental comparison prepared by the Data Provider at the request of Vulcan.

Nature, Extent, and Quality of the Services under the Investment Advisory Agreement:

The Trustees received and considered information regarding the nature, extent, and quality of services provided to the Vulcan Funds under the Vulcan Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by Vulcan in its presentation, including its Form ADV.

The Trustees reviewed and considered Vulcan’s investment advisory personnel, its history as an asset manager, and its performance and the amount of assets currently under management by Vulcan. The Trustees also reviewed the research and decision-making processes utilized by Vulcan, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Vulcan Funds.

The Trustees considered the background and experience of Vulcan’s management in connection with the Vulcan Funds, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of each Vulcan Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

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Disclosure Regarding Approval of Fund Advisory Agreements

April 30, 2022 (Unaudited)

The Trustees also reviewed, among other things, Vulcan’s Code of Ethics.

Performance: The Trustees reviewed performance information in the independent analysis prepared by the Data Provider for the Investor Class and Institutional Class of the Vulcan Funds for the 3-month, 1-year, 3-year, 5-year, 10-year, and since inception periods, as applicable, ended September 30, 2021. That review included a comparison of each Vulcan Fund’s performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that the Investor Class of the Vulcan Value Partners Fund outperformed the Data Provider peer group median for each period and the Institutional Class of the Vulcan Value Partners Fund outperformed the Data Provider peer group median for the 1-year and since inception periods but underperformed the peer group median for the 3-month period. The Trustees noted that both classes of the Vulcan Value Partners Small Cap Fund outperformed the Data Provider peer group median for each applicable time period. The Trustees considered Vulcan’s discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes. The Trustees also reviewed and considered the supplemental comparison prepared by the Data Provider at the request of Vulcan.

Comparable Accounts: The Trustees noted certain information provided by Vulcan regarding fees charged to its other clients utilizing a strategy similar to that employed by the Vulcan Funds.

Profitability: The Trustees received and considered a profitability analysis prepared by Vulcan based on the fees payable under the Vulcan Investment Advisory Agreement.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Vulcan Funds will be passed along to the shareholders under the proposed agreements.

Other Benefits to the Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by Vulcan from its relationship with the Vulcan Funds, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● the contractual advisory fee rate of the Institutional Class and the Investor Class of both Vulcan Funds was higher than the Data Provider peer group median;

● the total net expense ratios of the Institutional Class and the Investor Class of the Vulcan Value Partners Fund were higher than the Data Provider peer group median, the total net expense ratio of the Investor Class of the Vulcan Value Partners Small Cap Fund was higher than the Data Provider peer group median, and the total net expense ratio of the Institutional Class of the Vulcan Value Partners Small Cap Fund was equal to the Data Provider peer group median;

● the nature, extent, and quality of services rendered by Vulcan under the Vulcan Investment Advisory Agreement with respect to each Vulcan Fund were adequate;

● for the 3-month, 1-year, 3-year, 5-year, 10-year, and since inception periods ended September 30, 2021, as applicable, the Investor Class of the Vulcan Value Partners Fund

Annual Report | April 30, 2022 45

Disclosure Regarding Approval of Fund Advisory Agreements 

April 30, 2022 (Unaudited)

outperformed the Data Provider peer group median for each period, the Institutional Class of the Vulcan Value Partners Fund outperformed the Data Provider peer group median for the 1-year and since inception periods and underperformed the Data Provider peer group median for the 3-month period, and both classes of the Vulcan Value Partners Small Cap Fund outperformed the Data Provider peer group median for each applicable time period;

● bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Vulcan’s other clients employing a comparable strategy to any of the Vulcan Funds were not indicative of any unreasonableness with respect to the advisory fee payable by the Vulcan Funds;

● the profit, if any, realized by Vulcan in connection with the operation of any of the Vulcan Funds is not unreasonable; and

● there were no material economies of scale or other incidental benefits accruing to Vulcan in connection with its relationship with any of the Vulcan Funds.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that Vulcan’s compensation for investment advisory services is consistent with the best interests of each of the Vulcan Funds and their shareholders.

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Liquidity Risk Management Program

April 30, 2022 (Unaudited)

The Financial Investors Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each fund in the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment advisers, sub-advisers, and Officers of the Trust. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including a periodic assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 8, 2022, the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program during 2021. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since implementation.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

Annual Report | April 30, 2022 47

Trustees and Officers 

April 30, 2022 (Unaudited)

The business and affairs of each Fund are managed under the direction of its Board. The Board approves all significant agreements between a Fund and the persons or companies that furnish services to the Fund, including agreements with its distributor, Adviser, Sub-Adviser, administrator, custodian and transfer agent. The day-to-day operations of each Fund are delegated to the Fund’s Adviser, Sub-Adviser and administrator.

The name, address, age and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee.

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 855-344-3863.

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s)  Held with  Fund	Term of Office** and Length of  Time Served	Principal Occupation(s)  During Past 5 Years***	Number of Funds in Fund Complex Overseen by Trustee****	Other Directorships  Held by Trustee  During Past  5 Years***
Mary K. Anstine, 1940	Trustee and Chairman	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees.	Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board.	60	Ms. Anstine is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust through December 2020 (14 funds).
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co- Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund.	61	Mr. Deems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund).

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Trustees and Officers

April 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of Funds in  Fund Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Jerry G. Rutledge, 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business.	30	Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); and Principal Real Estate Income Fund (1 fund).
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). Mr. Shell serves on the Board of Directors of TalkBox, a phone/privacy booth company (since 2018) and DLVR, a package security company (since 2018). Mr. Shell served on the Advisory Board, St. Vrain School District Innovation Center (from 2015-2018). Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	29	None.

Annual Report | April 30, 2022 49

Trustees and Officers

April 30, 2022 (Unaudited)

INTERESTED TRUSTEE

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***	Number of  Funds in  Fund  Complex Overseen by Trustee****	Other Directorships Held by Trustee During Past 5 Years***
Edmund J. Burke, 1961	Trustee	Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009.	Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. (“ALPS”), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020). Mr. Burke is deemed an interested Trustee by virtue of his prior positions with the ALPS Companies.	54	Mr. Burke is a Trustee of ALPS ETF Trust (23 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

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Trustees and Officers

April 30, 2022 (Unaudited)

OFFICERS

Name, Address* & Year  of Birth	Position(s)  Held with  Fund	Term of Office**  and Length of  Time Served	Principal Occupation(s) During Past 5 Years***
Dawn Cotten, 1977	President	Ms. Cotten was appointed President of the Trust at the June 8-9, 2021 meeting of the Board of Trustees.	Ms. Cotten joined ALPS in 2009 and is currently Senior Vice President of Fund Administration and Relationship Management of ALPS. She has served in that role since January 2020. Prior to that, Ms. Cotten served as Senior Vice President of Relationship Management (2017-2020). Ms. Cotten served as a Vice President in Relationship Management from 2013-2017. Ms. Cotten also serves as President of ALPS Series Trust, Clough Funds Trust, Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund.
Jennell Panella, 1974	Treasurer	Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Vice President and Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Alpha Alternative Asset Fund, Centre Funds, GraniteShares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. Mr. Uhl formerly served as CCO of the Boulder Growth & Income Fund, Inc., Index Funds and Reality Shares ETF Trust.
Brendan Hamill,  1986	Secretary	Mr. Hamill was elected Secretary of the Trust at the September 14, 2021 meeting of the Board of Trustees.	Mr. Hamill joined ALPS in August 2021, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Hamill was an attorney at Lewis Brisbois Bisgaard & Smith, LLP (law firm) (December 2018-August 2021) and Vedder Price, P.C. (law firm) (August 2015-December 2018). Mr. Hamill also serves as Secretary of ALPS ETF Trust, Secretary of ALPS Variable Investment Trust, Secretary of Principal Real Estate Income Fund, and Assistant Secretary of James Advantage Funds.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until such Trustees successor is elected and appointed, or such Trustee resigns or is deceased. Officers are elected on an annual basis.

*** Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

**** The Fund Complex includes all series of the Trust, currently 29, and any other investment companies for which any Trustee serves as trustee for trustee for and for which Vulcan Value Partners, LLC provides investment advisory services (currently none).

Annual Report | April 30, 2022 51

Privacy Policy

April 30, 2022 (Unaudited)

WHO WE ARE
Who is providing this notice?	Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund.
WHAT WE DO
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do the Funds collect my personal information?	We collect your personal information, for example, when you • open an account • provide account information or give us your contact information • make a wire transfer or deposit money
Why can’t I limit all sharing?	Federal law gives you the right to limit only • sharing for affiliates’ everyday business purposes-information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

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Privacy Policy

April 30, 2022 (Unaudited)

FACTS	WHAT DO THE FUNDS DO WITH YOUR PERSONAL INFORMATION?
WHY?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
WHAT?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ● Social Security number and account transactions ● Account balances and transaction history ● Wire transfer instructions
HOW?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing.

REASONS WE CAN SHARE YOUR PERSONAL INFORMATION	DO THE FUNDS SHARE:	CAN YOU LIMIT THIS SHARING?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We do not share.
For joint marketing with other financial companies	No	We do not share.
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We do not share.
For non-affiliates to market to you	No	We do not share.

Annual Report | April 30, 2022 53

 

(b) Not applicable.

Item 2. Code of Ethics.

(a) The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions on behalf of the Registrant.

(b) Not applicable.

(c) During the period covered by this report, no amendments to the provisions of the code of ethics described in Item 2(a) above were made.

(d) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics described in Item 2(a) above were granted.

(e) Not applicable.

(f) The Registrant’s Code of Ethics is attached as an Exhibit to this report.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has determined that the Registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board of Trustees of the Registrant has designated Jeremy W. Deems as the Registrant’s “Audit Committee Financial Expert.” Mr. Deems is “independent” as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees: For the Registrant’s fiscal years ended April 30, 2022 and April 30, 2021, the aggregate fees billed for professional services rendered by Cohen & Company, LLP as principal accountant for the Highland Resolute Fund, and Deloitte & Touche, LLP as principal accountant for all other funds covered by this report, collectively "the Principal Accountants") Principal Accountants for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountants in connection with statutory and regulatory filings or engagements for those fiscal years were $408,315 and $377,040, respectively.

(b) Audit-Related Fees: For the Registrant’s fiscal years ended April 30, 2022 and April 30, 2021, the aggregate fees billed for assurance and related services by the Principal Accountants that were reasonably related to the performance of the audit

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of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 and $0, respectively.

(c) Tax Fees: For the Registrant’s fiscal years ended April 30, 2022 and April 30, 2021, the aggregate fees billed for professional services rendered by the Principal Accountants for tax compliance, tax advice and tax planning were $88,535 and $95,310, respectively. The fiscal years 2022 and 2021 tax fees were for services for dividend calculation, excise tax preparation and tax return preparation.

(d) All Other Fees: For the Registrant’s fiscal years ended April 30, 2022 and April 30, 2021, no fees were billed to Registrant by the Principal Accountants for products and services, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) Audit Committee Pre-Approval Policies and Procedures: All services to be performed by the Registrant’s Principal Accountants must be pre-approved by the Registrant’s Audit Committee. The Chairman of the Audit Committee may pre-approve non-audit services to be performed by the Registrant’s Principal Accountants on an interim basis, subject to ratification by the Audit Committee at its next regularly scheduled meeting.

(e)(2) No services described in paragraphs (b) through (d) of this Item were approved by the Registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant’s Principal Accountants to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, were $88,535 in the fiscal year ended April 30, 2022, and were $95,310 in the fiscal year ended April 30, 2021. These fees consisted of non-audit fees billed to (i) the Registrant of $88,535 in the fiscal year ended April 30, 2022, and $95,310 in the fiscal year ended April 30, 2021 as described in response to paragraph (c) above and (ii) to ALPS Fund Services, Inc. (“AFS”), an entity under common control with ALPS Advisors, Inc., the Registrant’s investment adviser, of $0 in the fiscal year ended April 30, 2022 and $0 in the fiscal year ended April 30, 2021. The non-audit fees billed to AFS related to SSAE 16 services and other compliance-related matters.

(h) The Registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,

3

controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the Principal Accountants' independence. The Registrant’s audit committee determined that the provision of such non-audit services is compatible with maintaining the Principal Accountants' independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Reports to Stockholders filed under Item 1(a) of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are

4

effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Exhibits.

(a)(1) Registrant’s Code of Ethics for Principal Executive and Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, is incorporated by reference to Exhibit 12(a)(1) to the Registrant’s Certified Shareholder Report on Form N-CSR, File No. 811-8194, filed on January 9, 2017.

(a)(2) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, are attached hereto as Exhibit 99.Cert.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) The certifications by the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FINANCIAL INVESTORS TRUST

By:	/s/ Dawn Cotten
	Dawn Cotten (Principal Executive Officer)
	President

Date: July 8, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

FINANCIAL INVESTORS TRUST

By:	/s/ Dawn Cotten
	Dawn Cotten (Principal Executive Officer)
	President

Date: July 8, 2022

By:	/s/ Jennell Panella
	Jennell Panella (Principal Financial Officer)
	Treasurer

Date: July 8, 2022

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