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        <fundType>N/A</fundType>
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        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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          <investmentAdviser>
            <investmentAdviserName>Emerald Mutual Fund Advisers Trust</investmentAdviserName>
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          <transferAgent>
            <transferAgentName>ALPS Fund Services, Inc.</transferAgentName>
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            <pricingServiceName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>REFINITIV US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>ALPS Fund Services, Inc.</shareholderServiceAgentName>
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            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
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          <broker>
            <brokerName>LOOP CAPITAL MARKETS LLC</brokerName>
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          <broker>
            <brokerName>Bloomberg Tradebook</brokerName>
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          <broker>
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          <broker>
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          <broker>
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        <aggregateCommission>903844</aggregateCommission>
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          <principalTransaction>
            <principalName>JPMorgan Chase</principalName>
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            <principalName>Goldman Sachs</principalName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Seafarer Overseas Value Fund</mgmtInvFundName>
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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          <transferAgent>
            <transferAgentName>ALPS Fund Services, Inc.</transferAgentName>
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            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>REFINITIV US LLC</pricingServiceName>
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        <custodians>
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            <shareholderServiceAgentName>ALPS Fund Services, Inc.</shareholderServiceAgentName>
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            <adminName>ALPS Fund Services, Inc.</adminName>
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        <brokers>
          <broker>
            <brokerName>Jefferies</brokerName>
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            <brokerName>Ho Chi Minh Securities</brokerName>
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          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
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          <broker>
            <brokerName>JPMorgan Chase</brokerName>
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            <brokerName>Clsa</brokerName>
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            <brokerName>Liquidnet, Inc.</brokerName>
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            <brokerName>DAIWA CAPITAL MARKETS AMERICA INC.</brokerName>
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        <mgmtInvFundName>Vulcan Value Partners Small Cap Fund</mgmtInvFundName>
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        <investmentAdvisers>
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            <transferAgentName>ALPS Fund Services, Inc.</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>REFINITIV US LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>BNY MELLON CAPITAL MARKETS, LLC</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>ALPS Fund Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-05730</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CO" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
            <adminLei>84-05730</adminLei>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BARCLAYS CAPITAL INC.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10930</grossCommission>
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          <broker>
            <brokerName>Jones Trading</brokerName>
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            <brokerCrdNo>000006888</brokerCrdNo>
            <brokerLei>2138008JJ5PA8H5UIL69</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>159996</grossCommission>
          </broker>
          <broker>
            <brokerName>CANTOR FITZGERALD &amp; CO.</brokerName>
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            <brokerCrdNo>000000134</brokerCrdNo>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>77937</grossCommission>
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          <broker>
            <brokerName>JPMorgan Chase</brokerName>
            <brokerFileNo>8-52700</brokerFileNo>
            <brokerCrdNo>000104234</brokerCrdNo>
            <brokerLei>549300ZK53CNGEEI6A29</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>2798</grossCommission>
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          <broker>
            <brokerName>Jefferies</brokerName>
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            <brokerCrdNo>000002347</brokerCrdNo>
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            <grossCommission>12973</grossCommission>
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          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
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            <grossCommission>41905</grossCommission>
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          <broker>
            <brokerName>BTIG, LLC</brokerName>
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            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>109251</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY</brokerName>
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            <brokerCrdNo>000149777</brokerCrdNo>
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            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>20536</grossCommission>
          </broker>
          <broker>
            <brokerName>ALLIANCEBERNSTEIN INVESTMENTS, INC.</brokerName>
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            <brokerCrdNo>000014549</brokerCrdNo>
            <brokerLei>549300TDIO6ROCMUID11</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>13988</grossCommission>
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        </brokers>
        <aggregateCommission>494668</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>372771950.25</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Emerald Banking and Finance Fund</mgmtInvFundName>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class" sharesOutstandingClassId="C000111285" sharesOutstandingTickerSymbol="HSSIX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Class" sharesOutstandingClassId="C000111286" sharesOutstandingTickerSymbol="FFBFX"/>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Emerald Mutual Fund Advisers Trust</investmentAdviserName>
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            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>ALPS Fund Services, Inc.</transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-CO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>REFINITIV US LLC</pricingServiceName>
            <pricingServiceLei>213800HQORQAP68CJJ04</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
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            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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          <custodian>
            <custodianName>MUFG Union Bank</custodianName>
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            <custodianStateCountry custodianState="US-CA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>ALPS Fund Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-05730</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CO" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
            <adminLei>84-05730</adminLei>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
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            <isAdminSubAdmin>N</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>JPMORGAN DISTRIBUTION SERVICES, INC.</brokerName>
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            <brokerCrdNo>000104234</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>6651</grossCommission>
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          <broker>
            <brokerName>Craig Hallum</brokerName>
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            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
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          <broker>
            <brokerName>JANNEY MONTGOMERY SCOTT LLC</brokerName>
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            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
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          <broker>
            <brokerName>Raymond James</brokerName>
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          <broker>
            <brokerName>BLOOMBERG TRADEBOOK LLC</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7307</grossCommission>
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          <broker>
            <brokerName>Jeffries LLC</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8132</grossCommission>
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          <broker>
            <brokerName>Piper Sandler</brokerName>
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            <brokerCrdNo>000000665</brokerCrdNo>
            <brokerLei>549300GRQCWQ3XGH0H10</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>20728</grossCommission>
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          <broker>
            <brokerName>Stephens</brokerName>
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            <brokerCrdNo>000003496</brokerCrdNo>
            <brokerLei>213800LH6T9XDYZCA534</brokerLei>
            <brokerStateCountry brokerState="US-AR" brokerCountry="US"/>
            <grossCommission>20052</grossCommission>
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          <broker>
            <brokerName>D.A. DAVIDSON &amp; CO.</brokerName>
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            <brokerStateCountry brokerState="US-MT" brokerCountry="US"/>
            <grossCommission>14943</grossCommission>
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          <broker>
            <brokerName>Keefe Bruyette Woods</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>42052</grossCommission>
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        <aggregateCommission>189215</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>60042973</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Vulcan Value Partners Fund</mgmtInvFundName>
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        <sharesOutstandings>
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          <sharesOutstanding sharesOutstandingClassName="Institutional Class" sharesOutstandingClassId="C000211491" sharesOutstandingTickerSymbol="VVILX"/>
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        <fundType>N/A</fundType>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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            <investmentAdviserName>Vulcan Value Partners, LLC</investmentAdviserName>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>ALPS Fund Services, Inc.</transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-CO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>REFINITIV US LLC</pricingServiceName>
            <pricingServiceLei>213800HQORQAP68CJJ04</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
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        <shareholderServicingAgents>
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            <shareholderServiceAgentName>ALPS Fund Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-05730</shareholderServiceAgentLei>
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            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
            <adminLei>84-05730</adminLei>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
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            <isAdminSubAdmin>N</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Btig</brokerName>
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            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
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            <grossCommission>3267</grossCommission>
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          <broker>
            <brokerName>MKM PARTNERS LLC</brokerName>
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            <brokerCrdNo>000114666</brokerCrdNo>
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            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>15981</grossCommission>
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          <broker>
            <brokerName>Goldman Sachs</brokerName>
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            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-UT" brokerCountry="US"/>
            <grossCommission>12204</grossCommission>
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          <broker>
            <brokerName>Jones Trading</brokerName>
            <brokerFileNo>8-26089</brokerFileNo>
            <brokerCrdNo>000006888</brokerCrdNo>
            <brokerLei>2138008JJ5PA8H5UIL69</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>21314</grossCommission>
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          <broker>
            <brokerName>JPMorgan Chase</brokerName>
            <brokerFileNo>8-52700</brokerFileNo>
            <brokerCrdNo>000104234</brokerCrdNo>
            <brokerLei>549300ZK53CNGEEI6A29</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
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    <signature registrantSignedName="Financial Investors Trust" signedDate="2023-04-30" signature="Jennell Panella" title="Treasurer"/>
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</edgarSubmission>
